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Storskogen Group B Audit Report / Information 2025
2976_10-k_2026-02-10_2439791e-29ac-40ea-a44a-10a2c415c765.pdf
Audit Report / Information
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YEAR-END REPORT
JANUARY – DECEMBER 2025
"Focusing on long-term growth."
Fourth quarter,1 October – 31 December 2025
- Net sales increased by 2 percent to SEK 8,723 million (8,591).
- Adjusted EBITA decreased by 4 percent to SEK 816 million (849), corresponding to an adjusted EBITA margin of 9.4 percent (9.9).
- Operating profit amounted to SEK 630 million (678).
- Profit for the quarter amounted to SEK 375 million (388).
- Basic/diluted earnings per share were SEK 0.19 (0.20).
- Adjusted diluted earnings per share were SEK 0.20 (0.19).
- Cash flow from operating activities was SEK 1,151 million (1,680).
- One platform acquisition was completed, with annual sales of SEK 119 million. Three add-on acquisitions were completed, with combined annual sales of SEK 23 million.
- One business unit with annual sales of SEK 278 million was divested.
- Storskogen resolved to repurchase own shares for a maximum amount of SEK 100 million, of which buybacks of SEK 91 million were carried out in the quarter.
- Storskogen issued bonds of SEK 1,000 million with an interest of 265 bps p.a. + Stibor 3m with maturity in 2030.
The period, 1 January – 31 December 2025
- Net sales decreased by 3 percent to SEK 33,097 million (34,182), impacted by divestments of -3 percent. Organic sales growth was 2 percent.
-
Adjusted EBITA decreased by 3 percent to SEK 3,117 million (3,229), corresponding to an adjusted EBITA margin of 9.4 percent (9.4). Organic EBITA growth was -5 percent.
-
Operating profit increased to SEK 2,391 million (1,492).
- Profit for the period increased to SEK 1,199 million (116).
- Basic/diluted earnings per share were SEK 0.63 (-0.03).
- Adjusted diluted earnings per share were SEK 0.70 (0.57).
- Cash flow from operating activities was SEK 2,451 million (3,098).
- Three platform acquisitions were completed, with combined annual sales of SEK 235 million. Six add-on acquisitions were completed, with combined annual sales of SEK 102 million.
- One business unit with annual sales of SEK 278 million was divested.
Significant events after the end of the period
- Jesper Kronstrand was appointed Head of Business Area Services and new member of the Executive Management Team.
- Chris Pullen was appointed Managing Director of Storskogen UK and member of the Executive Management Team on a permanent basis.
- Storskogen completed its share repurchase programme with buybacks amounting to SEK 9 million.
- Adam Parker is proposed as a new member of the Board of Directors of Storskogen. Robert Belkic has declined reelection.
- The Board of Directors proposes a dividend of SEK 0.11 per share (0.10).
Amounts in parentheses are for the corresponding period 2024.
8,723 816 9.4
SEK m, net sales (Q4) SEK m, adjusted EBITA (Q4) %, adjusted EBITA margin (Q4)
Key performance measures
| Q4 | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | ∆% | 2025 | 2024 | ∆% |
| Net sales | 8,723 | 8,591 | 2 | 33,097 | 34,182 | -3 |
| Adjusted EBITA | 816 | 849 | -4 | 3,117 | 3,229 | -3 |
| Adjusted EBITA margin, % | 9.4 | 9.9 -0.5 pp | 9.4 | 9.4 | 0 pp | |
| Operating profit (EBIT) | 630 | 678 | -7 | 2,391 | 1,492 | 60 |
| Operating margin, % | 7.2 | 7.9 -0.7 pp | 7.2 | 4.4 | 2.9 pp | |
| Profit for the period | 375 | 388 | -3 | 1,199 | 116 | 931 |
| Basic earnings per share, SEK | 0.19 | 0.20 | -3 | 0.63 | -0.03 | N/A |
| Diluted earnings per share, SEK | 0.19 | 0.20 | -3 | 0.63 | -0.03 | N/A |
| Adjusted diluted earnings per share, SEK | 0.20 | 0.19 | 7 | 0.70 | 0.57 | 21 |
| Interest-bearing net debt/adjusted RTM EBITDA (12 months), x | 2.3 | 2.3 | 0x | 2.3 | 2.3 | 0x |
| Return on equity, % (12 months) | 5.8 | 0.6 | 5.3 pp | 5.8 | 0.6 | 5.3 pp |
| Return on capital employed, % (12 months) | 10.2 | 10.4 -0.1 pp | 10.2 | 10.4 -0.1 pp | ||
| Cash flow from operating activities | 1,151 | 1,680 | -31 | 2,451 | 3,098 | -21 |
| Adjusted cash conversion, % | 106 | 137 | -31 pp | 74 | 94 | -21 pp |
| Items affecting comparability, EBITA | -10 | 23 | -29 | -216 | ||
| Items affecting comparability, profit for the period | -10 | 12 | -109 | -1,019 |
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Focusing on long-term growth
In the fourth quarter, net sales increased by 2 percent to SEK 8,723 million (8,591). Adjusted EBITA amounted to SEK 816 million (849), corresponding to an EBITA margin of 9.4 percent (9.9). In the past years, we have carried out dedicated efforts to improve operational efficiency and strengthen our financial position. Our progress allowed us to resume our acquisition agenda in the second half of the year – further strengthening our portfolio and expanding our market positions – whilst continuing to focus on organic growth.
In the fourth quarter, which remained characterised by geopolitical uncertainty, the essential strength of our diversified model was evident. Trade and Industry both reported organic sales growth, which more than compensated for a challenging quarter for Services. Our business units continued to generate a strong cash flow of SEK 1.2 billion in the quarter, with a cash conversion of 74 percent (LTM).
"Storskogen now stands on firmer ground: a robust balance sheet, a streamlined structure, enhanced operational capabilities and a clear focus on profitable growth."
Business areas – development in the fourth quarter
Trade experienced a better market situation compared with the same period last year, and both verticals within the business area reported higher sales and significantly improved profitability. Particularly in Consumer Products there are still signs of a cyclical recovery.
However, Services faced a challenging market environment, in line with the third quarter. Compared to the strong fourth quarter of 2024, the business area delivered slightly lower sales. Profitability was negatively affected by the persistently weak construction cycle, impacting several business units in Infrastructure Services.
Industry reported sales in line with the previous year, with solid profitability in Automation and Product Solutions. Industrial Technologies continued to face a challenging market in DACH. The profitability in the business area remained heavily impacted by exchange rate effects.
A stronger company – structurally and operationally
Storskogen is a different company today compared to a few years ago. In addition to a stronger balance sheet with significantly lower debt, we have streamlined the business group and reduced the number of verticals in the business areas. This ensures that our decentralised model operates with the right balance between autonomy in the business units and central support.
Our business units have focused on cost efficiency, refining customer offerings, increasing the degree of digitalisation and improving pricing. Efforts to increase working-capital efficiency, combined with a consistently strong cash flow, have been key to reducing our leverage. With a stronger financial position and a more focused organisation, we are now ready for the next phase.
Moving towards growth
Through our investment themes, we have strengthened the alignment of future acquisitions with the long-term structural trends that are most relevant to our business. These themes – automation, digitalisation, energy and sustainability, health and wellbeing and infrastructure – span all business areas and are already embedded in large parts of our portfolio.
As we have entered this next phase, we are gradually returning to acquisition-driven growth, while also developing our businesses organically. With disciplined acquisitions and a strong focus on operational efficiency, we are taking steps that over time can contribute to improved returns and progress toward our target of an average growth of 15 percent between 2025 and 2027.
Looking ahead
Storskogen now stands on firmer ground: a robust balance sheet, a streamlined structure, enhanced operational capabilities and a clear focus on profitable growth. We are well prepared for an environment where demand gradually returns and where our business units can capitalise on the improvements they have made over the past years. I look forward to continuing our journey in 2026.
Christer Hansson, CEO
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The Group's performance
FOURTH QUARTER 2025
Sales
Net sales in the fourth quarter increased by 2 percent to SEK 8,723 million (8,591). Organic growth was 5 percent, while exchange rate effects had a counteractive impact of -3 percent. Taken together, divestments and acquisitions did not have an impact in the quarter. Sales in the fourth quarter is typically seasonally stronger, particularly for Trade and Services. Compared to last year, Trade had a solid sales growth in the quarter, driven by stronger demand for business units with exposure to consumers. Sales increased in Industry as well, where some business units in Automation and Industrial Technologies note positive signs of a stronger economic cycle. However, total sales growth was counteracted by lower sales in Services, due to a prevailing weak market sentiment.
Earnings
Adjusted EBITA decreased by 4 percent to SEK 816 million (849) in the fourth quarter. Divestments and acquisitions had a combined impact of 2 percent, while lower costs for Group operations contributed by 1 percent. In addition, translation effects related to exchange rate differences had a negative impact of -2 percent on earnings in the quarter, leading to an organic earnings development of -5 percent. Organic EBITA growth was negatively impacted by noticeable exchange rate transaction effects in the quarter. The adjusted EBITA margin was 9.4 percent (9.9). The margin was mainly negatively impacted by the Services business area, somewhat counteracted by the Trade business area.
The Trade business area reported solid earnings growth compared to last year, driven by slightly improved demand, cost control and a stronger Swedish krona. Earnings in the Services business area decreased in continued hesitant markets leading to delayed projects and lower profitability compared to a strong last quarter in the previous year. Industry's earnings development was slightly negative, mainly impacted by exchange rate effects. Despite some positive signals of a generally stronger economic cycle, price adjustments, efficiency-enhancing efforts and cost control remain prioritised in all business areas. For more information, see pp. 6-8.
Items affecting comparability in EBITA were SEK -10 million (23), mainly comprising capital loss from divestment of business of SEK -7 million (21).
Operating profit was SEK 630 million (678). The operating margin was 7.2 percent (7.9). Adjusted for items affecting comparability, operating profit was SEK 640 million (655), with an operating margin of 7.3 percent (7.6).
Net financial items amounted to SEK -173 million (-204). Net interest expenses were SEK -148 million (-214), where the improvement is explained by lower financial debt and lower interest rates. The remaining part consisted of exchange rate effects and other financial items of SEK -25 million (10).
Profit before tax amounted to SEK 457 million (474), driven by lower operating profit, partly counteracted by lower net financial items.
Taxes for the quarter were SEK -81 million (-87). The effective tax rate was 17.8 percent (18.3).
Profit for the quarter was SEK 375 million (388). Basic and diluted earnings per share amounted to SEK 0.19 (0.20). Adjusted for items affecting comparability, diluted earnings per share increased by 7 percent to SEK 0.20 (0.19).
