Nederman (NMAN) Q4 2025 earnings summary

Executive summary

• Orders and sales grew on a currency-neutral basis in Q4 and the full year, despite challenging market conditions and currency headwinds.

• Investments in operations, R&D, and efficiency improvements have positioned the business for higher margins and future growth.

• Strong cash flow and a robust balance sheet support ongoing investments and operational improvements.

• The Board proposes a dividend of SEK 4.00 per share, unchanged from the previous year.

Financial highlights

• Q4 sales were just over SEK 1.4 billion, up 1.3% currency-neutral year-over-year; full-year sales reached SEK 5.78 billion, up 3.5% currency-neutral.

• Q4 orders received: SEK 1,380m, up 7.3% currency-neutral; full year: SEK 5,556m, up 4.7% currency-neutral.

• Adjusted Q4 EBITA/EBITDA was SEK 159 million (margin 10.6%), down from SEK 185 million; full-year adjusted EBITA/EBITDA was SEK 627 million (margin 10.8%), down from SEK 708 million.

• Earnings per share for Q4 was SEK 1.86 (vs. 2.49), and for the full year SEK 7.8 (vs. 9.83).

• Cash flow from operations Q4: SEK 184m (245m prior year); full year: SEK 382m (596m prior year).

Outlook and guidance

• Demand remains subdued in many industries, but service and digital offerings are supporting resilience.

• Orders picked up in Q4, potentially supporting positive development in H1 2026 if momentum continues.

• Market uncertainty persists, making broader recovery forecasts difficult, but the company is well-positioned to increase margins if demand improves.

• Continued investments in operational efficiency, product development, and offering improvements are planned.