Bufab (BUFAB) Q4 2025 earnings summary

Executive summary

• Achieved record-high gross margin of 31.9% and adjusted operating margin of 13.3% for 2025, despite weak demand and market uncertainty.

• Q4 net sales increased by 3.7% to SEK 1,931 million; full-year net sales up 0.5% to SEK 8,072 million.

• Adjusted operating profit (EBITA) for Q4 rose 25% year-over-year to SEK 252 million; full-year adjusted EBITA up 12% to SEK 1,070 million.

• Continued execution of strategy with value-added services, value-based pricing, and a new sustainability offering.

• Acquired Novia Group, expanding presence in Europe West, and divested a small US manufacturing unit.

Financial highlights

• Q4 gross margin improved to 33.8% (from 29.7%); full-year gross margin at 31.9%.

• Q4 adjusted EBITDA margin reached 13.1%; full-year adjusted operating margin at 13.3%.

• Q4 earnings per share rose 33% to SEK 0.79; full-year EPS up 13% to SEK 3.30.

• Cash flow from operating activities in Q4 was SEK 224 million, with a cash conversion of 93%.

• Board proposed a dividend of SEK 1.30 per share, up from SEK 1.05.

Outlook and guidance

• Expectation of continued positive gross margin development in 2026.

• Focus remains on margin improvement, cost control, and strong cash flow.

• Optimism about future growth, especially as new contracts ramp up in 2026 and 2027.

• Profitability target of 14% operating margin by 2026 remains in place.