Cash flow and investments
Cash flow from operating activities was SEK 1,151 million (1,680). Changes in working capital impacted cash flow by SEK 232 million (621), which was partly weighed down by lower interest rates compared to last year. The change in working capital in the quarter was primarily explained by lower inventory and accounts receivables.
Adjusted cash conversion (adjusted EBITDA after changes in working capital and Capex as a percentage of adjusted EBITDA) was 106 percent (137) in the quarter. Adjusted cash conversion for the past 12-month period was 74 percent (94), which is above the target of at least 70 percent. Capex amounted to SEK -171 million (-209), corresponding to 2.0 percent (2.4) of net sales.
Cash flow from investing activities amounted to net SEK -311 million (-337), of which SEK -137 million (-229) was attributable to net investments in non-current assets, including Capex. Cash flow from business combinations and divestments, which includes acquisitions of minority shares in subsidiaries and payments of contingent considerations for acquisitions in previous years, amounted to SEK -173 million (-108). For more information, see note 4, p. 18.
NET SALES PER QUARTER ADJUSTED EBITA AND EBITA MARGIN BY QUARTER
BREAKDOWN OF SALES BY BUSINESS AREA, Q4 2025
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THE PERIOD, JANUARY-DECEMBER 2025
Sales
Net sales for the full year decreased by 3 percent to SEK 33,097 million (34,182). Divestments and acquisitions had a combined impact of -3 percent, exchange rate effects of -2 percent and organic growth of 2 percent. The Trade and Industry business areas noted a successively stronger economic cycle throughout the year and thus reported organic sales growth despite prevailing trade policy uncertainty. Positive sales growth in Trade and Industry was somewhat counteracted by continued weak demand for several business units in the Services business area.
Earnings
Adjusted EBITA for the full year decreased by 3 percent to SEK 3,117 million (3,229). The change in earnings was supported by divestments and acquisitions of 2 percent and lower costs for Group operations of 2 percent, while exchange rate translation effects had an impact of -2 percent. Organic EBITA growth was -5 percent, where negative exchange rate transaction effects had noticeable impact.
Adjusted EBITA margin was 9.4 percent (9.4). The Trade business area reported improved margins, driven by a somewhat more positive consumer behaviour in the later part of the year, counteracted by Industry, where profitability decreased slightly, mainly due to negative exchange rate effects. Services reported margins in line with last year. Price adjustments, efficiencyenhancing efforts and cost control remain priorities in all business areas. For more information, see pp. 6-8.
Items affecting comparability in EBITA were SEK -29 million (-216), comprising remeasurement of contingent considerations of SEK -10 million (-12), stamp tax on foreign business combinations of SEK -3 million (-3), central restructuring costs of SEK -9 million (-15) and capital loss from divestment of business of SEK -7 million (-50). Profit for the year in the comparative period was mainly impacted by items affecting comparability related to divestments of SEK -937 million in total, mainly reported in connection with the divestment of nine unprofitable business units in 2024. For more information, see p. 24.
Operating profit increased to SEK 2,391 million (1,492), where the comparative period was impacted by items affecting comparability of SEK -947 million.
The operating margin was 7.2 percent (4.4) in the period. Adjusted for items affecting comparability, operating profit was SEK 2,420 million (2,439) with an operating margin of 7.3 percent (7.1).
Net financial items amounted to SEK -806 million (-999). Net interest expenses accounted for SEK -707 million (-884), of which SEK -80 million (-28) are one-off costs related to repurchase of bonds in the second quarter. Adjusted for one-off costs, the improvement of net interest expenses was SEK 229 million, thanks to a lower amount of outstanding financial debt and lower interest rates. The remaining part of the net financial items consisted of exchange rate effects and other financial items of SEK -99 million (-116).
Profit before tax increased to SEK 1,585 million (493), where the comparative period was impacted by items affecting comparability of SEK -1,019 million, primarily related to the divestment of nine unprofitable business units.
Taxes for the period was SEK -386 million (-376). The effective tax rate was 24.4 percent (76.4). The effective tax rate in the comparative period was affected by high non-deductible expenses related to items affecting comparability.
Profit for the period increased to SEK 1,199 million (116).
In the period, basic and diluted earnings per share amounted to SEK 0.63 (-0.03). Adjusted for items affecting comparability, diluted earnings per share increased by 21 percent to SEK 0.70 (0.57).
Cash flow and investments
Cash flow from operating activities amounted to SEK 2,451 million (3,098). Changes in working capital affected cash flow by SEK -551 million (370), which was partly counteracted by lower tax paid and lower interest rates compared to the previous year. The change in working capital during the year was mainly attributable to increased receivables and inventory.
Adjusted cash conversion (adjusted EBITDA after changes in working capital and Capex as a percentage of adjusted EBITDA) was 74 percent (94) in the period, which is above the target of at least 70 percent. Capex amounted to SEK -542 million (-614), corresponding to 1.6 percent (1.8) of net sales.
Cash flow from investing activities amounted to net SEK -1,233 million (-1,121) in the period, of which SEK -475 million (-749) was attributable to net investments in non-current assets, including Capex. Cash flow from business combinations and divestments, which includes acquisitions of minority shares in subsidiaries and payments of contingent considerations for acquisitions in previous years, amounted to SEK -759 million (-372) in the period. For more information, see note 4, p. 18.
RETURNS
Return on average equity was 5.8 percent (0.6). The improvement is explained by items affecting comparability of SEK -1,019 million last year, and lower net financial items. Adjusted for items affecting comparability, return on equity was 6.4 percent (5.6). Return on capital employed was 10.2 percent (10.4).
FINANCIAL POSITION
At the end of the period, the Group had equity of SEK 20,599 million (20,807). The decrease is mainly attributable to negative exchange rate translation effects in the Group's other comprehensive income and dividends. These were partly counteracted by positive earnings. The equity/assets ratio was 50 percent (48). On 31 December, cash and cash equivalents amounted to SEK 1,332 million (1,899). In addition, at the end of the period, there was an unutilised credit facility of SEK 3,180 million (2,960).
Total interest-bearing debt, including leasing and pension liabilities, but excluding future contingent considerations and minority options, decreased by SEK 506 million in the quarter. During the year, debt decreased by SEK 807 million to SEK 11,048 million. The decrease in interest-bearing debt is primarily explained by amortisation that exceeded new borrowings, and partly by exchange rate effects.
The Group's interest-bearing net debt decreased by SEK 679 million in the quarter and by SEK 179 million in the past 12-month period, to SEK 9,513 million. The change compared to 31 December 2024 is primarily explained by strong cash flow from operating activities, which was partly counteracted by
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acquisitions of subsidiaries and minority shares, other investments, dividends and new leasing agreements.
Interest-bearing net debt/EBITDA, based on adjusted EBITDA for the past 12-month period (RTM), was 2.3x (2.3). This level is within Storskogen's target range of 2-3x.
The Group's total net debt, which includes liabilities for contingent considerations and minority options, decreased by SEK 733 million in the quarter, and by SEK 571 million in the year, to SEK 11,061 million.
Storskogen is working continuously to optimise its balance sheet and credit and debt portfolio. In the second quarter, bonds of SEK 1,250 million with variable interest rate of 3m Stibor + 290 basis points per annum and maturity in 2029 were issued. In the fourth quarter, bonds of SEK 1,000 million with variable interest rate of 3m Stibor + 265 basis points per annum and maturity in 2030 were issued.
The transactions lower Storskogen's interest expenses and further extended the maturity profile, whereby there are no significant maturities until 2027.
As of the balance sheet date, the Group fulfilled all financial covenants in the loan agreements.
OTHER INFORMATION
RTM (rolling 12 months pro forma)
If Storskogen had owned all its subsidiaries as of 31 December throughout the past 12-month period (RTM), and excluded divested subsidiaries for the whole period, the Group would have generated net sales of SEK 33,078 million, adjusted EBITDA of SEK 4,166 million and adjusted EBITA of SEK 3,131 million, corresponding to an adjusted EBITA margin of 9.5 percent.
NET SALES BY BUSINESS AREA AND FOR THE GROUP
| Q4 | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | ∆% | 2025 | 2024 | ∆% |
| Services | 2,514 | 2,581 | -3 | 9,232 | 10,254 | -10 |
| Trade | 2,668 | 2,484 | 7 | 9,588 | 9,576 | 0 |
| Industry | 3,551 | 3,546 | 0 | 14,319 | 14,416 | -1 |
| Operations | 8,733 | 8,611 | 1 | 33,139 | 34,246 | -3 |
| Group operations and eliminations | -9 | -20 | -42 | -64 | ||
| Net sales, Group | 8,723 | 8,591 | 2 | 33,097 | 34,182 | -3 |
OPERATING PROFIT BY BUSINESS AREA AND FOR THE GROUP
| Q4 | Jan-Dec | ||||||
|---|---|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | ∆% | 2025 | 2024 | ∆% | |
| Services | 270 | 340 | -21 | 1,001 | 1,097 | -9 | |
| Trade | 228 | 183 | 24 | 831 | 801 | 4 | |
| Industry | 360 | 373 | -3 | 1,426 | 1,548 | -8 | |
| Group operations | -41 | -48 | -141 | -217 | |||
| Adjusted EBITA | 816 | 849 | -4 | 3,117 | 3,229 | -3 | |
| Reversal of adjusted items | -10 | 23 | -29 | -216 | |||
| EBITA | 806 | 872 | -8 | 3,088 | 3,013 | 2 | |
| Amortisation and impairment of intangible non-current assets | -176 | -194 | -697 | -1,521 | |||
| Operating profit, EBIT | 630 | 678 | -7 | 2,391 | 1,492 | 60 |
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SERVICES
| Q4 | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | ∆% | 2025 | 2024 | ∆% |
| Net sales | 2,514 | 2,581 | -3 | 9,232 | 10,254 | -10 |
| Adjusted EBITA | 270 | 340 | -21 | 1,001 | 1,097 | -9 |
| Adjusted EBITA margin, % | 10.7 | 13.2 | 10.8 | 10.7 | ||
| Number of employees, end of period | 3,353 | 3,395 | 3,353 | 3,395 | ||
| Number of business units, end of period | 53 | 53 | 53 | 53 |
DEVELOPMENT
Net sales in the Services business area decreased by 3 percent to SEK 2,514 million (2,581) in the fourth quarter and by 10 percent to SEK 9,232 million (10,254) for the full year. Organic sales growth was -5 percent for the full year.
