Nordrest (NREST) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly net sales of 818 MSEK, up 53.1% year-over-year, with 43% organic growth and improved profitability.

• Growth driven by organic expansion and strategic acquisitions in Finland and Denmark, with all customer groups reporting increased net sales.

• Maintained focus on contract-based meal solutions for sectors with stable, predictable demand.

• EBITA margin rose to 14.7% in Q4, driven by higher-margin customer segments.

• Board proposes a dividend of 8.50 SEK per share for 2025, up from 5.00 SEK.

Financial highlights

• Q4 net sales: 818 MSEK (534 MSEK prior year), EBITA: 120 MSEK (51 MSEK), EBITA margin: 14.7% (9.5%).

• Full-year net sales: 2,545 MSEK (1,908 MSEK), EBITA: 298 MSEK (169 MSEK), EBITA margin: 11.7% (8.8%).

• EPS before dilution: 6.37 SEK (3.01 SEK) for Q4; 15.51 SEK (10.98 SEK) for the year.

• Operating cash flow (R12): 263.5 MSEK (176.5 MSEK), operating cash conversion: 79.4% (89.3%).

• Net debt/EBITDA at -0.2x, indicating a net cash position.

Outlook and guidance

• Medium-term targets: organic growth >10%, EBITA margin 8–10%, net debt/EBITDA <2.0x, dividend payout >50% of net profit.

• Strong balance sheet with net cash position supports continued organic and acquisition-driven expansion.

• Organic growth, profitability, and capital structure align with financial targets.

• Board proposes a dividend of 8.50 SEK per share for 2025, up from 5.00 SEK, exceeding 50% payout ratio.