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Systembolaget
Systembolaget (SB) investor relations material
Systembolaget has been private
Systembolaget Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Customer satisfaction reached record levels in 2025, with NKI at 81.8 for the year and 82.0 in Q4, reflecting strong trust and service quality.
Sales patterns shifted further toward beer and low-alcohol beverages, while overall sales volumes declined, aligning with a long-term trend of reduced alcohol consumption in Sweden.
Net sales for 2025 were SEK 39,046 million, down 0.9% year-over-year, mainly due to lower volumes and changing customer preferences.
Operating profit fell sharply to SEK 30 million for the year (from SEK 338 million), impacted by lower gross profit, higher personnel and development costs, and the absence of last year’s one-off property sale gain.
The company continued to invest in digitalization, sustainability, and store modernization, including new store openings and expanded online services.
Financial highlights
Net sales: SEK 39,046 million for 2025, a 0.9% decrease year-over-year.
Operating profit: SEK 30 million, down 91.1% from the previous year.
Net income: SEK 24 million, down 92.7% year-over-year.
Cash flow from operations: SEK 517 million, down from SEK 1,303 million in 2024.
Cost efficiency (R12): 19.3% (target <19%), up from 18.4% last year.
Return on equity (R12): 1.4%, down from 17.7%.
Equity ratio: 14.7%, down from 16.0% but within the 14–20% target range.
Outlook and guidance
The company expects continued pressure on sales volumes due to changing consumption patterns and a growing share of low-alcohol products.
Ongoing investments in digitalization, sustainability, and customer experience are set to continue.
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Next Systembolaget earnings date
Q1 202624 Apr, 2026
Systembolaget
Next Systembolaget earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
Systembolaget is the government-owned chain of liquor stores in Sweden, operating as the country’s exclusive retailer of alcoholic beverages above 3.5% alcohol by volume, with a mandate to minimize alcohol-related problems by selling alcohol in a responsible manner, without profit motive. It offers a wide range of beer, wine, spirits, and other alcoholic beverages, sourced from both local and international producers. Through its retail outlets and an online store, Systembolaget provides consumer information on alcohol and health, aiming to promote responsible drinking. The organization also plays a significant role in supporting Swedish alcohol policy. Systembolaget's operations are regulated by Swedish law, which mandates its retail monopoly to prevent private sales of strong alcohol. The company is headquartered in Stockholm, Sweden, and as a state-owned entity, it is not listed on any stock exchange.
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