Adjusted EBITA decreased by 21 percent to SEK 270 million (340) in the fourth quarter and by 9 percent to SEK 1,001 million (1,097) for the full year. The adjusted EBITA margin was thus 10.7 percent (13.2) in the quarter and 10.8 percent (10.7) for the full year. Organic EBITA growth was -10 percent for the full year.
Like the second quarter, the fourth quarter is usually a seasonally better period for the business area. This pattern persisted, with the business area achieving its peak sales and EBITA for the year during the fourth quarter. Nevertheless, earnings were significantly lower than in the corresponding strong quarter of last year.
In Infrastructure Services, the quarter was heavily impacted by a continued subdued construction industry and delayed project starts. The installation business units and business units who are not exposed to construction, noted somewhat better demand and delivered in line with last year.
Business units in the Business Services vertical, mainly in logistics and digital services, reported a slightly weaker quarter than the strong comparative quarter, but delivered a solid full year and robust demand.
OUTLOOK
The first quarter is seasonally weak for the business area, and like the fourth quarter, the outcome is impacted by a strong comparative quarter. The business units within infrastructure are also negatively impacted by a cold winter season. The business area is cautiously optimistic regarding an improvement of the economic cycle in the year ahead, but like in 2025 there is significant market uncertainty, especially for business units exposed to the construction sector.
TRANSACTIONS IN THE QUARTER
Add-on acquisitions were made in the chimney sweeping group SoVent Group and VSH Holding, an actor in IT and information management. In the quarter, the business units Stockholms Rörexpress and Örnsbergs El & Data were integrated.
NET SALES, SEK M ADJUSTED EBITA MARGIN, %
SHARE OF GROUP NET SALES, Q4 2025
NET SALES PER VERTICAL %, Q4 2025
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TRADE
| Q4 | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | ∆% | 2025 | 2024 | ∆% |
| Net sales | 2,668 | 2,484 | 7 | 9,588 | 9,576 | 0 |
| Adjusted EBITA | 228 | 183 | 24 | 831 | 801 | 4 |
| Adjusted EBITA margin, % | 8.5 | 7.4 | 8.7 | 8.4 | ||
| Number of employees, end of period | 1,888 | 2,280 | 1,888 | 2,280 | ||
| Number of business units, end of period | 26 | 25 | 26 | 25 |
DEVELOPMENT
Net sales in the Trade business area increased by 7 percent to SEK 2,668 million (2,484) in the fourth quarter. For the full year, net sales were unchanged, amounting to SEK 9,588 million (9,576). Organic sales growth for the full year was 5 percent.
Adjusted EBITA increased by 24 percent to SEK 228 million (183) in the fourth quarter and by 4 percent to SEK 831 million (801) for the full year. The adjusted EBITA margin was 8.5 percent (7.4) in the quarter and 8.7 percent (8.4) for the full year. Organic EBITA growth for the full year was 4 percent.
The Consumer Products vertical had solid development with somewhat better demand in the quarter, resulting in increased sales and improved profitability. Like last quarter, growth was primarily driven by business units active in health and beauty, while business units in home interior noted continued subdued demand. Compared to the previous year, profitability in several business units benefited from the strengthening of the Swedish krona against both US dollar and euro.
Demand strengthened somewhat in the Professional Products vertical as well, resulting in both higher sales and increased profitability.
OUTLOOK
The first quarter is seasonally weak and is expected to be somewhat impacted by orders that were brought forward to the fourth quarter. Looking ahead to the full year 2026, there are positive indications of an improved economic cycle and stronger demand for business units in both verticals. The stronger Swedish krona is expected to continue to have a favourable impact on profitability, as a significant share of purchases are made in euro and US dollar.
TRANSACTIONS IN THE QUARTER
In the quarter, one platform acquisition was carried out, of Frameda, a leading distributor in professional haircare in Finland. The business unit Motavo Group was divested. The business unit Perfect Hair was separated into two business units; Perfect Hair and Marwell.
NET SALES, SEK M ADJUSTED EBITA MARGIN, %
SHARE OF GROUP NET SALES, Q4 2025
NET SALES PER VERTICAL %, Q4 2025
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INDUSTRY
| Q4 | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | ∆% | 2025 | 2024 | ∆% |
| Net sales | 3,551 | 3,546 | 0 | 14,319 | 14,416 | -1 |
| Adjusted EBITA | 360 | 373 | -3 | 1,426 | 1,548 | -8 |
| Adjusted EBITA margin, % | 10.1 | 10.5 | 10.0 | 10.7 | ||
| Number of employees, end of period | 5,181 | 5,053 | 5,181 | 5,053 | ||
| Number of business units, end of period | 35 | 37 | 35 | 37 |
DEVELOPMENT
Net sales in the Industry business area was unchanged, amounting to SEK 3,551 million (3,546) in the fourth quarter. Net sales decreased by 1 percent to SEK 14,319 million (14,416) for the full year. Organic sales growth was 5 percent for the full year.
Adjusted EBITA decreased by 3 percent to SEK 360 million (373) in the fourth quarter and by 8 percent to SEK 1,426 million (1,548) for the full year. Adjusted EBITA margin was 10.1 percent (10.5) in the quarter and 10.0 percent (10.7) for the full year. Organic EBITA growth was -5 percent for the full year.
Organic sales growth was largely driven by continued strong demand, especially for several business units in Automation and Industrial Technologies. Negative organic EBITA growth in the year was mainly attributable to continued negative exchange rate effects and a prevailing weak market for business units exposed to the consumer, primarily in Product Solutions.
For some business units with large production facilities, mainly in Industrial Technologies and Product Solutions, the weaker market situation remained noticeable. This resulted in lower revenue and negative impact on profitability, largely due to lower capacity utilisation.
Sales development is prioritised for business units seeing positive signs of a stronger economic cycle in the year ahead, while cost efficiency and continuous productivity improvements remain in focus for business units experiencing continued uncertainty in the recovery.
OUTLOOK
Order intake was solid in the quarter, and the orderbook is thus still of high quality. Continued external uncertainties, such as trade policy risks and volatile exchange rates, continue to make it difficult to predict when a broader recovery might occur. However, global trends such as automation, digitalisation and the green transition are expected to continue to support the business area's growth.
TRANSACTIONS IN THE QUARTER
No acquisitions or divestments were carried out in the business area in the quarter.
NET SALES, SEK M ADJUSTED EBITA MARGIN, %
SHARE OF GROUP NET SALES, Q4 2025
NET SALES PER VERTICAL %, Q4 2025
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Transactions
ACQUISITIONS
In the fourth quarter, Storskogen completed one platform acquisition in the Trade business area and three add-on acquisition in the Services business area. The companies that were acquired in the quarter had a total of 29 employees, annual sales of approximately SEK 142 million and annual EBITA of approximately SEK 25 million, based on each company's most recently completed financial year.
Platform acquisitions are carried out to broaden and strengthen Storskogen's position within prioritised investment themes. These companies bring new expertise, complementary offerings and reinforce the Group's presence in strategically important areas.
Add-on acquisitions are carried out to develop and enhance existing business units by adding synergies, scaling up well-functioning operations and creating additional profitability and margin expansion over time.
For more information on acquisitions completed during the period 1 January – 31 December 2025, see note 4 – Business combinations.
Breakdown of acquisitions completed during January–December 2025 by Group business area:
| Number of | Share of | ||||||
|---|---|---|---|---|---|---|---|
| Acquisition | Annual net sales, | employees by | capital/votes, | Acquisition | Acquiring | ||
| Acquisitions | date | SEK m | acquisition | % | type | business unit Business area | |
| Sölvesborgs Sotningsdistrikt AB | February | 6 | 4 | 97.5 | Add-on | SoVent Group | Services |
| DBS Bageriservice ApS | May | 26 | 14 | 75.0 | Add-on | Danmatic | Industry |
| Pushpak Fabricators | August | 47 | 113 | 100.0 | Add-on | Wibe | Industry |
| LEP AG incl. subsidiaries | August | 72 | 24 | 98.9 | Platform | - | Services |
| Carry Gently Holdings Limited, incl. subsidiaries | August | 45 | 21 | 92.5 | Platform | - | Services |
| Frameda Oy, incl. Subsidiaries | October | 119 | 22 | 80.0 | Platform | - | Trade |
| Svensk Inköpsservice AB | October | 20 | 7 | 80.0 | Add-on | VSH Holding | Services |
| Tidaholms Sotningsdistrikt AB | October | 2 | - | 97.5 | Add-on | SoVent Group | Services |
| Lundquist Sotningsverktyg AB | December | 1 | - | 97.5 | Add-on | SoVent Group | Services |
| Total | 337 | 205 |
DIVESTMENTS
In the fourth quarter one divestment was carried out, of the business unit Motavo Group in the Trade business area. The business unit had sales of SEK 278 million and adjusted EBITA of SEK 26 million, based on rolling twelve months as of November 2025. The number of employees amounted to 415 at the balance sheet date. The capital loss from the divestment had a negative impact on the Group's operating profit (EBIT) of SEK 7 million.
Motavo Group is a Norwegian chain of physical hair salons, which does not align with Storskogen's long-term strategic direction. The divestment is part of the Group's ongoing portfolio review.
The Group's capital gain/loss from divestments is reported as other operating income/expense in the consolidated income statement.
TRANSACTIONS AFTER THE END OF THE PERIOD
No transactions were carried out after the end of the period.
Other information
EMPLOYEES
At the end of the period, the Group had 10,501 employees (10,807). Acquisitions in the quarter added 29 new employees.
SHARE CAPITAL
On 31 December 2025, the number of shares amounted to 1,687 million, divided into 1,562 million Class B shares and 125 million Class A shares. The Class B shares include 8 million shares which Storskogen repurchased in the fourth quarter. The purpose of the repurchase was to optimise Storskogen's capital structure by decreasing capital to create increased value for Storskogen's shareholders. If the Annual General Meeting in Storskogen so decides, repurchased shares can be used to ensure future delivery of shares to participants in current and/or future incentive programmes.
