Meko Ab · OMXSTO:MEKO
Meko Ab — Q4 2025 Earnings Presentation
24 slides from Meko Ab's earnings presentation, Feb 12, 2026
Slide 1: MEKO October – December 2025
MEKO October – December 2025 February 12, 2026
Slide 2: Q4 2025 – A year of future investments in a challenging market
Q4 2025 – A year of future investments in a challenging market Parallel upgrades of four central warehouses in 2025 Several key initiatives to drive growth in 2026 and beyond Expanded cost-saving program – reduction of 500 positions during the year Adjusted EBIT margin at 3.6% (4.0) in a pressured m
Slide 3: Warehouse upgrade and new builds completed in parallel
Warehouse upgrade and new builds completed in parallel • A new, stronger logistic system ready for growth: Finland – automated Norway – automated Denmark – automated Poland – twice as large central warehouse 3
Slide 4: Strategic growth initiatives in exclusive brands and e-com
Strategic growth initiatives in exclusive brands and e-com • Acceleration within exclusive brands – ”Every part matters” launched in seven new markets 2,000 products produced since H2 2025 and into 2026 • E-commerce expansion in new markets Finland launched – Denmark next Strong coverage acros
Slide 5: New efforts in tires and commercial vehicles to support growth
New efforts in tires and commercial vehicles to support growth + 12% in 2025 • Acceleration within tires: Partnership with Goodyear Sales growth of 12 % during the year • Stronger focus on commercial vehicles • Significant growth in digital bookings: +19% + 19 % in 2025 vs 2024 in 2025 5
Slide 6: Strong progress in our sustainability work
Strong progress in our sustainability work • Received approval of climate targets from Science Based Target initiative MEKO one of 10,000 companies worldwide • Target reached of female managers: 17 % • Target reached of green electricity: 98 % 6
Slide 7: Signs of stabilization in a challenging market
Signs of stabilization in a challenging market Flat organic sales growth with signs of stabilization in most of our markets Gross margin negatively impacted by sales mix and intense price competition in Poland and Finland Stable cash flow generation, partly driven by working capital improvemen
Slide 8: Efficiency enhancing initiatives ongoing
Efficiency enhancing initiatives ongoing FTEs 6 600 -8% Reduction of ca. 500 FTEs from a year earlier 6 464 6 402 6 400 • Cost saving program launched mid-year, part of departures late Q4, and part lined up for Q1 6 200 (dashed) 6 000 5 962 • Integration of Elit acquisition into existing Polish orga
Slide 9: Gross margin impacted by price competition and mix effects
Gross margin impacted by price competition and mix effects Gross margin (%) bridge 2024 Q4 to 2025 Q4 42,6 0,7 0,3 0,0 0,3 40,9 • Negative effect from strong price 0,8 competition in Denmark, Finland and Poland • Currency had a positive effect in the quarter • Shift in sales mix between countries, w
Slide 10: Profitability impacted by lower gross margin
Profitability impacted by lower gross margin Adjusted EBIT (SEK M) bridge 2024 Q4 to 2025 Q4 189 3 9 8 5 165 • Denmark improved slightly, mainly 3 3 as a result of continued cost discipline • Finland as well as Poland/the Baltics negatively impacted by intense price competition and product mix effec
Slide 11: Warehouse lease transition completed
Warehouse lease transition completed Total lease liabilities MSEK 3,000 As of February 2026, 8 out of 8 legacy facilities are vacated 2,000 The investment in new and automated warehouses added approximately 1,100 MSEK in 1,000 lease liabilities. The total lease liabilities 0,000 amounted to 3,
Slide 12: Committed to returning to the 2–3x target range
Committed to returning to the 2–3x target range Net debt MSEK Net debt/ EBITDA* 5,000 x12,0 11,0 10,0 Q4 net debt of 2,783 (2,602) MSEK 4,000 9,0 Leverage of 4.0 times, measured 8,0 3,000 as net debt/EBITDA excl IFRS 16 6.4 7,0 6,0 Solid liquidity position with 3.7 5,0 2,000 4.0 available cash
Slide 13: Denmark – Impact from strong competition and price pressure
Denmark – Impact from strong competition and price pressure • Reported net sales growth of -4 per cent, of which +1 per cent organic. Signs of stabilized demand, while strong competition and price pressure continued • Adjusted EBIT improved slightly despite a lower gross margin, reflecting consolida
Slide 14: Finland – Organic growth but mix effects impacting profitability
Finland – Organic growth but mix effects impacting profitability • Reported net sales growth of -1 per cent, of which +3 per cent organic, driven by strong tire sales. Development affected by a continued cautious market and competitive pressure 8% • Adjusted EBIT impacted by price pressure and a low
Slide 15: Poland/The Baltics – Competition weighing on margins
Poland/The Baltics – Competition weighing on margins • Reported net sales growth of 1 per cent, of which 5 per cent organic. Growth primarily driven by strong tire sales and export • Adjusted EBIT burdened by lower gross margin, which more than offset implemented cost-saving measures. Gross margin p
Slide 16: Sweden/Norway – Margin improvement despite sales drop
Sweden/Norway – Margin improvement despite sales drop • Reported net sales growth of -4 per cent, of which -3 percent organic. Net sales negatively impacted by generally low workshop activity and weak consumer sales in Sweden 35 % • Adjusted EBIT increased slightly, due to implemented efficiency mea
Slide 17: Sørensen og Balchen – Solid profitability development
Sørensen og Balchen – Solid profitability development • Reported net sales growth of -15 per cent, of which -10 per cent organic. Negative growth primarily explained by disruptions related to 5% the warehouse relocation in combination with weak market conditions • The somewhat lower profitability is
Slide 18: Q&A
Q&A 18
Slide 19: Q4 2025 – A year of future investments in a challenging market
Q4 2025 – A year of future investments in a challenging market Parallel upgrades of four central warehouses in 2025 Several key initiatives to drive growth in 2026 and beyond Expanded cost-saving program – reduction of 500 positions during the year Adjusted EBIT margin at 3.6% (4.0) in a pressured m
Slide 20: We enable mobility - today, tomorrow and in the future
WE ENABLE MOBILITY - TODAY, TOMORROW AND IN THE FUTURE 20
Slide 21: Appendix
APPENDIX 21
Slide 22: Strong Group footprint
Strong Group footprint Market shares per geography Net sales per geography, 2025Q4 Denmark 28% Number of branches: 48 (25Q3: 48) Number of affiliated workshops: 903 (25Q3: 899) Finland 25% Number of branches: 155 (25Q3: 156) Number of affiliated workshops: 397 (25Q3: 423) Norway 25% Number of branch
Slide 23: Largest owners 2025-12-31
Largest owners 2025-12-31 Voting rights and share capitals, % LKQ Corporation 26,6 Fjärde AP-fonden 8,6 Nordea Funds 4,0 Unionen 4,0 Carnegie Fonder 3,7 Swedbank Robur Fonder 3,6 Eva Fraim Påhlman 3,1 Vanguard 2,7 Dimensional Fund Advisors 2,3 Avanza Pension 2,3 Total 10 largest shareholders 61,0 Ot
Slide 24: Long term financial targets
Long term financial targets Sales growth Adjusted EBIT growth Annual sales growth of at least 5 percent Annual adjusted EBIT growth of at least 10 percent. - through a combination of organic growth and smaller acquisitions, but excluding selective M&A. Net debt/EBITDA Dividend policy Net debt/EBITDA