Fourth quarter highlights
- Revenue increased by 2.7 per cent to MSEK 2,660 (2,589). Organic growth was 0.5 per cent.
- Gross margin increased to 41.8 per cent (41.1).
- Adjusted EBITA increased to MSEK 239 (214), corresponding to an adjusted EBITA margin of 9.0 per cent (8.3).
- Operating profit increased to MSEK 202 (178) and the operating margin increased to 7.6 per cent (6.9).
Operating profit was charged with items affecting comparability of MSEK -18 (-19). - Profit amounted to MSEK 123 (109).
- Earnings per share amounted to SEK 2.36¹ (2.12¹).
- Cash flow from operating activities amounted to MSEK 538 (438).
Full year highlights
- Revenue increased by 2.3 per cent to MSEK 9,551 (9,333). Organic growth was -2.2 per cent.
- Gross margin increased to 41.1 per cent (40.7).
- Adjusted EBITA amounted to MSEK 615 (601), corresponding to an adjusted EBITA margin of 6.4 per cent (6.4).
- Operating profit amounted to MSEK 471 (505) and the operating margin was 4.9 per cent (5.4).
Operating profit was charged with items affecting comparability of MSEK -70 (-33). - Profit amounted to MSEK 269 (279).
- Earnings per share amounted to SEK 5.21¹ (5.47¹).
- Cash flow from operating activities amounted to MSEK 798 (952).
- The Board of Directors proposes a dividend for 2025 of SEK 2.20 per share (2.00).
1) Before and after dilution.
Significant events during the fourth quarter
- Clein Ullenvik informed the Board of Directors in October that he is leaving his position as Group President and CEO in 2026, but will remain in the role until a successor is in place. The recruitment of a successor is under way.
- On 3 November, Alligo acquired 70 per cent of the shares in the Group’s first product media company in Norway, Respond Profilering & Firmagaver AS. Together with its partly owned subsidiaries, the company generates annual revenue of approximately MNOK 81 and has 17 employees.
Events after the end of the period
- The Board of Directors has decided to appoint the company’s CFO, Irene Wisenborn Bellander, as Deputy CEO. Irene is also remaining in her role as CFO.
- In February 2026, the business was refinanced and the credit facility with Handelsbanken was increased by MSEK 500 to a total of MSEK 3,100. The new facility runs until February 2029, with the option to extend twice for one year at a time.
- Alligo was awarded Platinum by EcoVadis, one of the world’s leading platforms for corporate sustainability assessments. The distinction places Alligo within the top 1 percent of all evaluated companies.
Comments from the CEO
“Stabilised demand on the market enabled organic growth during the quarter.”
“The strong cash flow and positive profit trend during the fourth quarter reduced the ratio of net operational liabilities to adjusted EBITDA from 3.1 to 2.5 at the end of the year.”
“We are seeing some early signs of an upturn in the economy and if demand remains stable, Alligo will have good opportunities for organic growth and a positive profit trend that will enable us to move towards and ultimately achieve our financial targets.”
Presentation of the year-end report 2025
Alligo publishes its year-end report 2025 on Friday, 13 February 2026, at 08:00 a.m. CEST. In conjunction with this, Alligo is pleased to issue this invitation to a webcast conference call in which Group President & CEO Clein Johansson Ullenvik and CFO & Deputy CEO Irene Wisenborn Bellander will present the report and answer any subsequent questions. The presentation will be held in English.
Date and time: Friday, 13 February 2026 at 11:00 a.m. CEST
Web link: https://www.alligo.com/en/report/q4-2025/
Telephone conference: https://register-conf.media-server.com/register/BI66b8b254590f43438fa2cff249f543a6
To participate in the conference call, you need to register via the link above before the conference starts. When you register, you will receive a phone number and a personal code.
