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Ferronordic (FNM) investor relations material
Ferronordic Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 revenue declined 10% to SEK 1,211m, but gross profit rose 12% and operating profit reached SEK 31m despite SEK 23m in one-off costs.
Net profit improved to SEK 15m, supported by a 24% reduction in net finance costs, despite SEK 18m in FX losses.
Net debt decreased to SEK 1,616m, with net debt/EBITDA improving to 3.4x from 5.2x a year earlier.
Equity at quarter-end was SEK 1,306m, or SEK 90 per share.
No dividend is proposed for 2025 due to the negative full-year result.
Financial highlights
Gross margin for Q4 2025 increased by 3.5pp to 17.7%, driven by improvements across all segments.
SG&A rose 1% to SEK 181m, representing 15% of revenue.
Operating margin for Q4 was 2.6%; full-year operating margin at 1.7%.
Full-year revenue fell 6% to SEK 4,566m; gross profit up 2% to SEK 792m; operating profit up to SEK 77m (SEK 100m excluding one-offs).
Net result for 2025 was SEK -199m, mainly due to SEK 185m in FX losses.
Outlook and guidance
US outlook remains positive, with strong order books, infrastructure activity, and further expansion opportunities.
German market expected to recover gradually, with improved demand for service and parts and a lower cost base.
Kazakhstan shows signs of recovery, especially in mining and road construction, with new management and a leaner balance sheet.
- US expansion drove 62% revenue growth, but net profit dropped on FX losses and higher debt.FNM
Q2 20241 Feb 2026 - Aims to double revenue by 2029 through US/German growth, electrification, and M&A.FNM
CMD 202420 Jan 2026 - US-driven 77% revenue growth offset by German market decline and FX losses.FNM
Q3 202414 Jan 2026 - Aims to double revenue in five years, driven by aftermarket growth and electrification.FNM
ABGSC Investor Days11 Jan 2026 - Stable Q2 2025 revenue, strong German truck sales, and focus on electrification and service growth.FNM
Company Presentation9 Jan 2026 - Margins and operating profit improved in Q3 2025, with strong US rental growth and strategic expansion.FNM
ABGSC Investor Days10 Dec 2025 - Q4 revenue up 43% year-over-year, led by US growth; high net debt precludes a dividend.FNM
Q4 20243 Dec 2025 - Revenue down 2%, net loss narrows, debt and inventory reduced, segments mixed.FNM
Q2 202523 Nov 2025 - Revenue up 3% but profit fell on margin and FX pressure; US and Kazakhstan grew, Germany lagged.FNM
Q1 202521 Nov 2025
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