Coor Service Management (COOR) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw high market activity, with new and extended contracts in Sweden, Norway, and Denmark, including Huddinge Municipality, Hitachi Energy, and Telia.

• Significant improvement in cash conversion to 99% for 2025, up from 57% in 2024.

• Board proposed a SEK 2.5 per share dividend for 2025, including SEK 1.00 extraordinary, and intends to propose a share buyback program at the 2026 AGM.

• Scope 1 and 2 emissions reduced by 54% vs. 2018, exceeding targets.

• Patrik Sjölund to become CFO in Q2 2026.

Financial highlights

• Q4 organic growth was 3.2%, with net sales at SEK 3,224 million, up 1% year-over-year after negative FX impact.

• Adjusted EBITA for Q4 was SEK 160 million (margin 5.0%), up from SEK 105 million (3.3%) in Q4 2024.

• Full-year 2025 organic growth was 2%, with adjusted EBITA at SEK 603 million (margin 4.8%), and net income at SEK 218 million, up from SEK 126 million in 2024.

• Items affecting comparability in Q4 were SEK 29 million, mainly restructuring and integration costs.

• Cash conversion for 2025 at 99%, above the 90% target.

Outlook and guidance

• Margins expected to be slightly weaker in H1 2026, with improvements in H2 as cost reductions take effect.

• Organic growth remains a key focus, with a mid- to long-term target of 4-5%.

• Adjusted EBITA margin target is approximately 5.5%.

• Leverage target is below 3.0x net debt/adjusted EBITDA.

• Items affecting comparability expected to normalize at lower levels in 2026.