LEGO (LEGO) H2 2025 earnings summary

Executive summary

• Achieved double-digit top- and bottom-line growth in 2025, with revenue up 12% and operating profit up 18% year-over-year.

• Outperformed the global toy market, gaining market share and maintaining strong demand across all regions and audiences.

• Continued significant investments in supply chain, sustainability, digital transformation, and retail expansion.

• Opened new factories and offices, including a state-of-the-art facility in Vietnam and a new Americas head office in Boston.

• Announced acquisition of 29 LEGO and LEGOLAND Discovery Centres, completed in early 2026.

Financial highlights

• Revenue reached DKK 83.5 billion, up 12% from 2024; constant currency growth was 14%.

• Operating profit rose to DKK 22.0 billion, an 18% increase year-over-year; operating margin improved to 26.4%.

• Net profit increased 21% to DKK 16.7 billion, despite foreign currency losses.

• Free cash flow was DKK 10.8 billion, up from DKK 10.2 billion in 2024.

• Gross margin remained strong at 67.8%; net profit margin at 20.0%.

Outlook and guidance

• Expects single-digit revenue growth in 2026, with net profit in line with 2025 due to continued strategic investments.

• Focus remains on innovation, retail execution, and supply chain resilience.