Systembolaget (SB) Q4 2024 earnings summary

Executive summary

• Net sales increased by 5.3% in Q4 2024 and by 3.2% for the full year, driven by higher volumes and increased alcohol tax.

• Sales mix shifted further towards beer, with wine volumes declining; non-alcoholic and mixed drinks also grew.

• Operating profit rose to 135 MSEK in Q4 (up 58.8% YoY), aided by a 58 MSEK capital gain from a store sale; full-year operating profit fell 19.1% to 338 MSEK due to higher costs and mix effects.

• Customer satisfaction (NKI) remained high at 80.3, and support for the retail monopoly increased to 68%.

• Sustainability initiatives advanced, including climate impact tracking and pilot projects for product-level emissions data.

Financial highlights

• Q4 net sales: 10,604 MSEK (up 5.3% YoY); full-year: 39,407 MSEK (up 3.2% YoY).

• Q4 operating profit: 135 MSEK (up 58.8% YoY); full-year: 338 MSEK (down 19.1% YoY).

• Q4 net income: 108 MSEK (up 0.9% YoY); full-year: 331 MSEK (down 23.7% YoY).

• Cash flow from operations: 2,035 MSEK in Q4 (up 7.8% YoY); full-year: 1,303 MSEK (down 4.7% YoY).

• Earnings per share: 919 SEK for the year (down 23.7% YoY).

Outlook and guidance

• All financial targets for 2024 were met, and the company enters 2025 with confidence in its strategic direction.

• Focus remains on responsible sales, digital integration, and sustainability, with continued investment in climate and health initiatives.