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BHG Group
BHG Group (BHG) investor relations material
BHG Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Jan, 2026
Executive summary
Achieved over 9% organic growth for 2025, outpacing the market, with double-digit Q4 growth and five consecutive quarters of organic growth, driven by strong Black Month campaigns and all business units contributing.
Profitability improved by over 50% year-over-year, with Q4 EBIT up 48% to SEK 158 million and all segments reporting increased profitability.
Exited restructuring phase, shifting focus to profitable growth, operational excellence, and disciplined M&A.
Customer experience initiatives and AI-driven improvements advanced across platforms.
Financial highlights
Q4 net sales rose 5.3% to SEK 3,037 million, with organic growth of 10.7%; full-year net sales increased 6.2% to SEK 10,582.9 million, with 9.4% organic growth.
Adjusted EBIT margin for the year reached 3.7%, with Q4 at 5.2%; adjusted EBIT improved to SEK 389.9 million for the year.
Cash flow from operating activities in Q4 was SEK 371 million, and SEK 682.9 million for the year.
Net profit for the year was SEK 203.5 million, compared to a loss of SEK 640.1 million in the prior year.
Net debt at year-end was SEK 999.5 million, with net debt/LTM adjusted EBITDA at 2.39x, below the 2.5x target.
Outlook and guidance
Positive outlook for 2026, supported by expected increases in disposable income, fiscal policy, and housing transactions, especially in Sweden.
Continued growth anticipated in both the market and company share, with online penetration and AI-driven search as key drivers.
Financial targets: organic growth above the addressable market, adjusted EBIT margin to return to 5% and improve to 7% over time, net debt/EBITDA below 2.5x.
How will unique assortments boost gross margin
What specific macro factors drive Sweden's recovery
Why no dividend despite capital target met
Detail AI search optimization strategy
Non-controlling interest impact on group profit
Explain garden category growth drivers
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Next BHG Group earnings date
CMD 202619 Mar, 2026
BHG Group
Next BHG Group earnings date
CMD 202619 Mar, 2026
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Frequently asked questions
BHG Group AB engages in the e-commerce business. It operates through the following segments: Travel, Home & Garden, and Accommodation. The Travel segment involves in sales of flight tickets and hotel nights online. The Home & Garden segment supplies household goods, textile, DIY products, furniture and garden products online. The Accommodation segment refers to holiday homes and apartments rentals through the Booking.com platform.
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