Dellia (DELIA) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached NOK 153 million, up 91% sequentially and 90.8% year-over-year; full-year revenue was NOK 640 million, a 140% increase year-over-year.

• Adjusted EBIT for Q4 was NOK 12 million, up from NOK 5 million in Q3; full-year adjusted EBIT was NOK 93 million, up over 570% year-over-year.

• Net profit for FY 2025 was NOK 49.2–50 million, up over 620% year-over-year; dividend of NOK 4.60 per share planned, ex-dividend date 16 March 2026.

• Acquisition of Kirirom secures a fully integrated value chain and 12,000-ton dried mango capacity from Cambodia, to be consolidated from Q2/Q3 2026.

• Strong start to 2026, with January and February sales already exceeding Q4 2025 revenues.

Financial highlights

• Gross profit margin stable at 33% for 2024 and 2025; Q4 margin dropped to 31.3% due to extraordinary air freight and packaging write-downs.

• Adjusted EBIT margin improved to 15% for 2025 from 5% in 2024, driven by economies of scale.

• Cash at year-end was NOK 263–264 million, up from NOK 7.4 million at end 2024, driven by equity issuance and private placements.

• No long-term debt; current liabilities mainly trade finance and payables.

• Cash flow from operations was -NOK 30 million in 2025, reflecting increased inventory and receivables from rapid sales growth.

Outlook and guidance

• 2026 revenue guidance: Nordics NOK 810 million, Pan-Europe NOK 50–100 million, Asia NOK 50 million.

• Kirirom acquisition to be consolidated from Q2/Q3 2026, expected to add further revenue and margin.

• Dividend policy: distribute half of profit, with next dividend planned after H1 2026.

• Targeting further EBIT margin improvement through scale and operational efficiency.

• Dried mango volumes expected at 4,500 tonnes (excluding Kirirom external customers).