Komplett Group (KOMPL) Q4 2025 earnings summary

Executive summary

• Q4 2025 operating revenue increased to NOK 5,132 million, up 5.1% year-over-year, driven by a strong peak season and positive FX effects.

• Adjusted EBIT rose to NOK 102 million, up NOK 25 million from last year, with margin improving to 2.0% from 1.6% and reflecting improved gross profit and stable operating expenses.

• Gross margin continued to improve, reaching 14.0% in Q4 2025 versus 13.9% a year ago.

• Operating costs were kept stable as cost measures offset inflation and commercial investments, maintaining opex share at 12.0%.

• Non-cash impairment charges of NOK 534–536 million were recognized for Swedish entities, reducing balance sheet risk.

Financial highlights

• Q4 2025 revenue: NOK 5,132 million (up 5.1% YoY); full year: NOK 15,775 million (up 3.1%).

• Adjusted EBIT margin: 2.0% in Q4 (up from 1.6% YoY); full year: 0.3% (up from -0.3%).

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

• Leverage ratio improved to 1.4x from 2.5x year-over-year.

• Equity ratio at year-end: 26.9% (down from 34.3% YoY), reflecting impairment charges and inventory buildup.

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.

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

• Focus on growth in gaming, domestic appliances, private label expansion, and strict cost discipline.

• Actions to optimize operations and accelerate profitability are ongoing.