{9}------------------------------------------------
Share structure on 31 December 2025
| Class of share | Number of shares | Number of votes | Percentage of capital | Percentage of votes |
|---|---|---|---|---|
| Class A shares, 10 votes per share | 125,001,374 | 1,250,013,740 | 7.4 | 44.5 |
| Class B shares, 1 vote per share | 1,561,723,845 | 1,561,723,845 | 92.6 | 55.5 |
| Total number of shares | 1,686,725,219 | 2,811,737,585 | 100.0 | 100.0 |
Ten largest shareholders on 31 December 2025 1
| Class A shares | Class B shares | Percentage of capital | Percentage of votes | |
|---|---|---|---|---|
| AMF Pension & Fonder | - | 165,859,498 | 9.8 | 5.9 |
| Swedbank Robur Fonder | - | 79,505,974 | 4.7 | 2.8 |
| Movestic Livförsäkring AB | - | 68,189,162 | 4.0 | 2.4 |
| Alexander Bjärgård | 37,539,070 | 22,856,471 | 3.6 | 14.2 |
| Vanguard | - | 57,961,274 | 3.4 | 2.1 |
| Futur Pension | - | 55,667,783 | 3.3 | 2.0 |
| Handelsbanken Fonder | - | 52,080,863 | 3.1 | 1.9 |
| Peter Ahlgren | 33,921,910 | 16,428,267 | 3.0 | 12.6 |
| Ronnie Bergström ² | 38,270,254 | 8,998,504 | 2.8 | 13.9 |
| Daniel Kaplan ³ | 15,270,140 | 29,189,905 | 2.6 | 6.5 |
| Total largest shareholders | 125,001,374 | 556,737,701 | 40.4 | 64.3 |
| Other | - | 996,921,144 | 59.1 | 35.5 |
| Treasury shares (repurchased own shares) | - | 8,065,000 | 0.5 | 0.3 |
| Total number of shares | 125,001,374 | 1,561,723,845 | 100.0 | 100.0 |
Source: Monitor by Modular Finance AB
PARENT COMPANY
On 1 September 2025, management activities were transferred from the Parent Company to Storskogen Management AB. The CEO, CFO, IR and treasury function remain in Storskogen Group AB. The change was carried out to streamline operations and areas of responsibility in the HQ function and did not result in material costs for the Group.
The Parent Company generated net sales of SEK 0 million (49) in the fourth quarter, and SEK 117 million (182) for the full year. The decrease in net sales in the fourth quarter was attributable to the abovementioned change. Net sales consist of intra-Group management services, which will mainly be reported in Storskogen Management AB going forward.
Profit amounted to SEK 700 million (216) in the quarter, and SEK 660 million (412) for the year. The improved result compared to the previous year was primarily attributable to higher dividend income, partly counteracted by the strengthened Swedish krona, which had a significant negative impact on intragroup receivables in the period.
RELATED-PARTY TRANSACTIONS
No significant changes have taken place for the Group or the Parent Company in terms of transactions or relationships with related parties compared with what appears in the Annual Report 2024.
OTHER INFORMATION
As from the interim report for the first quarter of 2025, Storskogen is applying an income statement classified by nature of expense instead of the previous income statement classified by function. See the consolidated income statement on p. 12 and Note 1. In the first quarter, the Group's verticals were also regrouped. For more information, see Note 3.
EVENTS AFTER THE END OF THE PERIOD
Jesper Kronstrand was appointed Head of Business Area Services and member of the Executive Management Team. Jesper is succeeding Peter Ahlgren, who previously communicated his wish to gradually scale back his operational engagement.
Chris Pullen was appointed permanent Managing Director of Storskogen UK and a member of the Executive Management Team, after holding the position on an interim basis since May 2025.
Storskogen completed the previously announced repurchase programme regarding Class B shares. Since 6 November 2025, Storskogen has repurchased 8,865,000 own Class B shares for a total amount of approximately SEK 100 million, based on the authorisation from the 2025 Annual General Meeting,
The Nomination Committee proposes Adam Parker as a new Board member at the Annual General Meeting on 6 May 2026, succeeding Robert Belkic, who has declined re-election.
The Board of Directors proposes a dividend of SEK 0.11 per share (0.10)
Stockholm, 10 February 2026
Christer Hansson CEO
This report has not been subject to review by the Company's auditors.
Includes shares held by Ängsmon AB
Includes shares held by Firm Factory AB and Wombat Investments AB
{10}------------------------------------------------
Quarterly data
| SEK m | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|
| Net sales | ||||||
| Services | 2,514 | 2,210 | 2,374 | 2,134 | 2,581 | 2,339 |
| Trade | 2,668 | 2,331 | 2,349 | 2,240 | 2,484 | 2,253 |
| Industry | 3,551 | 3,450 | 3,738 | 3,579 | 3,546 | 3,414 |
| Group operations and eliminations | -9 | -10 | -10 | -13 | -20 | -16 |
| Group total | 8,723 | 7,982 | 8,452 | 7,940 | 8,591 | 7,991 |
| Adjusted EBITA | ||||||
| Services | 270 | 239 | 256 | 236 | 340 | 262 |
| Trade | 228 | 211 | 225 | 168 | 183 | 202 |
| Industry | 360 | 329 | 387 | 350 | 373 | 352 |
| Group operations | -41 | -20 | -25 | -55 | -48 | -33 |
| Group total | 816 | 759 | 843 | 700 | 849 | 783 |
| Adjusted EBITA margin, % | ||||||
| Services | 10.7 | 10.8 | 10.8 | 11.1 | 13.2 | 11.2 |
| Trade | 8.5 | 9.0 | 9.6 | 7.5 | 7.4 | 9.0 |
| Industry | 10.1 | 9.5 | 10.4 | 9.8 | 10.5 | 10.3 |
| Group operations | - | - | - | - | - | - |
| Group total | 9.4 | 9.5 | 10.0 | 8.8 | 9.9 | 9.8 |
| Number of employees, end of period | ||||||
| Services | 3,353 | 3,320 | 3,331 | 3,370 | 3,395 | 3,411 |
| Trade | 1,888 | 2,299 | 2,277 | 2,297 | 2,280 | 2,316 |
| Industry | 5,181 | 5,221 | 5,041 | 5,046 | 5,053 | 5,120 |
| Group operations | 79 | 80 | 77 | 79 | 79 | 83 |
| Group total | 10,501 | 10,920 | 10,726 | 10,792 | 10,807 | 10,930 |
| Number of business units, end of period | ||||||
| Services | 53 | 54 | 52 | 52 | 53 | 53 |
| Trade | 26 | 25 | 25 | 25 | 25 | 25 |
| Industry | 35 | 35 | 35 | 36 | 37 | 38 |
| Group total | 114 | 114 | 112 | 113 | 115 | 116 |
{11}------------------------------------------------
Financial statements
CONSOLIDATED INCOME STATEMENT, CONDENSED 1)
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Net sales | 8,723 | 8,591 | 33,097 | 34,182 |
| Raw materials and supplies | -4,644 | -4,572 | -17,746 | -18,349 |
| Other external expenses | -1,047 | -1,033 | -3,807 | -3,953 |
| Personnel costs | -2,062 | -1,983 | -7,725 | -8,018 |
| Other operating income and expense | 100 | 128 | 322 | 361 |
| EBITDA | 1,070 | 1,132 | 4,141 | 4,223 |
| Depreciation and impairment of tangible assets | -264 | -259 | -1,053 | -1,209 |
| EBITA | 806 | 872 | 3,088 | 3,013 |
| Amortisation and impairment of intangible assets | -176 | -194 | -697 | -1,521 |
| Operating profit (EBIT) | 630 | 678 | 2,391 | 1,492 |
| Net financial items | -173 | -204 | -806 | -999 |
| Profit before tax | 457 | 474 | 1,585 | 493 |
| Income tax | -81 | -87 | -386 | -376 |
| Profit for the period | 375 | 388 | 1,199 | 116 |
| Profit for the year attributable to: | ||||
| Owners of the parent company | 328 | 327 | 1,063 | -52 |
| Non-controlling interests | 47 | 60 | 136 | 168 |
| Basic earnings per share, SEK | 0.19 | 0.20 | 0.63 | -0.03 |
| Diluted earnings per share, SEK | 0.19 | 0.20 | 0.63 | -0.03 |
1) As from the interim report for the first quarter of 2025, Storskogen is applying an income statement classified by nature of expense instead of the previous income statement classified by function. For more information about this change, see Note 1.
