Fourth quarter 2025
- Organic sales declined by 3%. Net sales declined by 12% to SEK 7,429m (8,464). Changes in exchange rates impacted by -9%.
- Operating income amounted to SEK -837m (-1,285) and the operating margin was -11.3% (-15.2).
- Excluding items affecting comparability, operating income amounted to SEK -841m (-694), and the operating margin was -11.3% (-8.2).
- Earnings per share after dilution amounted to SEK -1.34 (-1.95) and earnings per share excluding items affecting comparability and after dilution amounted to SEK -1.35 (-1.15).
- Cash flow from operations and investments amounted to SEK -2,117m (-925). Direct operating cash flow was SEK -1,331m (582).
January - December 2025
- Organic sales growth was 1%. Net sales decreased by 4% to SEK 46,613m (48,352). Changes in exchange rates impacted by -5%.
- Operating income amounted to SEK 2,898m (2,597) and the operating margin was 6.2% (5.4).
- Excluding items affecting comparability, operating income amounted to SEK 2,901m (3,195) and the operating margin was 6.2% (6.6).
- Earnings per share after dilution amounted to SEK 3.09 (2.31) and earnings per share excluding items affecting comparability and after dilution amounted to SEK 3.09 (3.12).
- Cash flow from operations and investments amounted to SEK 2,316m (4,372). Direct operating cash flow was SEK 3,267m (6,905).
- Net debt decreased to SEK 11.8bn (14.5).
- The Board of Directors will propose a dividend for 2025 of SEK 1.25 per share (1.00) to the Annual General Meeting.
Full-year organic sales growth despite soft consumer sentiment
"2025 was marked by uncertainty in the global economy. Trade tariffs and ongoing geopolitical tensions dampened consumer spending, and we saw varied developments across regions and product categories. Despite these headwinds, we achieved organic sales growth for the full year. We also continued to advance our innovation agenda, not least through our largest launch to date of 13 new boundary wire-free robotic mower models, further strengthening our global leadership and reinforcing our strong market positions.
Financial performance
Organic sales declined by 3% in the seasonally smallest fourth quarter. Demand in North America remained soft, particularly for handheld and wheeled products, reflecting continued cautious consumer spending. In Europe, we grew in several residential categories, including wheeled and watering products. We also had good momentum in robotic mowers and power cutters for the professional segment. Sales decreased organically by 3% in Husqvarna Forest & Garden and by 10% in Gardena, and increased by 2% in Husqvarna Construction.
Operating income, excluding items affecting comparability (IAC), amounted to SEK -841m
(-694), and the margin was -11.3% (-8.2), with decline in all three divisions. This was mainly driven by lower volumes in residential products, particularly in North America, as well as tariffs and currency headwinds.
For the full year, the Group's net sales totaled SEK 46,613m (48,352), with organic growth of 1%. Operating income, excluding IAC, amounted to SEK 2,901m (3,195), and the margin was 6.2% (6.6) and included significant impact from tariffs and currency. Direct operating cash flow was SEK 3,267m (6,905) and the net debt/EBITDA ratio, excluding IAC was 2.1 (2.5).
Transforming to profitable growth
At our Capital Markets Day in December, we launched our 2030 strategy and updated our financial and sustainability targets. Our strategy is focused on operational excellence, aftermarket & solutions, and strategic portfolio management to strengthen market positions and deliver customer value, with a clear aim to transform to profitable growth. We announced further savings totaling SEK 4bn by 2030, with 60% expected to be realized during the coming two to three years. This will fund investments in innovation and our leading brands.
Strengthening our robotics presence in golf
After the quarter, we announced that we are becoming title partner of the Husqvarna British Masters, and by this clearly elevating our visibility. Golf offers the perfect environment to demonstrate the superior performance of our robotic lawnmowers, a category where we continue to see strong growth. We also partnered with Relox Robotics to become the exclusive distributor of an autonomous golf-range ball-picker in Europe, expanding our golf offering and unlocking new business opportunities.
Solid pipeline for 2026
After a challenging year, we are taking decisive actions to return to profitable growth. While uncertainty remains, particularly in North America due to ongoing trade policy turbulence, foreign exchange volatility, and subdued consumer sentiment, we enter 2026 with a strong product lineup. We are advancing our innovation pipeline with multiple launches, including scalable AI-vision technology in robotics, the continued expansion of our watering portfolio, and new solutions for the construction industry, such as a self-operating floor grinder. I am confident that we are well positioned to deliver value to our customers, partners, and shareholders. I would also like to express my sincere appreciation to all employees for their dedication and contributions throughout the year."
— Glen Instone, CEO
