Novedo (NOVEDO) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 were SEK 2,943.2 million, down 2.8% year-over-year, with organic growth at -7.6% and an adjusted EBITA margin of 7.6%.

• The market climate was cautious due to geopolitical uncertainty and weaker economic growth, but the order situation improved toward year-end.

• Cash flow from operating activities increased to SEK 178.1 million from SEK 122.0 million year-over-year.

• Equity fell to SEK -67.2 million, with an equity/assets ratio of -1.9%, impacted by negative profit after tax.

• Three acquisitions were completed, including the first in Finland, broadening the group's geographic and segment footprint.

Financial highlights

• EBITA for 2025 was SEK 223.4 million (304.8), with a margin of 7.6% (10.1%).

• EBIT was SEK 161.6 million (246.9), and profit/loss after tax was SEK -273.0 million (-187.6).

• Cash and cash equivalents at year-end were SEK 498.0 million (479.1).

• Interest-bearing net debt increased to SEK 1,460.3 million (1,096.6).

• Earnings per share were SEK -17.10 (-11.48).

Outlook and guidance

• The market is expected to remain cautious in early 2026, but a stronger order situation suggests potential improvement.

• Long-term growth is anticipated from infrastructure investments, housing stabilization, and asset modernization.