HANZA (HANZA) Q4 2025 earnings summary

Executive summary

• Achieved record results for 2025, surpassing all financial targets and completing the HANZA 2025 strategy, entering the HANZA 2028 phase at a larger scale due to major acquisitions.

• Strategic acquisitions of Leden, Milectria, and BMK expanded geographic reach and capabilities, especially in defense and electronics, positioning the company among Europe's largest listed contract manufacturers.

• Opened new factories in Sweden and Finland, supporting increased demand, operational growth, and efficiency.

• Launched the LYNX defense program to boost defense manufacturing capacity in response to geopolitical developments.

• Awarded Supplier of the Year by 3M in January 2026, validating operational reliability.

Financial highlights

• Full-year 2025 net sales reached SEK 6,025 million, up 24% year-over-year; Q4 net sales were SEK 1,779 million, up 40%.

• Adjusted operating margin for the year was 7.6% (up from 6.2%), with Q4 margin at 9.0%; comparable units margin at 8.3%.

• Earnings per share increased to SEK 1.65 in Q4 and SEK 5.38 for the year; adjusted EPS after dilution was SEK 5.54.

• Net debt/EBITDA at 1.9x, below the 2.5x target, despite acquisition-related increases; equity/assets ratio at 34%.

• Proposed dividend of SEK 1.50 per share, totaling SEK 94 million, with net dividend at SEK 69 million after BMK seller contribution.

Outlook and guidance

• Entering HANZA 2028 phase with a stronger-than-expected platform, targeting accelerated profitable growth and expected sales of approximately SEK 10 billion including BMK.

• HANZA 2028 strategy and financial targets to be presented at the March 2026 Capital Markets Day.

• Gradual recovery expected in the Nordics, with cautious improvement in Germany anticipated in 2026; Leden margins expected to normalize to group levels from 2026.

• LYNX defense program and structural trends anticipated to drive new market opportunities.