Clas Ohlson (CLAS) Q4 25/26 earnings summary

Executive summary

• Q4 net sales rose 11% year-over-year to 2,611 MSEK, with 9% organic growth and 2% from acquisitions.

• Full-year net sales reached 12,514 MSEK, up 8% with 9% organic growth.

• Q4 operating profit was 180 MSEK (6.9% margin); full-year operating profit was 1,527 MSEK (12.2% margin).

• EPS for the year was 18.40 SEK, up from 13.91 SEK.

• Proposed total dividend of 14.00 SEK per share, including an extraordinary dividend.

Financial highlights

• Q4 online sales grew 25% to 615 MSEK, now 24% of total sales; full-year sales reached SEK 12.5 billion, with 9% organic growth.

• Gross margin improved to 50.1% in Q4, up from 47.9% a year ago.

• Operating cash flow for the year was 2,119 MSEK; free cash flow was 1,268 MSEK.

• Net debt/EBITDA (excl. IFRS 16) at -1.1x, indicating a strong net cash position.

• Inventory at period end was 2,480 MSEK, slightly up from 2,415 MSEK.

Outlook and guidance

• New financial targets: 5% organic sales growth per year, ~12% operating margin, and ~30% ROCE over the next three years.

• Dividend policy: at least 50% of EPS after tax to be distributed.

• Investments for 2026/27 expected to reach 600 MSEK, with 350 MSEK for distribution centre automation.

• May 2026 net sales increased 14% year-over-year, with 9% organic growth.

• Anticipated headwinds from NOK hedging, higher freight, and input costs due to oil prices.