Ferronordic (FNM) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue declined 10% to SEK 1,211m, but gross profit rose 12% and operating profit reached SEK 31m despite SEK 23m in one-off costs.

• Net profit improved to SEK 15m, supported by a 24% reduction in net finance costs, despite SEK 18m in FX losses.

• Net debt decreased to SEK 1,616m, with net debt/EBITDA improving to 3.4x from 5.2x a year earlier.

• Equity at quarter-end was SEK 1,306m, or SEK 90 per share.

• No dividend is proposed for 2025 due to the negative full-year result.

Financial highlights

• Gross margin for Q4 2025 increased by 3.5pp to 17.7%, driven by improvements across all segments.

• SG&A rose 1% to SEK 181m, representing 15% of revenue.

• Operating margin for Q4 was 2.6%; full-year operating margin at 1.7%.

• Full-year revenue fell 6% to SEK 4,566m; gross profit up 2% to SEK 792m; operating profit up to SEK 77m (SEK 100m excluding one-offs).

• Net result for 2025 was SEK -199m, mainly due to SEK 185m in FX losses.

Outlook and guidance

• US outlook remains positive, with strong order books, infrastructure activity, and further expansion opportunities.

• German market expected to recover gradually, with improved demand for service and parts and a lower cost base.

• Kazakhstan shows signs of recovery, especially in mining and road construction, with new management and a leaner balance sheet.