Verkkokauppa.com (VERK) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue grew by 20.1% year-over-year to €168.3 million, contributing to full-year revenue of €526.5 million, up 12.5%, marking the third consecutive quarter of double-digit growth.

• Comparable EBIT rose to €14.8 million from €1.8 million in 2024, and operating profit (EBIT) for the year was €17.4 million, reflecting a significant turnaround in profitability.

• Net income for 2025 was €12.4 million, up from a loss of €0.8 million in 2024; EPS was €0.27 compared to -€0.02.

• Online sales surged by 29.3% in Q4 and 18.9% for the year, now representing over 69% of total revenue; international sales grew by 88.8% in Q4 and 50.8% for the year.

• Board proposes a dividend of up to €0.194 per share for FY2025, with a payout ratio of 70.6%, to be paid in four installments.

Financial highlights

• Q4 gross profit increased to €27.4 million (up 18% year-over-year), with gross margin at 16.3%; full-year gross profit reached €89.9 million (+18.6%), and gross margin improved to 17.1%.

• Comparable operating result (EBIT) for Q4 rose to €5.8 million (3.4% margin), among the highest Q4 EBIT levels in company history.

• EBITDA for the year was €24.2 million, and operating cash flow was €21.6 million.

• Cash at hand at year-end was €47.3 million, equity ratio improved to 23.1%, and net gearing was -15.4%.

• Investments totaled €3.2 million for the year, mainly in IT infrastructure and delivery capabilities.

Outlook and guidance

• Revenue and comparable operating result are expected to increase in 2026, though uncertainties remain around consumer behavior, purchasing power, and gradual market recovery.

• The shift to online commerce is seen as permanent, with fast deliveries becoming more prevalent.

• Business remains highly seasonal, with Q4 sales and profits being critical.