Kid (KID) Q4 2025 earnings summary

Executive summary

• Group revenues grew 3.5% year-over-year to MNOK 1,452.5 in Q4, with full-year revenues up 4.2% to MNOK 3,944.6, despite logistical and product availability constraints from the warehouse transition.

• Gross margin remained robust at 61.2% in Q4 and 61.5% for the year, supported by positive freight effects but offset by currency and campaign activity.

• EBITDA for Q4 was MNOK 439.9, down from MNOK 464.5, reflecting higher OPEX from warehouse ramp-up, marketing, and inflation.

• Online sales were strong, with Kid Interiør online revenue up 23.5% in Q4, while Hemtex online sales declined by 8.2%.

• EPS for Q4 was NOK 5.47, compared to NOK 7.11 last year, which included a one-time gain.

Financial highlights

• Q4 group revenue increased by NOK 48.8 million (+3.5%) year-over-year, mainly from Norway, with like-for-like revenues up 0.8%.

• Full-year revenue up 4.2%, with a 7.5% CAGR since 2022.

• Gross profit for Q4 was MNOK 888.9; EBITDA margin at 30.2%.

• Operating expenses rose 14.1% in Q4, driven by non-recurring warehouse transition costs and increased marketing.

• Net interest-bearing debt (excl. IFRS 16) at MNOK 722.4; financial gearing ratio 1.46.

Outlook and guidance

• Operations have largely stabilized post-warehouse transition, with no significant overhang of seasonal goods into Q1 2026 and no expected logistical constraints on product availability or revenue in 2026.

• Focus in 2026 on unlocking warehouse efficiencies and completing system modernization; full cost benefits will materialize gradually.

• Digital pilot for Hemtex in Germany/EU postponed to 2026.

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

• Dividend of NOK 5 per share proposed for 2025, with NOK 2.5 paid in November 2025 and NOK 2.5 proposed for May 2026; board proposes authority for additional half-year dividend in November 2026, subject to results.