Careium Q4: Sales inline, higher OPEX pushes down EBIT while FCF strong - SEB
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Careium Q4: Sales inline, higher OPEX pushes down EBIT while FCF strong - SEB

Careium reported 1% y/y sales growth in Q4, leading to sales 1% above SEBe. EBIT declined 69% y/y, with the margin falling 8.2pp y/y to 3.6% (SEB at 11.8%), leading to EBIT 69% below SEB expectations. FCF after leases of SEK 26.9m was very strong and we expect cash flow to continue to improve throughout 2026. We expect double-digit percentage downward adjustments to consensus 2026 EBIT and our fair value range is under review.

Careium reported 1% y/y sales growth in Q4, leading to sales 1% above SEBe. EBIT declined 69% y/y, with the margin falling 8.2pp y/y to 3.6% (SEB at 11.8%), leading to EBIT 69% below SEB expectations. FCF after leases of SEK 26.9m was very strong and we expect cash flow to continue to improve throughout 2026. We expect double-digit percentage downward adjustments to consensus 2026 EBIT and our fair value range is under review.
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