Nobia (NOBI) Q4 2025 earnings summary

Executive summary

• Strategic focus sharpened on core Nordic markets with divestment of UK operations, enabling concentration on leading Nordic brands and supply chain consolidation.

• Major initiatives included a fully guaranteed SEK 1,500m rights issue, renegotiated credit facilities, and a cost reduction program.

• Volume growth returned in Q4 2025 after 12 quarters of decline, with 3% organic growth and improved margins, though volumes remain historically low.

• Reorganization and supply chain transformation underway to adapt to a Nordic-only business, aiming for greater agility and cost savings.

• Board proposes no dividend for 2025, focusing on strengthening the balance sheet.

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 EBIT was SEK 110m, with EBIT margin at 7.9% (up from 7.8%).

• Full-year 2025 net sales were SEK 5,621m, with flat organic growth and adjusted operating profit of SEK 299m.

• Operating cash flow for 2025 improved to SEK 486m, a significant year-over-year increase.

Outlook and guidance

• Growth expected to pick up materially in H2 2026, contingent on market recovery and cost reduction initiatives generating SEK 80m in annual savings from Q3 2026.

• Strategic focus on extracting full potential from leading brands, consolidating supply network, and driving efficiency.

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

• Rights issue and credit facility extension to provide operational and financial flexibility.