Humble Group (HUMBLE) Q4 2025 earnings summary

Executive summary

• Organic net sales grew 6% in Q4 2025 and 7% for the full year, with Q4 net sales reaching MSEK 2,118 and full-year sales at MSEK 8,097, driven by Future Snacking and Quality Nutrition despite currency headwinds.

• Transformation and efficiency programs accelerated, focusing on operational discipline, cost savings, and performance, with restructuring activities underway.

• Cash flow from operations improved to MSEK 206 in Q4 and exceeded MSEK 500 for the year, with leverage ratio reduced to 2.6x (2.4x FX-adjusted).

• Adjusted EBITA for Q4 was MSEK 139 (margin 6.5%), and gross profit was MSEK 665 (gross margin 31.4%).

• No dividend is proposed for 2025, with focus on reinvestment and deleveraging.

Financial highlights

• Net sales grew 6% organically in Q4 and 7.5% for the full year, with gross margin stable at 31.4%.

• Adjusted EBITA margin for Q4 was 6.5%; full-year adjusted EBITA was MSEK 559 (down 1%).

• Cash flow from operations (including working capital changes) reached MSEK 206 in Q4, up 56% year-over-year.

• Free cash flow was SEK -167 million, a decrease from SEK 95 million the previous year.

• Leverage ratio improved to 2.4x after FX adjustments; total debt and NIBD reduced year-over-year.

Outlook and guidance

• Continued focus on reducing leverage, maintaining strong cash flow, and executing efficiency and cost-saving programs, with effects expected from Q3 2026.

• Strategic review ongoing, with planned divestments, selective acquisitions, and partnerships.

• No dividend proposed for 2025; management committed to transformation measures.