MatvareExpressen (MVE) Q4 2025 earnings summary

Executive summary

• Achieved record operating income of NOK 143 million in Q4 2025, up 20% year-over-year from NOK 119 million in Q4 2024.

• Full-year 2025 operating income reached NOK 502 million, continuing annual growth of about NOK 100 million since 2021.

• Unique active customers reached 2,499 at year-end, the highest in company history, with strong growth especially in Eastern Norway.

• Strategic review process initiated in November 2025 is ongoing.

Financial highlights

• Q4 2025 operating income: NOK 142.5 million (up 20% from NOK 119.4 million in Q4 2024).

• Adjusted EBITDA: NOK 9.6 million (up 37% from NOK 7.0 million in Q4 2024).

• Adjusted pre-tax profit: NOK 4.4 million (up 77% from NOK 2.5 million in Q4 2024).

• Bank deposits at quarter-end: NOK 29.3 million; net interest-bearing debt: NOK 51.7 million; equity ratio: 28.3%.

• Extra costs of NOK 3.3 million for strategic review booked in Q4 2025, excluded from adjusted figures.

Outlook and guidance

• Targeting operating income of around NOK 600 million for 2026, maintaining annual growth trend.

• Aims to further improve pre-tax profit in 2026.

• Focus on customer growth, contract renewals, and continued expansion in Eastern Norway.

• No major investment decisions planned for 2026; expects equity ratio to continue rising.