Asker Healthcare Group (ASKER) Q4 2025 earnings summary

Executive summary

• Net sales grew 12% year-over-year to SEK 16,787m, with adjusted EBITA up 17% to SEK 1,594m, driven by robust M&A and operational improvements.

• Adjusted EBITA margin reached 10% in Q4 and 9.5% for the year, meeting the margin target for the first time.

• Fourteen acquisitions completed in 2025, expanding presence to 19 markets and entering 4 new countries, all margin accretive.

• IPO completed in March 2025, strengthening the financial position and enabling further self-financed acquisitions.

• Board proposed a dividend of SEK 0.39 per share, representing over 30% payout for the first time as a listed company.

Financial highlights

• Q4 net sales up 9% to SEK 4,676m; full-year net sales up 12% to SEK 16,787m.

• Q4 adjusted EBITA up 16% to SEK 470m; full-year adjusted EBITA up 17% to SEK 1,594m.

• Q4 profit: SEK 136m (up 26%); full-year profit: SEK 510m (up 36%).

• Earnings per share for the year: SEK 1.25 (up 69%).

• Cash flow from operating activities: SEK 1,328m for the year; Q4 cash flow SEK 568m.

Outlook and guidance

• Focus on leveraging scale, driving further M&A, and consolidating the European medtech market.

• Expectation to continue delivering over 15% earnings growth and organic growth above market rate.

• Efficiency gains from new warehouse investments expected in early 2026; CapEx to normalize to ~2% of revenue post-investment.

• Stable core business and strong cash flows support continued acquisition activity while maintaining leverage below 2.5x EBITDA.

• Some extra costs may arise from ongoing warehouse investments; defense-related sales could provide upside but are not guaranteed.