Elanders (ELAN) Q4 2025 earnings summary

Executive summary

• Net sales for FY 2025 were SEK 12,201 million, down 14% year-over-year, with operations in over 20 countries and more than 7,000 employees.

• The business is structured into Supply Chain Solutions (80% of sales) and Print & Packaging Solutions (20%), serving a diversified customer base across electronics, fashion, automotive, industrial, and healthcare.

• Adjusted EBITA margin improved to 8.7% in Q4, up from 6.6% last year, reflecting cost reductions and efficiency gains.

• Structural measures led to one-off costs of SEK 206 million, expected to yield annual cost savings of SEK 232 million.

• North America and Asia returned to organic growth, while Europe saw negative growth mainly due to Air & Sea pricing.

Financial highlights

• Q4 net sales were SEK 3,053 million, down from SEK 3,774 million last year; organic decline was 2%.

• Adjusted EBITA margin rose to 8.7% in Q4, up from 6%–6.6% last year, driven by cost measures and efficiency gains.

• Adjusted result before tax was 38% higher year-over-year.

• Operating cash flow for FY 2025 was SEK 1,667 million, with a cash conversion rate of 92%.

• Net debt at year-end was SEK 7,989 million, with a net debt/EBITDA ratio of 4.4x.

Outlook and guidance

• Market conditions remain uncertain, but customer demand has stabilized and forecasts are more accurate.

• Overcapacity in warehouse space is expected to be gradually filled, supporting future profit improvement.

• Continued rollout of the CloudX warehouse system and AI solutions is expected to further lower costs and increase efficiency.

• No formal forecasts provided, but margin improvements are expected to continue.

• Trade barriers and regional logistics solutions present both risks and opportunities.