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Byggmax Group Interim / Quarterly Report 2025
3014_10-k_2026-01-30_f16b0524-b35b-4247-ad05-42394769e5f2.pdf
Interim / Quarterly Report
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"Through a clear and determined focus on the core offering, strong customer engagement, and high operational efficiency, Byggmax has delivered an improved result during 2025. Profitability strengthened in each quarter and our financial position further improved. We are well positioned for the future."
Karl Sandlund, President and CEO
THE FOURTH QUARTER 2025
- Net sales amounted to SEK 1,057 M (1,073), a decrease of 1.6 percent.
- The Group's like-for-like sales decreased by 0.8 percent. Exchange rate effects had a negative impact on net sales of 1.3 percent.
- EBITA amounted to SEK -39 M (-52), an EBITA margin of -3.7 percent (-4.8).
- The net debt excluding lease liabilities amounted to SEK 354 M (618).
- The Board of Directors propose a dividend for 2025 of SEK 1.65 (0.75) per share.
SEK 6.1 bn SEK 361 M 5.9% SEK 8
Net sales R12
FBITA R12
EBITA margin R12
Cash flow from operating activities R12
KEY PERFORMANCE INDICATORS
| October – I | December | Full year | |||
|---|---|---|---|---|---|
| SEKM | 2025 | 2024 | 2025 | 2024 | |
| Net sales | 1,057 | 1,073 | 6,133 | 5,986 | |
| Gross margin, % | 37.7 | 35.2 | 35.9 | 34.7 | |
| EBITA | -39 | -52 | 361 | 233 | |
| EBITA margin, % | -3.7 | -4.8 | 5.9 | 3.9 | |
| EBIT | -53 | -66 | 306 | 177 | |
| EBIT margin, % | -5.0 | -6.2 | 5.0 | 3.0 | |
| Net profit/loss for the period | -50 | -64 | 191 | 67 | |
| Earnings per share, SEK | -0.85 | -1.09 | 3.25 | 1.14 | |
| Shareholder's equity per share, SEK | 42.91 | 40.97 | 42.91 | 40.97 | |
| Cash flow from operating activities | -27 | -7 | 809 | 860 | |
| Number of stores at the end of the period | 212 | 211 | 212 | 211 | |
| Net debt | 2,009 | 2,466 | 2,009 | 2,466 | |
| Net debt excl. IFRS 16 | 354 | 618 | 354 | 618 |
For more information, please contact:
Karl Sandlund, President and CEO, [email protected]
Helena Nathhorst, CFO, [email protected]
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MESSAGE FROM THE CEO
BYGGMAX IMPROVES PROFITABILITY AND PROPOSES A HIGHER DIVIDEND
Through a clear and determined focus on the core offering, strong customer engagement, and high operational efficiency, Byggmax has delivered an improved result during 2025. Profitability strengthened in each quarter and our financial position further improved. We are well positioned for the future.
For the full year 2025, Byggmax improved profitability further and the EBITA margin amounted to 5.9 percent (3.9). Earnings per share were SEK 3.25, an increase of 185 percent compared to the previous year. The improvement is the result of determined efforts focused on the core of our offering.
At the end of the year, net debt excluding lease liabilities amounted to SEK 354 M (618) and represents the lowest level in more than ten years, reflecting our successful efforts to secure a strong financial position.
During the year, market conditions varied significantly. The year 2025 started with more positive consumer sentiment, but during the spring households became more cautious. In the second half of the year, consumer confidence in the outlook improved again. However, in Sweden, the consumer confidence index remained below the level of the previous year.
Despite this, we have established the conditions for growth by maintaining high standards in our stores and ensuring efficient supply flows. For the full year 2025, sales increased by 2.5 percent and like-for-like sales increased by 3.4 percent. In particular, demand in the garden buildings and bathroom categories developed positively during the year.
During the fourth quarter, which belongs to Byggmax low season, sales decreased by 1.6 percent compared with the previous year, while profitability improved and EBITA amounted to SEK -39 M (-52). As in the third quarter, the streamlining of the e-commerce assortment and currency effects had a negative impact on sales.
STRATEGIC FOCUS AREAS
During the year, our focus was on strengthening profitability through three key priorities: being close to our customers, driving sales and operating with high efficiency.
A large number of our stores have been rearranged to better present our assortment and make it easier for customers to find what they are looking for. With improved customer flow and more self-service checkouts, an even smoother shopping experience is offered.
