Nolato (NOLA) Q4 2025 earnings summary

Executive summary

• Q4 2025 sales were SEK 2,272 million, up 2% adjusted for currency, with Medical Solutions up 5% and Engineered Solutions down 1%; full-year sales reached SEK 9,462 million, up 2% adjusted for currency.

• Q4 EBITA was SEK 236 million, margin 10.4%, impacted by currency headwinds; full-year EBITA rose to SEK 1,065 million, margin 11.3%.

• Earnings per share for the year were SEK 2.88; the Board proposes a dividend of SEK 1.70 per share, payout ratio 59%.

• Medical Solutions accounted for 58% of group revenues in Q4, with growth in Drug Delivery and Diagnostics; Engineered Solutions saw strong Materials and Consumer Electronics but declines in Hygiene.

• Full-year profit after tax was SEK 777 million, up from SEK 658 million.

Financial highlights

• Q4 operating profit (EBITA): SEK 236 million, margin 10.4%; full-year EBITA margin improved to 11.3%.

• Cash flow from operations: SEK 310 million in Q4; full-year cash flow SEK 1,062 million.

• CapEx for Q4: SEK 146 million; full-year net investments affecting cash flow were SEK 788 million.

• Net financial liabilities increased to SEK 756 million; equity/assets ratio 60%.

• Return on capital employed improved to 14.2%.

Outlook and guidance

• Q1 2026 expected to normalize after Q4 holiday volume declines; Medical Solutions ramp-up in the US to continue into Q1, then stabilize.

• Expansion projects in Hungary, Poland, and Malaysia are proceeding as planned, supporting future growth.

• Full-year 2026 CapEx guidance: SEK 650–700 million.

• Strategic price and cost adjustments expected to further improve margins as volumes increase.

• Favorable financial position supports intensified M&A agenda.