Karnell Group (KARNEL) Q4 2025 earnings summary

Executive summary

• Q4 and full year 2025 delivered double-digit growth in net sales and EBITA, margin improvement, and strong cash generation, with both business segments contributing positively.

• Full-year net sales increased 20.3% to SEK 1,688 million, with organic growth of 4.6%.

• Full-year EBITA rose 40.3% to SEK 233 million, margin improved to 13.8%.

• Three platform acquisitions were completed, strengthening the portfolio and group position.

• The group operates 18 companies across Sweden, Finland, and the UK, employing 753 people at year-end.

Financial highlights

• Q4 net sales rose 14.4% year-over-year to SEK 461 million, with organic growth of 6.7%.

• Q4 EBITA increased 23.6% to SEK 62 million, margin improved to 13.5% from 12.5%.

• Cash flow from operating activities was SEK 131 million in Q4 and SEK 220 million for the year.

• Earnings per share after dilution were SEK 0.70 in Q4 and SEK 2.59 for the year, up 25% and 74% year-over-year.

• Net profit after tax for the year was SEK 141.5 million, up 83% year-over-year.

Outlook and guidance

• Entering 2026 with positive momentum, improved market conditions, and a robust M&A pipeline.

• Focus remains on operational improvements, disciplined capital allocation, and value-creating acquisitions.

• Financial targets include average annual EBITA growth of at least 15% over a business cycle and an EBITA margin of at least 15% in the medium term.