VBG Group (VBG) Q4 2025 earnings summary

Executive summary

• 2025 was marked by geopolitical and trade turbulence, with significant resources spent mitigating US tariffs.

• The year split into a slow first half and a stronger second half, with demand and revenue picking up in Q3 and Q4.

• Q4 2025 saw consolidated sales rise 2.8% year-over-year to SEK 1,312.5M, with organic growth of 4.6% after adjusting for acquisitions and currency effects.

• EBITA margin for Q4 was 13.1%, with EBITA at SEK 172.5 million.

• Strong operating cash flow of SEK 270 million was reported for the quarter.

Financial highlights

• Full-year 2025 net sales were SEK 5,394.2 million, a 3.4% decline year-over-year, with a 6% currency headwind.

• Full-year EBITA was SEK 699.4 million (13.0% margin), down from SEK 796 million (14.3%) in the previous year.

• Full-year earnings per share were SEK 16.88, down from SEK 21.66 year-over-year.

• Q4 profit after financial items was SEK 145.3 million, compared to SEK 160.9 million last year.

• Cash flow from operating activities for 2025 was SEK 531.0 million, a decrease from SEK 797.5 million in 2024.

Outlook and guidance

• Strong order intake and book-to-bill ratio entering 2026, with order intake 8–10% higher than sales and Q4 order bookings up 16% (currency-adjusted).

• Management anticipates continued market volatility, currency headwinds, and tariff risks, especially in Q1 2026.

• Price increases are being implemented to offset raw material cost inflation, with effects expected by Q2 2026.

• Focus remains on organic growth, acquisitions, and expanding into new geographic markets.

• No formal forecast for 2026 was provided.