• Net sales amounted to SEK 1,791 (1,774) million.
• Growth was 1 percent, of which organic growth amounted to -5 percent.
• EBITA decreased by 11 percent to SEK 145 (164) million.
• The EBITA margin amounted to SEK 8.1 (9.3) percent.
• Cash flow from operating activities amounted to SEK 206 (282) million.
• Earnings per share, basic and diluted, were SEK 0.89 (1.09).
• In October, Green Landscaping Group renewed and extended the financing agreement with DNB, SEB, and Svensk Exportkredit (SEK). The new agreement amounts to SEK 2,200 million (2,200) and runs for three years, with an option to extend for an additional two years.
• In November, a buyback program for 250,000 own shares was activated to finance future acquisitions.
• The acquisitions of Marco Schulz Forst- & Landschaftsbau GmbH in Germany and UAB Economus in Lithuania were completed during the quarter.

CEO comments

Looking back on 2025, it has been a year where we took several important steps to improve profitability in Segment Sweden, continued successful expansion in continental Europe, and implemented measures to address the challenges in Norway. Market conditions remained weak, putting pressure on sales volumes and contributing to a decline in net sales of 2 percent to SEK 6,229 million, while EBITA amounted to SEK 444 million, corresponding to an EBITA margin of 7.1 percent.

We continued to strengthen our regional organizations and intensified our efforts to share best practices across the Group. We have also taken additional measures to reduce costs and thereby enable better adaptation to changing market conditions. In Finland, this has already yielded results and is now gradually being reflected in Sweden as well. Taken together, this enhances our ability to improve margins and support the long-term development of subsidiaries, even as market conditions remain challenging. Through the strong decisiveness of our entrepreneur‑driven companies, combined with systematic improvement efforts that have been implemented within the scope of our decentralized model, have created a solid foundation for further improvements in both profitability and cash flow.

Noticeable differences across segments also in Q4
Net sales amounted to SEK 1,791 (1,774) million in Q4, corresponding to an increase of 1 percent compared to the prior year. Organic growth was -5 percent, acquisitions contributed with 9 percent and the impact from changed exchange rates was -3 percent. Growth was impacted by lower sales volumes in Segment Norway, where the continued weak market conditions have led to low demand. There was also negative organic growth at the Group level of -2 percent, driven by underperforming units in Segment Sweden. The measures we are taking will, however, significantly strengthen profitability and cash flow in 2026.

EBITA amounted to SEK 145 (164) million, corresponding to an EBITA margin of 8.1 (9.3) percent. Segment Sweden showed improvement compared with the prior year, while Segment Norway remained affected by weak market conditions and a continued weak development in one of the companies. Meanwhile, Segment Other Europe continued to report high and stable profitability.

Cash flow from operating activities amounted to SEK 206 (282) million. Indebtedness, expressed as net debt in relation to EBITDA pro-forma RTM amounted to 3.0 (2.5) times. Which is higher than our financial target, and our long‑term ambition is to return to the target.

Continued successful expansion in continental Europe
During the fourth quarter, we achieved our acquisition goal for the year of investing in operations corresponding to EBITA of SEK 80–100 million. In October, we announced the acquisition of Marco Schulz Forst- & Landschaftsbau GmbH in Germany, with sales of EUR 9 million (SEK 100 million) in 2024, as well as UAB Economus in Lithuania, with sales of EUR 3.4 million (SEK 38 million) in 2024. In total, we completed four acquisitions during the year, all with profit margins exceeding the Group average.

We continue to build on our strong local companies to drive higher profitability and improved cash flow. The changes we implemented during the year are beginning to yield results, and I look forward to 2026.

Lastly, I would like to thank our customers, partners and employees for their valuable collaboration during the year.

Presentation of the report:

Green Landscaping Group CEO Johan Nordström and CFO Marcus Holmström will present the report in a teleconference/audiocast on 28 January at 12:00 CET. The presentation will be held in English.

If you would like to participate in the webcast, please visit the link below.
https://green-landscaping-group.events.inderes.com/q4-report-2025

If you would like to participate in the teleconference, you will need to register via the link below. Once you have registered, you will receive the phone number and a conference ID for logging in. There are opportunities for asking questions via the teleconference.
https://events.inderes.com/green-landscaping-group/q4-report-2025/dial-in