The financial performance in Q4 2025 and for full year 2025 did not meet expectations.

Revenue from the long-term wheels and brakes service contracts in the Programs division and from the sale of new wheel and brake piece parts and assemblies in the Distribution division delivered above last year. However, these were offset by lower-than-expected revenue from outright and exchange sales in the Components division, which was also below last year.

In the fourth quarter, gross profit improved compared to the same quarter last year, however earnings before interest, tax, depreciation and amortization (EBITDA) in Q4 as well as for full year 2025 still ended below expectations and below last year.

Revenue for the full year ended at USD 173.8m, which was slightly below the outlook communicated in the Q3 2025 interim report with revenue in the range of USD 175-190m. EBITDA margin before special items ended at 37.6%, which was well within the range of 35-38% as communicated in the outlook in the Q3 2025 interim report.

Please refer to the full 2025 Q4 Report here
Please refer to the 2025 Annual Report here