SEB (SK) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales were broadly stable at €1,906m, down 0.6% like-for-like and up 0.7% reported, with Consumer business showing growth and China returning to growth (+3.5% LFL).

• Professional segment faced a high comparison base, resulting in a 21.7% like-for-like sales decline, but improvement is expected from Q2.

• Integration of La Brigade de Buyer and bolt-on acquisitions in China expanded the group's portfolio and after-sales services.

Financial highlights

• Q1 profit (ORFA) was €50m, down 54.5% year-over-year, with an operating margin of 2.6%, down 3.2 pts.

• Consumer sales grew 2.2% reported (2.8% LFL), while Professional sales fell to €234m, down 21.7% LFL.

• Currency impact on sales was minor at -€7m (-0.4%), much lower than Q1 2024.

• Recent acquisitions contributed +1.6% to sales.

Outlook and guidance

• Full-year 2025 guidance confirmed: organic sales growth target around 5% and profit (ORFA) growth expected.

• Sequential improvement anticipated in Professional segment from Q2, with normalization in H2.

• Guidance incorporates tariff impacts, with mitigation strategies and ongoing monitoring of tariffs, currencies, and raw materials.