KENHNasdaq StockholmSoftware - ApplicationIFRS · SEK

Kentima Holding

Kentima Holding AB is a Swedish industrial technology group organized around Kentima AB and Kentima Control R&D AB. The company develops and sells proprietary automation and security products, including HMI/SCADA software, operator panels, industrial computers, video management software, and customized control systems.

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Revenue73.0m SEK
+34.6 %y/y
Operating profit (EBIT)7.5m SEK
+1,329.5 %y/y
EBIT margin10.3%
+11.5 ppy/y
Net income6.3m SEK
+385.9 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-20020406080100m SEK2021: 81 m SEK2021: EBIT 3.9 m SEK20212022: 63 m SEK2022: EBIT 2.0 m SEK20222023: 61 m SEK20232024: 54 m SEK2024: EBIT -0.61 m SEK20242025: 73 m SEK2025: EBIT 7.5 m SEK2025737.5
RevenueOperating profit (EBIT)
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Business

Share of revenue
Egenutvecklade produkter70 %

Proprietary automation and security hardware/software sold through Kentima AB.

Customized Control System25 %

Customer-specific control systems developed by Kentima Control R&D AB.

Services and add-ons5 %

Training, accessories, options, and consulting time tied to product sales.

Customers

Kentima sells mainly through system integrators, installers, consultants, OEMs, and end customers. Its products are used in automation and security applications, where buyers need software and hardware that can be integrated into larger control or surveillance environments.

System integrators

Buy HMI/SCADA, operator hardware, and video/security software for project delivery.

Installers and consultants

Specify and install Kentima solutions in automation and security projects.

OEM customers

Use Kentima's proprietary products or subsystems in their own equipment and systems.

End customers

Purchase directly for operational control, monitoring, and security applications.

Strategy

Kentima's strategy is built around proprietary product development, channel-led sales, and a broader partner network. The company also emphasizes expanding sales capacity while continuing to invest in software and hardware that serve automation and security customers.

Expand partner-led distributionShort term

The channel model gives Kentima access to more projects without building a large direct-sales footprint.

Strengthen sales organizationMedium term

More sales capacity can convert the installed product base and partner network into higher order intake.

Continue proprietary product developmentLong term

Own software and hardware help differentiate the company against larger competitors.

Geography

Kentima is headquartered in Staffanstorp, Sweden, with regional offices in Gothenburg, Stockholm, and Karlskrona. The company develops and manufactures in Sweden, while sales reach a mix of Nordic and wider European markets as well as selected export markets such as Taiwan.

Risks

Kentima depends on continued demand from automation and security projects, where order timing can be uneven and customer decisions can be delayed. The business also relies on a partner/channel model and on continued product differentiation, which creates execution risk if competitors offer broader platforms or if channel relationships weaken.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Channel concentration1Competitive pressure2Project timing and demand volatility3Foreign market exposure4
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. Channel concentrationImpact: HighLikelihood: Low

    A large share of sales flows through system integrators, installers, and consultants.

    Exposure: Partner network and OEM channel

  2. Competitive pressureImpact: MediumLikelihood: Low

    Automation and security markets include larger vendors with broader product portfolios.

    ExposureHMI/SCADAOperator hardwareVideo management software
  3. Project timing and demand volatilityImpact: MediumLikelihood: Low

    Customer orders can shift between quarters depending on project schedules.

    Exposure: Customized control systems and end-customer projects

  4. Foreign market exposureImpact: MediumLikelihood: Low

    Sales extend beyond Sweden into Europe and Taiwan, adding currency and market risk.

    Exposure: Export markets

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Accounting

Judgemental items
Revenue recognition timing

Product sales, training, and consulting may be recognized at different points in time.

Impact: Can shift reported revenue between quarters

Capitalized development costs

Product development is central to the business and may create intangible assets.

Impact: Affects operating expense, amortization, and impairment risk

Seasonality and quarterly comparability

Order timing and project delivery can vary materially by quarter.

Impact: Can distort short-term margin and growth trends

Inventory and hardware valuation

Operator panels, industrial computers, and related hardware require stock management.

Impact: Can affect gross profit through write-downs or mix changes

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Last updated: 24/09/2026