Pamica Group (PAMICA) Q4 2025 earnings summary

Executive summary

• Net sales rose 13% year-over-year to MSEK 5,114.2, with organic growth of 0.7% for the full year and 9.4% in Q4.

• Adjusted EBITA increased 28% to MSEK 435.6 for the year, with margin improving to 8.5%.

• Operating cash flow increased 28% to MSEK 198.8 in Q4 and remained strong at MSEK 436.7 for the year.

• Significant portfolio restructuring included three acquisitions and divestments of Vefi Holding and Logiwaste Holding.

• Bonds totaling MSEK 1,450 were listed on Nasdaq Stockholm to support growth and refinancing.

Financial highlights

• Q4 net sales grew 8% to MSEK 1,337.8; adjusted EBITA nearly doubled to MSEK 132.9, margin at 9.9%.

• Organic EBITA growth reached 59.2% year-over-year in Q4.

• Net debt/adjusted EBITDA reduced to 3.08x from 3.30x.

• Cash and equivalents plus unutilized credit facilities totaled MSEK 562.1 at year-end.

• Cash conversion R12M at 65% in Q4'25, down from 77% in Q4'24.

Outlook and guidance

• Focus on improving adjusted EBITA margin and cash conversion.

• Plans to decrease leverage and prepare for a potential IPO.

• Ongoing efforts to streamline operations and integrate recent acquisitions.

• Continued acquisitions of high-margin businesses and selective divestitures.

• Market stabilization observed in Q4 is expected to support further organic growth.