Earnings out tomorrow. After Q3, the comment in the interim report was: “We estimate revenue to be higher than last year also in the latter part of the year and EBITDA to be better than the previous year.” As I see it, this refers to the Q4 results; in Q4/2024, revenue was €6.5M and EBITDA was €0.3M. Since Q3/2025 revenue was €7.4M and EBITDA was €0.7M, one could guess at figures of that level for Q4/2025 – or even better? That would mean an EBITDA of nearly €3M and a profit of €2M for the full year (there are hardly any financial expenses). The company’s valuation is indeed starting to approach a P/E of 10, plus they have cash equivalent to the valuation. We’ll see if the valuation corrects in the right direction tomorrow, and if they finally pay out some cash as dividends.
3 Likes