Good morning, welcome to MSAB's presentation of the year-end report for 2025. Presenting today will be Peter Gille, our, our CEO, and Tony Forsgren, our CFO. Without further ado, I'm gonna hand over to Peter Gille.
Good morning, everybody, and welcome to this session. Let's start with the... We had a very good quarter in Q4, and we had even in the best year ever in the history of MSAB in terms of revenue and results. That feels really good. So the growth was around 14%, and currency-adjusted almost 20% growth over the year. And as it should in a scalable business, the profit is even growing even further in percentage and is now up to SEK 68 million compared to SEK 46 million the year before, and that corresponds to a margin at around 14%, almost 15%. So, what's the background to this?
As I said, 18 months ago, when I started in the business, we needed to invest more in our products, and that's really what we have been doing, both from you know invest in buying components and adding that, and also to doing more development work and invest more in people in the development organization. That means that today we have a market-leading product in the market, and the customers really appreciate that. So we have strengthened the whole investment part of the products, and with that, the products. We continue to control the costs in a good way, and we also work very hard with making our organization better and better and better, which I also think is noticed in sales and so forth.
And we also continue to invest in marketing and strengthen our market position, really, to let the customers understand that we have these fantastic products to offer the market then, and we see that that is also a good positive trend in the market. And our flagship product, XRY Pro, continues, you know, to exceed what we have expected, really, internally. So it's been a huge success in the market, and we have got very much appreciation from our customers in the functionality we have added to it. And we will continue to invest in XRY Pro, and we will include the iOS capabilities that we have, and we will also adapt the product to be easier to use in the market.
We have a lot of good functionality as the brute- forcing functionality and the extract RAM, which is, you know, unique in the market, and that many customers has discovered now that it's something that you really can be used to solve real cases. We also launched Unify this year, in the beginning of the year, and we have had several customers buying it, and we had a big institution in the U.K. buying here this last quarter, which we really appreciate. Continuous extracting data is what the customers really are focused on, and that's also what we are focused on, so we go together in that sense. If you look on the regions, EMEA has really, really performed very well. It started slow this year, but the last two quarters, they have been really having a great success.
It's mainly the XRY Pro that drives the business, and also that the Unify is also being adopted in several different markets. We also see here that the military and defense sector is appreciating that we are the only European supplier in this market, so they also seem to be more interested in working together with us, and I think we will see some results in that going forward in 2026. APAC also had a very, very strong growth and continues to have that, and we also think that that will continue into 2026. Our products fits very well in the APAC region, and also there, the new functionality, the brute forcing, and so are appreciated and being adopted by customers and also in new markets.
In the U.S., we have actually grown the revenue in U.S. in local currency, but it's been a difficult year. We had high expectations of U.S. when we started this year, but it's been difficult with the shutdowns that has been taking place and also the budget cuts, and it has affected us. So it's been a challenging year, but we have had growth in local currency, and we think that going forward, you know, this turmoil will slow down, and we will have more opportunities to grow the business also there, going forward. So with that, I leave the word to our CFO, Tony.
Thank you, Peter. So let's have a look at a little bit deeper into the finances then. Another strong sales performance in the quarter, with recognized revenue of SEK 141 million. Sales-wise, that corresponds to the second-best quarter in the history and slightly below the numbers we presented last quarter. It also corresponds to a net growth of 20%. But if we currency adjust that growth, actually, the growth is 30% in the quarter. And as I mentioned before, approximately 95% of our sales is in foreign currencies, and the Swedish krona continues to strengthens, and it hurts us a little bit on the sales numbers. Rolling twelve-month sales amounted to SEK 462 million, and the FX-adjusted number for that is actually SEK 488 million organically.
Since we were hit with approximately SEK 26 million in t he FX. Full-year FX-adjusted growth then amounted to 20%. The growth are mainly explained by underlying growth in our core business, driven by the mix of gaining market share and price increases. Our premium product, XRY Pro, continues to be well-received, as Peter mentioned, on the market, and it's really driving our new sales and recurring sales in a positive direction. Looking at the different regions, EMEA and APAC performed strong growth in the quarter. FX-adjusted, EMEA was up 40%, and APAC was up 160% compared with the same quarter previous year. Closing the administration in U.S. had some short-term effect on our sales in Americas, and Americas reported decrease in sales of minus 35%, for the quarter, and that's the FX-adjusted number.
