Ctt Systems Ab · OMXSTO:CTT
Ctt Systems Ab — Q4 2025 Earnings Presentation
22 slides from Ctt Systems Ab's earnings presentation, Feb 6, 2026
Slide 1: Earnings Call Q4 2025
HENRIK HÖJER MARKUS BERG CEO CFO EARNINGS CALL Q4 2025 Fourth Quarter 2025 2026-02-06
Slide 2: Highlights Q4 / 2025
Highlights Q4 / 2025 1. Agreement with Boeing Business Jets – Cabin Humidification baseline configuration on BBJ737MAX 2. Humidifier population at Boeing 787 / A350 fleet increased 10% in 2025 2
Slide 3: Q4 2025 Financials in short
Q4 2025 Financials in short -31% FX impacted (-10 MSEK) ❑ Net sales decreased to MSEK 57 (82) – Negative FX MSEK -10 ❑ EBIT amounted to MSEK 7 (34) - FX impacted MSEK -13 ❑ EBIT margin 12% (41) ❑ EPS 0.45 SEK (1.93) ❑ Operating cash flow of -5 MSEK (16) -79% -77% 3
Slide 4: Q4 2025 Net Sales Bridge and Mix
Q4 2025 Net Sales Bridge and Mix Inventory reduction at distributors - 10 MSEK higher if adjusting ❑ OEM build rate increased, adding 4 MSEK, driven by Boeing 787 ❑ Decrease in Private jet revenue, -3 MSEK, due to quarter with development work and no deliveries – temporary weak ❑ Aftermarket sales d
Slide 5: Q4 2025 Order Intake & Backlog
Q4 2025 Order Intake & Backlog ❑ Order intake: 65 MSEK vs 81 MSEK in Q4 2024 ❑ Order backlog at 131 MSEK (48) MSEK MSEK Q424 Q425 Order intake 81 65 Backlog 48 131 USD/SEK 11,00 9,20 5
Slide 6: Q4 2025 EBIT Bridge
Q4 2025 EBIT Bridge EBIT decrease from FX and transitory low volumes ❑ FX offset MSEK 13 – MSEK 9 from lower exchange rate on sales - MSEK 4 from AR/AC ❑ Negative sales volume decreased EBIT with MSEK 12 ❑ Negative sales mix & price resulted in EBIT decrease of MSEK 5 MSEK 34 -12 -5 3 7 -13 6
Slide 7: Q4 2025 Cash Flow
Q4 2025 Cash Flow ❑ Operating cash flow of MSEK -5 (16) ❑ Working capital negative MSEK -10, due to AR payments pushed from Q425 to Q1-Q2 2026 ❑ 2H 2025: Operating cash flow = EBITDA ❑ MSEK 3 excess tax paid during 2025, forecasted to be refunded in Q4 2026 35 27 7
Slide 8: Q4 2025 Net Debt & ROCE
Q4 2025 Net Debt & ROCE ❑ Net debt amounting to MSEK 9 compared -25 MSEK in Q4 last year ❑ Cash MSEK 27 and in addition available credit facilities amounting to MSEK 58 ❑ Equity ratio 74% (74%) and Net Debt / (R12 EBITDA) 0.2 (-0.2) MSEK 8
Slide 9: FY 2025 Financials in short
FY 2025 Financials in short Headwind from FX - Tough aftermarket comparables with excess supply in 2024 ❑ Net Sales decreased 12% to 264 MSEK (300), currency adjusted -5% ❑ Less Aftermarket in sales mix 63% (78) ❑ EBIT decreased 58% to MSEK 48 (113) - EBIT margin 18% (38) ❑ EPS decreased 55% to 3.08
Slide 10: FY 2025 EBIT Bridge
FY 2025 EBIT Bridge EBIT decrease mainly from FX and mix effects ❑ FX offset MSEK 32 – MSEK 20 from lower exchange rate on sales - MSEK 12 from AR/AC ❑ Negative sales mix & price resulted in EBIT decrease of MSEK 24 ❑ Negative sales volume decreased EBIT with MSEK 12 113 MSEK -12 -24 2 48 -32 10
Slide 11: FY 2025 Proposed Dividend AGM 2026
