Flügger Group (FLUG) Q1 25/26 earnings summary

Executive summary

• Achieved good momentum in core business with high on-time-in-full (OTIF) delivery and record low claims during the busiest quarter.

• Revenue increased by 3% year-over-year to DKK 653 million in Q1 2025/26, with 2% organic growth and 1% positive currency impact.

• Both private consumers and professional painters in the Nordics showed improvement, with a slight rebound among professionals after a period of low activity.

• The Polish business drove international growth, with a 13% increase in revenue and new store openings.

• A planned reduction in private-label, low-price products impacted Danish sales but supported a stronger core business focus.

Financial highlights

• Q1 2025/26 revenue guidance set at DKK 2.2–2.4 billion, with EBIT guidance of DKK 100–120 million, representing a 6–28% increase versus last year.

• Nordic segment revenue rose 3% (1% in local currency), with Sweden up 3% in local currency (7% in DKK) and Norway up 2% in local currency (1% in DKK).

• International segment revenue grew 7%, led by Poland's 13% increase (12% in local currency); Ukraine saw a 12% increase.

• Currency effects had a net positive impact of 2% in the Nordics and a negative 3% impact internationally.

• Partnerships segment saw a decline, with Poland down 8% and Ukraine up 12% (despite negative currency impact).

Outlook and guidance

• 2025/26 guidance maintained with revenue expected between DKK 2,200m and 2,400m and EBIT between DKK 100m and 120m, up 6–28% year-over-year.

• Focus remains on stable organic earnings growth and attractive dividend payout.

• Flat to minor increase anticipated for professional painters in the Nordics.

• Continued expansion in International segment through new store openings.

• Launch of a digital B2B platform for core customers planned.