ICA Gruppen (ICA) Tertial 1 2025 summary

Executive summary

• Net sales rose 5.5% year-over-year to SEK 45,234 million for the first four months of 2025, driven by higher sales volumes and some price inflation.

• Operating profit excluding items affecting comparability fell 18.9% to SEK 1,490 million, mainly due to price investments and loyalty program costs in Sweden.

• The divestment of Rimi Baltic was completed, reported as discontinued operations, boosting profit for the period by SEK 362 million.

• Market share gains were achieved in both ICA Sweden and Apotek Hjärtat, with strong online sales growth.

Financial highlights

• EBITDA decreased 10.4% to SEK 3,277 million compared to the same period last year.

• Operating margin excluding items affecting comparability dropped to 3.3% from 4.3% year-over-year.

• Profit before tax from continued operations declined 21.1% to SEK 1,009 million.

• Cash flow from continued operating activities (excluding ICA Bank) fell 34.6% to SEK 1,968 million.

• Net debt (excluding ICA Bank and IFRS 16 Leases) reduced to SEK 14.5 billion, with a net debt/EBITDA ratio of 1.7.

Outlook and guidance

• The divestment of Rimi Baltic strengthens financial capacity for further investments in Sweden.

• Full-year 2025 investments are expected to total approximately SEK 3.5 billion, with SEK 1.5 billion allocated to ICA Real Estate.