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Nobia (NOBI) investor relations material
Nobia Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Strategic focus sharpened on core Nordic markets following divestment of UK operations, enabling concentration on market-leading brands and high-margin segments; UK now classified as discontinued operations and assets held for sale.
Major reorganization and cost reduction initiatives underway to adapt to the new business structure, aiming for increased agility and annual savings of SEK 80 million from Q3 2026.
Volume growth returned in Q4 after 12 quarters of decline, contributing to 3% organic growth, with Denmark and Sweden showing early recovery signs, though volumes remain historically low.
Adjusted operating margin improved to 5.3% for the full year, supported by cost reductions and favorable sales mix.
Board proposes no dividend for 2025; a fully guaranteed rights issue and credit facility extension announced to strengthen financial position.
Financial highlights
Q4 sales in the Nordics were flat at SEK 1.4 billion year-over-year, with 3% organic growth.
Adjusted gross margin improved to 37.3% in Q4 (36.9% last year); full year: 36.9% (36.7%).
Q4 adjusted EBIT was SEK 110 million, with margin at 7.9% (7.8% last year); full year adjusted EBIT was SEK 299 million, up SEK 140 million year-over-year.
Items affecting comparability for 2025 totaled SEK -504 million, mainly from restructuring and impairments.
Financial net debt increased to SEK 2.8 billion, up SEK 600 million from end of 2024; net debt/equity ratio: 3.0.
Outlook and guidance
Growth expected to pick up more materially in the second half of 2026, contingent on market recovery.
Further cost reductions anticipated in H2 2026 as new organizational structure matures, with SEK 80 million in annual savings expected from Q3 2026.
Transitional supply chain costs to decrease in 2026, with SEK 200 million additional investment planned for Jönköping facility.
Long-term targets reaffirmed: 3-5% growth, 10% profitability, leverage of 2.5x, and dividend policy of over 40% of profits.
Rights issue and credit facility extension to provide operational and financial flexibility.
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