ICA Gruppen (ICA) Tertial 3 2025 summary

Executive summary

• Net sales for T3 2025 rose 5.8% year-over-year to SEK 48,531 million, driven by increased customer inflows and volume growth, especially in ICA Sweden and Apotek Hjärtat.

• Operating profit excluding items affecting comparability and IFRS 16 Leases increased 3.8% to SEK 1,614 million for T3, despite SEK 260 million in restructuring and non-recurring costs.

• Full-year profit for the period surged to SEK 10,357 million, mainly due to the capital gain from the divestment of Rimi Baltic.

• ICA Real Estate acquired Alecta Fastigheter's 50% stake in Ancore Fastigheter AB, adding 32 properties and impacting cash flow by SEK 5.7 billion.

Financial highlights

• T3 operating margin excluding items affecting comparability and IFRS 16 Leases was 3.3%, slightly down from 3.4% last year.

• Profit before tax from continuing operations rose 59% year-over-year to SEK 1,445 million for T3.

• Cash flow from continued operating activities (excl. ICA Bank) for T3 was SEK 3,745 million, down 18.1% year-over-year.

• Net debt (excl. ICA Bank and IFRS 16 Leases) decreased to SEK 9.3 billion, with a net debt/EBITDA ratio of 1.4.

Outlook and guidance

• Price sensitivity among consumers is expected to persist into early 2026, with continued focus on value for money.

• Group investments for 2026 are projected to slightly exceed SEK 5 billion, with about SEK 3 billion allocated to ICA Real Estate.