KABE Group (KABE) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 were SEK 3,212 million, down from SEK 3,796 million year-over-year, mainly due to lower volumes and a challenging market for new recreational vehicles in Europe.

• Net income for the year was SEK 76 million, a significant decrease from SEK 194 million in 2024.

• Earnings per share fell to SEK 8.44 from SEK 21.56 year-over-year.

• Cash flow from operating activities improved to SEK 194 million from SEK -89 million, reflecting better working capital management.

• The board proposes a dividend of SEK 4.00 per share, unchanged from the previous year, to be paid in two installments.

Financial highlights

• Operating income was SEK 68 million, down from SEK 229 million; operating margin dropped to 2.1% from 6.0%.

• Before currency effects, operating income was SEK 89 million (SEK 206 million in 2024).

• Gross margin decreased to 11.2% from 13.4%.

• Solid equity ratio improved to 74.3% from 70.4%.

• Cash and cash equivalents at year-end were SEK 168 million, up from SEK 78 million.

Outlook and guidance

• 2026 will focus on reducing inventory levels and adapting production to market demand.

• Continued low production series are expected to impact profitability.

• Broader product portfolio and increased international presence reduce exposure to single markets.

• Long-term trends for sustainable travel and premium products are expected to strengthen with improved economic conditions.