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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.
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Q4 2025 earnings summary12 Feb, 2026

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.

Plan to reduce net debt/EBITDA to target?
Strategy to counter gross margin erosion?
Expected ROI from 2025 warehouse investments?
Key drivers for 2026 leverage reduction
Impact of new initiatives on gross margin pressure?
When do Finland and Poland turn profitable?
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Frequently asked questions

MEKO manufactures and sells products for automotive exterior, battery, accessories and other markets. MEKO AB is based in Stockholm, Sweden. Their products are distributed through a wide sales network of selected retailers in Scandinavia and Europe, as well as through brand licensees. The majority of MEKO sales are made through a network of over 1 400 stores operating under the MediaMarkt/Saturn trade mark.

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