Global earnings spotlight: Saab, Volvo, ASE, Betolar

Saab reported a record year in 2025, with fourth‑quarter order bookings jumping to SEK 100,111 million from SEK 17,556 million a year earlier, driven by strong growth in large orders. Quarterly sales rose to SEK 27,697 million from SEK 20,850 million, corresponding to organic sales growth of 34.5%.

All business areas and Combitech delivered sales growth, with particularly strong development in the Surveillance and Dynamics units. Q4 EBITDA increased to SEK 4,203 million from SEK 2,734 million, lifting the EBITDA margin to 15.2% from 13.1%. EBIT grew 67% to SEK 3,261 million, a margin of 11.8% versus 9.4% a year earlier.

Excluding a SEK 336 million capital gain from the divestment of Saab TransponderTech AB, adjusted EBIT was SEK 2,925 million, 50% above the prior year and equal to a 10.6% margin. Net income rose to SEK 2,568 million from SEK 1,442 million, with earnings per share at SEK 4.73 compared with SEK 2.66.

Operational cash flow strengthened to SEK 6,281 million from SEK 3,558 million, and net liquidity improved to SEK 3,989 million from SEK 2,211 million. On the back of its order backlog and market momentum, Saab raised its 2023‑2027 medium‑term organic sales growth target to around 22% CAGR from 18%, while keeping targets for EBIT growth above sales growth and cumulative cash conversion above 60%. The board proposed a 2025 dividend of SEK 2.40 per share, up from SEK 2.00.

Volvo Cars reported fourth‑quarter 2025 revenue of SEK 94.4 billion, down from SEK 112.1 billion in the same quarter of 2024. Q4 operating income (EBIT) fell to SEK 1.9 billion from SEK 3.9 billion, with the EBIT margin declining to 2.0% from 3.4%.

Excluding items affecting comparability, Q4 operating income was SEK 1.8 billion, versus SEK 5.6 billion a year earlier, and the adjusted EBIT margin was 1.9% compared with 5.0%. Basic earnings per share in the quarter were SEK 0.43, down from SEK 0.84.

Management cited EU‑US import tariffs, adverse currency effects from a stronger Swedish krona, weak demand putting pressure on pricing, and the removal of EV incentives in the US as factors weighing on fourth‑quarter performance. Despite this, fully electric car sales reached 24% of Q4 volume, up from 21% a year earlier, and electrified vehicles accounted for 49% of sales, up from 47%.

For full‑year 2025, Volvo Cars booked adjusted operating income of SEK 12.5 billion, corresponding to an adjusted EBIT margin of 3.5%. Full‑year free cash flow was SEK 2.4 billion. The company reported positive effects from its SEK 18 billion cost and cash action plan, which lowered its cost base and supported free cash flow, with Q4 free cash flow at SEK 8.8 billion compared with SEK 13.6 billion a year earlier.

ASE Technology Holding reported unaudited fourth‑quarter 2025 net revenues of NT$177,915 million, up 9.6% year on year and 5.5% sequentially. Net income attributable to shareholders rose to NT$14,713 million from NT$9,312 million in Q4 2024 and NT$10,870 million in Q3 2025.

Fourth‑quarter basic earnings per share were NT$3.37, compared with NT$2.15 a year earlier. Gross margin improved to 19.5% in Q4 from 17.1% in Q3, and operating margin rose to 9.9% from 7.8% in the previous quarter. EBITDA for the quarter was NT$38,344 million, up from NT$28,797 million in Q4 2024.

For full‑year 2025, ASE reported net revenues of NT$645,388 million, up 8.4% from 2024, and net income attributable to shareholders of NT$40,658 million, up from NT$32,483 million. Full‑year basic EPS was NT$9.37. Consolidated gross margin increased to 17.7% in 2025 from 16.3% in 2024, while operating margin improved to 7.9% from 6.6%.

Within the ATM (assembly, testing and material) operations, full‑year gross margin rose to 23.5% from 22.5%, and operating margin to 11.3% from 9.8%. EMS gross margin edged up to 9.1% from 9.0%. The company reported equipment capital expenditures of US$3,396 million in 2025, mainly for packaging and testing, and ended the year with a current ratio of 1.28 and a net debt‑to‑equity ratio of 0.46.

Finnish materials technology company Betolar reported 2025 net sales of EUR 946,000, up from EUR 762,000 in 2024, and a record order intake of EUR 2,327,000 versus EUR 1,003,000 a year earlier. The company focuses on industrial sidestreams, the mining and metals industry, and low‑carbon concrete solutions.

Betolar remained loss‑making as it scaled its business. EBITDA for 2025 was negative EUR 3,709,000, an improvement from a loss of EUR 5,816,000 in 2024, and the operating loss was EUR 5,840,000 compared with EUR 7,964,000. The board proposed that no dividend be paid for 2025 and that the loss be carried under retained earnings.

Liquidity and undrawn grants at year‑end totalled EUR 7,681,000, down from EUR 14,159,000 a year earlier, while cash and cash equivalents and short‑term fund investments were EUR 6,715,000, compared with EUR 8,987,000. The average number of personnel during 2025 was 32, down from 46 in 2024.

Operationally, Betolar reported a breakthrough in metal extraction technology, claiming recovery of critical and strategic metals from industrial sidestreams and mine tailings with up to 99% yield, and received its first order from Anglo American’s Sakatti project. The company increased sales of blast furnace slag, advanced its Sideprime analysis service and AI‑based data platform, and shifted its low‑carbon concrete focus toward infrastructure. It has set a financial target of achieving positive EBITDA by the end of 2027 and expects 2026 net sales to grow significantly year on year.