For more information on items affecting comparability in the report, see the table on p. 24.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, CONDENSED
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Profit for the period | 375 | 388 | 1,199 | 116 |
| Other comprehensive income | ||||
| Items that will not be reclassified to the income statement | ||||
| Remeasurements of defined benefit pension plans | 34 | 7 | 54 | -13 |
| Total items that will not be transferred to the income statement | 34 | 7 | 54 | -13 |
| Items that have been or may be transferred to the income statement | ||||
| Exchange differences, foreign operations | -259 | 291 | -1,058 | 501 |
| Gains/losses on holding of derivatives for cash flow hedging | 10 | 25 | 15 | 9 |
| Total items that have been or may be transferred to the income statement | -249 | 316 | -1,043 | 510 |
| Other comprehensive income for the period, net of tax | -215 | 323 | -989 | 497 |
| Comprehensive income for the period | 160 | 710 | 210 | 613 |
| Comprehensive income for the period attributable to: | ||||
| Owners of the parent company | 137 | 612 | 233 | 344 |
| Non-controlling interests | 24 | 98 | -23 | 269 |
{12}------------------------------------------------
CONSOLIDATED BALANCE SHEET, CONDENSED
| SEK m | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| Assets | ||
| Goodwill | 18,124 | 18,455 |
| Other intangible assets | 4,886 | 5,483 |
| Property, plant and equipment | 3,565 | 3,781 |
| Right-of-use assets | 1,540 | 1,591 |
| Financial non-current assets | 277 | 307 |
| Pension obligation assets | 18 | 13 |
| Deferred tax assets | 162 | 169 |
| Total non-current assets | 28,572 | 29,797 |
| Inventories | 4,382 | 4,346 |
| Trade receivables | 4,140 | 4,063 |
| Current receivables | 3,030 | 3,075 |
| Current investments | 0 | 0 |
| Cash and cash equivalents | 1,332 | 1,899 |
| Total current assets | 12,884 | 13,383 |
| Total assets | 41,455 | 43,180 |
| Equity and liabilities | ||
| Total equity | 20,599 | 20,807 |
| Interest-bearing non-current liabilities | 8,925 | 8,575 |
| Non-current lease liabilities | 1,102 | 1,114 |
| Provisions for pensions | 221 | 263 |
| Non-interest-bearing non-current liabilities | 380 | 1,167 |
| Provisions | 74 | 81 |
| Deferred tax liabilities | 1,504 | 1,663 |
| Total non-current liabilities | 12,208 | 12,863 |
| Interest-bearing current liabilities | 368 | 1,423 |
| Current lease liabilities | 449 | 492 |
| Trade payables | 2,430 | 2,311 |
| Non-interest-bearing current liabilities | 5,402 | 5,285 |
| Summa kortfristiga skulder | 8,649 | 9,510 |
| Total equity and liabilities | 41,455 | 43,180 |
{13}------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, CONDENSED
| SEK m | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| Opening equity attributable to owners of the parent company | 20,806 | 20,435 |
| Comprehensive income | ||
| Profit for the period | 1,063 | -52 |
| Remeasurements of defined benefit pension plans | 54 | -13 |
| Other comprehensive income for the period | -884 | 409 |
| Comprehensive income for the period | 233 | 344 |
| Transactions with the Group's owners | ||
| Contributions from and value transfers to owners | ||
| Treasury shares (repurchased own shares) | -91 | - |
| Dividends paid | -169 | -152 |
| Conversion of loans in connection with acquisitions of companies | - | 91 |
| Transaction costs on issue of shares, after tax | -1 | 0 |
| Contributed capital from issued share options | 7 | 11 |
| Share-based payment transactions | -29 | 24 |
| Put options attributable to non-controlling interests | -178 | -11 |
| Total contributions from and value transfers to owners | -460 | -37 |
| Changes in ownership of subsidiaries | ||
| Acquisition/divestment of non-controlling interests | 18 | 64 |
| Total changes in ownership of subsidiaries | 18 | 64 |
| Total transactions with the Group's owners | -442 | 27 |
| Closing equity attributable to owners of the parent company | 20,597 | 20,806 |
| Opening equity in non-controlling interests | 1 | 2 |
| Profit for the period | 136 | 168 |
| Other comprehensive income for the period | -159 | 101 |
| Comprehensive income for the period | -23 | 269 |
| Dividends to non-controlling interests | -90 | -78 |
| Acquisition/divestment of non-controlling interests | -482 | -235 |
| Acquisition of business with non-controlling intestest, no controlling interest from before | 52 | 2 |
| Divestment of business with non-controlling interests, controlling interest ends | -45 | -23 |
| Put options attributable to non-controlling interests | 589 | 65 |
| Closing equity in non-controlling interests | 3 | 0 |
| Total equity | 20,599 | 20,807 |
{14}------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT, CONDENSED
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | |
| Profit before tax | 457 | 474 | 1,585 | 493 | |
| Adjustment for non-cash items | 413 | 516 | 1,809 | 2,896 | |
| Income tax paid | 49 | 69 | -392 | -661 | |
| Change in working capital | 232 | 621 | -551 | 370 | |
| Cash flow from operating activities | 1,151 | 1,680 | 2,451 | 3,098 | |
| Net investments in non-current assets | -137 | -229 | -475 | -749 | |
| Business combinations and divestments | -173 | -108 | -759 | -372 | |
| Cash flow from investing activities | -311 | -337 | -1,233 | -1,121 | |
| Treasury shares (repurchased own shares) | -91 | - | -91 | - | |
| Dividend to owners of the parent company | - | - | -169 | -152 | |
| Dividends to minority owners | -7 | -6 | -90 | -78 | |
| Proceeds from borrowings | 149 | 981 | 3,680 | 4,509 | |
| Repayment of borrowings | -478 | -1,578 | -4,314 | -5,391 | |
| Settlement of derivatives related to financing | -62 | 0 | -194 | 0 | |
| Repayment of lease liability | -151 | -142 | -555 | -568 | |
| Other financing activities | 0 | 0 | 6 | 11 | |
| Cash flow from financing activities | -640 | -745 | -1,725 | -1,668 | |
| Cash flow for the period | 201 | 599 | -508 | 309 | |
| Cash and cash equivalents at beginning of period | 1,139 | 1,278 | 1,899 | 1,560 | |
| Exchange rate differences in cash and cash equivalents | -8 | 23 | -60 | 31 | |
| Cash and cash equivalents at end of period | 1,332 | 1,899 | 1,332 | 1,899 |
{15}------------------------------------------------
Notes
NOTE 1 – ACCOUNTING POLICIES, ESTIMATES AND ASSUMPTIONS
Accounting policies
Storskogen applies International Financial Reporting Standards (IFRS), as admitted by the EU. The Group's interim report has been prepared in accordance with the relevant sections of the Annual Accounts Act and IAS 34 Interim Financial Reporting. The Parent Company's interim report has been prepared in accordance with the Annual Accounts Act, Chapter 9: Interim Reporting. The Parent Company applies RFR 2. The same accounting policies and assumptions have been applied for the Group and the Parent Company as in the most recent annual report. No new or amended standards have had or are expected to have any material effect on the Group. All amounts in this report are expressed in millions of Swedish kronor (SEK m) unless otherwise indicated. Rounding differences may occur.
As from the interim report for the first quarter of 2025, Storskogen is applying an income statement classified by nature of expense instead of the previous income statement classified by function. The new statement has not had an impact on the Group's performance measures, such as operating profit (EBIT) or earnings per share. The reason for this change is that the income statement classified by nature of expense provides more relevant information about the Group's expenses and that it is consistent with Storskogen's internal follow-up.
Risks and uncertainties
Storskogen's operations and business units are exposed to risks that may impact the Group. The risks are assessed to be mitigated by the Group's diversified operations and are managed through the Group's finance function and operational business.
A more in-depth account of the risks that the Group is exposed to can be found in Storskogen's Annual and Sustainability Report 2024. Geopolitical and macroeconomic unrest, including ongoing conflicts and geopolitical tension in different parts of the world, may have a certain impact on business units through potential disruptions in operations. Continued escalation or proliferation of such events may lead to increased uncertainty in the world, which in turn may potentially affect Storskogen's results and financial position. Macroeconomic factors such as trade barriers, inflation, sanctions on certain countries, high interest rates, volatile commodity prices and exchange rates, as well as disruptions in distribution and supply chains may also have an impact on the Group's results.
Estimates and assessments
The preparation of the report has required management to make assessments, estimates and assumptions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, income and expenses. Actual outcomes may differ from these estimates and assessments. The critical assessments and sources of uncertainty in estimates are the same as in the most recent annual report.
NOTE 2 – ITEMS BY SEGMENT AND BREAKDOWN OF REVENUE
2025
| Jan-Dec, SEK m | Services | Trade | Industry | Group operations and eliminations |
Total |
|---|---|---|---|---|---|
| Net sales | 9,232 | 9,588 | 14,319 | -42 | 33,097 |
| Raw materials and supplies | -4,214 | -5,817 | -7,767 | 52 | -17,746 |
| Other expenses, incloding other operating income | -3,655 | -2,714 | -4,693 | -148 | -11,210 |
| EBITDA | 1,363 | 1,057 | 1,859 | -138 | 4,141 |
| Depreciation and impairment of tangible assets | -388 | -236 | -418 | -11 | -1,053 |
| EBITA | 975 | 822 | 1,441 | -149 | 3,088 |
| Amortisation and impairment of intangible assets | -198 | -182 | -316 | -0 | -697 |
| Operating profit (EBIT) | 776 | 639 | 1,125 | -149 | 2,391 |
| Net financial items | -27 | -123 | -58 | -599 | -806 |
| Profit before tax | 749 | 517 | 1,067 | -748 | 1,585 |
| Items affecting comparability | 26 | 10 | -15 | 8 | 29 |
| Adjusted EBITA | 1,001 | 831 | 1,426 | -141 | 3,117 |
{16}------------------------------------------------
Net sales, geographical distribution
2025
| Jan-Dec, SEK m | Services | Trade | Industry | Group operations and eliminations |
Total |
|---|---|---|---|---|---|
| Sweden | 6,049 | 4,871 | 4,136 | -42 | 15,014 |
| Denmark | 521 | 474 | 377 | - | 1,372 |
| Finland | 90 | 303 | 249 | - | 642 |
| Germany | 516 | 317 | 1,801 | - | 2,635 |
| Other countries within the EU | 87 | 699 | 1,790 | - | 2,576 |
| Norway | 840 | 1,570 | 671 | - | 3,081 |
| Switzerland | 639 | 392 | 159 | 0 | 1,191 |
| UK | 358 | 935 | 2,185 | - | 3,477 |
| USA | 8 | 8 | 1,864 | - | 1,879 |
| Other countries outside the EU | 126 | 19 | 1,084 | - | 1,229 |
| Total net sales | 9,232 | 9,588 | 14,319 | -42 | 33,097 |
ITEMS BY SEGMENT AND BREAKDOWN OF REVENUE
2024
| Jan-Dec, SEK m | Services | Trade | Industry | Group operations and eliminations |
Total |
|---|---|---|---|---|---|
| Net sales | 10,254 | 9,576 | 14,416 | -64 | 34,182 |
| Raw materials and supplies | -4,853 | -5,799 | -7,764 | 67 | -18,349 |
| Other expenses, incloding other operating income | -3,955 | -2,749 | -4,683 | -224 | -11,610 |
| EBITDA | 1,446 | 1,029 | 1,969 | -221 | 4,223 |
| Depreciation and impairment of tangible assets | -430 | -350 | -416 | -13 | -1,209 |
| EBITA | 1,016 | 679 | 1,553 | -234 | 3,013 |
| Amortisation and impairment of intangible assets | -576 | -623 | -322 | 0 | -1,521 |
| Operating profit (EBIT) | 440 | 56 | 1,231 | -235 | 1,492 |
| Net financial items | -31 | -97 | -50 | -822 | -999 |
| Profit before tax | 409 | -41 | 1,181 | -1,056 | 493 |
| Items affecting comparability | 81 | 122 | -5 | 18 | 216 |
| Adjusted EBITA | 1,097 | 801 | 1,548 | -217 | 3,229 |
Net sales, geographical distribution
2024
| Jan-Dec, SEK m | Services | Trade | Industry | Group operations and eliminations |
Total |
|---|---|---|---|---|---|
| Sweden | 6,704 | 4,898 | 4,180 | -64 | 15,717 |
| Denmark | 568 | 374 | 376 | - | 1,318 |
| Finland | 84 | 266 | 135 | - | 485 |
| Germany | 541 | 348 | 1,983 | 0 | 2,872 |
| Other countries within the EU | 247 | 695 | 1,781 | - | 2,724 |
| Norway | 913 | 1,500 | 766 | - | 3,180 |
| Switzerland | 701 | 428 | 551 | 0 | 1,680 |
| UK | 364 | 1,046 | 1,937 | - | 3,347 |
| USA | 5 | 2 | 1,647 | - | 1,653 |
| Other countries outside the EU | 127 | 21 | 1,059 | - | 1,207 |
| Total net sales | 10,254 | 9,576 | 14,416 | -64 | 34,182 |
{17}------------------------------------------------
NOTE 3 – REVENUE FROM CUSTOMER CONTRACTS
Net sales by vertical 1
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | |
| Business Services | 1,032 | 1,006 | 3,922 | 4,275 | |
| Infrastructure Services | 1,493 | 1,584 | 5,345 | 6,017 | |
| Intragroup sales within the business area | -11 | -8 | -34 | -38 | |
| Total, Services segment | 2,514 | 2,581 | 9,232 | 10,254 | |
| Consumer Products | 1,776 | 1,617 | 6,413 | 6,252 | |
| Professional Products | 898 | 871 | 3,194 | 3,341 | |
| Intragroup sales within the business area | -5 | -5 | -19 | -17 | |
| Total, Trade segment | 2,668 | 2,484 | 9,588 | 9,576 | |
| Automation | 1,182 | 1,164 | 4,710 | 4,483 | |
| Industrial Technologies | 1,334 | 1,308 | 5,359 | 5,354 | |
| Product Solutions | 1,044 | 1,083 | 4,279 | 4,613 | |
| Intragroup sales within the business area | -9 | -8 | -30 | -35 | |
| Total, Industry segment | 3,551 | 3,546 | 14,319 | 14,416 | |
| Intragroup sales eliminations | -9 | -20 | -42 | -64 | |
| Total | 8,723 | 8,591 | 33,097 | 34,182 |
1As from the first quarter 2025, the Group verticals have been regrouped within each business area, with the aim of streamlining, clarifying and harmonising the classification of business units based on how they are operationally interconnected. The new verticals constitute the Group's cash generating units. The comparative figures in the table above have been recalculated in line with the new vertical grouping.
