BALCO GROUP
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BALCO GROUP (BALCO) investor relations material

BALCO GROUP Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary6 Feb, 2026

Executive summary

  • Order intake reached a record SEK 521 million in Q4, up 45% year-over-year, and SEK 1,537 million for the full year, up 12%, driven by a major SEK 200 million maritime order and strong performance in Germany, UK, and Sweden.

  • Net sales declined to SEK 371 million in Q4 (SEK 386 million prior year) and SEK 1,295 million for the year (SEK 1,418 million prior year), with organic growth of 1% and a negative currency effect of 5%.

  • Operating cash flow was strong at SEK 125 million in Q4, up from SEK 58 million last year, and SEK 100 million for the year.

  • Structural cost-saving measures implemented in 2025 are expected to yield annual savings of SEK 55 million.

  • Sustainability metrics improved, with a top 5% industry risk rating, reduced CO2 emissions, and lower sickness absence and employee turnover.

Financial highlights

  • Adjusted EBITA for Q4 was SEK 9 million (SEK 18 million prior year), with a margin of 2.4% (4.7%).

  • Adjusted earnings per share for Q4 were SEK -0.04 (SEK 0.28 prior year).

  • Order backlog increased 16% to SEK 1,523 million.

  • Equity at quarter-end was SEK 736 million (SEK 793 million prior year); equity/assets ratio 43% (49%).

  • Net debt/adjusted EBITDA was 6.0x (2.5x prior year), improved from 6.8x in Q3.

Outlook and guidance

  • Cautiously optimistic outlook for 2026, especially for renovation projects in Sweden and Norway; new build segment recovery in Nordics expected to take longer.

  • Finland expected to recover more slowly, with growth anticipated in the renovation segment.

  • Growth potential seen in Germany, UK, and the maritime segment.

  • Profitability is expected to improve in 2026 due to restructuring and cost-saving measures.

  • The Board proposes no dividend for the financial year.

Post-mid-2026 covenant compliance plan
Restructuring impact on 2026 profitability metrics?
Market strategy for varying regional recovery
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Frequently asked questions

Balco Group AB develops, produces, and sells balcony systems to tenant-owner associations, private landlords, and public housing and construction companies in Sweden, Norway, Denmark, Germany, Finland, the United Kingdom, and the Netherlands. It offers glass products, such as balcony and terrace balustrades; glass roofs; winter gardens; railings; doors; windows; sun protection products comprising patio awnings and outdoor screens; curtain walls for office buildings and department stores; and conservatories. The company also provides floor gratings comprising gratings for balconies and terraces consisting of grating with parallel open bars positioned perpendicular to the load bearing bars in order to offer a safe solution applicable under barbeque grills. The company was founded in 1987 and is headquartered in Växjö, Sweden.

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