Inwido (INWI) Q4 2025 earnings summary

Executive summary

• Achieved SEK 9,002 million in net sales for 2025, with organic growth of 4% and a stable operating EBITA margin of 10.5% despite challenging market conditions and FX headwinds.

• Four acquisitions in the last four months expanded the geographic footprint in Sweden, UK, and Slovenia, with three already contributing positively.

• Strategic focus on profitable growth, operational efficiency, M&A, and sustainability, positioning for a market rebound and green transition.

• Strong cash flow and lower-than-expected CapEx support further acquisition opportunities.

• Dividend of SEK 5.50 per share proposed, unchanged from last year.

Financial highlights

• Q4 net sales up 1% to SEK 2,440 million; organic sales up 3% with consumer sales +1% and product sales +6% organically.

• Full-year organic net sales grew 4% to SEK 9,002 million; operating EBITA margin at 10.5% (down from 10.8% in 2024); EPS at SEK 8.87, down 5%.

• Gross margin for 2025 was 25.1%, slightly down from last year.

• Net debt/EBITDA at 1.7 (reported), 1.5 (pro forma, including IFRS 16); equity/assets ratio at 52%.

• Return on operating capital at 12.4%, below the 15% target, mainly due to acquisition timing.

Outlook and guidance

• Management expects continued market volatility with large variations by geography; Sweden and Scandinavia show positive momentum, while Finland and the UK remain challenging.

• Targeting SEK 20 billion turnover by 2030 with a 15% CAGR, including 5 percentage points organic growth.

• Anticipates demand rebound driven by EU Green Deal, pent-up new-build demand, and internal growth initiatives.

• Ongoing focus on cost control, readiness to adjust cost base, and further M&A activity anticipated.

• EU Energy Performance of Buildings Directive may drive future demand, but timing is uncertain.