Fasadgruppen Group (FG) Q4 2025 earnings summary

Executive summary

• 2025 featured strong organic growth of 5.1% in Q4, robust performance in Sweden, Denmark, and Finland, but weaker results in Norway and the UK due to regulatory delays.

• Net sales for 2025 rose 10.6% to SEK 5,446.8 million, with adjusted EBITA up 58.4% to SEK 447.4 million and a margin of 8.2%.

• Record operating cash flow in Q4 at SEK 240.5 million, up 30% year-over-year, and full-year operating cash flow of SEK 537.8 million.

• Profitability was impacted by a SEK 99.4 million loss from the Alnova divestment, resulting in a net loss for the year.

• A fully guaranteed rights issue of SEK 504 million was announced to reduce leverage and support future growth.

Financial highlights

• Q4 organic growth reached 5.1%, with net sales up 6.0% year-over-year to SEK 1,457.8 million.

• Adjusted EBITA for Q4 was SEK 109.9 million (margin 7.6%); full-year adjusted EBITA was SEK 447.4 million (margin 8.2%).

• Cash conversion for the year was 99%, just below the 100% target.

• Leverage reduced from 3.76 in Q3 to 3.25 in Q4, with further reduction to below 2.5x expected post-rights issue.

• Net financial items for the year were SEK -161.3 million; average interest rate was 5.8%.

Outlook and guidance

• The company enters 2026 with a more efficient cost structure, strong order backlog of SEK 3.8 billion, and improved financial flexibility.

• Rights issue provides capital for organic growth and selective acquisitions, with a disciplined approach to M&A.

• Market recovery is anticipated, supported by interest rate cuts and EU energy efficiency regulations.