The modular housing company Zenergy reports lower revenue and swings to an operating loss in the fourth quarter of 2025, compared with a profit in the same quarter of the previous year.Net sales fell 77.2 percent to SEK 2.8 million (12.3).Operating result was SEK -3.8 million (1.0). Result before tax was SEK -3.8 million (1.1). Result after tax was SEK -4.2 million (1.3). Earnings per share amounted to SEK -0.05 (0.20). Cash and cash equivalents amounted to SEK 6.2 million (6.7) at year-end.- The market shows signs of gradually increased activity, although decision-making processes remain long. Our priority going forward is clear: to stabilize production, convert the project portfolio into construction starts, and improve cash flow. We enter 2026 with a stronger structural position than at the start of the year, but with full focus on operational discipline and financial control, comments CEO Sebastian Gustafson in the year-end report. Zenergy, SEK millionQ4-2025Q4-2024ChangeNet sales2.812.3-77.2%Operating result-3.81.0Operating margin8.1%Result before tax-3.81.1Net result-4.21.3Earnings per share, SEK-0.050.20Cash and cash equivalents6.26.7-7.5%