Group sales rose 16.7% to NOK 14.9 billion in 2025, with Q4 sales up 5.3% to NOK 4.6 billion; EBIT increased 6.6% to NOK 1.3 billion, but net profit declined 2.8% due to Swedish turnaround and prior year one-off gains.
Norway outperformed expectations, gaining market share and growing faster than the market, driven by increased footfall and volume.
Sweden showed first signs of positive turnaround, with improved store performance and green numbers, but customer traffic remains a challenge.
Q4 group sales: NOK 4.6 billion (+5.3%), EBIT: NOK 677 million (+8.6%); full-year sales: NOK 14.9 billion (+16.7%), EBIT: NOK 1.3 billion (+6.6%), net profit NOK 814 million (−2.8%).
Q4 gross margin: 42.6%; full-year gross margin: 40.9% (down 0.8pp); opex-to-sales ratio: 24.9% for the year.
Cash from operations: NOK 1.5 billion; net debt NOK 4.3 billion (NOK 858 million ex-leases); liquidity reserves NOK 2.1 billion.
Dividend per share proposed at NOK 3.75 (+7.1%), payout ratio 75.4%.
Positive consumer sentiment expected in 2026, supported by declining inflation, rising real wages, and anticipated interest rate cuts in Norway and Sweden.
Sweden expected to deliver similar operating profit in 2026 as 2025 due to remodelling costs; profitable growth targeted from 2027 after store upgrades.
Long-term target for Sweden: SEK 5 billion sales and 5% EBIT margin by 2028.
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