To support sales growth, the entire product range has been analysed to ensure the right products and optimised inventory levels. This has resulted in improved availability of high-demand products and significantly reduced the risk of stock shortages. In addition, we continued to expand our range of own-brand products, including garden buildings.
To further strengthen our ability to efficiently handle increased volumes, a restructuring of our logistics management has been implemented. The aim has been to increase control over supply chain flows, improve planning capabilities and enhance efficiency in customer deliveries.
POSITIONED FOR PROFITABLE GROWTH
In 2026, we will continue to strengthen our core business by becoming even more relevant to customers, increasing sales within our existing infrastructure, and driving high efficiency across the entire organisation.
During the winter, we have, among other initiatives, established a new customer and marketing function. The purpose is to ensure deeper customer insights and more effective communication. Together with the continued development of our offering and strong commercial execution, this creates conditions for growth. By focusing on simplicity and scale, we can offer the right quality at the best price, while increasing volumes and margins without adding unnecessary complexity.
Considering the Group's strong financial position, the Board proposes a dividend of SEK 1.65 (0.75) per share.
Finally, I would like to extend my sincere thanks to all our employees for their commitment, and to our customers and shareholders for your continued trust. Together, we have taken important steps forward during 2025, and we look to the future with confidence.
KARL SANDLUND
President and CEO
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BYGGMAX GROUP IN BRIEF
Byggmax is a leading Nordic retail chain in building materials and DIY products. We combine a carefully selected in-store assortment with a broader e-commerce range, enabling economies of scale in logistics and purchasing. Together with low in-store operating costs and efficient centralised support functions, we are able to offer high quality products at competitive prices.
Our strategy for continued profitable growth is based on a strong customer focus, an optimised assortment, further development of our existing sales channels, and continuous expansion and optimisation of our store network.
Byggmax, founded in 1993, has the vision to be the best and most affordable option for home improvers. Stores
4 MARKETS
82 ENGAGEMENT INDEX
1,058 EMPLOYEES
STRATEGY
The strategy for continued profitable growth is largely based on simplification and improvement of the focus areas:
- Customer focus and continuous development of product assortment.
- Further development of our existing sales channels to offer a better and simpler customer experience.
- Expansion and optimisation of store network.
- Selective acquisitions as a result of Byggmax's strong financial position.
BUSINESS MODEL
- Leader in the low-price sector enables us to attract customers.
- Economies of scale through focus on the most in-demand products, a large number of stores and strong purchasing.
- Cost-efficiency throughout the organisation, warehousing, logistics and intermediaries.
- Combination of physical stores and e-commerce reaches more customers.
- Employee engagement drives high levels of customer satisfaction.
FINANCIAL TARGETS
- Revenue growth: Growth exceeding the market, implying at least 5 percent annual sales increase over a business cycle.
- EBITA margin: At least 7 percent per year.
- Dividend: 50 percent of net profit, considering the financial position.
- Net debt excl. IFRS 16/ EBITDA R12 shall not exceed 2.5x.
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NET SALES AND EARNINGS
OCTOBER - DECEMBER 2025
NET SALES
Net sales amounted to SEK 1,057 M (1,073), a decrease of 1.6 percent. Exchange rate effects had a negative impact on net sales of 1.3 percent. The Group's like-for-like sales decreased by 0.8 percent.
The gross margin was 37.7 percent (35.2), an increase compared to the corresponding quarter last year. The gross margin was mainly driven by a favourable product mix and low wastage, combined with continued utilisation of early payment discounts on purchased goods.
GEOGRAPHIC NET SALES
Net sales in Sweden increased by 1.7 percent and amounted to SEK 769 M (756) in the quarter. Net sales in other Nordic decreased by 8.9 percent and amounted to SEK 298 M (327) in the quarter. Currency adjusted net sales in other Nordic decreased by 4.7 percent.
STORES
The total number of stores at the end of the period amounted to 212. Zero (zero) new stores were opened during the quarter and no stores were closed.
EARNINGS
EBIT amounted to SEK -53 M (-66), with an EBIT-margin of -5.0 percent (-6.2).
Personnel expenses and other expenses amounted to SEK 294 M (282), an increase of 4.2 percent compared with the corresponding quarter last year. Costs for new stores amounted to SEK 1 M (3) and closed stores reduced costs by SEK 2 M (2) during the quarter. As a result, comparable costs, i.e. costs excluding new and closed stores, increased by SEK 13 M during the quarter.
