Lammhults Design Group (LAMM) Q4 2025 earnings summary

Executive summary

• Q4 2025 ended on a stable note with increased order intake and improved gross margins despite a weak market environment.

• Order intake increased by 3.5% and order backlog was 13% higher year-over-year.

• Adjusted operating profit for Q4 was 19.8 MSEK, with an adjusted margin of 7.9%.

• The cost impact of the restructuring program concluded in Q4 2025, with full effects expected by end of 2026.

• Full-year revenue was nearly flat year-over-year, with a notable improvement in adjusted operating profit and margin.

Financial highlights

• Q4 2025 revenue was 250.5 MSEK, down 4.1% year-over-year; full-year revenue was 878.5 MSEK, up 0.9% year-over-year.

• Adjusted gross margin for Q4 improved to 37.9% from 37.5% in Q4 2024; full-year adjusted gross margin was 37.1%, up 1.7pp year-over-year.

• Free cash flow including leasing was 42.3 MSEK in Q4 and 42.2 MSEK for the full year.

• Adjusted operating profit for the full year rose from 4.1 MSEK to 27.8 MSEK, with margin up from 0.5% to 3.2%.

• Q4 result after tax was -3.7 MSEK; full-year result after tax was -4.5 MSEK.

Outlook and guidance

• Ongoing focus on efficiency, cost savings, and forward-looking initiatives, with full effects of the restructuring program expected by end of 2026.

• Long-term ambition remains growth and an EBIT margin of 8-10%.

• Management remains cautiously optimistic.