Guldbrev (Q4 Initial take): High Growth Continues; Marketing Push Weighs on Margins - Redeye
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Guldbrev (Q4 Initial take): High Growth Continues; Marketing Push Weighs on Margins - Redeye

Redeye considers Guldbrev’s Q4 report to be a mixed bag, where the company outgrew our expectations, although at higher-than-expected cost levels, which yielded an EBITDA result largely in line with the forecast. We expect to raise the top-line forecast ahead, based on higher gold prices, while awaiting today’s Analyst Q&A for indications regarding margin development. Guldbrev announced a dividend of SEK 2.02 per share for 2026, indicating a yield of 10% based on current trading.

Redeye considers Guldbrev’s Q4 report to be a mixed bag, where the company outgrew our expectations, although at higher-than-expected cost levels, which yielded an EBITDA result largely in line with the forecast. We expect to raise the top-line forecast ahead, based on higher gold prices, while awaiting today’s Analyst Q&A for indications regarding margin development. Guldbrev announced a dividend of SEK 2.02 per share for 2026, indicating a yield of 10% based on current trading.
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