Hemnet Group (HEM) Q4 2025 earnings summary

Executive summary

• Net sales grew 9.5% year-over-year to SEK 1,526.8m, driven by strong ARPL growth and value-added services, despite a 13.3% drop in published listings and a 26.4% decline in Q4 listing volumes.

• EBITDA increased 6.6% to SEK 767.5m, with a margin of 50.3% for the year; Q4 EBITDA margin was 44.2%.

• Launched strategic initiatives including Sell First, Pay Later (SFPL), over 60 new agent partnerships, and AI-driven product innovations such as conversational search and personalized starting pages.

• Dividend proposed at SEK 1.90 per share, about one third of earnings per share, up 12% from last year.

• Share buybacks totaled SEK 566.6m in 2025, with the program expanded to SEK 600m.

Financial highlights

• Q4 net sales: SEK 348.1m, down 4.4% year-over-year; full-year net sales: SEK 1,526.8m, up 9.5%.

• Q4 EBITDA: SEK 153.7m, down 12.8%; full-year EBITDA: SEK 767.5m, up 6.6%.

• Free cash flow: SEK 745.4m, up 7.1% year-over-year; cash flow from operating activities: SEK 598.1m.

• Earnings per share (diluted) for the year were SEK 5.48, up 9.6% year-over-year.

• Headcount increased to 167 (+15 YoY).

Outlook and guidance

• 2026 outlook is positive, with easing credit restrictions and improved macroeconomic conditions expected to boost market activity.

• Rolling out SFPL across Sweden in Q1 2026, with anticipated positive impact on listing volumes and ARPL.

• Monthly preliminary sales and listing figures to be reported in 2026 for increased transparency.

• Long-term financial targets: annual net sales growth of 15-20%, adjusted EBITDA margin >55%, net debt/EBITDA <2.0x.