NET FINANCIAL ITEMS AND TAX
Net financial items amounted to SEK -19 M (-17). Net financial items for the quarter were impacted by exchange rate effects of SEK -5 M (2).
The profit before tax amounted to SEK -72 M (-83). Income tax for the quarter amounted to SEK 21 M (19).
NET PROFIT
Net profit for the quarter amounted to SEK -50 M (-64). Earnings per share amounted to SEK -0.85 (-1.09).
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NET SALES AND EARNINGS
JANUARY–DECEMBER 2025
NET SALES
Net sales amounted to SEK 6,133 M (5,986), an increase of 2.5 percent. Exchange rate effects had a negative impact on net sales of 1.1 percent. The Group's like-forlike sales increased by 3.4 percent.
The gross margin was 35.9 percent (34.7), an increase compared to the corresponding period last year. The gross margin was positively impacted by an underlying improvement in product margins and the optimisation of the e-commerce offering, combined with the utilisation of early payment discounts on purchased goods.
GEOGRAPHIC NET SALES
Net sales in Sweden increased by 4.1 percent and amounted to SEK 4,558 M (4,378) in the period. Net sales in other Nordic decreased by 1.5 percent and amounted to SEK 1,644 M (1,669) in the period. Currency adjusted net sales in other Nordic increased by 2.6 percent.
STORES
The total number of stores at the end of the period amounted to 212, compared with 211 stores at the beginning of the period. During the period, one (four) store was opened in Stockholm, Sweden. One store under the Right Price Tiles brand was taken over. One (two) store in Norway was closed.
EARNINGS
EBIT amounted to SEK 306 M (177), with an EBITmargin of 5.0 percent (3.0).
Personnel expenses and other expenses amounted to SEK 1,270 M (1,244), an increase of 2.1 percent compared with the corresponding period last year. Costs for new stores amounted to SEK 6 M (16) and closed stores reduced costs by SEK 6 M (7) during the period. As a result, comparable costs, i.e. costs excluding new and closed stores, increased by SEK 27 M during the period.
NET FINANCIAL ITEMS AND TAX
Net financial items amounted to SEK -79 M (-94). Net financial items for the period were impacted by exchange rate effects of SEK -9 M (2).
The profit before tax amounted to SEK 227 M (83). Income tax for the period amounted to SEK -36 M (-17).
NET PROFIT
Net profit for the period amounted to SEK 191 M (67). Earnings per share amounted to SEK 3.25 (1.14).
OUR GEOGRAPHIC MARKETS
| October–December | Full year | |||||
|---|---|---|---|---|---|---|
| Net sales, SEK M | 2025 | 2024 | Change | 2025 | 2024 Change | |
| Sweden | 769 | 756 | 1.7% | 4,558 | 4,378 | 4.1% |
| Other Nordic | 298 | 327 | -8.9% | 1,644 | 1,669 | -1.5% |
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CASH FLOW AND FINANCIAL POSITION
CASH FLOW
Cash flow from the operating activities amounted to SEK -27 M for the quarter, decrease SEK 20 M compared with the corresponding period last year. The cash flow in the quarter was primarily impacted by changes in working capital.
Cash flow from the operating activities amounted to SEK 809 M for the period, decrease SEK 51 M compared with the corresponding period last year. Cash flow for the year was positively impacted by an improved result, partly offset by increased working capital.
INVENTORY
At the end of the period, inventory amounted to SEK 1,066 M (1,138). Compared with the end of the corresponding period last year, one store was closed, and two new stores were opened. The change in inventory referred to new stores amounted to SEK 8 M and for closed stores to SEK -5 M.
INVESTMENTS
Investments in intangible and tangible fixed assets during the quarter amounted to SEK 25 M (19), of which SEK 10 M (7) pertained to IT-investments, SEK 1 M (0) to investments in new stores, and SEK 13 M (10) to recuring investments in stores.
Investments in intangible and tangible fixed assets during the period amounted to SEK 83 M (80), of which SEK 31 M (25) pertained to IT-investments, SEK 7 M (19) to investments in new stores, and SEK 45 M (36) to recuring investments in stores.
LIQUIDITY AND FINANCIAL POSITION
Consolidated net debt was SEK 2,009 M (2,466). The net debt excluding the effects of IFRS 16 amounted to SEK 354 M (618). The equity/assets ratio amounted to 46.1 percent (40.7). Unutilised credit facilities totalled SEK 1,134 M (871).
