Q4 Financial statements review
January-December 2025
President and CEO Hannu Martola | 5 February 2026
Q4 2025 | 29.7 net sales, €m (31.6) | -6.1 net sales change-% (0.9) | 3.7 EBITA, €m (5.2) | 12.4 EBITA-% (16.3) |
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Q4: A stable year-end, outlook strengthened
Sales in medical developed well but declined in security; total net sales were flat at comparable rates
Industrial sales -7%
Decline in line-scan sales, but significant growth in TFT flat panel detectors for battery inspection in APAC
Growth in other regions supported by food scanning
Medical sales +19%
Growth driven by CT applications, particularly in China
Security sales -29%
Sales declined across all main markets
One-off-events in EMEIA, strong comparison period, the after-effects of the aviation 100 ml regulation, OEMs' inventory buffer, and a temporary standstill in demand in India
In APAC, demand remained subdued
50%
growth in TFT sales
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Net sales by quarter
(EUR 1,000)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2025
35,000
30,000
25,000
20,000
15,000
-6.1
(YOY change-%)
10,000
5,000
0
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Operating margin (EBITA) excluding NRI
(EUR 1,000)
14.8%
15.3%
12.7%
12.4%
11.4%
10.0%
7.4%
6.3%
5.2%
2.3%
7.0%
5.4%
6.5%
9.0%
9.9%
16.3%
6,000 25%
5,000
20%
4,000
3,000
2,000
15%
10%
5%
1,000
Q122
Q222
Q322
Q422
Q123
Q223
Q323
Q423
Q124
Q224
Q324
Q424
Q125
Q225
Q325
Q425
0 0%
EBITA excluding NRI (EUR 1,000) EBITA-% excluding NRI Mid-term EBITA-target 15%
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Q4 2025 sales split by regional business units
7.2%
26.7%
29.7
€m
TOTAL NET SALES
66.1%
NET SALES €m | YOY CHANGE-% | |
AMERICAS | 2.2 | 1.8 |
APAC | 19.6 | -4.4 |
EMEIA | 7.9 | -11.8 |
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Q4 2025 sales split by main applications
16.3%
33.6%
29.7
€m
TOTAL NET SALES
50.2%
NET SALES €m | YOY CHANGE-% | |
INDUSTRIAL | 4.8 | -6.6 |
MEDICAL | 14.9 | 19.1 |
SECURITY | 10.0 | -28.5 |
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FY 2025 | 101.0 net sales, €m (107.5) | -6.0 net sales change-% (3.6) | 9.6 EBITA excluding NRI, €m (14.9) | 9.5 EBITA-% excluding NRI (13.9) |
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FY 2025 sales split by regional business units
5.1%
25.2%
101.0
€m
TOTAL NET SALES
69.7%
NET SALES €m | YOY CHANGE-% | |
AMERICAS | 5.2 | -21.8 |
APAC | 70.4 | -0.2 |
EMEIA | 25.5 | -16.2 |
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FY 2025 sales split by main applications
18.4%
35.4%
101.0
€m
TOTAL NET SALES
46.2%
NET SALES €m | YOY CHANGE-% | |
INDUSTRIAL | 18.6 | -2.2 |
MEDICAL | 46.7 | 10.6 |
SECURITY | 35.7 | -22.8 |
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Key figures
Q4 2025 | Q4 2024 | FY 2025 | FY 2024 | |
Net sales, EUR 1,000 | 29,685 | 31,613 | 101,023 | 107,514 |
Change in net sales, % | -6.1% | 0.9% | -6.0% | 3.6% |
EBITA excluding NRI, EUR 1,000 | 3,689 | 5,166 | 9,597 | 14,892 |
EBITA excluding NRI, % | 12.4% | 16.3% | 9.5% | 13.9% |
Non-recurring items (NRI), EUR 1,000 | 0 | 0 | 342 | 0 |
EBITA, EUR 1,000 | 3,689 | 5,166 | 9,255 | 14,892 |
EBITA, % | 12.4% | 16.3% | 9.2% | 13.9% |
R&D costs, EUR 1,000 | 2,762 | 3,125 | 11,266 | 11,379 |
R&D costs, % of net sales | 9.3% | 9.9% | 11.2% | 10.6% |
Cash flow from operating activities, EUR 1,000 | 1,496 | 6,891 | 3,885 | 20,133 |
Investments, EUR 1,000 | 913 | 485 | 2,965 | 2,218 |
Return on investment (ROI), % | 9.2% | 17.4% | 9.2% | 17.4% |
Earnings per share, EUR | 0.22 | 0.28 | 0.44 | 0.76 |
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Target 2026-2030
We outgrow the market by driving customer success with smart, data-generating X-ray detectors and outstanding usability.
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14%
4%
By application
13%
69%
MedicalDIGITAL
X-RAY DETECTOR MARKET 2030
3.0€ bn
Ageing population Security Concerns
34%
By technology
4% 5%
15%
Flat panel TFT42%
VeterinaryIndustrial
Security
Quality and efficiency Eco and circular economies
Lack of raw materials Digitalization and AI
Flat panel CMOSLine scan and CT
Photon counting
Others
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Strategic levers
BASE
Continue to do what we do, better
TFT
Drive TFT flat panel growth, across regions and markets
ADDED VALUE
Commercialize more value-added integrated HW-SW solutions to a broader customer base
NEW TECH
Seek new opportunities beyond current scope (Photon counting & SW)
Being the most trusted partner that drives customer success through exceptional usability
Elevate performance culture
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Opening of the India factory and start of customer deliveries
Strategy implementation and main events in Q4
Improved data management for PCCT
AVA
Advanced. Versatile. Affordable.
40% less materials, up to 50% cost savings without compromising imaging performance
for security and industrial line-scans
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Sales expectation Q1 and H1 2026
Industrial
to grow in Q1
Medical
to grow in Q1
Security
to grow in Q1
Q1 sales are expected to grow in all regions: APAC, EMEIA, and the Americas
YOY total net sales to grow by a double-digit rate in Q1 and H1 2026
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Business outlook
Detection Technology expects double-digit year-on-year net sales growth in Q1 and H1 of 2026.
The geopolitical situation, new U.S. import tariffs, U.S. relations with other countries, and price competition especially in China create uncertainty.
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EPS and payout
(EUR)
1.20
1.00
0.30 € dividend (0.50)0.80
0.60
0.40
68% payout (66%)The Board's proposal to the AGM 2026
0.20
0.00
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Earnings per share Dividend or capital repaymentThe company aims to distribute approximately 30-60% of the Group's annual result (earnings per share) to shareholders as dividends.
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MEDIUM TERM Annual sales growth >10% | MEDIUM TERM Operating margin (EBITA) 15% | ANNUAL Dividend 30-60% |
FINANCIAL TARGETS
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