Bera (BERAHF) Q4 25/26 earnings summary

Executive summary

• Revenue for Q4 2025 reached 12.3 billion ISK, up 17.8% year-over-year, with full-year 2025 revenue at 49.0 billion ISK, a 7.3% increase from 2024.

• EBITDA for Q4 2025 was 1.2 billion ISK, down 0.2% year-over-year; full-year EBITDA was 5.0 billion ISK, a 0.8% decrease from 2024.

• Net profit for Q4 2025 was 0.3 billion ISK, down 31% year-over-year; full-year net profit was 2.1 billion ISK, down 12.1% from 2024.

• Gross margin improved to 36.8% in Q4 2025 (+2.8 percentage points) and 34.8% for the year (+1.3 percentage points).

• Labor cost ratio increased to 16.8% in Q4 2025 (+3.6 percentage points) and 13.1% for the year (+1.6 percentage points).

Financial highlights

• Operating expenses rose, with notable increases in labor and marketing costs, partly due to acquisitions.

• Net interest-bearing debt rose to 15.6 billion ISK, mainly due to acquisitions.

• Equity ratio declined to 41.8% in Q4 2025 (down 7.5 percentage points year-over-year).

• Carbon footprint reduced by 13% year-over-year.

Outlook and guidance

• Management forecasts EBITDA for 2026 in the range of 6.1–6.5 billion ISK.

• Continued sales growth expected, with new subsidiaries performing well and Iceland Spring showing a strong turnaround.