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GOODWILL AND OTHER INTANGIBLE FIXED ASSETS
The Group's carrying amounts from intangible fixed assets amounted to SEK 2,171 M (2,246). The Group's goodwill amounted to SEK 2,005 M (2,017), the change is related to exchange rate effects. Other intangible fixed assets amounted to SEK 166 M (229) and primarily pertained to software, customer relationships and brands. Amortisation of customer relationships and brands related to acquisitions amounts to SEK -14 M (-14) for the quarter. Amortisation of customer relationships and brands related to acquisitions amounts to SEK -55 M (-56) for the period.
SHAREHOLDERS' EQUITY
Consolidated shareholders' equity amounted to SEK 2,516 M (2,402), which corresponds to SEK 42.91 (40.97) per share outstanding. As of 31 December 2025, there are warrant programmes outstanding encompassing 2.226.000 shares.
SEASONAL VARIATIONS
Byggmax Group has large seasonal variations. The second and third quarter have historically reported the highest net sales and the highest operating profit. Cash flow from operating activities is strongly affected by lower profitability during the low season and impacted by an accumulation of inventory during the first quarter before the high season begins.
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OTHER
ACCOUNTING POLICIES
Byggmax Group applies the International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretations Committee as adopted by the EU. This report has been prepared according to IAS 34 Interim Financial Reporting, the Swedish Financial Reporting Board's Recommendation RFR 1 Supplementary Rules for Consolidated Financial Statements and the Swedish Annual Accounts Act.
The Parent Company's accounts have been prepared pursuant to the Annual Accounts Act and RFR 2 Accounting for Legal Entities. The same accounting policies have been applied as for the Group except in those cases stated in the Parent Company's accounting policies section in the 2024 Annual Report, Note 1.16.
The accounting principles and calculation methods applied in this report are unchanged from those used in the preparation of the annual and sustainability report and consolidated financial statements for 2024.
Refer to the Annual Report for the 2024 fiscal year, notes 1–3, for a more detailed description of the accounting policies applied for the Group and the Parent Company in this interim report.
TRANSACTIONS WITH RELATED PARTIES
No transactions occurred between Byggmax Group and related parties that could significantly impact the company's position and results.
The 2021, 2022, 2023, 2024 and 2025 Annual General Meeting resolved to introduce warrant programmes for senior executives and other key staff at Byggmax Group. The warrants are priced at market value, which is based on a valuation made by an independent party. Each warrant entitles its holder to subscribe for one share in the company. The participants of the warrants programme have entered into a pre-emption agreement.
The 2021 warrant programme comprising 480,000 warrants expire on 14 December 2026, and can be exercised at a price of SEK 91.20 from 15 June 2026.
The 2022 warrant programme comprising 500,000 warrants expire on 13 December 2027, and can be exercised at a price of SEK 82.00 from 14 June 2027.
The 2023 warrant programme comprising 466,000 warrants expire on 11 December 2028, and can be exercised at a price of SEK 37.70 from 12 June 2028.
The 2024 warrant programme comprising 400,000 warrants expire on 10 December 2029, and can be exercised at a price of SEK 48.00 from 11 June 2029.
The 2025 warrant programme comprising 380,000 warrants expire on 15 December 2028, and can be exercised at a price of SEK 56.30 from 17 August 2028.
THE SHARE
The total number of shares and votes outstanding at the end of the period amounts to 58,625,045. The share capital amounts to SEK 20,333,015.
PARENT COMPANY
The Parent Company constitutes a holding company where the Group CEO is employed.
The Parent Company's net sales during for the full year amounted to SEK 13 M (13).
Net financial items amounted to 236 (87) for the full year. Net financial items include group contributions of SEK 262 (236) M. Profit before tax amounted to SEK 217 (72) M for the year.
EMPLOYEES
The number of employees, (converted into full-time equivalents) totalled 1,058 (1,056) at the end of the period.
SIGNIFICANT RISKS AND FACTORS OF UNCERTAINTY
The Byggmax Group conducts business activities in the Swedish, Norwegian, Finnish and the Danish DIY market. In the short-term, the market is heavily impacted by weather related effects and the economic situation, as these factors comprise the prerequisites for consumers who wish to carry out home improvement projects.
Byggmax Group's significant risks and uncertainty factors are described in the 2024 Annual Report.
As other companies, Byggmax is faced with challenges related to changes in the macroeconomic situations and geopolitical circumstances. These changed macroeconomic or geopolitical circumstances, such as political instability may result in rapid changes in the business environment.
SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
No significant events have occurred since the end of the reporting period.
This interim report has not been reviewed by the company's auditors.
Stockholm 30 January, 2026 Byggmax Group AB (publ)
Karl Sandlund President and CEO
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KEY PERFORMANCE INDICATORS BY QUARTER
| GROUP | 2025 | 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| SEK M | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| Income statement | |||||||||
| Net sales | 1,057 | 1,949 | 2,199 | 929 | 1,073 | 1,965 | 2,082 | 866 | 998 |
| of which Sweden | 769 | 1,460 | 1,662 | 668 | 756 | 1,451 | 1,548 | 624 | 703 |
| of which Other Nordics | 298 | 508 | 567 | 271 | 327 | 534 | 559 | 250 | 302 |
| EBITA | -39 | 272 | 237 | -109 | -52 | 249 | 184 | -148 | -77 |
| EBIT | -53 | 258 | 223 | -123 | -66 | 235 | 170 | -162 | -91 |
| Profit/loss for the period | -50 | 191 | 161 | -112 | -64 | 169 | 108 | -147 | -97 |
| Change in net sales, % | -1.6 | -0.8 | 5.6 | 7.2 | 7.6 | 0.3 | -5.5 | -9.0 | -14.8 |
| Like-for-like sales, % | -0.8 | -0.2 | 7.3 | 7.6 | 7.5 | 1.3 | -6.7 | -9.1 | -14.9 |
| Gross margin, % | 37.7 | 37.4 | 34.2 | 35.0 | 35.2 | 35.9 | 33.6 | 33.9 | 34.5 |
| EBITA-margin, % | -3.7 | 14.0 | 10.8 | -11.7 | -4.8 | 12.7 | 8.8 | -17.1 | -7.7 |
| EBIT-margin, % | -5.0 | 13.3 | 10.1 | -13.2 | -6.2 | 12.0 | 8.2 | -18.7 | -9.1 |
| Balance sheet | |||||||||
| Inventory | 1,066 | 1,130 | 1,334 | 1,416 | 1,138 | 1,203 | 1,422 | 1,510 | 1,281 |
| Net debt | 2,009 | 1,944 | 2,167 | 2,582 | 2,466 | 2,318 | 2,333 | 2,863 | 2,731 |
| Net debt excl. IFRS 16 | 354 | 196 | 372 | 764 | 618 | 488 | 480 | 991 | 948 |
| Shareholders' equity | 2,516 | 2,582 | 2,392 | 2,270 | 2,402 | 2,458 | 2,304 | 2,223 | 2,361 |
| Capital employed | 4,525 | 4,526 | 4,559 | 4,852 | 4,868 | 4,776 | 4,637 | 5,086 | 5,092 |
| Investment in intangible and tangible fixed assets |
25 | 18 | 24 | 16 | 19 | 11 | 26 | 24 | 24 |
| Inventory turnover rate | 3.6 | 3.4 | 2.9 | 2.7 | 3.2 | 3.0 | 2.5 | 2.4 | 2.8 |
| Net debt/EBITDA excl. IFRS 16 | 0.7 | 0.4 | 0.8 | 1.8 | 1.6 | 1.3 | 1.5 | 3.2 | 2.8 |
| Return on equity, % | 7.8 | 7.0 | 6.6 | 4.5 | 2.8 | 1.4 | 0.1 | 0.5 | 1.1 |
| Return on capital employed, % | 6.6 | 6.4 | 6.0 | 4.5 | 3.7 | 3.3 | 2.5 | 2.1 | 2.5 |
| Equity/assets ratio, % | 46.1 | 43.3 | 39.5 | 37.2 | 40.7 | 40.8 | 36.3 | 34.3 | 38.3 |
| Cash flow | |||||||||
| Cash flow from operating activities | -27 | 300 | 561 | -25 | -7 | 108 | 675 | 84 | -189 |
| Other | |||||||||
| Average number of employees1 | 1,058 | 1,342 | 1,266 | 1,039 | 1,056 | 1,325 | 1,233 | 1,048 | 1,072 |
| Number of stores | 212 | 212 | 212 | 211 | 211 | 212 | 213 | 211 | 209 |
| of which Sweden | 142 | 142 | 142 | 141 | 141 | 141 | 141 | 140 | 138 |
| of which Other Nordics | 70 | 70 | 70 | 70 | 70 | 71 | 72 | 71 | 71 |
| SHARE DATA | 2025 | 2024 | 2023 | ||||||
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | |
| Average number of shares outstanding, | |||||||||
| thousand | 58,625 | 58,625 | 58,625 | 58,625 | 58,625 | 58,625 | 58,625 | 58,625 | 58,625 |
| Earnings per share for the period, SEK | -0.85 | 3.26 | 2.75 | -1.90 | -1.09 | 2.88 | 1.85 | -2.50 | -1.65 |
| Equity per share, SEK Cash flow from operating activities |
42.91 | 44.04 | 40.80 | 38.72 | 40.97 | 41.93 | 39.31 | 37.92 | 40.27 |
| per share, SEK | -0.47 | 5.12 | 9.57 | -0.42 | -0.12 | 1.85 | 11.51 | 1.44 | -3.23 |
| Share price at the end of the period, SEK | 54.90 | 57.00 | 50.90 | 51.00 | 44.92 | 41.80 | 35.02 | 36.00 | 37.94 |
1) Average numbers of employees, converted into full-time equivalents. As of Q3 2025, a minor adjustment has been made to the calculation method for the average number of employees. Comparative figures have been restated with no material impact on the Group's key figures.
