Samhall (SH) Q4 2025 earnings summary

Executive summary

• Delivered on most labor market policy goals despite weak economic conditions, higher unemployment, and rising costs.

• Achieved strong business performance with new and renegotiated contracts, but posted a significant negative operating result due to unchanged state compensation amid rising costs.

• 1,310 employees transitioned to jobs outside the organization, and 62% of new hires came from prioritized groups.

Financial highlights

• Net sales increased by 4% year-over-year to SEK 3,435 million; Q4 sales rose 5% to SEK 883 million.

• Operating result for the year was SEK -274 million, down from SEK 182 million last year; Q4 operating result was SEK -156 million.

• Net result for the year was SEK -72 million, compared to SEK 239 million in 2024.

• Bruttovinstmarginal for the year was 87% (88% last year); operating margin was -8% (5%).

• Cash flow for the year was SEK -240 million (SEK 267 million in 2024); cash and bank at year-end was SEK 1,177 million.

Outlook and guidance

• Without an increase in state compensation in 2026 or 2027, larger deficits are expected.

• Ongoing dialogue with stakeholders regarding long-term financing and sustainability of operations.