Komplett Group (KOMPL) Q4 2025 earnings summary

Executive summary

• Q4 2025 sales grew 5.1% year-over-year to NOK 5,132 million, driven by a strong peak season, positive FX effects, and market dynamics.

• Adjusted EBIT rose to NOK 102 million, up NOK 25 million from last year, with margin improving to 2.0% from 1.6%.

• Gross margin continued to improve, reaching 14.0% versus 13.9% a year ago, though at a slower pace due to tougher comparisons.

• Cost and restructuring measures offset inflation and supported commercial investments, keeping opex share stable at 12.0%.

• Non-cash impairment charges of NOK 535–536 million were recognized for Swedish entities, reducing balance sheet risk.

Financial highlights

• Revenue grew 5.1% year-over-year, with B2C up 6.0%, Distribution up 4.9%, and B2B down 2.4%.

• Gross profit increased 5.2% to NOK 717 million, with a moderate margin improvement of 0.1 percentage points.

• Net working capital improved to NOK -471 million from NOK -149 million, enhancing liquidity.

• Cash flow from operations exceeded last year, mainly due to higher supplier funding and improved payment terms.

• Leverage ratio for the quarter was 1.4x, well below covenant levels; equity ratio at 26.9%, reflecting impairment charges.

Outlook and guidance

• Market environment is broadly supportive but more demanding, with improving consumer sentiment and replacement cycles.

• Contribution from recent product launches expected to decline in 2026; supply constraints in memory and components remain a risk.

• Mitigating actions include selective preemptive purchasing and focus on attractive categories like gaming and domestic appliances.

• Continued strict cost discipline and expansion of private label portfolio planned.

• Management expects continued progress but notes a more uncertain supply environment and challenging innovation cycles.