* Sales of SEK 432m, organic decline of 2% * Adj. EBITA of SEK 35m, and a margin of 8% * Continued demand within defence and cybersecurity
ANNONS
Q4'25 details
Prevas reports Q4'25 sales of SEK 432m (1% vs. ABGSCe 430m), and organic decline of -2%. Reported adj. EBITA came in at SEK 35m (18% vs. ABGSCe 29m), with an adj. EBITA margin of 8%. The margin continues to be stable due to the company's sales focus, cost discipline, and continued workforce adjustments. The company proposes a DPS of SEK 4.00.
Continued cost efforts
Market sentiment for Prevas shows signs of improvement. Demand remains strong in segments such as defence and cybersecurity, with defence in particular continuing to grow and now stands for ~20% of total sales. Denmark remains challenging, with sales down ~20% y-o-y, which is broadly in line with expectations. Finland continued to perform well, delivering ~20% organic growth y-o-y. Sweden remained broadly flat, with sales of SEK 319m.
Valuation
Prevas is trading 10-7x on '26e-'27e EV/EBITA on our unrevised estimates.