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CONSOLIDATED INCOME STATEMENT
| October–December | Full year | ||||
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 | |
| Revenue | |||||
| Net sales | 1,057 | 1,073 | 6,133 | 5,986 | |
| Other operating income | 7 | 7 | 33 | 30 | |
| Total revenue | 1,063 | 1,080 | 6,166 | 6,016 | |
| Operating expenses | |||||
| Cost of goods sold | -658 | -696 | -3,929 | -3,910 | |
| Other external costs1 | -93 | -88 | -453 | -458 | |
| Personnel costs | -201 | -194 | -818 | -786 | |
| Depreciation, amortisation and impairment | |||||
| of tangible and intangible fixed assets1 | -164 | -169 | -660 | -676 | |
| Share of income of equity accounted companies | 0 | 0 | 0 | -9 | |
| Total operating expenses | -1,116 | -1,146 | -5,860 | -5,839 | |
| EBIT | -53 | -66 | 306 | 177 | |
| Net financial items1 | -19 | -17 | -79 | -94 | |
| Profit/loss before taxes | -72 | -83 | 227 | 83 | |
| Income tax | 21 | 19 | -36 | -17 | |
| Net profit/loss for the period | -50 | -64 | 191 | 67 | |
| Attributable to: | |||||
| Parent Company shareholders | -50 | -64 | 191 | 67 | |
| Earnings per share before dilution, SEK | -0.85 | -1.09 | 3.25 | 1.14 | |
| Earnings per share after dilution, SEK | -0.85 | -1.08 | 3.25 | 1.14 | |
| Average number of shares outstanding at | |||||
| end of period, thousand | 58,625 | 58,625 | 58,625 | 58,625 |
1) During the quarter, other external costs decreased SEK 115 M (117), depreciation on tangible assets increased SEK 107 M (109) and financial expenses increased SEK 10 M (10) due to IFRS 16 Leases. During the year 2025, other external costs decreased SEK 465 M (466), depreciation on tangible assets increased SEK 430 M (433) and financial expenses increased SEK 40 M (40) due to IFRS 16 Leases.
GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| October–December | Full year | ||||
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 | |
| Net profit/loss for the period Items that will be reclassified to profit or loss |
-50 | -64 | 191 | 67 | |
| Translation exchange rate differences | -16 | 7 | -35 | 2 | |
| Other comprehensive income for the period | -66 | -57 | 156 | 68 |
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CONSOLIDATED BALANCE SHEET
| SEK M | 31 December 2025 |
31 December 2024 |
|---|---|---|
| Assets | ||
| Intangible fixed assets | 2,171 | 2,246 |
| Tangible fixed assets1 | 1,992 | 2,287 |
| Financial fixed assets | 35 | 31 |
| Total fixed assets | 4,197 | 4,564 |
| Inventories | 1,066 | 1,138 |
| Current receivables | 187 | 193 |
| Cash and cash equivalents | 11 | 11 |
| Total current assets | 1,265 | 1,341 |
| Total assets | 5,462 | 5,906 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 2,516 | 2,402 |
| Lease liabilities | 1,242 | 1,410 |
| Deferred tax liabilities | 97 | 126 |
| Total long-term liabilities | 1,339 | 1,536 |
| Borrowing from credit institutions | 366 | 629 |
| Lease liabilities | 413 | 438 |
| Accounts payables | 463 | 556 |
| Other current liabilities | 365 | 344 |
| Total current liabilities | 1,607 | 1,967 |
| Total shareholders' equity and liabilities | 5,462 | 5,906 |
1) Tangible fixed assets include SEK 1,653 M (1,852) IFRS16 Leases.
