Nolato (NOLA) Q4 2025 earnings summary

Executive summary

• Q4 2025 sales were SEK 2,272 million, up 2% adjusted for currency, with Medical Solutions up 5% and Engineered Solutions down 1%.

• Full-year 2025 sales reached SEK 9,462 million, a 2% increase adjusted for currency, with EBITA up 11% to SEK 1,065 million despite currency headwinds.

• EBITA margin improved to 11.3% from 9.9% year-over-year, and profit after tax rose to SEK 777 million.

• Earnings per share for the year were SEK 2.88; dividend proposal is SEK 1.70 per share, payout ratio 59%.

• Strong financial position with a solid equity ratio and low net debt.

Financial highlights

• Q4 EBITA was SEK 236 million, with a margin of 10.4%; full-year EBITA margin improved to 11.3%.

• Cash flow from operations: SEK 310 million in Q4; full-year cash flow from operations was SEK 1,062 million.

• CapEx for Q4: SEK 146 million; full-year 2026 CapEx expected at SEK 650–700 million.

• Return on capital employed for the year improved to 14.2%.

• Equity ratio at 60% at year-end; net debt/EBITDA at 0.5x.

Outlook and guidance

• Q1 2026 expected to be a more normalized quarter after Q4 holiday-related volume declines.

• Precious metal price effects expected to continue in Q1 but slow down by quarter end.

• Medical Solutions ramp-up in the US to continue into Q1, then stabilize; similar volumes expected in Q1 with increases anticipated thereafter.

• New program in Hungary for Medical Solutions expected to maintain current contribution in Q1 2026.

• Strategic price and cost adjustments are expected to further improve margins as volumes increase.