Storskogen Group (STOR) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 reached SEK 33.1 billion, with adjusted EBITA/EBITDA of SEK 3.1 billion, reflecting a 3% year-over-year decline; Q4 net sales grew 2% to SEK 8,723 million, with 5% organic growth.

• Adjusted EBITA/EBITDA margin for Q4 and full year was 9.4%, down from 9.9% in the prior year.

• Four acquisitions were completed in Q4, with resumed M&A activity in H2 2025; nine acquisitions and one divestment completed in 2025.

• SEK 100 million share buyback completed; board proposes a dividend of SEK 0.11 per share.

• Operational execution and balance sheet discipline have strengthened the financial position, enabling a renewed focus on growth.

Financial highlights

• Full-year net sales declined 3% to SEK 33,097 million; Q4 net sales were SEK 8.7 billion, up 2% year-over-year.

• Adjusted EBITA/EBITDA decreased by 3–4% for Q4 and full year; margin held steady at 9.4%.

• Adjusted net profit after tax for FY 2025 increased 15% to SEK 1,308 million; full-year profit for the period was SEK 1,199 million.

• Cash flow from operating activities was SEK 1.2 billion in Q4 and SEK 2.5 billion for the year.

• Leverage ratio at year-end was 2.3x, within the 2–3x target range.

Outlook and guidance

• Management expects gradual demand recovery and is prepared for profitable growth, targeting an average growth of 15% between 2025 and 2027.

• Positive signs of an improved business cycle and solid order book anticipated for 2026.

• Price increases in 2026 expected to return to pre-inflation norms, with a few percentage points annually.

• Management expects a greater contribution from acquisitions in 2026 compared to 2025.

• Cautious optimism in Services and Trade for 2026, with continued focus on operational efficiency.