BHG Group AB

Latest Results (25.12.2025):

BHG Group AB — Q4 2024 (reporting full-year 2024 results): The company’s 2024 annual report shows a year of operational recovery and restructuring: full‑year net sales fell to SEK 9,962.5m (organic growth -9.2%), but profitability measures improved — adjusted EBIT rose to SEK 257.8m (adjusted EBIT margin 2.6%) and adjusted EBITDA was SEK 610.5m. The fourth quarter (Q4 2024) marked the first quarter of year‑on‑year sales growth in ten quarters (organic growth +0.5%) and a stronger adjusted EBIT of SEK 106.7m, although the Group reported an overall net loss for the year of SEK -640.1m after large items affecting comparability and impairments.

Top‑line and quarter performance

Full‑year 2024 net sales: SEK 9,962.5m (down from SEK 11,790.2m in 2023). Organic growth for 2024 was -9.2%. In Q4 2024 BHG reported organic growth of +0.5%, the first quarter of y/y growth after a prolonged downturn.

Profitability and margins

Adjusted EBIT improved to SEK 257.8m (2023: SEK 96.7m) and adjusted EBITDA was SEK 610.5m (adjusted EBITDA margin 6.1%). Adjusted gross margin was 25.5% (gross margin 24.3%). Despite operating improvements, items affecting comparability of SEK -602.7m contributed to an operating loss of SEK -442.9m and a net loss of SEK -640.1m for the year.

Cash flow and financial position

Cash flow from operations was positive at SEK 657.1m for 2024, supporting a materially stronger balance sheet versus prior year. The report highlights reduced net debt and an adapted financing agreement to reflect the stronger balance sheet.

Business area highlights

Home Improvement (≈52% of Group sales): FY sales SEK 5,175.4m (organic -8.6%); adjusted EBIT SEK 163.0m. Value Home (≈24%): FY sales SEK 2,458.3m (organic -17.0%); adjusted EBIT SEK 78.3m. The Group continued consolidation and cost reductions across platforms to improve scalability and margins.

One‑offs, impairments and structural actions

Large items affected comparability (total -SEK 602.7m) including inventory impairments (the report cites an SEK 99m inventory impairment in Q3) and restructuring costs. The Group reduced warehouse footprint (reported reduction of 23,390 sqm in Q3) and consolidated operations (including consolidation in Value Home and Home Improvement) and completed several bolt‑on deals (e.g., Nordic Nest acquisition of KitchenTime; consolidation of LampGallerian; formation of Hemfint Group via Trendrum acquisition).

Outlook and strategic position

BHG states it entered 2025 from a stronger operational and financial position, expecting a gradual market recovery (strongest in Sweden) and plans to prioritise market share gains, maintaining cost discipline to leverage fixed costs, and improving customer satisfaction. The company emphasises continued platform consolidation and investments in automation and IT to capture future upside as markets recover.