GROUP
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| SEK M | 31 December 2025 |
31 December 2024 |
|---|---|---|
| Opening balance at the beginning of the period | 2,402 | 2,361 |
| Comprehensive income | ||
| Translation differences | -35 | 2 |
| Profit/loss for the period | 191 | 67 |
| Total comprehensive income | 156 | 68 |
| Transactions with shareholders | ||
| Dividend | -44 | -29 |
| Warrants and new share issue | 2 | 1 |
| Total transactions with shareholders | -42 | -28 |
| Shareholders' equity at the end of the period | 2,516 | 2,402 |
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CONSOLIDATED CASH FLOW STATEMENTS
| October–December | Full year | ||||
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 | |
| Cash flow from operating activities | |||||
| EBIT | -53 | -66 | 306 | 177 | |
| Non-cash items; | |||||
| Depreciation, amortisation and impairment of tangible and intangible fixed assets1 |
164 | 169 | 660 | 676 | |
| Other non-cash items | 8 | 29 | 76 | 99 | |
| Financial items | -19 | -17 | -79 | -94 | |
| Tax paid | -14 | -22 | -62 | -40 | |
| Cash flow from operating activities before changes in working capital |
87 | 93 | 902 | 818 | |
| Change in inventories | 43 | 38 | -34 | 45 | |
| Change in other current receivables | 0 | 35 | 11 | 19 | |
| Change in other current liabilities | -158 | -174 | -70 | -21 | |
| Cash flow from operating activities | -27 | -7 | 809 | 860 | |
| Cash flow from investing activities | |||||
| Investment in intangible fixed assets | -8 | -6 | -26 | -24 | |
| Investment in tangible fixed assets | -17 | -12 | -57 | -56 | |
| Investment in financial assets | 0 | 0 | 0 | -1 | |
| Sale of tangible fixed assets | 1 | 1 | 3 | 4 | |
| Cash flow from investing activities | -24 | -17 | -79 | -77 | |
| Cash flow from financing activities | |||||
| Change in overdraft facilities | -134 | 121 | -263 | -329 | |
| Amortisation of lease liabilities | -106 | -107 | -425 | -426 | |
| Issue of warrants | – | – | 2 | 1 | |
| Dividend to shareholders | – | – | -44 | -29 | |
| Cash flow from financing activities | -240 | 14 | -731 | -783 | |
| Cash flow for the period | -292 | -11 | 0 | 1 | |
| Cash and cash equivalents at the beginning of the period | 304 | 20 | 11 | 10 | |
| Cash flow from the period | -292 | -11 | 0 | 1 | |
| Exchange rate effect | -1 | 1 | 1 | 0 | |
| Cash and cash equivalents at the end of the period | 11 | 11 | 11 | 11 |
1) During the quarter, "Other non-cash items" includes a positive effect of SEK 107 (109) M from depreciation of tangible fixed assets due to IFRS 16 leases. During the year 2025, "Other non-cash items" includes a positive effect of SEK 430 (433) M from depreciation of tangible fixed assets due to IFRS 16 leases.
{11}------------------------------------------------
PARENT COMPANY
INCOME STATEMENT
| October–December | Full year | |||
|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 |
| Revenue | 13 | 13 | 13 | 13 |
| Other external costs | -5 | -4 | -14 | -11 |
| Personnel costs | -5 | -6 | -18 | -17 |
| Total operating expenses | -10 | -10 | -32 | -28 |
| EBIT | 2 | 3 | -19 | -15 |
| Net financial items | 256 | 110 | 236 | 87 |
| Profit/loss before tax | 259 | 113 | 217 | 72 |
| Income tax | -52 | -33 | -43 | -23 |
| Profit/loss for the period | 207 | 80 | 173 | 49 |
PARENT COMPANY
BALANCE SHEET
| SEK M | 31 December 2025 |
31 December 2024 |
|---|---|---|
| Assets | ||
| Financial fixed assets | 1,138 | 1,138 |
| Current assets | 264 | 244 |
| Cash and cash equivalents | 2 | 2 |
| Total assets | 1,405 | 1,384 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 666 | 537 |
| Untaxed reserves | 54 | 54 |
| Short-term liabilities | 685 | 793 |
| Total shareholders' equity and liabilities | 1,405 | 1,384 |
{12}------------------------------------------------
NOTE 1 REVENUE SPLIT
In the geographical information, revenues are reported based on where the customers are located.
