Nobia (NOBI) Q4 2025 earnings summary

Executive summary

• Strategic focus sharpened on core Nordic markets following divestment of UK operations, enabling concentration on market-leading brands and structurally high-margin segments; UK now classified as discontinued operations and assets held for sale.

• Major reorganization and cost reduction initiatives underway to adapt to the new business structure, aiming for increased agility, cost savings, and improved margins.

• Volume growth returned in Q4 2025 after 12 quarters of decline, contributing to 3% organic growth, with Denmark and Sweden showing early recovery signs.

• Board proposes no dividend for 2025; a fully guaranteed SEK 1,500m rights issue and credit facility extension announced to strengthen financial position.

Financial highlights

• Q4 2025 net sales in the Nordics were SEK 1,400m, flat year-over-year, with 3% organic growth.

• Adjusted gross margin improved to 37.3% from 36.9% year-over-year.

• Q4 adjusted operating profit was SEK 72m (68m), with adjusted EBIT margin at 5.1% (4.8%).

• Full-year 2025 net sales were SEK 5,621m, with flat organic growth and improved adjusted operating margin to 5.3% (2.8%).

• Operating cash flow for the year improved to SEK 486m (2024: SEK 210m).

Outlook and guidance

• Growth expected to pick up more materially in the second half of 2026, contingent on market recovery and cost reduction initiatives generating SEK 80m in annual savings from Q3 2026.

• Transitional supply chain costs to decrease in 2026, with SEK 200m additional investment planned for Jönköping facility.

• Long-term targets reaffirmed: 3–5% growth, 10% profitability, leverage of 2.5x, and dividend policy of over 40% of profits.