Momentum Group AB (publ) (MMGR_B) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the presentation of Momentum Group's year-end report for 2025. I'm Ulf Lilje, CEO of Momentum Group, and I'm here with my colleague Niklas Enmark, Vice President and CFO, and we will guide you through our report. Despite the challenging global environment and few acquisitions, our fourth quarter revenue and earnings grew. The market remains cautious, but we are seeing increasing positive signs across more customer segments. In the final quarter, our organic growth improved slightly over the previous quarter. Comparable unit sales fell by 2%, showing a minor recovery. The quarter had one fewer trading days than last year. Positive developments were observed across multiple sectors in Sweden, while the Finnish market is showing steady progress. Denmark was an exception, with stable demand primarily supported by the robust pharmaceutical and green energy industries. However, product transactions experience a notable decline toward the end of the year. Danish companies are implementing strategies to address these challenges. Our decentralized organizational structure, which enables decisions to be made near customers and suppliers, has demonstrated significant value during this period. EBITDA rose by 6% with acquisitions contributing positively to the quarter's profit and margin, although their impact was less significant compared to prior quarters. The group's profitability, as indicated by the return on working capital, reached 58% over the past 12 months, resulting in a robust operational cash flow. In 2025, our EBITDA increased by 5%. However, over the past four years, we achieved an annual growth rate of 18%, exceeding our five-year average goal of 15% per year over a business cycle. Our super efficiency goal, EBITDA through working capital, remains above...