Please visit www.storskogen.com for a more detailed overview of which business units are included in each vertical.
Timing of revenue recognition
| Jan-Dec | ||
|---|---|---|
| SEK m | 2025 | 2024 |
| Goods and services transferred at a point in time | ||
| Services | 6,276 | 6,756 |
| Trade | 9,559 | 9,470 |
| Industry | 10,853 | 11,480 |
| Sum goods and services transferred at a point in time | 26,688 | 27,706 |
| Goods and services transferred over time | ||
| Services | 2,956 | 3,498 |
| Trade | 29 | 107 |
| Industry | 3,466 | 2,936 |
| Sum goods and services transferred over time | 6,451 | 6,540 |
| Group operations and eliminations | -42 | -64 |
| Total | 33,097 | 34,182 |
NOTE 4 – BUSINESS COMBINATIONS
Preliminary purchase price allocation for the year
Refers to acquisitions completed during the period January to December 2025:
| SEK m | Services | Trade | Industry | Total |
|---|---|---|---|---|
| Intangible assets | 145 | 91 | 10 | 245 |
| Other non-current assets | 57 | 2 | 2 | 61 |
| Inventories | 0 | 21 | 3 | 25 |
| Other current assets | 38 | 25 | 21 | 83 |
| Cash and cash equivalents | 102 | 39 | -1 | 140 |
| Deferred tax assets/tax liabilities | -32 | -18 | -3 | -52 |
| Liabilities to credit institutions | -6 | - | -2 | -8 |
| Other liabilities | -142 | -20 | -12 | -174 |
| Acquired net assets | 162 | 139 | 19 | 320 |
| Goodwill | 129 | 89 | 66 | 284 |
| Non-controlling interests | -7 | -46 | - | -52 |
| Purchase price including contingent consideration | 285 | 183 | 85 | 552 |
| Less cash and cash equivalents in acquired operations | -102 | -39 | 1 | -140 |
| Less unpaid contingent consideration | -27 | -18 | 0 | -45 |
| Less unpaid initial purchase price | -2 | - | -7 | -10 |
| Effect on consolidated cash and cash equivalents | 154 | 126 | 78 | 358 |
{18}------------------------------------------------
Purchase considerations and assessments
Purchase considerations for acquisitions in the period totalled SEK 552 million, of which SEK 284 million has been recognised as goodwill, including adjustments of preliminary purchase price allocation from previous years. The impact of business combinations on the Group's cash and cash equivalents was SEK -358 million. No material changes were made during the period to the Group's purchase price allocation for previous years' acquisitions. The purchase price allocation related to recently completed acquisitions may be subject to adjustment within the measurement period defined by IFRS 3, during which new or corrected information may affect the final purchase price allocation. All acquisitions have been reported using the acquisition method.
Total cash flow from business combinations and divestments
Cash flow from business combinations and divestments were impacted in their entirety by the following transactions.
| SEK m | |
|---|---|
| Business combinations | -358 |
| Acquisition of minority shares | -477 |
| Divestment of minority shares | 13 |
| Paid contingent considerations, acquisitions | -32 |
| previous years | |
| Divestment of operations | 95 |
| Cash flow from business combinations and | -759 |
| divestments |
Goodwill
At business combinations where transferred compensation exceeds the fair value of acquired assets and gained liabilities reported separately, the difference is recognised as goodwill. In the fourth quarter, impairment testing was carried out for all cash-generating units in the Group and no additional need for impairment was identified.
| Change in the Group's |
Opening | Aquisit | Divestm | Currency | Closing | |
|---|---|---|---|---|---|---|
| goodwill, SEK m | balance | ions | Impairment | ents | effects | balance |
| Goodwill | 18,455 | 284 | - | -131 | -485 | 18,124 |
Other identified surplus values
The amounts recognised for intangible assets, such as customer relationships, brands, technology, licenses, and inventory have been measured at the discounted value of future cash flows. Other assets that have been identified and recognised at acquisitions, during the year or earlier, relate to buildings and inventory. For more information about depreciation times, see the latest annual report.
Acquisition-related expenses
Acquisition-related expenses consist of fees to advisers in connection with due diligence. These expenses are recognised as administrative expenses in the income statement. Acquisitionrelated expenses for acquisitions during the year totalled SEK 5 million (0).
Contingent considerations
At the time of the transaction, a contingent consideration is measured at fair value by calculating the present value of the likely outcome using a discount rate of 11.4 percent (10.2 percent on 31 December 2024). The likely outcome is based on the Group's projections for the respective entity and is dependent on future earnings generated by the entity, with a set maximum. The discounted value of unpaid contingent considerations for the period's acquisitions is SEK 45 million (1), while the total liability recognised for discounted contingent considerations on 31 December 2025 was SEK 75 million (57).
Non-controlling interests
The Group measures holdings where it does not have a controlling interest at fair value based on full goodwill using the latest known market value, which is defined as the purchase price in respective acquisition.
Acquisition-related disclosures
The business combinations during the period consist of both asset and share acquisitions.
Effect of acquisitions on the consolidated statement of profit or loss for January-December 2025
| Services | Total | ||
|---|---|---|---|
| 83 | 20 | 37 | 140 |
| 20 | -1 | 9 | 28 |
| 12 | -3 | 4 | 13 |
| 398 | |||
| 47 | 22 | 10 | 80 |
| 36 | 12 | 6 | 54 |
| 189 | 131 | Trade Industry 78 |
{19}------------------------------------------------
NOTE 5 - THE GROUP'S MEASUREMENT OF FINANCIAL ASSETS AND LIABILITIES
| 31 Dec 2025 | 31 Dec 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Financial | Financial | |||||||
| assets | Financial | assets | Financial | |||||
| measured | assets | measured | assets | |||||
| Financial | at fair value | measured | Financial | at fair value | measured | |||
| assets | through | at fair value | Total | assets | through | at fair value | Total | |
| measured at | profit or | through | carrying | measured at | profit or | through | carrying | |
| Financial assets, SEK m | amortised cost | loss | OCI | amount | amortised cost | loss | OCI | amount |
| Financial non-current assets | 227 | 49 | 1 | 277 | 269 | 37 | 1 | 307 |
| Trade receivables | 4,140 | - | - | 4,140 | 4,063 | - | - | 4,063 |
| Current receivables | 871 | 6 | - | 876 | 832 | 15 | - | 847 |
| Current investments | - | 0 | - | 0 | - | 0 | - | 0 |
| Cash and cash equivalents | 1,332 | - | - | 1,332 | 1,899 | - | - | 1,899 |
| Total | 6,569 | 55 | 1 | 6,625 | 7,063 | 52 | 1 | 7,116 |
| 31 Dec 2025 | 31 Dec 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Financial | Financial | Financial | Financial | |||||
| liabilities | liabilities | liabilities | liabilities | |||||
| measured | measured | measured | measured | |||||
| Financial | at fair value | at fair value | Financial | at fair value | at fair value | |||
| liabilities | through | through | Total | liabilities | through | through | Total | |
| measured at | profit or | OCI / | carrying | measured at | profit or | OCI / | carrying | |
| Financial liabilities, SEK m | amortised cost | loss | Equity ¹ | amount | amortised cost | loss | Equity ¹ | amount |
| Interest-bearing non-current liabilities | 8,911 | - | 14 | 8,925 | 8,520 | - | 55 | 8,575 |
| Non-interest-bearing non-current liabilities | 36 | 50 | 294 | 380 | 39 | 42 | 1,086 | 1,167 |
| Interest-bearing current liabilities | 329 | 15 | 24 | 368 | 1,415 | 5 | 2 | 1,423 |
| Trade payables | 2,430 | - | - | 2,430 | 2,311 | - | - | 2,311 |
| Non-interest-bearing current liabilities | 2,384 | 25 | 1,178 | 3,588 | 2,355 | 15 | 797 | 3,167 |
| Total | 14,091 | 90 | 1,510 | 15,692 | 14,640 | 62 | 1,940 | 16,642 |
¹The total liability measured through OCI amounted to SEK 38 million (57) and refers to interest rate derivatives. The total liability measured through equity amounts to SEK 1,473 million (1,883) and refers to the Group's minority option liability. For further information on the assessments and application of accounting principles regarding to the minority option liability, see the 2024 Annual Report.
Fair value measurement
Fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The following tables show how financial instruments are measured at fair value in accordance with the fair value hierarchy.
