Kjell Group
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Kjell Group (KJELL) investor relations material

Kjell Group 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 summary9 Feb, 2026

Executive summary

  • Q4 net sales declined 9.9% year-over-year, with Denmark experiencing a 45.5% drop; full-year net sales fell 7.9%.

  • Gross margin improved to 43.2% in Q4, supported by inventory sell-out and cost control, but full-year gross margin was impacted by one-off write-downs.

  • Adjusted EBITA for Q4 rose to SEK 37.8 million (margin 5.4%), but full-year Adjusted EBITA dropped to SEK 43.0 million.

  • Strong cash generation was achieved due to reduced working capital and inventory.

  • Net profit was -2.0 MSEK in Q4 and -388.1 MSEK for the year, mainly due to goodwill and asset impairments in Denmark.

Financial highlights

  • Q4 net sales were SEK 697.2 million; full-year net sales were SEK 2,379.1 million.

  • Q4 gross profit: SEK 301.3 million; full-year gross profit: SEK 932.7 million.

  • Q4 Adjusted EBITA margin: 5.4%; full-year Adjusted EBITA margin: 1.8%.

  • Cash flow from operating activities increased to SEK 191 million in Q4 and SEK 167 million for the year.

  • Equity ratio at year-end: 36.2%.

Outlook and guidance

  • Focus remains on strengthening margins, operational efficiency, and replenishing core inventory before pursuing topline growth.

  • Management expects improved gross margin from supplier renegotiations and inventory optimization.

  • Financial targets include net sales growth above 5%, Adjusted EBITA margin of 6-8%, and net debt/Adjusted EBITDA below 2x.

  • Plans to restore high product availability and improve channel execution, especially online.

  • Denmark business (AV-Cables) to be sustainably restarted without diverting group focus.

Future strategy for Denmark operations
Quantify expected COGS reduction
Impact of low inventory on sales
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Frequently asked questions

Kjell Group sells consumer electronics, accessories, and related services through physical stores and online platforms. It offers technical support and installation services targeting retail and corporate customers. The company is headquartered in Malmö, Sweden, and its shares are listed on the Nasdaq First North Growth Market.

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