However, the FX-adjusted number for the full year in Americas region showed an increase of sales of 6%, so we are growing in Americas in local currency. EMEA closed the year for a full year of a growth of 90% and APAC, 60%+. Another positive note was that new sales in the quarter took a larger share of the total sales, with it 60%, and the full year numbers, new, for new sales stands for more than 50% of total sales now for the first time in the company's history. So, looking at the gross margins levels and operating costs, we report an EBIT growth of +47% for the isolated quarter, and for the full year, it's +46%.
Gross margin-wise, in the quarter, we ended up on 95%, and for the full year, 93.1%. A new sale drives a small part of COGS, whereas a renewal sale doesn't result in any COGS. So increased portion of new sales, current business, and our offering to the market is expected to maintain a gross margin level between 92%-93% going forward. EBIT for the quarter was SEK 1 million, to be compared with SEK 28 million for previous year. Full year EBIT, SEK 68 million, a growth of 46%, as I mentioned, and an EBIT margin of 15%. If we FX-adjust that margin, it corresponds to 18% for the full year.
We keep on investing in our products, our market activities, and personnel, and we have made a transition to permanent employees replacing hired consultants, and it's finalized, and now we are running on permanent staff. A part of that transition explains the lower levels of external costs. On the other hand, since we have approximately 75% of the OpEx in personnel costs, our long-term investments in personnel are reflected in an increase in personnel costs compared to last year, but it's all according to plan. We continue to maintain good control over our operating costs, which ended within our business plan for the full year numbers. So finally, let's have a look at the balance sheet and some cash flow comments. We continue to have a debt-free balance sheet, which provides a stable platform for continued growth.
During the quarter, an investment in iOS FFS was made of SEK 4 million, and that was balanced, like previous intangible investments, bought this year or 2025. This is written off over five years. The investment maintains a strong product offering, and we consider ourselves to be best in Android today, and at least on par with our competitors in iOS. And as I mentioned before, as Peter mentioned, we are gaining market shares. Cash flow from operations was +SEK 99 million for the isolated quarter, and we ended up with a positive net cash flow of SEK 75 million in the quarter. Strong operating cash flow for the full year, with SEK 102 million in the operating business, and we closed the balance for cash at SEK 160 million.
The positive cash flow was mainly driven by good sales performance, cash management, and cost control. And finally, I would also like to comment the fact that MSAB will move its head office in April. We have signed a seven-year lease contract, and the new address will be Sveavägen in Central Stockholm. This also impacts the leased assets and liabilities, as you may see in the balance sheet. No effects in the profit and loss, just balance movements. And when moving into the new lease in April, these balance sheet items will reflect the new lease contract over seven years. So the asset will rise and also the liability. Also, with no other effect in the profit and loss, except for the running costs, normal costs for the rent of the premises. Thank you.
Okay, so looking forward into 2026 then, we already talked a little bit about this, but we have a momentum in the market, and we want to further, you know, strengthen our ability to, to really grow the business. And we will do new investments, and that might temporarily affect the profitability, but we need to invest in our products. That's been, so far, a success recipe, so we want to continue to do that. We also see the military market. We talked about that. I talked about that already 18 months ago. We see that that has a growing potential with the, with the world we are in right now, and we think there are good opportunities for us to, to grow in that market during 2026. So I hope we can show some results in 2026 in the military side.
Then there we have several, good potential market opportunities across all the regions, and we want, of course, to capitalize on them. And we're also gonna continue to work with our organization and our data to make this company, you know, efficient and, a world-class organization, and we are, very close to that now, in my mind. So to sum it up, we have had a good year, the best year in the MSAB history. But more importantly than that, is that this is... We see a positive trend here in the market. We have a momentum that we will continue to use to, to do more revenues. There might be, you know, volatility.
We're still a small company, so we can still be hurt in specific quarters, but the long-term trend is really, really positive, and the momentum is really positive. And if you look on the markets, we see that APAC is a really, really interesting market for us, where our growth has been fantastic this year and can be even better in 2026. But also other emerging markets, we think can benefit us. So we're gonna focus on the high-potential regions where we see we have a good potential going forward. In the U.S., we need to adapt to the budget cuts, to the shutdowns, whatever will happen. We have big expectations of the U.S., as we had the previous year in 2025, but we also keep it for 2026.
There is some really promising opportunities that we think we can come into play here if just the administration cools down a little bit. If you look on the investment side, as I mentioned, we will continue to invest, and we think that that, together with, you know, a good focused sales force out in the regions, will drive the growth, in the coming year. So with that, I will end this and go to questions.
Okay, so we don't appear to have any questions at the moment in the chat.
Everything crystal clear?
It appears to be.
No, no questions? Okay, then I want to thank you all for listening, and wish you a good week. I'm looking forward to next call. Thank you.