Framery (FRMY) Q4 2025 earnings summary

Executive summary

• Achieved 37% year-over-year revenue growth to EUR 222.1 million, with adjusted EBIT rising to EUR 50.5 million, meeting IPO guidance despite global volatility and trade headwinds.

• Successful IPO in December 2025 was the largest Finnish IPO since 2018 by market cap, raising EUR 20 million and being oversubscribed.

• Major strategic initiatives included product innovation, expansion of smart office solutions, and global dealership growth, with robust demand from key accounts.

• Maintained high employee satisfaction and broad employee ownership.

Financial highlights

• Full-year revenue reached EUR 222.1 million, up 37% year-over-year; Q4 revenue was EUR 58.2 million, up 17.2%.

• Adjusted EBIT for the year was EUR 50.5 million (22.8% margin), up from EUR 33.0 million; Q4 adjusted EBIT was EUR 11.9 million (20.4% margin), impacted by FX and tariffs.

• Operating free cash flow for the year was EUR 51.6 million, with a cash conversion rate of 91.6%.

• Earnings per share for the year was EUR 0.26.

• Net debt at year-end was EUR 66.9 million; leverage (net debt/adjusted EBITDA) at 1.2x.

Outlook and guidance

• Targets more than 10% average annual organic revenue growth, 25% adjusted operating profit margin mid-term, and leverage below 2x net debt/EBITDA.

• Dividend policy is to pay out 70%-90% of net earnings; board proposes EUR 0.23 per share for 2025, representing 89.3% payout.

• No short-term guidance for 2026; focus remains on mid- and long-term growth.

• Price increases implemented in January 2026 are expected to fully impact profitability in H1 2026.