Nederman
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Nederman (NMAN) investor relations material

Nederman 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

  • Orders received grew currency neutrally by 1.5% year-over-year to SEK 5,556m, with net sales up 3.5% to SEK 5,783m, despite challenging market conditions and currency headwinds.

  • Adjusted EBITA margin declined to 10.8% (12.0), mainly due to negative currency effects, US tariffs, and non-recurring items, with net profit at SEK 274.0m (345.2).

  • Investments in operations, R&D, and innovation have laid a solid foundation for future margin and efficiency improvements.

  • Cash flow remained strong, supporting ongoing investments and a stable financial position.

  • The Board proposes a dividend of SEK 4.00 per share, unchanged from the previous year.

Financial highlights

  • Q4 orders received SEK 1,380m, currency neutral growth of 7.3% year-over-year; net sales SEK 1,504m, up 1.3% currency neutral.

  • Full-year sales reached SEK 5.78 billion, up 3.5% currency-neutral compared to 2024.

  • Adjusted Q4 EBITDA was SEK 159 million (margin 10.6%), down from SEK 185 million last year, mainly due to SEK 22 million negative currency effect.

  • Full-year adjusted EBITDA was SEK 627 million (margin 10.8%), down from SEK 708 million, with a SEK 70 million negative currency impact and SEK 15 million in U.S. tariffs.

  • Earnings per share for Q4 was SEK 1.86 (vs. 2.49), and for the full year SEK 7.8 (vs. 9.83).

Outlook and guidance

  • Demand remains subdued in many industries, but service and digital offerings support resilience.

  • If order momentum continues, margin improvement is expected in H1 2026; market uncertainty persists.

  • Continued investments in operational efficiency and product development planned, with a strong balance sheet.

  • Proposed dividend of SEK 4 per share, unchanged from 2024.

Quantify full-year EBITA impact from non-comparables
Explain full-year operating cash flow decline
Assess progress in structurally growing segments
Assess US tariff impact on project pipeline
Quantify defense industry's order book contribution
Future CapEx strategy for manufacturing footprint
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Frequently asked questions

Nederman Holding AB operates as an environmental technology company in Sweden and internationally. The company offers filters and systems for integrated extraction, filtration, cleaning, and recycling of dust, welding fumes, oil mist, gas/vapors, and other contaminating particles; solutions for electricity plants, industrial workplaces, food manufacturing industries, marine and offshore industry applications, and semiconductor industry; metalworking fluids; oil mist filtration systems and solutions. The company was founded in 1944 and is headquartered in Helsingborg, Sweden.

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