4CNasdaq StockholmSoftware - InfrastructureIFRS · SEK

4C Group

4C Group AB, marketed as 4C Strategies, develops software and related services for organizations that need to plan, train for, and manage operations in complex and mission-critical environments. The group is headquartered in Stockholm and operates through subsidiaries in Sweden, Norway, Finland, the United Kingdom, the United States, and Australia.

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Revenue352m SEK
+15,321,030.4 %y/y
Operating profit (EBIT)-11.7m SEK
−144.2 %y/y
EBIT margin-3.3%
−1,151,612.0 ppy/y
Net income-16.8m SEK
−383.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1000100200300400m SEK2020: 185 m SEK20202021: 261 m SEK2021: EBIT 47 m SEK20212022: 331 m SEK2022: EBIT 29 m SEK20222023: 332 m SEK2023: EBIT -5.9 m SEK20232024: 0.00 m SEK2024: EBIT 26 m SEK20242025: 352 m SEK2025: EBIT -12 m SEK2025352-12
RevenueOperating profit (EBIT)
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Business

Share of revenue
Software licenses45 %

Timelimited or perpetual licenses for the Exonaut platform, including hosted operation.

Support and maintenance20 %

Ongoing support, maintenance, and operation services tied to customer software deployments.

Expert services20 %

Advisory, readiness, business continuity, incident, and crisis management services.

Software development15 %

Customer-specific customization and development work linked to the platform.

Customers

4C sells to organizations that operate in mission-critical, security-sensitive, or compliance-heavy environments. Its customer base includes defense and security organizations, public-sector institutions, and private-sector enterprises that need software and services for readiness, training, and operational resilience.

Defense and military customers

Buy Exonaut and related services for training, exercises, readiness, and mission planning.

Public-sector and government agencies

Buy software and advisory services to support preparedness, compliance, and continuity.

International institutions and NGOs

Use the platform and services for resilience, coordination, and operational readiness.

Private-sector enterprises

Buy risk, continuity, and incident-management tools to protect critical operations.

Strategy

4C’s strategy is centered on expanding the Exonaut platform, adding functionality, and broadening the customer base across defense and private-sector markets. The company also emphasizes geographic expansion and recurring customer relationships through software, support, and services that deepen platform use over time.

Platform developmentMedium term

New functionality strengthens the core product and supports larger deployments.

Market expansionMedium term

Growth depends on reaching more customers across defense and private sectors.

Geographic expansionMedium term

Local presence helps win contracts that require in-country delivery and support.

Geography

4C is headquartered in Stockholm and has operational subsidiaries in Sweden, Norway, Finland, the United Kingdom, the United States, and Australia. The business is built around local sales and delivery presence in these markets, while serving addressable customers internationally through the same platform and service model.

Risks

4C’s business depends on secure software, reliable internal controls, and the ability to adapt its offering to changing security and geopolitical conditions. Because it serves mission-critical customers across several countries, it also faces foreign exchange, tax, capital, and regulatory risks that can affect execution and reported results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cybersecurity and IT infrastructure risk1Internal control and fraud risk2Geopolitical and demand risk3Foreign exchange risk4Tax and regulatory risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cybersecurity and IT infrastructure riskImpact: HighLikelihood: Medium

    Exonaut and customer data must remain secure in mission-critical environments.

    ExposureSoftware platformHosted servicesCustomer data
  2. Internal control and fraud riskImpact: HighLikelihood: Medium

    The company handles sensitive information and is exposed to fraud, hacking, and improper actions.

    ExposureOperationsInvoicingConfidential customer information
  3. Geopolitical and demand riskImpact: MediumLikelihood: Medium

    Customer needs are tied to conflicts, security events, and public-sector priorities.

    Exposure: Defense and readiness-related demand

  4. Foreign exchange riskImpact: MediumLikelihood: Medium

    The group operates across several currencies and countries.

    Exposure: Cross-border sales and operating costs

  5. Tax and regulatory riskImpact: MediumLikelihood: Medium

    Multi-country operations increase the chance of tax interpretation disputes or rule changes.

    ExposureCorporate income taxVATPayrollTransfer pricing
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Accounting

Judgemental items
Revenue recognition by contract type

License, hosted, support, and development work are recognized differently and affect timing of revenue.

Impact: Can shift revenue between periods depending on delivery and service completion

Capitalized development costs

Work for own account is capitalized, which reduces current expenses and creates intangible assets.

Impact: Affects operating profit and future amortization

Expected credit losses

Receivables are measured using loss reserves under the simplified approach.

Impact: Can change reported profit and net working capital

Lease accounting

Right-of-use assets and lease liabilities are recognized for office and other leases.

Impact: Affects EBITDA, depreciation, and leverage presentation

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Last updated: 24/09/2026

4C Group (XSTO) – Software - Infrastructure | Financial Analysis – Clarifo