The various levels in the hierarchy are defined as follows:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 – Input data other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as price quotations) or indirectly (i.e. originating from price quotations)
Level 3 – Input data for the asset or liability that are not based on observable market data (i.e. unobservable input data)
Fair value for informational purposes
The carrying amounts of assets and liabilities measured at amortised cost are considered an accurate approximation of their fair values. Given the short fixed interest-rate periods and the maturity of the items, calculations indicate that the difference between amortised cost and fair value is not significant.
| 31 Dec 2025 | 31 Dec 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Difference in fair value and book value, related to Total |
Difference in fair value and book value, |
|||||||||||
| related to | Total | |||||||||||
| market quoted | carrying | market quoted | carrying | |||||||||
| Financial assets, SEK m | Level 1 Level 2 Level 3 Other ¹ | bonds | amount | Level 1 Level 2 Level 3 Other ¹ | bonds | amount | ||||||
| Financial non-current assets | - | 1 | - | 276 | - | 277 | - | 1 | - | 306 | - | 307 |
| Trade receivables | - | - | - | 4,140 | - | 4,140 | - | - | - | 4,063 | - | 4,063 |
| Current receivables | - | 6 | - | 871 | - | 876 | - | 15 | - | 832 | - | 847 |
| Current investments | 0 | - | - | - | - | 0 | 0 | - | - | - | - | 0 |
| Cash and cash equivalents | 1,332 | - | - | - | - | 1,332 | 1,899 | - | - | - | - | 1,899 |
| Total | 1,332 | 7 | - | 5,286 | - | 6,625 | 1,900 | 16 | - | 5,201 | - | 7,116 |
{20}------------------------------------------------
31 Dec 2025 31 Dec 2024
| Difference in | Difference in | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| fair value and | fair value and | |||||||||||
| book value, | book value, | |||||||||||
| related to | Total | related to | Total | |||||||||
| market quoted | carrying | market quoted | carrying | |||||||||
| Financial liabilities, SEK m | Level 1 Level 2 Level 3 Other ¹ | bonds | amount | Level 1 Level 2 Level 3 Other ¹ | bonds | amount | ||||||
| Interest-bearing non-current | 4,864 | 4,190 | -129 | 8,925 | 4,707 | 4,049 | -181 | 8,575 | ||||
| liabilities | - | - | - | - | ||||||||
| Non-interest-bearing non-current | 344 | 36 | 380 | 1,128 | 39 | 1,167 | ||||||
| liabilities | - | - | - | - | - | - | ||||||
| Interest-bearing current liabilities | - | 39 | - | 329 | - | 368 | - | 855 | - | 575 | -8 | 1,423 |
| Trade payables | - | - | - | 2,430 | - | 2,430 | - | - | - | 2,311 | - | 2,311 |
| Non-interest-bearing current | ||||||||||||
| liabilities | - | - | 1,204 | 2,384 | - | 3,588 | - | - | 812 | 2,355 | - | 3,167 |
| Total | - | 4,903 | 1,548 | 9,370 | -129 | 15,692 | - | 5,562 | 1,940 | 9,329 | -188 | 16,642 |
To enable reconciliation with items in the balance sheet, financial instruments not measured at fair value have been included in 'Other'.
Level 2 derivatives have been measured at fair value based on data from counterparty. Bonds in level 2 have been valued at fair value via derivation from price quotations.
| Paid / Net purchase or sale |
||||||
|---|---|---|---|---|---|---|
| of minority | Remeasured / | Exchange | ||||
| Change in financial liabilities Level 3, SEK m | OB | Aquisition | interests | present value | difference | CB |
| Contingent considerations | 57 | 45 | -32 | 10 | -4 | 75 |
| Minority options | 1,883 | 52 | -464 | 83 | -81 | 1,473 |
| Total | 1,940 | 1,549 |
The fair value of contingent considerations and minority options has been calculated on the basis of expected outcome against the targets set out in the contracts, using a discount rate of 11.4 percent (10.2 percent on 31 December 2024).
NOTE 6 – EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net profit for the period attributable to the owners of the Parent Company by the weighted average number of shares outstanding during the period.
When calculating diluted earnings per share, the dilution effect of potential shares and the weighted average of the additional
shares that would have been outstanding in a conversion of all potential shares are taken into account. In accordance with the Company's Articles of Association, each share of Class A and Class B carry equal rights to the Company's assets and profits.
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| SEK | 2025 | 2024 | 2025 | 2024 |
| Earnings per share | ||||
| Basic earnings per share, SEK | 0.19 | 0.20 | 0.63 | -0.03 |
| Diluted earnings per share, SEK | 0.19 | 0.20 | 0.63 | -0.03 |
| SEK m | ||||
| Net profit for the period attributable to owners of the parent company | ||||
| Net profit for the period attributable to owners of the parent company | 328 | 327 | 1,063 | -52 |
| Number | ||||
| Weighted average number of shares used in calculating earnings per share after dilution |
||||
| Weighted average number of shares, Class A shares | 131,456,930 | 142,001,374 | 134,476,374 | 142,001,374 |
| Weighted average number of shares, Class B shares | 1,552,490,789 | 1,544,985,906 | 1,551,554,470 | 1,545,307,105 |
| Total weighted average number of shares | 1,683,947,719 | 1,686,987,280 | 1,686,030,844 | 1,687,308,479 |
{21}------------------------------------------------
PERFORMANCE MEASURES
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Net sales | 8,723 | 8,591 | 33,097 | 34,182 |
| Adjusted EBITDA | 1,080 | 1,108 | 4,170 | 4,303 |
| Adjusted EBITA | 816 | 849 | 3,117 | 3,229 |
| Adjusted EBITA margin, % | 9.4 | 9.9 | 9.4 | 9.4 |
| Operating profit | 630 | 678 | 2,391 | 1,492 |
| Operating margin, % | 7.2 | 7.9 | 7.2 | 4.4 |
| Profit before tax | 457 | 474 | 1,585 | 493 |
| Profit for the period | 375 | 388 | 1,199 | 116 |
| Working capital | 5,015 | 5,169 | 5,015 | 5,169 |
| Return on working capital, % (12 months) | 62.2 | 62.5 | 62.2 | 62.5 |
| Return on equity, % (12 months) | 5.8 | 0.6 | 5.8 | 0.6 |
| Return on equity, adjusted, % (12 months) | 6.4 | 5.6 | 6.4 | 5.6 |
| Return on capital employed, % (12 months) | 10.2 | 10.4 | 10.2 | 10.4 |
| Equity/assets ratio, % | 49.7 | 48.2 | 49.7 | 48.2 |
| Interest-bearing net debt | 9,513 | 9,693 | 9,513 | 9,693 |
| Net debt | 11,061 | 11,633 | 11,061 | 11,633 |
| Debt/equity ratio, x | 0.5 | 0.6 | 0.5 | 0.6 |
| Interest-bearing net debt/adjusted RTM EBITDA (12 months), x | 2.3 | 2.3 | 2.3 | 2.3 |
| Interest coverage ratio, x | 3.9 | 3.2 | 3.2 | 1.7 |
| Average number of employees | 10,173 | 10,815 | 10,173 | 10,815 |
| Number of employees at end of period | 10,501 | 10,807 | 10,501 | 10,807 |
| Cash flow from operating activities | 1,151 | 1,680 | 2,451 | 3,098 |
| Adjusted cash conversion, % | 105.7 | 137.2 | 73.8 | 94.3 |
| Basic earnings per share, SEK | 0.19 | 0.20 | 0.63 | -0.03 |
| Diluted earnings per share, SEK | 0.19 | 0.20 | 0.63 | -0.03 |
| Adjusted diluted earnings per share, SEK | 0.20 | 0.19 | 0.70 | 0.57 |
| Items affecting comparability, EBITA | -10 | 23 | -29 | -216 |
| Items affecting comparability, profit for the period | -10 | 12 | -109 | -1,019 |
{22}------------------------------------------------
Parent company
PARENT COMPANY STATEMENT OF PROFIT OR LOSS, CONDENSED
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Net sales | 0 | 49 | 117 | 182 |
| Administrative expenses | -2 | -62 | -167 | -307 |
| Other operating income | 0 | 0 | 0 | 1 |
| Other operating expenses | 0 | 0 | 0 | 0 |
| Operating profit | -2 | -13 | -50 | -124 |
| Financial income and expenses | 468 | 239 | 491 | 597 |
| Profit after financial items | 466 | 227 | 441 | 473 |
| Appropriations | 239 | -46 | 219 | -46 |
| Tax | -5 | 35 | 0 | -15 |
| Profit for the period | 700 | 216 | 660 | 412 |
PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Profit for the period | 700 | 216 | 660 | 412 |
| Comprehensive income for the period | 700 | 216 | 660 | 412 |
PARENT COMPANY BALANCE SHEET, CONDENSED
| SEK m | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| Assets | ||
| Intangible assets | 0 | 0 |
| Property, plant and equipment | 1 | 1 |
| Financial assets | 29,204 | 28,851 |
| Total non-current assets | 29,206 | 28,852 |
| Current receivables | 4,584 | 4,290 |
| Cash and cash equivalents | 775 | 1,259 |
| Total current assets | 5,359 | 5,548 |
| Total assets | 34,564 | 34,400 |
| Equity and liabilities | ||
| Restricted equity | 1 | 1 |
| Unrestricted equity | 18,647 | 18,259 |
| Total equity | 18,648 | 18,260 |
| Non-current liabilities | 8,716 | 8,405 |
| Current liabilities | 7,200 | 7,736 |
| Total equity and liabilities | 34,564 | 34,400 |
{23}------------------------------------------------
Definitions of alternative performance measures
ALTERNATIVE PERFORMANCE MEASURES
Storskogen presents a number of alternative performance measures that are not defined in accordance with IFRS. The Company considers these measures to provide valuable supplementary information to investors and the Company's management, as they allow an evaluation of trends and the Company's performance. As not all companies calculate these measures in the same way, they are not always comparable with those used by other companies. These financial measures should therefore not be seen as a replacement for measures defined according to IFRS. A selection of definitions of Storskogen's alternative performance measures are presented below. More detailed definitions can be found in the latest annual report. In addition, a Factbook with an overview of all alternative performance measures is published in connection with each interim report.
RETURN ON EQUITY
The purpose is to analyse profitability in relation to equity attributable to the Parent Company shareholders.
| Jan-Dec | ||
|---|---|---|
| SEK m | 2025 | 2024 |
| Profit for the period | 1,199 | 116 |
| Equity (Average of last 12 months) | 20,540 | 20,393 |
| Return on equity, % | 5.8 | 0.6 |
RETURN ON EQUITY, ADJUSTED
The purpose is to analyse profitability in relation to equity attributable to the Parent Company shareholders, adjusted for items affecting comparability.
| Jan-Dec | ||
|---|---|---|
| SEK m | 2025 | 2024 |
| Profit for the period | 1,199 | 116 |
| Reversal of items affecting comparability, profit for the period | 109 | 1,019 |
| Profit for the period, adjusted | 1,308 | 1,135 |
| Equity (Average of last 12 months) | 20,540 | 20,393 |
| Return on equity, adjusted, % | 6.4 | 5.6 |
RETURN ON WORKING CAPITAL
The purpose is to analyse profitability in relation to working capital.
| Jan-Dec | ||
|---|---|---|
| SEK m | 2025 | 2024 |
| Adjusted EBITA | 3,117 | 3,229 |
| Working capital (Average of last 12 months) | 5,015 | 5,169 |
| Return on working capital, % | 62.2 | 62.5 |
RETURN ON CAPITAL EMPLOYED
The purpose is to analyse profitability in relation to capital employed. As from the first quarter 2025, a new definition of the performance measure is applied. The performance measure adjusted EBITA replaces the previously used operating profit plus interest income. In addition, in the definition of capital employed, current investments and cash and cash equivalents are excluded. According to the previous definition, return on capital employed would have been 7.7 percent (4.7).
| Jan-Dec | ||
|---|---|---|
| SEK m | 2025 | 2024 |
| Adjusted EBITA | 3,117 | 3,229 |
| Capital employed (Average of last 12 months) | 30,446 | 31,126 |
| Return on capital employed, % | 10.2 | 10.4 |
NET FINANCIAL ITEMS
The purpose is to present developments in the Group's financial activities.
