Building momentum in the Nordics
Fourth quarter summary:
Following the decision to divest the UK operations, the UK is reported as discontinued operations and assets and liabilities held for sale, according to IFRS 5. The income statement has been restated for earlier periods of 2025 and 2024. Comments and numbers relate to continuing operations, unless otherwise stated. Comments and numbers referred to as "total operations" include the discontinued operations.
- Net sales decreased to SEK 1,400m (1,404), corresponding to an organic increase of 3% (-11).
- Operating profit amounted to SEK -50m (33).
- Adjusted operating profit increased to SEK 72m (68).
- Adjusted gross margin increased to 37.3% (36.9).
- Items affecting comparability amounted to SEK -122m, primarily related to cost reduction initiatives following the divestment of the UK operations.
- Profit after tax, total operations, amounted to SEK -1,104m (-856) corresponding to earnings per share after dilution, total operations, of SEK -1.64 (-1.27).
- Operating cash flow, total operations, decreased to SEK -101m (138).
- The Board proposes that no dividend shall be paid for the fiscal year 2025.
Events after the close of the quarter:
- Entered an agreement to divest the UK operations, focus on core Nordic markets.
- The Board resolved on a rights issue of approx. SEK 1,500m, subject to approval by an Extraordinary General Meeting. The rights issue is fully covered by subscriptions and guarantee undertakings.
- Amendment and extension of the Group's credit facilities.
- Nobia has initiated further cost reduction initiatives to ensure that the organisational structure is aligned with the needs of the business going forward.
We look back on an eventful year for Nobia, during which we continued to advance our strategic plan and make meaningful progress toward our financial targets. Despite operating in a market that declined for the third consecutive year, we strengthened our cash flow from operating activities by cirka SEK 280m and improved our adjusted operating margin to 5.3% (2.8).
To further accelerate our transformation into a streamlined Nordic business and to create the best possible conditions for strong, profitable growth, we announced several significant changes on 14 January. On this date, we communicated a sharpened strategic focus on our core Nordic markets through the divestment of Region UK. In parallel, we communicated a fully guaranteed rights issue of SEK 1,500 million to be completed during the first quarter of 2026, amendments and extensions of our existing credit facilities with our incumbent lenders, and the launch of a cost-reduction initiative designed to align our organisational structure with the long-term needs of the business.
Focusing on the Nordics is a natural step. Nobia has strong brands here, with clear market positions, structurally higher margins, and a production footprint anchored by Nobia Park. We are confident that this sharpened focus will strengthen our competitive position and support sustainable value creation over time.
The divestment of our UK operations means that Region UK has been reclassified as assets held for sale in the fourth-quarter financial statements. Closing of the transaction is expected during the first half of 2026.
During the fourth quarter, organic net sales increased by 3.5%, supported by volume growth following 12 quarters of decline. Denmark and Sweden show early signs of recovery, while market conditions in Norway and Finland remain subdued.
The Group's adjusted gross margin increased slightly to 37.3% (36.9), supported by the sustained strength of our consumer business. Higher average order values, fuelled by an increasing share of customised products, continued to lift margins across all markets. Supply chain productivity was softer year-on-year, and elevated freight costs further weighed on performance during the quarter.
SG&A expenses were broadly unchanged compared with the same quarter last year. Through the successful delivery of earlier cost-reduction initiatives, we have lowered our cost base by roughly 30 percent over the past two years. With the introduction of a new program, aimed primarily at aligning our organisational structure following the divestment of Region UK, we expect to generate run-rate savings of additional SEK 80 million starting from Q3 2026.
Adjusted EBIT amounted to SEK 72m (68) for the quarter. During the quarter, we also recorded IAC of SEK 122m, primarily linked to our cost-out program and temporary double-line costs associated with the ongoing supply-chain transition.
As we head into 2026, we are both excited about the new structure of the company and confident in the exceptionally strong foundation we have established across the Nordics. We will continue to capitalise on HTH's strong momentum and fully unlock the potential of this truly pan-Nordic brand. At the same time, we will leverage on the strength of our market-leading local brands, Marbodal, Sigdal, and Invita, which hold strong positions and deep customer relationships in the B2B segment.
We are also accelerating the transition toward a more consolidated and efficient supply-chain network. As part of this effort, we have integrated our Finnish manufacturing operations into Denmark, and we are now advancing the consolidation of our Swedish production into Nobia Park, our state-of-the-art facility in Jönköping. Nobia Park now serves as the primary component supplier for the entire Nordic network, and since its inauguration in October, we have been steadily ramping up the transfer of component manufacturing and kitchen assembly volumes to the site.
In 2025, we have taken bold and decisive steps toward building a significantly stronger Nobia, and I want to thank all employees for your dedication, perseverance, and hard work during this transition. With the solid foundation you have helped create, we are well positioned to accelerate margin improvements and strengthen our position as the market gradually recovers.
This information is information that Nobia is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person above, at 08:30 CET on 5 January 2026.
For further information:
Kristoffer Ljungfelt
CEO and President, Nobia
+46 8 440 16 00
kristoffer.ljungfelt@nobia.com
Nobia develops, manufactures and sells kitchen solutions through a number of strong brands in Europe, including Magnet in the UK; HTH, Norema, Sigdal, Invita, Superfront and Marbodal in Scandinavia as well as Novart in Finland. Nobia generates profitability by combining economies of scale with attractive kitchen offerings. The Group has approximately 4,000 employees and net sales of about SEK 11 billion. The share is listed on Nasdaq Stockholm under the ticker NOBI. www.nobia.com
