Green Landscaping Group (GREEN) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 were SEK 6,229 million, down 2% year-over-year, with organic growth at -8% and acquired growth at 8%.

• EBITA for the year fell 16% to SEK 444 million, with a margin of 7.1%, reflecting resilience despite market headwinds and a mild winter.

• Four acquisitions were completed in 2025, mainly in Germany and Lithuania, contributing SEK 82 million in EBITA and supporting expansion in continental Europe.

• Market conditions were challenging in Norway, while Sweden showed signs of improvement and Other Europe delivered strong results.

• The Board proposes no dividend for 2025, in line with previous years.

Financial highlights

• Q4 2025 net sales grew 1% to SEK 1,791 million, with organic growth at -5%; EBITA decreased 11% to SEK 145 million, margin at 8.1%.

• Full-year cash flow from operating activities was SEK 314 million, down from SEK 601 million in 2024; Q4 cash flow was SEK 206 million.

• Basic and diluted EPS for 2025 were SEK 2.26, down from SEK 3.48; Q4 EPS was 0.89 SEK, down 18%.

• Financial leverage increased to 3.0x proforma EBITDA, above the long-term target of 2.5x.

• Order backlog at year-end was SEK 6,900 million, down 6% year-over-year, mainly due to Norway.

Outlook and guidance

• Profitability initiatives in Sweden and cost reductions in Norway are expected to improve margins and cash flow in 2026.

• Q1 2026 started with more normal winter conditions, expected to benefit profitability, especially in snow-related contracts.

• Expansion in continental Europe remains a strategic focus, with recent acquisitions showing above-average margins.

• M&A target for 2026 remains SEK 80–100 million in acquired EBITA, contingent on deleveraging and cash flow.

• Financial targets remain: 10% annual sales growth, 8% EBITA margin, and net debt/EBITDA not to exceed 2.5x long term.