Slides
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→ Sales +2% in local currencies → 10.7% operating margin → 15.5% inventory to sales R12M → Sales +2% in local currencies → 8.1% (7.4%) operating margin → Earnings per share +5% vs LY → CO2 emissions reduced by about 30%* Results Q4 Results full–year *Reduction for scope 3 emissions compared with the 2019 base year according to preliminary figures
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62,193 234,478 59,221 228,285 –5% –3% 0 110,000 220,000 Q4 FULL-YEAR SEK m 2024 2025 Consistent local currency growth in net sales → Local currency growth of 2% in Q4 and local currency growth trend at 2% in 2025 vs 1% in 2024. --- Strong appreciation of SEK vs last year
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6 –6% –4% –2% 0% +2% +4% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2024 2024 2025 2025 2025 2025 Sales development, quarterly YoY Local currencies SEK Solid underlying trend countered by rising currency volatility → FX volatility resulting in widened gap between positive local currency net sales growth and reported figures
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Sourcing excellence driving gross margin improvement → Strong development seen in Q3 continued into Q4. Gross margin strengthening with support from sourcing excellence and favourable external factors 33,942 125,299 33,084 121,821 54.6% 53.4% 55.9% 53.4% 0 60,000 120,000 Q4 FULL-YEAR 2024 2025 SEK m
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8 29,303 107,915 26,698 103,292 –9% –4% 0 60,000 120,000 Q4 FULL-YEAR SEK m 2024 2025 Continued cost control resulting in lower SG&A levels → 3% lower SG&A in local currencies in Q4 vs L Y
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9 4,624 17,306 6,364 18,395 +38% +6% 0 10,000 20,000 Q4 FULL-YEAR SEK m 2024 2025 Improved operating profit supported by operational efficiency → Operating margin strengthened by 330 bps in Q4 to 10.7% (7 .4%), and full year margin improved to 8.1% (7 .4%)
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10 –1.1 3.9 6.3 6.3 0.5 5.0 0.9 0.8 0.7 4.7 4.7 4.3 2.1 7.1 3.5 4.6 1.2 5.9 4.9 6.4 –0.4% 4.9% 6.6% 7.7% 8.1% 8.3% 5.8% 3.3% 3.3% 3.2% 4.8% 6.2% 6.8% 7.7% 7.2% 7.4% 7.0% 6.5% 7.2% 8.1% –10.0% –6.0% –2.0% 2.0% 6.0% 10.0% –2.0 0.0 2.0 4.0 6.0 8.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 Operating profit per quarter, billion SEK, % rolling 12 months Focus on core business and cost driving increased profitability
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40,348 35,427 –12% 0 25,000 50,000 30 Nov SEK m 2024 2025 Further inventory productivity improvement → Stock-in-trade reduced to 15.5% (17 .2%) of rolling 12M sales, as a result of efficiency in demand planning
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15% 18% 21% 45% 50% 55% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 STOCK-IN-TRADE/SALES GROSS MARGIN GROSS MARGIN STOCK-IN-TRADE/SALES Strengthened trend for gross margin and inventory productivity
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0.0 0.5 1.0 1.5 2.0 2.5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 Net debt / EBITDA¹ 1. Net debt / EBITDA measured as total debt minus cash, divided by EBITDA including IFRS 16 Strong balance sheet and liquidity situation maintained → Active working capital management and proactive long-term bond
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14 Lorem ipsum is simply dummy text
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15 Gör slide med produktbilder (kampanjbilder, modevisningsbilder och stills) 80% H&M, 20% övriga brands. 80% dam, ev något herr eller Home etc Om någon bild är större så låt det gärna vara en från H&M’s Londonvisning Här vill vi gärna ha ett snyggt collage för att visa produktbredd och modehöjd
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Gör slide som handlar om shopping experience Gärna med tre stående bildrutor (en från appen/digitala butiken, en från en fysisk butik och en fin från Brasilienöppningen) WIP: Waiting for image of Brazil store
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→ When business and sustainability move together, we can reduce emissions at scale Key results → 30% reduction in Scope 3 emissions vs. 2019 baseline → On track to meet our climate target to reduce emissions 56% by 2030 How we did it → Smarter materials Lower-impact material choices → Decarbonising our supply chain More renewable energy, higher efficiency, coal phased out → Fewer, stronger supplier partnerships Long-term collaboration enables investment and scale Integrated sustainability delivering results
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→ Top rankings during 2025 by Fashion Revolution, Stand.earth, Remake and CDP for our work on climate, water and transparency External recognition of our sustainability work
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CapEx → Investment frame of 9-10 SEK billion → Focus on store portfolio and tech infrastructure → Period of high supply chain investments concluded Gross margin → Sourcing initiatives targeting both tier 1 and tier 2 suppliers → Improved inventory productivity but deal sensitive consumer Selling and administrative expenses → Ambition to grow SG&A at low single digit level → Somewhat increased cost pressure → Further efficiency measures Inventory → Demand planning improvements → In-season buying → Centralizing the inventory of the European warehousing structure FX movements → Large FX movements vs last year → A stronger EUR vs USD contributes positively to the gross margin → A stronger SEK result in negative currency remeasurement effects Financial Outlook
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22 Last slide… - Slide med bild på staff under en öppning, t ex som är glada och jublar alt när vi klipper band. Kan vi ta en ruta från t ex en Brasilienfilm eller liknande?