Sweden’s INVISIO Targets 25% Growth as Dividend Jumps 30%
Record Q4, 32.8% margin, debt free balance sheet and rising free cash flow.
Swedish company INVISIO, which we covered as a Focus Stock on DividendHike.com in March 2025, surged 29% today to SEK 322 following strong quarterly results, solid order intake and a new substantial dividend increase.
Key Points in this article
Share price +27.5% to SEK 322 after strong Q4 results
Q4 revenue SEK 684m; operating margin 32.8%
Dividend raised 30.4% to a record SEK 3.00 per share
Dividend increases of 77% last year and 85% in 2024
Net cash position close to SEK 330m at year-end
Analysts: 2 strong buy | 1 buy | 1 hold
What Does INVISIO Do?
INVISIO AB is a Swedish company specializing in advanced communication and hearing protection systems for high-noise and mission-critical environments. Its primary customers include defense forces, law enforcement agencies and security personnel.
The product portfolio includes:
Headsets with integrated hearing protection
Control units for secure and seamless communication
Intercom systems for vehicle and mobile tactical operations
These systems are designed to enhance communication clarity while protecting hearing in extreme noise environments, making INVISIO a supplier to modern tactical operations worldwide.
Company Background
Founded in 1999, INVISIO initially operated in both consumer and professional markets before fully shifting its focus to tactical communications in 2008.
A key milestone was the 2020 acquisition of Racal Acoustics, a provider of communication systems for constant high-noise environments. The transaction expanded INVISIO’s product offering and strengthened its position in military applications.
Strong Q4 Results (October–December 2025)
CEO Lars Højgård Hansen described Q4 as the company’s strongest quarter ever. Revenue reached SEK 684 million (594), with order intake of SEK 660 million (549). The operating margin was 32.8%, unchanged year-on-year despite higher activity levels.
Key Q4 figures:
Revenue: SEK 684.0m (594.1)
Gross margin: 59.8%
EBITDA: SEK 240.9m
Operating profit: SEK 224.2m
Earnings per share: SEK 3.60
Order book: SEK 854.1m
Cash flow from operating activities amounted to SEK 54.8m for the quarter.
For full year 2025, revenue totaled SEK 1,737m. Operating profit was SEK 308.8m and earnings per share SEK 4.72. Operating cash flow reached SEK 330.9m.
During the quarter, INVISIO signed a five-year framework agreement with the Dutch Ministry of Defense worth up to SEK 365m, received a SEK 190m order from an existing European customer, and secured a SEK 121m order from the Irish Defense Services. The company also joined the Large Cap segment on Nasdaq Stockholm.
Dividend Growth Accelerates Again
Dividend investors will mainly focus on the new payout. INVISIO increased its dividend by 30.4% to SEK 3.00 per share, a new record.
This follows:
+77% dividend increase last year
+85% dividend increase in 2024
The current dividend yield is approximately 0.9% at a share price of SEK 322. The company distributes its dividend annually.
Based on current estimates, INVISIO will distribute roughly SEK 110m in dividends this year, compared to free cash flow of around SEK 300m. Free cash flow is projected to exceed SEK 600m within two years if growth expectations are met.
Growth Outlook
Analysts expect revenue to grow more than 25% in 2026 to approximately SEK 2.18 billion. For the years thereafter, growth expectations are in the range of 15–20% annually.
Growth is largely organic. At year-end 2025, INVISIO reported a net cash position close to SEK 330m, and cash generation is expected to continue increasing.
For 2026, the estimated P/E ratio is around 44. If earnings develop as projected, the 2027 P/E could fall below 30. Expected EBIT margin is above 23%, while return on invested capital was 26.6% last year and is projected to approach 38% in 2026.
The company currently has a market capitalization of roughly SEK 15 billion (about USD 1.6 billion).
Analyst coverage remains positive overall: 2 strong buy, 1 buy and 1 hold recommendation, with no sell ratings.
INVISIO’s combination of strong order momentum, expanding margins, high organic growth and accelerating dividend increases has drawn significant market attention following today’s results.
At DividendHike.com, we focus on tracking dividend growth trends and highlighting companies with consistent payout policies across global markets. By combining dividend data with clear, factual context, we aim to surface income-focused opportunities that may deserve closer attention. Stay tuned as we continue to follow dividend hikes, long-term payout trends, and the companies behind them.
Disclaimer: The information provided here is for informational purposes only and should not be considered financial advice. Investors should conduct their own research or consult with a financial advisor before making any investment decisions.