KH Group (KHG) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 increased by 5% year-over-year to €204.5 million, with a strong Q4 performance reversing earlier negative guidance.

• Comparable operating profit for the year was €6.4 million, down from €7.2 million in 2024, reflecting margin pressures and restructuring costs.

• Strategic transformation neared completion with the divestment of Indoor Group, focusing future operations on construction machinery and rescue vehicles.

• Both revenue and comparable operating profit grew in Q4 year-over-year.

• Guidance for 2026 anticipates growth in both net sales and comparable operating profit.

Financial highlights

• Full-year net sales reached €204.5 million, up from €194.0 million in 2024; Q4 net sales were €63.3 million, up 3% year-over-year.

• Comparable operating profit was €6.4 million (down from €7.2 million); Q4 comparable EBIT was €4.2 million (up from €3.4 million).

• Net profit from continuing operations was €1.0 million for the year, with EPS at €0.01.

• EBITDA margin for the year was 9.7%, down from 10.5% in 2024.

• Equity ratio improved to 31.8% from 18.7%; gearing reduced to 137.5% from 283.4%.

Outlook and guidance

• For 2026, both revenue and comparable operating profit are expected to increase compared to 2025.

• Focus will be on profitable growth and completing the transformation into an industrial group.