Refine Group (REFINE) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 were 26.5 MSEK, down from 52.6 MSEK year-over-year; full-year net sales were 126.5 MSEK, down from 244.9 MSEK.

• EBITDA for Q4 was 17.3 MSEK (up from -3.1 MSEK); full-year EBITDA was 12.3 MSEK (up from -2.9 MSEK), driven by a one-time restructuring gain of ~20 MSEK.

• Net result for Q4 was 8.5 MSEK (up from -117.8 MSEK); full-year net result was -2.7 MSEK (improved from -164.6 MSEK).

• The group completed major restructuring, including divestments and cost reductions, and stabilized its financial position.

Financial highlights

• Gross margin for Q4 was 42.9% (46.1% prior year); full-year gross margin was 43.8% (41.8%).

• EBITA for Q4 was 17.1 MSEK (up from -3.2 MSEK); full-year EBITA was 11.5 MSEK (up from -3.8 MSEK).

• Earnings per share for Q4 were 0.06 SEK (up from -1.75 SEK); full-year EPS was -0.03 SEK (improved from -2.66 SEK).

• Cash flow for Q4 was -3.8 MSEK (3.4 MSEK prior year); full-year cash flow was -4.7 MSEK (-20.5 MSEK prior year).

• Equity at year-end was 96.5 MSEK (77.2 MSEK prior year); total assets were 145.0 MSEK (218.0 MSEK prior year).

Outlook and guidance

• Early 2026 shows strong order growth in e-commerce, with cost reductions expected to further improve profitability.

• Focus for 2026 is on growth and margin improvement, leveraging a now-stabilized balance sheet.