New Wave Group AB

Latest Results (12.07.2026):

New Wave Group AB — Q4 2025: The Group reported a strong top‑line year with full‑year net sales exceeding SEK 10 billion for the first time (SEK 10,019m; +5.1% y/y, +9.5% in local currencies). Q4 net sales were SEK 3,145m (+11.2% y/y; +17.7% in local currencies). Profitability weakened versus prior year after one‑off costs, higher investment and the margin effect of acquisitions: Q4 operating profit was SEK 435m (operating margin 13.8%) and full‑year operating profit SEK 1,141m (margin 11.4%). Net debt rose to SEK 3,082m at year‑end and the equity ratio was 53.0% (63.7). Currency movements (a stronger SEK) and acquisition activity were important drivers of the reported figures.

Revenue and growth

Q4 2025 net sales: SEK 3,145m (2,827), +11.2% y/y; +17.7% in local currencies (acquisitions +11.7pp). Full year 2025 net sales: SEK 10,019m (9,529), +5.1% y/y; +9.5% in local currencies (acquisitions +4.5pp). For the year two‑thirds of sales were via the promo channel and one‑third retail.

Profitability and margins

Q4 gross profit margin 48.5% (50.0). Q4 operating profit SEK 435m (463) — margin 13.8% (16.4). Full‑year operating profit SEK 1,141m (1,262) — margin 11.4% (13.2). Reported results were affected by acquisition margin dilution, continued high investment and previously disclosed non‑recurring costs.

One‑off items and provisions

The Group finalized negotiations with the U.S. Department of Justice on previously forgiven PPP loans; a SEK 66m non‑recurring cost (reported earlier) reduced full‑year earnings. The report states this settlement is in line with amounts already disclosed and no further material effects are expected.

Cash flow, balance sheet and leverage

Cash flow from operating activities: Q4 SEK 534m (546); full year SEK 653m (1,278). Year‑end cash SEK 526m and unused credit lines leave a liquidity buffer of about SEK 1,589m. Net debt rose to SEK 3,082m (1,804) driven by acquisitions and investments; net debt‑to‑equity 45.2% and net debt/working capital ~53%.

Financing and covenant status

A new financing agreement gives total credit facilities of SEK 3.802bn (of which SEK 2.7bn was drawn at year‑end). Most facilities have maturities 3–7 years and the Group reports covenant compliance as of 31 Dec 2025.

Acquisitions and operational investments

New Wave acquired Cotton Classics (closed 1 Sep 2025) for a preliminary SEK 580m; Cotton Classics contributed approx. SEK 429m revenue (Sep–Dec) and reduced reported gross margin. The Group continues to invest in warehouse automation and new facilities (Ireland, USA) to support growth.

Working capital and inventory

Inventory at 31 Dec 2025: SEK 5,642m (5,124). Adjusted for currency, inventory rose ~10.1% year‑on‑year (higher stock to meet demand and support expansion). Inventory obsolescence reserve was SEK 176m; inventory turnover ~1.0x.

Earnings per share and shareholder distributions

Q4 EPS: SEK 2.31 (2.60). Full‑year EPS: SEK 5.90 (6.63). The Board distributed SEK 464m in dividend during 2025 (SEK 3.50 per share) and proposes a dividend of SEK 3.00 per share for the coming AGM.

Currency effects and market commentary

Reported growth was materially affected by a stronger Swedish krona versus prior year (negative translation impact on sales and equity). Management highlights continued organic growth in comparable operations, ongoing brand investments and an optimistic outlook despite a volatile market.