Etteplan - Slightly softer improvement than expected
Etteplan's Q4 results came slightly below expectations, but showed progress from last year. Guidance implies a modest improvement despite the challenging market conditions.
- Net sales in Q4 were EUR 92.9m (Evli est. EUR 94.1m, EUR 91.3m in Q4’24), increasing by 2%. At comparable FX net sales increased by 1%.
- EBITA in Q4 was EUR 6.8m (Evli est. EUR 7.1m).
- EBIT in Q4 amounted to EUR 5.3m (Evli est. EUR 5.5m, EUR 5.0m in Q4’24), at a margin of 5.7% (Evli est. 5.8%).
- The combined effect of NRI’s on EBITA and EBIT was EUR -0.3m (Q4’24: EUR -0.9m) for the quarter.
- EPS in Q4 amounted to EUR 0.13 (Evli est. EUR 0.13, EUR 0.12 in Q4’24).
- Net sales in Engineering Solutions in Q4 were EUR 53.0m (Evli est. EUR 55.0m), EBITA in Q4 amounted to EUR 3.8m (Evli est. EUR 4.7m).
- Net sales in Software and Embedded Solutions in Q4 were EUR 20.8m, aligning with our estimate. EBITA amounted to EUR 1.4m (Evli est. EUR 1.1m).
- Net sales in Technical Communication and Data Solutions in Q4 were EUR 19.1m (Evli est. EUR 18.2m), EBITA amounted to EUR 1.7m (Evli est. EUR 1.5m).
- The segments were roughly in line with estimates overall, with Engineering Solutions performing slightly below our expectations and Technical Communication and Data Solutions slightly better than expected. Software and Embedded continued revenue decline as expected, but held profitability decently well.
- Guidance 2026: Revenue is estimated to be EUR 360-380m (2025: EUR 361.4m) and EBIT to be EUR 19-25m (2025: 17.9m). Our current estimate for 2026 is net sales of EUR 374m and EBIT of EUR 23m, slightly at the higher side of the guidance range.
- The BoD’s dividend proposal is EUR 0.22 per share (Evli est. EUR 0.21).
- Market commentary remained the same, with uncertainties from geopolitical tensions keeping demand weak and investments slow and defense and energy as bright spots.