Increased full-year net sales despite weak demand
 

October 1 - December 31

· Net sales amounted to SEK 1,965 m (2,057), corresponding to a 4.5% decrease in sales. Adjusted for exchange rate movements, net sales increased by 1.5%. 

· Operating income amounted to SEK 162 m (178). Income was weighed down by currency pressures and weak demand.

· Continued positive contribution from acquired businesses.

· Earnings per share attributable to equity holders of the Parent Company amounted to SEK 1.82 (2.14) and adjusted earnings per share attributable to equity holders of the Parent Company amounted to SEK 1.96 (2.14).

· New Group targets set to apply from 2026, with revised growth and dividend levels as well as broadened sustainability targets.

January 1 - December 31

· Net sales amounted to SEK 7,685 m (7,578), corresponding to an increase in sales of 1.4%. Adjusted for exchange rate movements, net sales increased by 6.0%.

· Operating income amounted to SEK 560 m (604), which should be seen against the background of weaker demand in the global restaurant market.

· Earnings per share attributable to equity holders of the Parent Company amounted to SEK 6.64 (5.48) and adjusted earnings per share attributable to equity holders of the Parent Company amounted to SEK 6.87 (7.56).

· The Board of Directors proposes a dividend of SEK 5.00 (5.00) per share, to be divided into two partial payments.

· Three acquisitions were made during the year: Poppies, LinePack and ByGreen.

CEO-Summary

Full-year net sales increased compared with the previous year, thanks to the stable performance of acquired businesses. Net sales in the fourth quarter decreased year-on-year, impacted by adverse currency effects and softer demand in the market.  After a challenging 2025, we move into 2026 with positive effects from both acquisitions completed and efficiency measures adopted.

Despite a year characterized by a challenging market climate, sustained weak demand and geopolitical uncertainty, Duni Group achieved a increase in net sales for the full year compared with the previous year. The Group's net sales amounted to SEK 7,685 m (7,578). At fixed exchange rates, this corresponds to an increase of 6.0%. The three companies acquired during the year, Poppies, LinePack and ByGreen, laid the foundations for the increase. At the same time, organic growth decreased, which had a negative impact on the operating income during the year.   

The market situation remained stable in the fourth quarter, with the latest industry data indicating a continued decline in visits to the German restaurant sector of 4%. Compared with the same period last year, the Group's net sales decreased during the quarter by SEK 92 m to SEK 1,965 m (2,057). At fixed exchange rates, this corresponded to an increase of 1.5%, driven by acquisitions. Operating income for the fourth quarter amounted to SEK 162 m (178), which at fixed exchange rates corresponded to a decrease of 2.0% compared with the same period in the previous year. 

Dining Solutions: Currency and negative mix effect put pressure on income
Net sales in Dining Solutions decreased by 0.6% during the quarter and amounted to SEK 1,201 m (1,208). At fixed exchange rates, however, net sales increased by 3.5% driven by acquisitions. The decrease was driven by negative currency effects and phasing in retail contracts. The business area's operating income for the period amounted to SEK 132 m (152). Given the economic situation, we are seeing end customers showing more of a tendency to choose simpler alternatives at a lower price level, which has resulted in a lower gross margin. The negative effect was offset to a degree by efficiency improvements and price and cost adjustments.

Food Packaging Solutions: Improvement in income as market situation remains challenging
Net sales in Food Packaging Solutions decreased by SEK 85 m during the quarter and amounted to SEK 764 m (849). At fixed exchange rates, this corresponds to a 1.4% decrease. The business area's operating income improved during the period and amounted to SEK 30 m (26) thanks to a favorable mix. Furthermore, logistics costs were lower as a consequence of more normalized inventory levels. Adjusted for exchange rate movements, BioPak Group reported a slightly positive trend in net sales during the quarter. 

Well-positioned for 2026 
2025 proved to be a challenging year for both the market and the industry, but one in which we continued to strengthen our long-term capabilities. We have broadened our market presence through strategically important acquisitions. In parallel with this, we have streamlined production and logistics, and restructured the sales and marketing organization to build a more scalable and competitive structure. During the quarter, we also adopted new Group targets, to come into effect in 2026, with clearer levels of ambition for growth, dividends and sustainability. 

Despite continued geopolitical and macroeconomic uncertainty, some positive signs were evident, including a reduction in VAT for restaurants in Germany from 19% to 7%, with a potentially beneficial effect on the industry. Regardless of how the market situation develops during the year, we are well-equipped and prepared to continue to grow, not least thanks to the measures we implemented during the past year. 

Robert Dackeskog, 
President and CEO 
Duni Group