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Kjell Group (KJELL) investor relations material
Kjell Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 net sales declined 9.9% year-over-year, with Denmark experiencing a 45.5% drop; full-year net sales fell 7.9%.
Gross margin improved to 43.2% in Q4, supported by inventory sell-out and cost control, but full-year gross margin was impacted by one-off write-downs.
Adjusted EBITA for Q4 rose to SEK 37.8 million (margin 5.4%), but full-year Adjusted EBITA dropped to SEK 43.0 million.
Strong cash generation was achieved due to reduced working capital and inventory.
Net profit was -2.0 MSEK in Q4 and -388.1 MSEK for the year, mainly due to goodwill and asset impairments in Denmark.
Financial highlights
Q4 net sales were SEK 697.2 million; full-year net sales were SEK 2,379.1 million.
Q4 gross profit: SEK 301.3 million; full-year gross profit: SEK 932.7 million.
Q4 Adjusted EBITA margin: 5.4%; full-year Adjusted EBITA margin: 1.8%.
Cash flow from operating activities increased to SEK 191 million in Q4 and SEK 167 million for the year.
Equity ratio at year-end: 36.2%.
Outlook and guidance
Focus remains on strengthening margins, operational efficiency, and replenishing core inventory before pursuing topline growth.
Management expects improved gross margin from supplier renegotiations and inventory optimization.
Financial targets include net sales growth above 5%, Adjusted EBITA margin of 6-8%, and net debt/Adjusted EBITDA below 2x.
Plans to restore high product availability and improve channel execution, especially online.
Denmark business (AV-Cables) to be sustainably restarted without diverting group focus.
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