FY 2025 Proposed Dividend AGM 2026 ❑ Proposed dividend per share (DPS): 2.40 SEK (78 % of EPS), compared to last year 5.35 SEK (78 % of EPS) ❑ Proposed dividend amounts to 30 MSEK (67) Dividend 10.00 SEK 120% Strong financial position: 9.00 Cash & available credit facilities: 84 MSEK 8.00 100% Solid
Slide 12: CTTs Sustainability Journey - FY 2025 Performance
Strategic Targets – CTTs Sustainability Journey - FY 2025 Performance 2025 progress Climate Change - Reduce CO2e Scope 1 & 2 Scope 3 42% reduction 90% reduction to 2030: to 2050: Highlights during the sustainability year 2025 -63% (-25%) +26% (+2%) ➢ Certification according to ISO-14001 & 45001 ➢ Ci
Slide 13: Outlook Q1 and 2026
Outlook Q1 and 2026 2026 will be better than 2025 – Leap in OEM-deliveries and better aftermarket sales ❑ Q1: sales in USD expected to increase quarter-to- quarter, driven by higher OEM sales and gradually better correlation between underlying airline demand in the aftermarket, partly offset by a we
Slide 14: Aftermarket outlook
250 Aftermarket outlook 243 233 200 187 150 167 147 2025 not as bad as it seems – Inventory-adjusted 199 MSEK vs 167 100 98 124 99 50 72 ❑ Population of humidifiers increased 10% in 2025 0 ❑ Inventories in better balance in 2026 2017 2018 2019 2020 2021 2022 2023 2024 2025 ❑ Expect the installed bas
Slide 15: OEM outlook
200 OEM outlook 150 166 126 Growth rate poised to accelerate in 2026 / 2027 100 104 83 50 1. Up-tick in deliveries from Q126 35 40 53 25 2. Addressable market growing – tracking aircraft build-rates 0 20 2017 2018 2019 2020 2021 2022 2023 2024 2025 3. Shipset content on A350s increasing gradually in
Slide 16: Private jet Outlook
35 Private jet Outlook 30 25 32 30 20 21 Higher low-point driven by ACJ/BBJ – but still short-term variations 15 18 15 14 15 14 10 10 ❑ Slow start in 1H26 due VIP projects / development work - few deliveries in 1H26 5 ❑ Growth driven by higher penetration at VIPs 0 2017 2018 2019 2020 2021 2022 2023
Slide 17: VIP-Projects: BBJ787 with Greenpoint Technologies
VIP-Projects: BBJ787 with Greenpoint Technologies
Slide 18: Opportunities: Private jet
Opportunities: Private jet 18
Slide 19: Retrofit Anti-Condensation Outlook
Retrofit Anti-Condensation Outlook ❑ No OEM Availability – OEM is a requirement for scalable growth Net Sales ❑ Retrofit demand to drive OEM: 40 ❑ A320 operators to demand line-fit or post-delivery modification 35 35 – Focused efforts to win launch customers 30 30 ❑ Limited efforts to obtain STC for
Slide 20: Summary
Summary ↑ OEM deliveries growing – Strong outlook 2026/2027 ↑ Private jet establishing higher net sales base-line – but quarterly variations – slow start 1H26 ↑ Aftermarket sales higher than 2025 ↑ EBIT margin gradual recovery in 2026 (at current FX), driven by volumes 20
Slide 21: Take action for our future
ke action for our future Take ¢ Take up the challen “reduce every way YOU
Slide 22: We make flying a little better
WE MAKE FLYING A LITTLE BETTER THRIVE WITH HUMIDITY AT HEALTHY LEVEL 22