Asker Healthcare Group (ASKER) Q4 2025 earnings summary

Executive summary

• Net sales grew 12% year-over-year to SEK 16,787m, with adjusted EBITA up 17% to SEK 1,594m, driven by high M&A activity and operational improvements, especially in West and Central.

• Adjusted EBITA margin reached 10.0% in Q4 and 9.5% for the year, meeting the margin target for the first time.

• Fourteen acquisitions were completed in 2025, expanding into 4 new markets and supporting margin accretion.

• IPO completed in March 2025, strengthening the financial position and enabling further self-financed acquisitions.

• Stable leverage at 2.26x and strong cash flow support continued high acquisition pace and a proposed dividend of SEK 0.39 per share (>30% payout).

Financial highlights

• Q4 net sales: SEK 4,676m (up 9% year-over-year); full-year net sales: SEK 16,787m (up 12%).

• Q4 adjusted EBITA: SEK 470m (up 16%); full-year adjusted EBITA: SEK 1,594m (up 17%).

• Adjusted EBITA margin: 10.0% in Q4, 9.5% for the year.

• Cash flow from operating activities: SEK 568m in Q4 and SEK 1,328m for the year.

• Net debt/EBITDA at 2.26x, below the 2.5x target.

Outlook and guidance

• Focus on leveraging scale, driving further M&A, and consolidating the European medtech market, with organic growth expected to outpace the market.

• Stable core business and strong cash flows support continued acquisition activity while maintaining leverage below 2.5x EBITDA.

• Efficiency gains from new warehouse investments expected in early 2026; CapEx to normalize to ~2% of revenue post-investment.

• M&A pipeline remains strong, with no anticipated constraints on acquisition pace.

• 2026 expected to be another strong year, with potential for extra defense-related volumes.