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MEKO (MEKO) investor relations material
MEKO Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
2025 was marked by significant investments in warehouse automation, logistics upgrades, and new growth initiatives, including exclusive brands and expanded e-commerce, amid a challenging market with intensified competition and consumer restraint.
Four major central warehouses were upgraded or automated in Finland, Norway, Denmark, and Poland, with automation completed in several locations.
The company reduced its workforce by about 500 FTEs through cost-saving programs and automation.
A new group management team was established to accelerate execution and operational improvements.
Strategic focus for 2026 is on increasing growth and profitability, with fewer large projects ahead.
Financial highlights
Net sales for 2025 were SEK 18,014M, flat or marginally down year-over-year, with Q4 net sales at SEK 4,512M, down 3% year-over-year.
Adjusted EBIT margin for Q4 ranged from 2.2% to 3.6%, with full-year adjusted EBIT margin at 4.3% (down from 5.9%).
Earnings per share for Q4 was -0.19 SEK, and for the full year SEK 0.64 (down from 7.74).
Cash flow from operating activities for 2025 was SEK 1,013M, with Q4 at SEK 209M.
Leverage increased to 4.0x net debt/EBITDA, above the target range, mainly due to lower EBITDA and one-off costs.
Outlook and guidance
Focus for 2026 is on improving profitability, reducing leverage, and driving growth through e-commerce and exclusive brands.
Maintenance CapEx is expected for 2026, returning to pre-2025 levels after heavy investment.
No dividend will be proposed for 2025 to prioritize deleveraging.
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