The fourth quarter delivered a strong performance, as expected, and in line with the usual trend in previous years. Net sales for the fourth quarter amounted to 100.0 (89.7) MSEK, corresponding to a growth of 11.6% compared with the previous year, with currency-adjusted growth of 22.2%.
Revenue growth in the quarter was primarily driven by an increased number of customers and a more diversified customer mix compared with the previous year. While the prior Q4 was more dependent on a limited number of large customers, the current Q4 reflects a broader and more balanced revenue base with contributions from a wider range of accounts. As we expand into new customer verticals, we progressively reduce concentration risk, strengthen the stability of our business, and position ourselves for stronger growth going forward.
Operating profit (Adjusted EBIT) totaled 33.3 (29.6) MSEK, resulting in an operating margin (EBIT-margin) of 33.3% (33.1) for the quarter. The increase in revenue translated into improved profitability during the quarter, demonstrating healthy operational leverage in the business.
Activity levels across our markets remain high, with continued customer dialogue, ongoing projects, and an active sales pipeline. At the same time, we are seeing a shift in customer behavior, with decisions and order placements increasingly occurring later in project timelines.
A strong year-end as we continue to strengthen our global customer base and product portfolio
In 2025, the customer mix improved further, with a higher share of strategically important and recurring customers. The total number of customers increased by 30%, from 540 individual customers in the previous year to more than 700 in 2025.
Through 2025, we continued to invest in both our current product portfolio and the new product OnTraq, as well as in market development. Combined with disciplined cost control, we made significant progress toward our long-term strategic growth. For the full year, net sales increased by 5.8% to 269.0 (254.2) MSEK, while operating profit (EBIT) decreased by 4% to 51.7 (54.2) MSEK.
“As we expand into new customer verticals, we progressively reduce concentration risk, strengthen the stability of our business, and position ourselves for stronger growth going forward.”
Solid performance across all regions
EMEA delivered a strong fourth quarter, helping drive full-year growth of 6.5% after a weaker beginning of the year. APAC maintained solid momentum through the year-end period, achieving 22% full-year growth. Growth in the Americas reached 9% in local currency, below expectations due to unforeseen U.S. government shutdowns and related delays.
All three business areas—Life Science, Engineering, and Entertainment—performed with stability and would have met budget expectations if not for currency headwinds. Engineering stood out with 45% currency-adjusted growth, while Life Science declined by 3.4%, mainly as a result of a one-off large customer delivery in 2024. Entertainment achieved 42% growth, although it represents the smallest segment of the total business.
Overall, we have strengthened our market position across all regions throughout the year. While we experienced some volatility in certain periods last year, the underlying long-term trend remains positive.
Official launch of OnTraq targeting the elite sports segment
We announced the official launch of OnTraq in January 2026, an end-to-end markerless analysis system designed to redefine how elite sports organizations conduct athlete baseline testing. Following a six-month deployment across professional teams and performance centers, OnTraq is now available as a subscription-based platform for broader rollout across elite sports organizations.
The system delivers high-quality functional assessments at scale and supports ongoing performance monitoring, making assessments faster and more efficient for both athletes and coaching staff.
Focus ahead
We remain focused on delivering profitable growth by leveraging our established global product portfolio across Life Science, Engineering, and Entertainment, while introducing OnTraq to address the niche elite sports segment. In line with expectations for one of our smaller quarters, January and February saw a slightly slower pace compared with the same period last year. However, we see no impact on our midterm goals, as demand and activity levels across all markets remain strong.
Evolving customer needs continue to create opportunities, primarily in Life Science and Engineering. For instance, we hold a unique position in motion capture both above and under water—an increasingly important capability in the marine industry for improving safety, validating simulations, and enabling autonomous systems. At the same time, we are advancing markerless technology for Life Science applications.
Our recently launched OnTraq product is attracting significant global interest in elite sports, complementing our business model with a subscription-based offering that introduces a recurring revenue stream.
In summary, 2025 reflected the commitment and determination of the entire Qualisys organization to drive product innovation, capitalize on market opportunities, and respond effectively to market uncertainties. Our strategic focus is delivering tangible results and bringing us closer to achieving our mid-term goals.
I look forward to the coming year and continued collaboration within the global Qualisys team, where we are working together to make 2026 yet another successful year.
WORDS: Ingemar Pettersson
CAPTURED: February 2026