Here are the most important news items from the past week from the unlisted companies on Eqvor's platform. Stay up to date with developments in the unlisted market.
Mentimeter – Turns to profitability with strong cash flow
Mentimeter delivers a clear break in the trend in 2025, with improved profitability and strong cash flow.
Full year 2025
Net sales: 598 MSEK (536.2) +12%
Invoiced sales: 627.2 MSEK (569.4) +10%
Growth at constant currency: +16%
EBITDA: 35.6 MSEK (–37.8) – margin 6.0% (–7.1%)
EBIT: 13 MSEK (–63)Net profit: 10.2 MSEK (–46.4)
EPS: SEK 0.13 (–0.60)
Cash flow was strong, with clearly positive free cash flow and a large cash position at year-end. ARR amounted to 614.0 MSEK (567.1). The number of enterprise customers increased to 2,759 (2,298), and average monthly active retained leaders rose both in Q4 and for the full year.
Q4 showed continued improvement in profitability, with EBITDA of 12.9 MSEK (–6.0) and net profit of 5.5 MSEK (–9.1).
All in all: growth combined with clear margin expansion and a strengthened cash position.
SnigelDesign – Record year and profitability above Saab
The defence equipment company Snigel reports a historic record year in 2025 (preliminary figures).
Revenue: just over 430 MSEK (+20%)
Operating profit more than tripled
EBIT margin: above 25% (more than double Saab's 10.2%)
The company is debt-free after the record year. Expansion is driven both organically and through planned acquisitions. In 2026 it will launch its own e-commerce as a new business line ahead of a planned stock exchange listing in 2027.
Voi – Annual report and positive cash flow
Voi reports growth in 2025, while the company continues to invest heavily in its vehicle fleet.
Full year 2025
Net sales: 178.2 MEUR (132.8) +34%
EBITDA: 18.6 MEUR (14.5)
Adjusted EBITDA: 29.3 MEUR (17.2) – margin 16.4% (13.0%)
EBIT: –7.6 MEUR (–3.3)
Net profit: –12.4 MEUR (–23.7)
Cash flow from operating activities: 24.2 MEUR (almost doubled YoY)
Interest-bearing net debt amounted to 44.6 MEUR at year-end.
EBIT is heavily affected by depreciation linked to the vehicle fleet, which amounted to 26.2 MEUR during the year. At the same time, tangible assets on the balance sheet increased sharply, from 24.9 MEUR to 76.2 MEUR, as a result of investments in new vehicles.
The company completed a total of 115 million rides during the year and now has more than 150,000 vehicles in 130 cities.
Altris – EU support for industrialisation
Altris has been selected for the EIC Accelerator and receives: • 2.5 MEUR in non-dilutive grants• A possible equity investment of up to 10 MEUR via the EIC Fund The capital will accelerate the industrialisation of the company's sodium-ion technology based on Prussian White and strengthen Europe's battery value chain.
Instabee Group – Expands its collaboration with Salling Group
Instabox, part of Instabee Group, is entering into a partnership with Bilka (part of Salling Group).The collaboration strengthens Instabee's position in Denmark and builds on an existing agreement with Føtex. The focus is on scalable, technology-driven last-mile logistics.
Billogram – Enables peer-to-peer energy models
Billogram is entering into a partnership with the German company ene’t to enable scalable payment flows in peer-to-peer energy sharing through the StromCommunity® model.The collaboration creates a technical infrastructure for complex settlement, recurring payments and high transaction volumes in decentralised energy models.
Aira – Tariffs without lock-in
Aira is launching optimisation against any energy tariff for its heat pumps and energy systems.Customers can choose from hundreds of tariffs and optimise in real time via Aira Intelligence. According to the company, energy costs can fall by up to 44% with a heat pump and up to 90% with a full energy system (based on Italian scenarios).
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