Duni (DUNI) Q4 2025 earnings summary

Executive summary

• Full-year net sales increased by 1.4% to SEK 7,685m, driven by acquisitions despite weak organic growth and challenging market conditions.

• Q4 net sales decreased by 4.5% to SEK 1,965m, but increased 1.5% at fixed exchange rates, with acquisitions offsetting currency and demand headwinds.

• Operating income for the year was SEK 560m (down from SEK 604m), with margin pressure from lower volumes, negative mix, and currency effects.

• Acquisitions and efficiency initiatives, including three strategic deals, supported performance and strengthened market presence.

• The board proposes an unchanged dividend of SEK 5.00 per share, to be paid in two installments.

Financial highlights

• Full-year net sales: SEK 7,685m (up from SEK 7,578m); Q4 net sales: SEK 1,965m (down from SEK 2,057m), up 1.5% in fixed currencies.

• Full-year operating income: SEK 560m (7.3% margin), down from SEK 604m (8.0%).

• Q4 operating income: SEK 162m (8.2% margin), down from SEK 178m (8.7%).

• Earnings per share: SEK 6.64 (up from 5.48); adjusted EPS SEK 6.87 (down from 7.56).

• Operating cash flow positive but lower than last year; CapEx increased to SEK 247m, mainly for IT and ERP investments.

Outlook and guidance

• Market conditions remain subdued, with real revenues declining and inflation pressuring volumes.

• Market expected to stabilize and grow by 1% in 2026, but at a structurally lower baseline than pre-COVID.

• Updated group targets from 2026: 6% total annual sales growth (including acquisitions), >10% operating margin, >50% dividend payout ratio.

• Management remains positive on gradual recovery, with internal changes and integration of acquisitions to support growth.