ICA Gruppen (ICA) Q4 2024 earnings summary

Executive summary

• Achieved strong sales growth and increased market shares across all segments in 2024, with ICA Sweden and Rimi Baltic outperforming their respective markets and Apotek Hjärtat reaching record market share and profit.

• Price investments in ICA Sweden drove growth but led to lower operating margins, while Rimi Baltic and Apotek Hjärtat delivered significant profit improvements.

• Net debt was reduced through property divestments and a share issue, resulting in a stronger financial position.

• Sustainability initiatives included a 6% reduction in food waste, transition to fossil-free transport in major cities, and continued social impact activities.

Financial highlights

• Net sales increased 6.5% year-over-year to SEK 157,216 million for 2024; Q4 net sales rose 6.8% to SEK 40,879 million compared to Q4 2023.

• Operating profit excluding items affecting comparability was SEK 6,884 million, up 8.2% year-over-year; Q4 figure was SEK 1,580 million, up 6.3%.

• Profit for the period was SEK 4,356 million, a 2.5% increase from 2023.

• Cash flow from operating activities (excluding ICA Bank) increased 4.1% to SEK 13,257 million for the year, but declined 14% in Q4 due to non-recurring effects in 2023.

• Items affecting comparability of SEK -358 million in Q4 reduced operating profit, mainly due to impairment and restructuring costs.

Outlook and guidance

• Expect continued focus on value for money and price-conscious consumers in 2025, with ongoing investments in pricing and loyalty programs.

• Group investments for 2025 are projected at approximately SEK 4.0 billion, with SEK 1.5 billion allocated to ICA Real Estate.