REVENUE SPLIT PER GEOGRAPHY
| October–December | Full year | |||||||
|---|---|---|---|---|---|---|---|---|
| Of which e-commerce |
Of which e-commerce |
|||||||
| SEK M | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net sales | 1,057 | 1,073 | 17 % | 18 % | 6,133 | 5,986 | 18 % | 18 % |
| of which Sweden | 769 | 756 | 17 % | 17 % | 4,558 | 4,378 | 18 % | 18 % |
| of which Other Nordics | 298 | 327 | 20 % | 21 % | 1,644 | 1,669 | 22 % | 23 % |
| of which Group Functions | -10 | -9 | – | – | -69 | -61 | – | – |
| EBIT | -53 | -66 | 306 | 177 | ||||
| Amortisation of intangible fixed assets | ||||||||
| related to acquired surplus values | 14 | 14 | 55 | 56 | ||||
| EBITA | -39 | -52 | 361 | 233 |
{13}------------------------------------------------
ALTERNATIVE PERFORMANCE MEASURES AND DEFINITIONS
Byggmax Group uses certain financial measures that are not defined in accordance with IFRS. Byggmax Group believes that these key ratios are relevant to users of the financial report as a supplement for assessing Byggmax Group's financial performance, describe the operations' underlying profitability and to improve comparability between reporting periods. These financial measures are not always comparable with the measures used by other companies since not all companies calculate such financial measures in the same way. Accordingly, these financial measures are not to be regarded as a replacement for measures defined according to IFRS. The measures not defined according to IFRS are presented below, unless otherwise stated. Calculations of alternative performance measures are available at http://om.byggmax.se.
Capital employed
Shareholders' equity plus net debt.
Cash flow from operating activities per share
Cash flow from operating activities divided by the average number of shares outstanding.
Earnings per share
Earnings for the period divided by the average number of shares outstanding.
EBITA
Earnings before interest, taxes, and amortisation and impairment of intangible fixed assets related to acquired surplus values.
EBITDA
Earnings before interest, tax, depreciation, amortisation and impairment of tangible and intangible fixed assets excluding IFRS 16.
EBITA-margin
EBITA divided by net sales.
EBIT-margin
EBIT divided by net sales.
Equity/assets ratio
Shareholders' equity divided by total assets.
Equity per share
Equity divided by the average numbers of shares outstanding.
Gross margin
Net sales reduced by the cost of goods sold divided by net sales.
Inventory turnover rate
Cost of goods sold rolling 12 months divided by average of opening and closing inventory.
Like-for-like sales
Like-for-like sales pertains net sales to stores that have been in operation for more than 12 months. Like-for-like sales is currency adjusted. All e-commerce is assessed as like-for-like.
New stores
Stores that have been in operation less than 12 months.
Net debt
Interest-bearing liabilities less cash and cash equivalents.
Net debt excl. IFRS 16
Interest-bearing liabilities excluding IFRS 16 less cash and cash equivalents.
Online sales
Net sales generated by online orders placed via any of our e-commerce sites, as well as all net sales from Skånska Byggvaror.
R12
Rolling twelve months.
Return on capital employed
EBIT plus financial income rolling 12 months divided by average of opening and closing capital employed.
Return on equity
Net profit/loss for the period rolling 12 months divided by average of opening and closing shareholders' equity.
All amounts are stated in million Swedish kronor (SEK M) unless stated otherwise. Where the underlying amount is rounded to 0 it is noted as SEK 0 M. Rounding differences in tables of SEK +/-1 M may occur. Both Swedish and English versions of this report have been prepared. In the case of any discrepancy between the two, the Swedish takes precedence.
This is information that Byggmax Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication on 30 January 2026 at 07:45 am.
Byggmax Group AB (publ)
Box 30006, SE-104 25 Stockholm Visit address: Lindhagensgatan 112
Phone: +46 (0)771-890089 E-mail: [email protected]
Corporate registration number: 556656-3531
Registered office: Stockholm
Background information about Byggmax and press images are available at www.byggmax.se