BHG Group (BHG) Q4 2025 earnings summary

Executive summary

• Achieved over 9% organic growth for the full year and double-digit growth in Q4, outpacing the market and gaining share, with profitability improving by up to 48% year-over-year.

• Fifth consecutive quarter of organic growth and ninth consecutive quarter of year-over-year profitability improvement.

• Exited restructuring phase, shifting focus to profitable growth, operational excellence, and disciplined M&A.

• All business units contributed to growth, with continued improvements in customer satisfaction.

• Clear strategy focused on operational excellence, strategic initiatives, and M&A to outpace market growth.

Financial highlights

• Q4 net sales increased by 5.3% to SEK 3,037m; organic growth was 10.7%.

• Full-year net sales rose 6.2% to SEK 10,582.9m; organic growth was 9.4%.

• Adjusted EBIT for Q4 was SEK 158.1m, up 48% year-over-year, with a margin of 5.2%.

• Full-year adjusted EBIT improved to SEK 389.9m, with a margin of 3.7%.

• Cash flow from operating activities in Q4 was SEK 371m, and for the year SEK 682.9m, both driven by EBITDA and reduced inventory.

Outlook and guidance

• Positive outlook for 2026, driven by rising disposable income, fiscal policy, and housing transactions, especially in Sweden.

• Online channel expected to continue outpacing physical retail, further fueled by AI-enabled search.

• Financial targets: organic growth above the addressable market, adjusted EBIT margin to return to 5% and improve to 7% over time, net debt/EBITDA below 2.5x.

• No specific forward-looking guidance on growth or margin levels, but continued confidence in market share gains.