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Interest income | 16 | -1 | 61 | 51 |
| Interest expenses | -164 | -213 | -768 | -934 |
| Financial expenses | -14 | -10 | -50 | -100 |
| Exchange rate changes and other | -11 | 20 | -49 | -16 |
| Net financial items | -173 | -204 | -806 | -999 |
{24}------------------------------------------------
ADJUSTED EBITA
The purpose is to assess the Group's operating activities. Adjusted EBITA facilitates comparison of EBITA between periods.
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| EBITA | 806 | 872 | 3,088 | 3,013 |
| Reversal of items affecting comparability, EBITA | 10 | -23 | 29 | 216 |
| Adjusted EBITA | 816 | 849 | 3,117 | 3,229 |
ADJUSTED EBITA MARGIN
The purpose is to give an indication of profitability in relation to sales.
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | |
| Adjusted EBITA | 816 | 849 | 3,117 | 3,229 | |
| Net sales | 8,723 | 8,591 | 33,097 | 34,182 | |
| Adjusted EBITA margin, % | 9.4 | 9.9 | 9.4 | 9.4 |
ADJUSTED CASH CONVERSION
The purpose is to analyse cash conversion. As from the first quarter 2025, a new definition of the performance measure is applied. In the updated definition, net investments in intangible assets are included in the definition of Capex. According to the previous definition, adjusted cash conversion would have been 110 percent (140) for the quarter, and 76 percent for the past 12-month period.
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Adjusted EBITDA | 1,080 | 1,108 | 4,170 | 4,303 |
| Change in working capital | 232 | 621 | -551 | 370 |
| Cash flow from net investments in non-current assets defined as Capex | -171 | -209 | -542 | -614 |
| Operating cash flow | 1,141 | 1,521 | 3,077 | 4,060 |
| Adjusted EBITDA | 1,080 | 1,108 | 4,170 | 4,303 |
| Adjusted cash conversion, % | 105.7 | 137.2 | 73.8 | 94.3 |
ADJUSTED DILUTED EARNINGS PER SHARE
The purpose is to facilitate comparison of earnings per share between periods.
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net profit for the period attributable to owners of the parent company, SEK m | 328 | 327 | 1,063 | -52 |
| Reversal of items affecting comparability, SEK m | 10 | -12 | 109 | 1,019 |
| Total | 338 | 316 | 1,172 | 967 |
| Total weighted average number of shares after dilution, millions | 1,684 | 1,687 | 1,686 | 1,687 |
| Adjusted diluted earnings per share, SEK | 0.20 | 0.19 | 0.70 | 0.57 |
ITEMS AFFECTING COMPARABILITY
Exclusion of items affecting comparability facilitates comparisons of the profit between periods.
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Remeasurement of contingent considerations | 1 | -2 | -10 | -12 |
| Stamp tax on foreign business combinations | -3 | 0 | -3 | -3 |
| Central restructuring costs | 0 | 4 | -9 | -15 |
| Capital gain/loss from divestment of business | -7 | 21 | -7 | -50 |
| Items affecting comparability, EBITDA | -10 | 23 | -29 | -81 |
| Impairment of tangible fixed assets | - | - | - | -135 |
| Items affecting comparability, EBITA | -10 | 23 | -29 | -216 |
| Impairment of intangible fixed assets | - | - | - | -731 |
| Items affecting comparability, EBIT | -10 | 23 | -29 | -947 |
| Financial one-off costs (related to divestment of business), before tax | - | - | - | -20 |
| One-off items related to refinancing of interest-bearing liabilities, before tax | - | -12 | -80 | -52 |
| Items affecting comparability, profit for the period | -10 | 12 | -109 | -1,019 |
{25}------------------------------------------------
INTEREST-BEARING NET DEBT
The purpose is to provide an alternative measure of the Group's debt/equity ratio. The performance measure gives an indication of the Group's financial target with regard to net debt in relation to RTM adjusted EBITDA.
| SEK m | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| Interest-bearing liabilities | 9,293 | 9,998 |
| Lease liabilities | 1,551 | 1,606 |
| Pension provisions, net | 204 | 251 |
| Financial assets | -203 | -263 |
| Current investments | 0 | 0 |
| Cash and cash equivalents | -1,332 | -1,899 |
| Interest-bearing net debt | 9,514 | 9,693 |
INTEREST-BEARING NET DEBT/RTM ADJUSTED EBITDA (12 MONTH)
The purpose is to provide an indication of the Group's ability to pay its debts. The performance measure gives an indication of the Group's financial target with regard to net debt in relation to RTM adjusted EBITDA.
| SEK m | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| Interest-bearing net debt | 9,513 | 9,693 |
| RTM adjusted EBITDA | 4,166 | 4,258 |
| Interest-bearing net debt/RTM adjusted EBITDA, x | 2.3 | 2.3 |
NET DEBT
The purpose is to provide an alternative measure of the Group's debt/equity ratio.
| SEK m | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| Interest-bearing liabilities | 9,293 | 9,998 |
| Lease liabilities | 1,551 | 1,606 |
| Pension provisions, net | 204 | 251 |
| Contingent consideration liabilities | 75 | 57 |
| Minority options | 1,473 | 1,883 |
| Financial assets | -203 | -263 |
| Current investments | 0 | 0 |
| Cash and cash equivalents | -1,332 | -1,899 |
| Net debt | 11,061 | 11,633 |
ORGANIC EBITA GROWTH
Changes in EBITA, excluding exchange rate translation, acquisition and divestment effects, and adjusted for Group operations, relative to the same period last year. Acquired entities are included in organic EBITA growth once they have been part of the Group for the full comparative period, divested companies are excluded from both periods once they have been divested.
Exchange rate translation effects, which are excluded from the organic calculation, refer to translation of the income statement, while transaction effects related to remeasurements in the balance sheet are not excluded.
The purpose is to analyse underlying growth in operating profit.
ORGANIC NET SALES GROWTH (ORGANIC GROWTH)
Changes in net sales, excluding exchange rate translation, acquisition and divestment effects, relative to the same period last year. Acquired entities are included in organic growth once they have been part of the Group for the full comparative period, divested companies are excluded from both periods once they have been divested. The purpose is to analyse underlying growth in net sales.
INTEREST COVERAGE RATIO
The purpose is to present profit in relation to interest expenses, which is a measure of the Group's capacity to cover its interest expenses.
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Operating profit | 630 | 678 | 2,391 | 1,492 |
| Interest income | 16 | -1 | 61 | 51 |
| Operating profit including interest income | 646 | 677 | 2,452 | 1,543 |
| Interest expenses | -164 | -213 | -768 | -934 |
| Interest coverage ratio, x | 3.9 | 3.2 | 3.2 | 1.7 |
{26}------------------------------------------------
WORKING CAPITAL
The purpose is to analyse the capital tied up in the balance sheet by the Group's operating activities. The components are calculated as the average for the previous 12-month period.
| Jan-Dec | |||
|---|---|---|---|
| SEK m | 2025 | 2024 | |
| Inventories | 4,420 | 4,517 | |
| Trade receivables | 4,195 | 4,596 | |
| Other current receivables | 2,654 | 2,683 | |
| Trade payables | -2,584 | -2,630 | |
| Other current liabilities | -3,669 | -3,996 | |
| Working capital (Average of last 12 months) | 5,015 | 5,169 |
DEBT/EQUITY RATIO
The purpose is to show the size of debt in relation to equity, i.e. a measure of capital strength and financial risk.
| SEK m | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| Net debt | 11,061 | 11,633 |
| Equity | 20,599 | 20,807 |
| Debt/equity ratio, x | 0.5 | 0.6 |
EQUITY/ASSETS RATIO
The purpose is to show the proportion of assets that are financed with equity.
| SEK m | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| Equity | 20,599 | 20,807 |
| Total assets | 41,455 | 43,180 |
| Equity/assets ratio, % | 49.7 | 48.2 |
CAPITAL EMPLOYED
The purpose is to track the amount of capital that is employed in operations and financed by shareholders and lenders. As from the first quarter 2025, a new definition of the performance measure is applied. In the updated definition, capital employed is calculated with deduction for current investments and cash and cash equivalents. According to the previous definition, return on capital employed would have been SEK 31,767 million (32,654). All components in the table are calculated as the average for the past 12-month period.
| Jan-Dec | ||
|---|---|---|
| SEK m | 2025 | 2024 |
| Total assets | 42,208 | 44,011 |
| Non-interest-bearing liabilities | -8,546 | -9,267 |
| Provisions | -1,895 | -2,090 |
| Current investments & Cash and cash equivalents | -1,321 | -1,529 |
| Capital employed (Average of last 12 months) | 30,446 | 31,126 |
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ABOUT STORSKOGEN
Storskogen is an international group of businesses across trade, industry and services. With a long-term ownership horizon, Storskogen acquires and develops leading small and medium-sized businesses in selected industries. The company has approximately 10,500 employees and generates net sales of SEK 33 billion. Storskogen is listed on Nasdaq Stockholm. www.storskogen.com
MISSION
Our mission is to empower businesses to realise their full potential.
VISION
Our vision is to be the leading international owner of small and medium-sized businesses.
FINANCIAL TARGETS 2025-2027
Adjusted EBITA margin (LTM) >10%
Adjusted cash conversion (LTM) >70%
Adjusted EBITA growth (CAGR) 15%
Interest-bearing net debt/RTM adjusted EBITDA 2.0–3.0x
FINANCIAL CALENDAR
Annual and Sustainability Report 2025 Week 15, 2026 Interim Report Q1 2026 29 April 2026 Annual General Meeting 2026 6 May 2026 Interim Report Q2 2026 11 August 2026 Interim Report Q3 2026 23 October 2026
CONTACT INFORMATION
Andreas Lindblom Head of Investor Relations [email protected] +46 72-506 14 22
STORSKOGEN GROUP AB (PUBL.)
CIN: 559223-8694 Visiting address: Hovslagargatan 3 111 48 Stockholm
This report is also published in Swedish. In case of discrepancies between the Swedish and English versions, the Swedish version shall prevail.
