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Refine Group
Refine Group (REFINE) investor relations material
Refine 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
Net sales for Q4 2025 were 26.5 MSEK, down from 52.6 MSEK year-over-year; full-year net sales were 126.5 MSEK, down from 244.9 MSEK.
EBITDA for Q4 was 17.3 MSEK (up from -3.1 MSEK); full-year EBITDA was 12.3 MSEK (up from -2.9 MSEK), driven by a one-time restructuring gain of ~20 MSEK.
Net result for Q4 was 8.5 MSEK (up from -117.8 MSEK); full-year net result was -2.7 MSEK (improved from -164.6 MSEK).
The group completed major restructuring, including divestments and cost reductions, and stabilized its financial position.
Financial highlights
Gross margin for Q4 was 42.9% (46.1% prior year); full-year gross margin was 43.8% (41.8%).
EBITA for Q4 was 17.1 MSEK (up from -3.2 MSEK); full-year EBITA was 11.5 MSEK (up from -3.8 MSEK).
Earnings per share for Q4 were 0.06 SEK (up from -1.75 SEK); full-year EPS was -0.03 SEK (improved from -2.66 SEK).
Cash flow for Q4 was -3.8 MSEK (3.4 MSEK prior year); full-year cash flow was -4.7 MSEK (-20.5 MSEK prior year).
Equity at year-end was 96.5 MSEK (77.2 MSEK prior year); total assets were 145.0 MSEK (218.0 MSEK prior year).
Outlook and guidance
Early 2026 shows strong order growth in e-commerce, with cost reductions expected to further improve profitability.
Focus for 2026 is on growth and margin improvement, leveraging a now-stabilized balance sheet.
Expected cash flow impact from completed balance sheet work?
Detail 2026 growth drivers for core operations
Re-evaluate Bitcoin treasury strategy given current loss?
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Next Refine Group earnings date
Q1 20268 May, 2026
Refine Group
Next Refine Group earnings date
Q1 20268 May, 2026
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Frequently asked questions
Refine Group AB operates a diverse portfolio of digital-native lifestyle brands and digital commerce services. The company focuses on categories with low online penetration, creating opportunities for substantial growth as e-commerce continues to expand. Refine Group's ecosystem is designed to support digital transformation, offering robust technology solutions, digital marketing, and branding services. The company’s business model includes both online and omnichannel approaches, enhancing brand visibility and growth potential through a combination of digital and physical retail strategies. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Nasdaq Stockholm.
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