Kid (KID) Q4 2025 earnings summary

Executive summary

• Group revenues grew by 3.5% to MNOK 1,452.5 in Q4 and 4.2% for the year, with online revenues up 6.5% in Q4 and 10.7% for the year, despite logistical constraints from the new warehouse transition.

• Gross margin remained robust at 61.2% in Q4 and 61.5% for the year, with stable group-level performance despite segment variations.

• EBITDA for Q4 was MNOK 439.9, down from the prior year due to higher OPEX and non-recurring warehouse transition costs; net income for Q4 was MNOK 222.2.

• EPS for Q4 was NOK 5.47, down from NOK 7.11, with last year’s figure boosted by a one-time warehouse sale.

• Seasonal assortments and focus categories like bathroom and kitchenware drove growth, with new categories up 12% in Q4 and 17% for the year.

Financial highlights

• Q4 group revenues up 3.5% (1.5% in constant currency); full-year up 4.2% (2.6% in constant currency); online revenues up 6.5% in Q4 and 10.7% for the year.

• Gross margin stable at 61.2% in Q4 and 61.5% for the year; Kid Interior margin down 0.8pp, Hemtex up 1.3pp.

• Operating expenses rose 14.1% in Q4, mainly due to non-recurring items and strategic investments related to the new warehouse; OPEX-to-sales ratio increased to 39.1%.

• Q4 EBITDA was MNOK 439.9 (margin 30.2%); full-year EBITDA MNOK 949.1.

• Net profit for Q4 was MNOK 222.2, and for the year MNOK 229.2.

Outlook and guidance

• Operations have largely stabilized post-warehouse transition; no material revenue loss from logistics expected in 2026.

• Focus in 2026 will be on unlocking warehouse efficiencies, completing system modernization, and expanding store activity.

• Digital pilot for Hemtex in Germany/EU postponed to 2026 to focus on core operations.

• Board proposes authority for additional half-year dividend in November 2026, subject to results.

• Ongoing efforts to resolve Norwegian warehouse exit, with some non-recurring costs continuing into 2026.