Saga Furs (SAGCV) H2 2025 earnings summary

Executive summary

• Revenue increased by 3% to €42 million year-over-year, while operating profit declined to €1.4 million from €1.7 million.

• Net financial income rose to €3.1 million, and profit before tax improved to €4.5 million from €3.5 million.

• Earnings per share increased to €1.00 from €0.73.

• The board proposes a dividend of €0.72 per A and C share.

Financial highlights

• Value of brokered sales decreased to €324 million from €343 million year-over-year.

• Operating expenses remained flat at €43 million.

• Net profit for the period was €3.5 million, up from €2.6 million.

• Cash flow from operations was €12.8 million, with net investments of €0.6 million.

• Solid equity ratio at 78.6%.

Outlook and guidance

• Auctions planned for March, June, and September 2026, with 9.6 million mink skins and 700,000 fox and Finnraccoon skins expected to be offered.

• Market demand for mink remains strong, especially in China, but regulatory and production changes in Europe create uncertainty.

• Result for 2025-2026 will depend on auction outcomes, which are unpredictable until the sales season begins.