Full-year sales rose 7% to SEK 8,419 million, with strong momentum in Ettiketto and Salix, and EBITA increased 10% to SEK 726 million.
Salix Group was the main EBITA contributor, growing 74% in Q4 (45% organic), and earnings per share increased 14% in 2025.
Growth was primarily acquisition-driven, with organic sales flat for the year, a notable improvement from -7% the previous year.
The Board is evaluating a potential separate listing for Salix Group, with a decision expected in 2026.
Mixed market conditions persisted, but signs of recovery emerged, positioning the group for accelerated growth in 2026.
Q4 2025 net sales were SEK 2,020 million, EBITA was SEK 140 million, and full-year EBITA margin improved to 8.6%.
Operating cash flow for Q4 was SEK 403 million; full-year operating cash flow was SEK 728 million.
Net debt/adjusted EBITDA at year-end was 2.5x, within target range.
Return on adjusted equity reached 19% for the year.
Cash conversion for the year was 88%.
Management expects the positive trend in market conditions to continue, though the pace of recovery is uncertain.
The company is well positioned for both organic and acquisition-driven growth in 2026, with a strong M&A pipeline.
Board continues to evaluate a potential distribution and separate listing of Salix Group.
To close the growth gap, EBITDA must reach SEK 1.1–1.5 billion by 2027.
More acquisition opportunities are anticipated, with flexibility to accept temporarily higher leverage.
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