HAKI Safety (HAKI) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 increased 4% to SEK 304 M, with organic sales down 4% and acquisitions contributing positively; full-year net sales rose 12% to SEK 1,179 M, with organic sales down 2%.

• Adjusted EBITA for Q4 was SEK 22 M (down from 25 M), and for the year SEK 72 M (down from 77 M); operating profit for Q4 was SEK 19 M and SEK 69 M for the year.

• Net result after tax was SEK 5 M for Q4 and SEK 34 M for the year, both lower than the previous year.

• Cash flow from operating activities improved significantly, reaching SEK 30 M in Q4 and SEK 51 M for the year.

• A new share issue of SEK 50 M was completed to repay acquisition-related debt, and the Board proposes a dividend of SEK 0.50 per share.

Financial highlights

• Gross margin improved to 37.5% in Q4 (from 36.0%) and 36.3% for the year (from 35.8%).

• Adjusted EBITA margin for Q4 was 7.2% (down from 8.6%), and for the year 6.1% (down from 7.3%).

• Earnings per share for Q4 were SEK 0.17 (down from 0.37), and SEK 1.22 for the year (down from 1.50).

• Financial net debt decreased to SEK 346 M from SEK 380 M year-over-year.

• Equity/assets ratio improved to 48% from 46%.

Outlook and guidance

• The Board targets net sales of SEK 2,000 M by 2027, with an adjusted EBITA margin above 10%.

• Financial net debt/adjusted EBITDA is targeted below 2.5; the recent acquisition will temporarily exceed this target.

• Dividend policy remains at 25-50% of net profit; SEK 0.50 per share proposed.

• Management remains positive on long-term prospects despite near-term market uncertainties.