Year-end report January - December 2025
" Our efficiency improvements, strategic acquisitions and strengthened positions are once again showing that the Inwido model is working well, and we have a solid foundation ahead of 2026. "
Fourth quarter
- Net sales rose to SEK 2,440 million (2,423), up 1 percent. Organic growth amounted to +3 percent.
- Adjusted for currency, the total order intake decreased by 10 percent (down 12 percent organically), while the order backlog as per December 31 fell by 9 percent to SEK 2,272 million (2,490). Adjusted for the project order amounting to GBP 22.5 million that was received in the UK in the corresponding period of the preceding year, organic order intake was slightly higher compared to the corresponding period in the preceding year.
- Operating EBITA rose to SEK 298 million (296) and the operating EBITA margin amounted to 12.2 percent (12.2).
- EBIT increased to SEK 262 million (261) and the EBIT margin amounted to 10.7 percent (10.8).
- Earnings per share before and after dilution amounted to SEK 2.87 (3.17) and SEK 2.87 (3.16) respectively.
- Net debt amounted to a multiple of 1.7 in relation to operating EBITDA (1.4 excluding IFRS 16). Adjusted for the full-year results of the acquired companies, the operating net debt was a multiple of 1.5 EBITDA (1.3 excluding IFRS 16).
- Three acquisitions were signed in the quarter: Fast Frame and Victorian House Window Group in the UK, and AJM Group in Slovenia.
January-December 2025
- Net sales increased to SEK 9,002 million (8,838), up 2 percent. Organic growth amounted to +4 percent.
- Operating EBITA totaled SEK 941 million (953) and the operating EBITA margin amounted to 10.5 percent (10.8).
- EBIT amounted to SEK 832 million (850) and the EBIT margin amounted to 9.2 percent (9.6).
- Return on operating capital amounted to 12.4 percent (12.7).
- Earnings per share before and after dilution amounted to SEK 8.87 (9.29) and SEK 8.85 (9.26) respectively.
- The Board of Directors proposes a dividend of SEK 5.50 (5.50).
CEO comments:
The market climate has remained tough, yet Inwido has managed to maintain stable earnings despite low volumes, an unfavorable sales mix and headwinds from a strong Swedish krona. We are achieving this without compromising on our margins or delivery precision, and are working actively on cost efficiency, portfolio optimization and value-based pricing. With a strengthened position and operational platform, as well as leverage in respect of investments made, we continue to execute on our strategic plan.
Over the quarter, net sales increased to SEK 2,440 million (2,423) and organic growth increased by 3 percent. Organic order intake in the market segment Consumer is positive, and adjusted for the record order received on the project side in the corresponding quarter last year, order intake as a whole is slightly higher in the quarter. The operating EBITA margin is unchanged, which is a positive trend compared to the previous quarter.
The market
Downsizing and structural changes implemented in both Finland and Business Area e-Commerce in the third quarter took full effect in the fourth quarter. The results of this are clearly visible in Business Area e-Commerce, which significantly improved its margin despite lower invoicing. We are continuing to implement cost efficiency measures in several business units due to the continued uncertainty and low visibility regarding the demand trend as a result of geopolitical turmoil and volatile markets.
Another positive in the quarter is the fact that, despite changes and efficiency measures in the business units, Inwido continues to be viewed as an attractive employer. The results of the annual employee satisfaction survey in 2025 were the best ever, with an index increasing to 77 percent, up 2 percentage points compared to the previous year, and an impressive 92 percent response rate. I would like to extend my warmest thanks to all our employees who contribute every day with high commitment and hard work to make Inwido a unique workplace.
Acquisitions
During the year, Inwido's greenhouse gas emissions decreased by 21 percent for scope 1, 2 and 3, compared to the base year 2022. An important contributory factor is the positive cooperation with several of Inwido's suppliers. A workplace without lost time accidents is a key sustainability indicator within the Group. At the end of December, the Kuusamo plant in north-eastern Finland reached 900 days with no accidents resulting in lost working hours, a result of efficient and well-established processes.
Outlook
Fredrik Meuller, President and CEO
Contacts:
Fredrik Meuller, President and CEO Tel: +46 (0)73 422 70 11, E-mail: Fredrik Meuller
Peter Welin, CFO and Deputy CEO Tel: +46 (0)70 324 31 90, E-mail: peter.welin@inwido.com
About Us
Inwido improves people's lives indoors with windows and doors. As Europe's leading window group, Inwido's business concept is to develop and sell the market's best customized window and door solutions through a decentralized structure and with a focus on the consumer-driven market in order to create long-term sustainable growth, organically and through acquisitions. Inwido consists of 35 business units with approximately 4,600 employees in 14 countries. In 2025 group sales amounted to SEK 9 billion with an operational EBITA margin of 10.5 percent. Inwido has been listed on Nasdaq Stockholm since 2014.
Inwido AB | Engelbrektsgatan 15 | 211 33 Malmö | www.inwido.com | Corp. reg. No.: 556633-3828
This information is information that Inwido is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-03 07:45 CET.
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Fredrik Meuller Inwido
Tabell EN Q4 2025
