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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Karnell Group
Karnell Group (KARNEL) investor relations material
Karnell Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Q4 and full year 2025 delivered double-digit growth in net sales and EBITA, margin improvement, and strong cash generation, with both business segments contributing positively.
Full-year net sales increased 20.3% to SEK 1,688 million, with organic growth of 4.6%.
Full-year EBITA rose 40.3% to SEK 233 million, margin improved to 13.8%.
Three platform acquisitions were completed, strengthening the portfolio and group position.
The group operates 18 companies across Sweden, Finland, and the UK, employing 753 people at year-end.
Financial highlights
Q4 net sales rose 14.4% year-over-year to SEK 461 million, with organic growth of 6.7%.
Q4 EBITA increased 23.6% to SEK 62 million, margin improved to 13.5% from 12.5%.
Cash flow from operating activities was SEK 131 million in Q4 and SEK 220 million for the year.
Earnings per share after dilution were SEK 0.70 in Q4 and SEK 2.59 for the year, up 25% and 74% year-over-year.
Net profit after tax for the year was SEK 141.5 million, up 83% year-over-year.
Outlook and guidance
Entering 2026 with positive momentum, improved market conditions, and a robust M&A pipeline.
Focus remains on operational improvements, disciplined capital allocation, and value-creating acquisitions.
Financial targets include average annual EBITA growth of at least 15% over a business cycle and an EBITA margin of at least 15% in the medium term.
How to stabilize full-year operating cash flow?
How will Product Co. organic growth improve?
What is the M&A capacity given debt ratio increase?
What drove the Q4 acquisition withdrawal?
Product companies' organic earnings decline drivers?
How to even out cash flow seasonality?
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Next Karnell Group earnings date
Q1 20268 May, 2026
Karnell Group
Next Karnell Group earnings date
Q1 20268 May, 2026
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Frequently asked questions
Karnell Group AB is a Swedish investment firm specializing in industrial technology companies. The company focuses on acquiring and developing businesses with strong market positions and growth potential within two main segments: Product Companies and Niched Manufacturers. These sectors include a diverse range of industrial technology firms that benefit from Karnell's strategic and financial expertise. With a proactive acquisition strategy, Karnell seeks companies that align with global industry trends and possess significant cash flows and profitability. Karnell employs a decentralized ownership model, allowing each portfolio company to operate independently while benefiting from strategic and operational support from the central group. This model emphasizes local decision-making and management autonomy, enhancing responsiveness and adaptability in business operations.The company is headquartered in Stockholm, Sweden, and its shares are listed on the Nasdaq Stockholm.
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