Bong (BONG) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 declined to SEK 1,809 million from SEK 1,914 million year-over-year, reflecting market headwinds and lower prices, especially in the envelope segment.

• Operating profit for the year dropped to SEK 16 million from SEK 43 million, with net result after tax at SEK -29 million compared to SEK -13 million in 2024.

• Cash flow from operating activities improved to SEK 105 million from SEK 71 million, and the board proposes no dividend for 2025.

• The company continues its strategic transition toward light packaging, with this segment now representing 36% of sales.

Financial highlights

• Q4 2025 net sales were SEK 467 million, down from SEK 495 million in Q4 2024; operating profit was SEK 13 million versus SEK 14 million.

• Full-year EBITDA before restructuring costs was SEK 88 million, down from SEK 119 million in 2024.

• Earnings per share for 2025 were SEK -0.14, compared to SEK -0.06 in 2024.

• Cash and cash equivalents at year-end were SEK 112 million, up from SEK 104 million.

Outlook and guidance

• The company expects continued pressure in the envelope market due to digitalization and overcapacity, with further adaptation of production and cost structure planned.

• Strategic focus remains on growing the light packaging segment to 50% of sales, up from the current 36%.