Hedera Group (HEGR) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 were 125.3 MSEK, down 4.3% year-over-year; full-year net sales were 516.3 MSEK, down 6.7% from 2024.

• Adjusted EBITDA for Q4 was -1.1 MSEK (-0.9% margin); full-year adjusted EBITDA was 4.2 MSEK (0.8% margin), both impacted by lower sales and one-time CEO transition costs.

• Strategic focus on efficiency, automation, and sales initiatives aimed at improving profitability and growth prospects.

• No dividend proposed for 2025.

Financial highlights

• Q4 EBITDA was -1.5 MSEK; adjusted for one-offs, -1.1 MSEK. Full-year EBITDA was -1.3 MSEK; adjusted, 4.2 MSEK.

• Q4 operating result was -2.9 MSEK; full-year operating result was -7.5 MSEK. Adjusted operating result for the year was -1.9 MSEK.

• Cash flow for Q4 was -1.4 MSEK; full-year cash flow was -1.7 MSEK, improved from -6.7 MSEK in 2024.

• Net debt at year-end was 14.5 MSEK (down from 24.5 MSEK), with net debt/EBITDA at 3.5x.

• Equity ratio improved to 44% (from 41%).

Outlook and guidance

• Positive start to 2026, with improved sales momentum and efficiency measures expected to support profitability and growth.

• Strategic investments in automation and AI to drive scalability and competitiveness.