Momentum Group (MMGR) Q4 2025 (Q&A) earnings summary

Executive summary

• Revenue and earnings increased in 2025 despite a subdued and uncertain market, with gradual improvement in market signals and cautious but stabilizing demand across regions and customer segments.

• Organic growth improved slightly from Q3, with acquisitions contributing significantly to overall revenue growth; six companies were acquired, adding approximately SEK 300 million in annual revenue.

• Sweden saw positive sector developments, Finland showed slow improvement, Norway remained stable, and Denmark experienced weaker project activity and a slowdown due to completed pharma projects.

• Strong cash flow and a solid financial position support both organic and acquired growth for the coming year.

Financial highlights

• Full-year 2025 revenue grew 8% to SEK 3,097m (2,873), EBITA up 5% to SEK 337m (322), and net profit up 5% to SEK 196m (186); Q4 revenue increased 6% to SEK 792m (745), with EBITA up 6% to SEK 74m (70).

• Earnings per share for the year were SEK 3.80 (3.60), up 6%.

• Notable working capital release due to lower inventories (SEK 23m) and accounts receivable (SEK 64m), partially offset by lower accounts payable (SEK 20m).

• Total costs increased due to acquisitions, but organic cost base decreased for comparable units, with a reduction of about 10 FTEs year-over-year.

• Strong cash flow from operations: SEK 347m (323); operational net loan liability SEK 344m (252 at start of year); available cash and cash equivalents SEK 956m.

Outlook and guidance

• Gradual market improvement expected, with positive signals in several sectors and geographies; 2026 expected to show gradual improvement in organic growth as customer confidence in demand and trade conditions returns.

• No sharp recovery anticipated; improvement will be stepwise.

• Continued focus on organic development, value chain expansion, and selective geographic growth, targeting EBITA of SEK 680m by 2030.

• Board proposes a dividend of SEK 1.40 per share, an 8% increase, corresponding to a 37% payout ratio.