Fagerhult
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Fagerhult (FAG) investor relations material

Fagerhult Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary17 Feb, 2026

Executive summary

  • Q4 was the strongest quarter of the year, driven by efficiency, innovation, and structural improvements, with expansion in smart outdoor lighting in Sweden and Norway.

  • Acquisitions of Trato TLV and Capelon were completed and are progressing as planned, contributing positively.

  • Renovation, innovation, and cross-selling initiatives gained momentum, with sustainability efforts ongoing.

  • Early signs of market recovery are noted, but a turnaround is not yet confirmed.

  • Order backlog increased, driven by Professional and Infrastructure segments.

Financial highlights

  • Q4 net sales reached SEK 2,077 million, up 1.8% YoY, with organic decrease of 1.6%.

  • Q4 operating profit before IAC was SEK 196 million, up 37.1% YoY; EBITA before IAC was SEK 215 million, up 35.2% YoY.

  • Q4 operating margin before IAC improved to 9.4% from 7.0% YoY; Q4 EBITA margin was 10.4%.

  • Full-year net sales were SEK 7,891 million, down 5.8% organically.

  • Full-year operating profit before IAC was SEK 607 million, down 18.1% YoY; EBITA before IAC was SEK 688 million, down 16.1%.

  • Full-year EPS before IAC was SEK 1.93; Q4 EPS before IAC was SEK 0.70.

  • Operating cash flow for Q4 was SEK 345 million; full-year operating cash flow was SEK 740 million.

Outlook and guidance

  • Early 2026 faces tough comparatives due to large prior-year orders; positive signals in Nordics and public sector, but recovery not yet confirmed.

  • Renovation projects, cross-selling, and smart outdoor lighting expansion expected to drive future growth.

  • Board proposes a dividend of SEK 1.10 per share for 2025.

Corrective measures for Infrastructure profitability
Capelon and Trato TLV integration into strategy
What drove working capital's negative cash flow impact?
Capelon's non-Nordic market expansion strategy
Underlying drivers of Q4 operating margin
Market segments showing early positive signs
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Frequently asked questions

AB Fagerhult provides professional lighting solutions worldwide. The company aims to keep the total solution in mind, which includes the right light for indoor and outdoor environments. The company's focus is to increase well-being in the areas where it is needed most, such as education, healthcare, retail and office spaces. AB Fagerhult has high financial aspirations and long-term goals to increase its value. The company is based in Fagerhult, Sweden but provides their services worldwide.

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