Strong operating cash flow and improved cash conversion
Operating cash flow in Q4 was SEK 600 million, up SEK 121 million year-over-year, driven by inventory reduction and better receivable collection. Quarterly cash conversion was almost 120% (vs 82% last year) and full-year cash conversion reached 79% (near the 80% target and an increase versus 2024).
Working capital and balance sheet improvement
Working capital days decreased to 76 (from 82 in Q3), net debt reduced in the quarter, net debt/adjusted EBITDA remained at 2.2, and the equity ratio improved to 49.8% (from 49.5% in Q3).
Maintained dividend and solid top-line positioning
Board proposes to keep the dividend at SEK 0.95 (same as prior year). Full‑year growth was within the guided range and North America delivered strong full-year growth while Global Sales had a strong finish.
Product launches and commercial momentum
New product rollouts including Maxi Move 5 and the Symbliss hygiene solution were launched in 2025 and received positive customer feedback, supporting rejuvenation of the offering and go-to-market efforts.
Inventory and supply chain progress
Significant inventory reduction in Q4 as part of a supply chain program started to show results; investing activity included SEK 90 million in the Dutch SlingCare entity announced earlier.
Cost efficiency traction
Organic OpEx increase in the quarter was 1.9% (adjusted for variable costs), indicating momentum from cost efficiency initiatives. Restructuring and IT harmonization initiatives are expected to deliver at least SEK 30 million annual savings from 2028 onward.