SEB (SK) Q3 2025 earnings summary

Executive summary

• Nine-month 2025 sales totaled €5,664m, stable year-over-year on a like-for-like basis, with Q3 sales at €1,916m, down 1.2% LFL.

• Operating Result from Activity (ORfA) for nine months was €267m, down 39.8% year-over-year, with Q3 ORfA at €148m, down €52m from 2024.

• Currency effects, especially euro appreciation, negatively impacted results, with a €124m adverse effect over 9 months.

• A rebound plan has been launched to restore growth and profitability, targeting €200m in recurring savings by 2027, with reinvestment in innovation and digital.

• 2025 outlook revised to stable to slightly positive sales growth and lower ORFA (€550–600m vs. previous €700–750m).

Financial highlights

• 9-month sales: €5,664m (+0.0% LFL), Q3 sales: €1,916m (-1.2% LFL); currency effect was -2.2% on sales for 9 months.

• 9-month ORfA: €267m (-39.8% vs 2024), Q3 ORfA: €148m (-26.2% vs 2024); 9-month margin: 4.7%, Q3 margin: 7.7%.

• Negative currency impact of nearly €124m for the first nine months, mainly from emerging market currencies and weaker USD/CNY.

• Professional segment sales: €730m for nine months, up 0.5% reported but down 7.9% LFL.

• Consumer segment: €4,934m for nine months, up 1.2% LFL, down 1.3% reported.

Outlook and guidance

• Full-year 2025 organic sales growth expected to be stable to slightly positive.

• Full-year ORFA/ORfA forecasted at €550–600m, revised down from €700–750m.

• Q4 is critical, with focus on product launches, marketing, and cost reduction.

• Plan to restore profitable growth and margin standards by 2027, with more details in early 2026.

• Cost-saving plan targeting €200m recurring savings by 2027, with increased investment in innovation, AI, and digital.