Equity research Enrad, Q4 2025: A profit for the quarter may be on the cards

Enrads Q4 2025 report is scheduled for publication on 27 February. Below we provide comments and our slightly revised forecasts ahead of the Q4 report.

Since the Q3 report, the company has secured its first order in the Netherlands, meeting the target it had set. Enrad is also making strategic investments to support its European growth trajectory through a natural expansion into Belgium. We expect the establishment costs to be limited, as parts of both markets can be covered from the same hub. At the same time, our view is that the domestic Swedish market will remain the company’s core focus market throughout 2026. However, uncertainty is high ahead of the report.

For Q4 2025, we forecast net sales of SEK 15.9m, representing growth of 7.0% YoY. This is a marginal downward revision of SEK 0.3m. After deducting costs for raw materials and consumables, we estimate gross profit of SEK 7.7m, corresponding to a gross margin of 48%. We expect Q4 to be the first quarter of the year with positive EBITDA of SEK 0.3m, implying an EBITDA margin of 2%.

Disclaimer

Carlsquare AB. www.carlsquare.se, hereafter referred to as Carlsquare, conducts operations in Corporate Finance and Equity Research and thereby publishes information about companies, including analyses. The information has been compiled from sources that Carlsquare considers reliable. However, Carlsquare cannot guarantee the accuracy of the information. Nothing written in the analysis should be regarded as a recommendation or invitation to invest in any financial instrument, option or similar. Opinions and conclusions expressed in the analysis are intended solely for the recipient.

The content may not be copied, reproduced, or distributed to any other person without the written consent of Carlsquare. Carlsquare shall not be liable for any direct or indirect damage caused by decisions made based on information contained in this analysis. Investments in financial instruments provide opportunities for capital appreciation and profits. All such investments are also associated with risks. The risks vary between different types of financial instruments and combinations thereof. Historical returns should not be considered as an indication of future returns.

The research is not directed at U.S. Persons (as that term is defined in Regulation S of the United States Securities Act and interpreted in the United States Investment Companies Act 1940) and may not be distributed to such persons. Nor is the analysis aimed at such natural or legal persons where the distribution of the analysis to such persons would involve or entail a risk of violation of Swedish or foreign law or regulations.

The analysis is a so-called commissioned analysis where the analysed company has signed an agreement with Carlsquare for analysis coverage. The analyses are published continuously during the contract period and against customary fixed remuneration.

Carlsquare may or may not have a financial interest in the subject of this analysis. Carlsquare values ensuring objectivity and independence and has therefore established procedures for managing conflicts of interest.

The analysts do not and may not own shares in the analysed company.