BHG Group
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BHG Group (BHG) investor relations material

BHG 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 summary27 Jan, 2026

Executive summary

  • Achieved over 9% organic growth for the full year and double-digit growth in Q4, outpacing the market and gaining share, with profitability improving by up to 48% year-over-year.

  • Fifth consecutive quarter of organic growth and ninth consecutive quarter of year-over-year profitability improvement.

  • Exited restructuring phase, shifting focus to profitable growth, operational excellence, and disciplined M&A.

  • All business units contributed to growth, with continued improvements in customer satisfaction.

  • Clear strategy focused on operational excellence, strategic initiatives, and M&A to outpace market growth.

Financial highlights

  • Q4 net sales increased by 5.3% to SEK 3,037m; organic growth was 10.7%.

  • Full-year net sales rose 6.2% to SEK 10,582.9m; organic growth was 9.4%.

  • Adjusted EBIT for Q4 was SEK 158.1m, up 48% year-over-year, with a margin of 5.2%.

  • Full-year adjusted EBIT improved to SEK 389.9m, with a margin of 3.7%.

  • Cash flow from operating activities in Q4 was SEK 371m, and for the year SEK 682.9m, both driven by EBITDA and reduced inventory.

Outlook and guidance

  • Positive outlook for 2026, driven by rising disposable income, fiscal policy, and housing transactions, especially in Sweden.

  • Online channel expected to continue outpacing physical retail, further fueled by AI-enabled search.

  • Financial targets: organic growth above the addressable market, adjusted EBIT margin to return to 5% and improve to 7% over time, net debt/EBITDA below 2.5x.

  • No specific forward-looking guidance on growth or margin levels, but continued confidence in market share gains.

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Frequently asked questions

BHG Group AB engages in the e-commerce business. It operates through the following segments: Travel, Home & Garden, and Accommodation. The Travel segment involves in sales of flight tickets and hotel nights online. The Home & Garden segment supplies household goods, textile, DIY products, furniture and garden products online. The Accommodation segment refers to holiday homes and apartments rentals through the Booking.com platform.

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