SEB (SK) Q1 2025 earnings summary

Executive summary

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

• Professional segment declined sharply due to a high comparison base, but improvement is expected from Q2 2025.

• First consolidation of La Brigade de Buyer and bolt-on services acquisition in China completed.

• Operating Result from Activity (ORFA) was €50m, down 54% year-over-year, impacted by lower Professional contribution and negative currency effects.

Financial highlights

• Q1 2025 revenue: €1,906m (-0.6% LFL, +0.7% reported); currency effect was -€7m (-0.4%).

• Consumer sales grew +2.8% LFL (+2.2% reported); Professional sales declined -21.7% LFL (-9.2% reported).

• Operating margin for Q1 2025 was 2.6%, down from 5.8% in Q1 2024.

• Recent acquisitions contributed +1.6% to sales.

Outlook and guidance

• Full-year 2025 organic sales growth expected around 5%, with an increase in ORFA as reported.

• Sequential improvement in Professional business anticipated from Q2, with normalized growth in H2.

• Guidance incorporates expected tariff impacts, with mitigation strategies in place.

• Group remains vigilant on tariffs, currency, and raw material volatility.