Systemair (SYSR) Q4 25/26 earnings summary

Executive summary

• Achieved strong organic growth in Q4 at 9.6% and for the year at 6.1%, driven by robust performance in Eastern Europe, North America, and project-related sales in Asia and Australia, despite challenging market and geopolitical conditions.

• Annual net sales reached SEK 12,502.7 million (EUR 1.3 billion), with operations in 51 countries and products available in 135 countries.

• Continued execution of improvement agenda, including restructuring in Germany, new product launches in Asia, and a Women's Mentorship pilot program.

• Mission to double company size in seven years, targeting 10% annual growth, with over half from organic sources.

• New CEO Robert Larsson took office in January 2026, and the acquisition of NADI Airtechnics Ltd in India was completed.

Financial highlights

• Q4 net sales were SEK 3,276.1 million, up 9.1% year-over-year, with organic growth at 9.6%.

• Adjusted operating profit for Q4 was SEK 292 million, with an operating margin of 8.9%, slightly above last year.

• Gross margin for Q4 was 36.3%, marginally below last year due to product mix and higher input costs.

• Profit before tax for Q4 was SEK 214 million, up from SEK 119 million year-over-year; profit after tax for the year was SEK 763.5 million.

• Free cash flow for Q4 was SEK 45.8 million, down from last year, mainly due to higher trade receivables.

Outlook and guidance

• No formal forecasts provided, but management expects to reach a 10% operating margin in the coming year if market conditions remain stable or improve.

• Transformation program in Sweden to continue through 2027, aiming to drive sales productivity and growth.

• Financial targets include average annual sales growth of at least 10% and an average operating margin of at least 10% over a business cycle.

• Organic growth trend expected to continue, with some volatility by region and quarter.

• Price increases implemented from June to offset rising input costs and tariffs.