Karnell Group AB ser. B (KARNEL_B) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to Kanell's fourth quarter and full year 2025 presentation. I'm Petter Modlianius, the CEO of Kanell and with me today I have our CFO Lars Niereth. As usual I'll start with an overview of the quarter and give you the key developments during the year. Lars will then walk you through the financial and segment performance in more detail. After that, I'll return and summarize the year and the outlook before we open the floor for any questions you may have. For those of you who are joining us for the first time, Canel is an active and long-term owner of industrial technology companies. We acquire small to medium-sized businesses with strong positions in niche markets and develop them through a decentralized model combined with disciplined capital allocation. Today, the group consists of 18 companies across Sweden, Finland, UK and we have roughly 750 employees. With that, we will turn to the fourth quarter. The fourth quarter showed continued profitable growth and strong cash flow generation. Our net sales increased 14%. to 461 million including around 7% organic growth which is an improvement compared to the full year level. EBITDA increased 24% to 62 million SEK corresponding to a margin of 13.5% compared to 12.5% last year. Both businesses or both business areas contributed positively. Niche production delivered a particularly strong quarter with improved profitability, while our product companies showed stable performance supported by the recent acquisitions. Cash flow from our operating activities was 131 million, a significant increase from last year, reflecting higher earnings and a release of working capital during the quarter. Net debt to EBITDA remained low at 1.2 times, providing continued financial flexibility. Overall, the qua...