Key figures
| Group | 2025 OCT–DEC |
2024 OCT–DEC |
2025 JAN–DEC |
2024 JAN–DEC |
| Revenue, MSEK | 2,660 | 2,589 | 9,551 | 9,333 |
| Gross profit, MSEK | 1,113 | 1,063 | 3,923 | 3,802 |
| Gross margin, % | 41.8 | 41.1 | 41.1 | 40.7 |
| Operating profit, MSEK | 202 | 178 | 471 | 505 |
| Operating margin, % | 7.6 | 6.9 | 4.9 | 5.4 |
| Adjusted EBITA, MSEK | 239 | 214 | 615 | 601 |
| Adjusted EBITA margin, % | 9.0 | 8.3 | 6.4 | 6.4 |
| Return on equity, % | 7 | 8 | ||
| Equity per share², SEK | 74.89 | 74.28 | 74.89 | 74.28 |
| Equity/assets ratio, % | 39 | 38 | 39 | 38 |
| 1) Before and after dilution. | ||||
| 2) Refers to equity attributable to the Parent Company’s shareholders. | ||||
Message from the CEO
Clein Johansson Ullenvik, Group President and CEO
Stabilised demand on the market enabled organic growth during the quarter.
It is incredibly pleasing to have followed up the trend-breaking positive earnings performance during the third quarter by achieving organic growth during the fourth quarter. Organic growth remains low but, boosted by acquisitions, Alligo has successfully continued to grow in a challenging market environment.
The acquisition of Respond Profilering & Firmagaver AS established our product media business in Norway, where we now have a platform for continued expansion. This is an important step for a profitable product area with good potential for development.
Organic growth and further profit improvement in the quarter
Revenue for the fourth quarter was MSEK 2,660 (2,589), an increase of 2.7 per cent. The number of trading days was the same as in the comparison quarter but currency translation effects had a negative impact on revenue of -2.0 per cent.
Organic growth for the quarter was 0.5 per cent (-3.0) and growth through acquisitions was 4.2 per cent (6.8). Stabilised demand on the market enabled organic growth during the quarter. In Sweden, growth was driven by project orders for the defence industry, while the recovery from a weak 2024 continued in Finland. In Norway, reduced market activity was observed, primarily driven by the oil and gas sector.
Adjusted EBITA for the quarter increased to MSEK 239 (214) and the adjusted EBITA margin increased to 9.0 per cent (8.3). The improvement in profit is driven by increased volume, cost adjustments and a higher gross margin, alongside the acquisitions made. A small proportion of the improvement in gross margin is down to the lower dollar exchange rate, which made purchases from Asia cheaper. Due to the lead times for purchases of own products, this will have increasingly greater impact during 2026.
Renewed effort in Finland
The Tools business in Finland has a history of weak profitability. To reverse this trend, we need to increase sales and improve the customer mix, as the customer base is mainly focused on large industrial companies where the profitability of our sales is often lower.
The ongoing efficiency project that was launched at the beginning of 2025 has so far not achieved the desired effect and stronger leadership is required in order to ensure its implementation. For this reason, we have now appointed a new country manager in Finland. The project’s activities have not changed – a review of the store network, driving traffic to stores and improving profitability from sales to large industrial customers. We are also carrying out a structural review, in view of the fact that two larger customer relationships are set to end.
Strong position and financial stability
The organic growth for the quarter breaks a long trend of negative organic growth. This is partially the effect of weaker comparative figures in Sweden, but we have also continued to invest the entire time, both internally and through acquisitions. These investments are now clearly having results as the slowdown is drawing to an end and demand is stabilising.
Organic growth for the full year 2025 was -2.2 per cent. The work we have done and the foundation we have now laid means, however, that Alligo is well-equipped to grow organically in the future, provided that the economy continues to stabilise.
The adjusted EBITA margin was on a par with the previous year and amounted to 6.4 per cent (6.4) for the full year. The weaker demand on the market was balanced by cost adjustments and a focused effort to strengthen gross margin.
The strong cash flow and positive profit trend during the fourth quarter reduced the ratio of net operational liabilities to adjusted EBITDA from 3.1 to 2.5 at the end of the year. A continued positive profit trend and improved capital efficiency will reduce the debt ratio even further. Together with the refinancing of the business that was recently completed in February, this gives us an even stronger financial position and good room for manoeuvre going forward.
We are seeing some early signs of an upturn in the economy and if demand remains stable, Alligo will have good opportunities for organic growth and a positive profit trend that will enable us to move towards and ultimately achieve our financial targets.