Wall to Wall Group
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Wall to Wall Group (WTW-A) investor relations material

Wall to Wall Group 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 summary13 Feb, 2026

Executive summary

  • Profitability target was not met in Q4 2025 due to operational and market headwinds, including project postponements and efficiency challenges in key business units.

  • Net revenue for 2025 was SEK 820.2 million, down 10.7% year-over-year, with adjusted EBITA margin at 3.0%.

  • Operating profit (EBIT) was SEK -251.0 million, mainly due to a SEK 198.8 million goodwill impairment and SEK 65.0 million in items affecting comparability.

  • Net earnings for the year were SEK -277.7 million, with basic and diluted EPS at SEK -20.62.

  • Long-term growth and profitability targets of 10% and 15% remain unchanged, with an interim double-digit EBITA margin target.

Financial highlights

  • Q4 2025 net revenue was SEK 224.5 million, down from SEK 243.3 million in Q4 2024.

  • Adjusted EBITA for Q4 2025 was SEK 12.1 million (5.4% margin), compared to SEK 14.1 million (5.8% margin) in Q4 2024.

  • Full-year adjusted EBITDA was SEK 85.1 million (margin 10.4%), and adjusted EBITA was SEK 25.0 million (margin 3.0%).

  • Cash position at year-end was SEK 81.5 million, with financial net debt of SEK 250.5 million.

  • Cash flow from operating activities for the year was SEK 62.6 million, down from SEK 102.0 million.

Outlook and guidance

  • Long-term financial targets remain: 10% annual organic growth and 15% EBITA margin.

  • Interim target of double-digit EBITA margin is set as a step toward long-term goals.

  • Ongoing actions in underperforming units are expected to materially improve profitability.

  • Indirect costs are targeted to remain at or below 20% of net sales.

  • No fundamental market changes; pent-up investment demand persists as projects are deferred, not cancelled.

Strategy to fix Finland/Denmark profitability
Market indicators for 2026 growth and EBITA target?
Plan to improve net debt/EBITDA R12 ratio?
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Frequently asked questions

Wall to Wall Group AB is a Sweden-based company specializing in pipe collection, flushing, inspection, maintenance, and sealing of ventilation ducts. The company, operating under the subsidiary Spolargruppen, also offers complementary services such as geothermal solutions for apartment buildings. Their clientele includes property owners, mainly commercial managers of residential and non-residential premises, public housing, and tenant-owner associations. The company's operations are spread across Sweden, Norway, Denmark, and Finland. The company is headquartered in Kristianstad, Sweden, and its shares are listed on the Stockholm Stock Exchange.

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