Systembolaget (SB) Q4 2025 earnings summary

Executive summary

• Customer satisfaction reached record levels in 2025, with NKI at 81.8 for the year and 82.0 in Q4, reflecting strong trust and service quality.

• Sales patterns shifted further toward beer and low-alcohol beverages, while overall sales volumes declined, aligning with a long-term trend of reduced alcohol consumption in Sweden.

• Net sales for 2025 were SEK 39,046 million, down 0.9% year-over-year, mainly due to lower volumes and changing customer preferences.

• Operating profit fell sharply to SEK 30 million for the year (from SEK 338 million), impacted by lower gross profit, higher personnel and development costs, and the absence of last year’s one-off property sale gain.

• The company continued to invest in digitalization, sustainability, and store modernization, including new store openings and expanded online services.

Financial highlights

• Net sales: SEK 39,046 million for 2025, a 0.9% decrease year-over-year.

• Operating profit: SEK 30 million, down 91.1% from the previous year.

• Net income: SEK 24 million, down 92.7% year-over-year.

• Cash flow from operations: SEK 517 million, down from SEK 1,303 million in 2024.

• Cost efficiency (R12): 19.3% (target <19%), up from 18.4% last year.

• Return on equity (R12): 1.4%, down from 17.7%.

• Equity ratio: 14.7%, down from 16.0% but within the 14–20% target range.

Outlook and guidance

• The company expects continued pressure on sales volumes due to changing consumption patterns and a growing share of low-alcohol products.

• Ongoing investments in digitalization, sustainability, and customer experience are set to continue.