Arbona (ARBO) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 increased by 46.5% year-over-year to 932.1 MSEK, driven by acquisitions, while organic growth was negative at -8.2%.

• EBITA rose to 27.0 MSEK (25.7), but EBIT declined to -9.9 MSEK (-1.6) due to higher depreciation and weak operating performance.

• Net income after tax was 90.7 MSEK, down from 177.8 MSEK, mainly due to a strong prior year in capital management and a one-time tax asset revaluation.

• Capital management contributed 130.5 MSEK to results, with strong performance from holdings in Nordrest, Millicom, and Attendo.

• Cash flow from operations was 48.9 MSEK, lower than the previous year due to less favorable working capital effects.

Financial highlights

• EBITA margin for the year was 2.9%, with EBIT margin negative at -1.1%.

• Earnings per share were 0.18 SEK (0.34).

• Equity attributable to shareholders increased to 2,011.0 MSEK (1,913.2), or 3.87 SEK per share.

• Net cash position improved to 87.7 MSEK from -4.2 MSEK.

• Total assets rose to 2,316.3 MSEK (2,251.2).

• Solid equity ratio of 89.4% (87.8%).

Outlook and guidance

• Management notes continued tough market conditions for operating companies, but sees early signs of demand improvement.

• Strategic focus remains on generating long-term returns with limited risk and shifting portfolio toward active ownership in profitable companies.

• Ongoing efficiency measures and investments in new products and IT platforms are expected to support future growth.