Nobia (NOBI) Q4 2025 earnings summary

Executive summary

• Divested UK operations to focus on core Nordic markets, now classified as discontinued operations and assets held for sale, with strategic priorities on extracting brand potential, leveraging B2B relationships, and consolidating supply chain.

• Achieved first positive volume growth after 12 quarters of decline, with 3% organic growth in Q4 2025 and early recovery signs in Denmark and Sweden.

• Adjusted operating margin improved to 5.3% for the full year, supported by cost reductions and favorable sales mix.

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

• Initiated reorganization and cost reduction programs to adapt to post-UK structure, targeting increased agility and savings.

Financial highlights

• Q4 2025 net sales in the Nordics were SEK 1,400m, flat year-over-year, with 3% organic growth; full year net sales were SEK 5,621m.

• Adjusted gross margin improved to 37.3% in Q4 (36.9% prior year); full year gross margin at 36.9%.

• Q4 adjusted EBIT was SEK 110m, with EBIT margin at 7.9%; full year adjusted EBIT was SEK 299m.

• Operating cash flow for FY 2025 improved to SEK 486m; net debt at year-end was SEK 2,840m, up from SEK 2,221m.

• Items affecting comparability for 2025 totaled SEK -504m, mainly from restructuring and impairments.

Outlook and guidance

• Expect material growth to pick up in H2 2026 as housing starts recover, with further cost reductions and SEK 80m annual savings from new organizational structure.

• Transitional supply chain costs to decrease in 2026, with SEK 200m remaining investment in Jönköping factory.

• Targeting profitability above 10% and leverage of 2.5x over time.

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