Axel Johnson Year-End-Report: Record-strong Reults in Challenging Markets

Revenue amounted to SEK 157 (144) billion and profit^AX[1] to SEK 5.4 (4.1) billion, the strongest result in Axel Johnson's history. Alongside a focus on cost control, important steps were taken to strengthen the companies' market positions, including investments in logistics and technical capabilities, and through 22 acquisitions within Axel Johnson International^[2].

Caroline Berg, CEO of Axel Johnson:

”Our businesses close 2025 with the best result in Axel Johnson's history. The result is particularly pleasing given that it has been achieved in continued tough markets and often against an economic headwind. Our companies have skilfully managed the difficult balance between cost control, investing in the future, and selective expansion.

Axfood delivers an impressive run, having grown market share for the eleventh consecutive year in 2025, with all chains showing strength in their respective segments.

Our industrial group Axel Johnson International defended its result level in a challenging European industrial climate. We have strong confidence in their growth model, combining organic development and acquisitions that generate positive cash flows from day one.

In a challenging restaurant market, Martin & Servera improved its result through continuous improvements across all parts of the business, most notably through enhanced efficiency in logistics.

After several years of weak results and adverse market conditions, Dustin has seen some stabilization in the IT market since the summer. Over the past two quarters, Dustin has again shown sales growth and improved results — necessary steps on the road back to long-term profitable growth.

Novax contributes strongly to our result through a number of successful transactions, primarily from the successful partial divestment of our stake in the SaaS company Voyado. We also see how several of Novax's growth companies have matured into platform companies and are beginning to reach solid and stable profitability levels.

Looking ahead, we see continued uncertain markets in a world with high geopolitical tension. Despite this serious external environment, I see great opportunities for continued positive development across all our group companies. A guiding star in our continued development is our renewal target 10/50/50 — meaning that in ten years, 50 percent of what we do should be things we are not doing today, and with 50 percent lower climate impact per krona earned.

The vast majority of new revenues should be created within or adjacent to our existing companies. Yet while we as owners, over time, wish to broaden our geographic and sectoral reach, our starting point is to dig where we stand: our highest priority is to refine, renew, and grow the businesses we own today.

This reflects the combination of long-term thinking and renewal that defines us as owners. And it is precisely the family company's long-term perspective and values, together with the financial strength we have built through strong results, that form an exceptionally solid platform to build from in the years ahead.”

Group companies

The industrial group Axel Johnson International achieved a result of SEK 1,567 (1,609) million. Measured in euros — the company's primary sales currency — result development was slightly positive. Revenue grew primarily driven by acquired businesses, and during 2025 a total of 22 acquisitions were made, making it the most transaction-intensive year in Axel Johnson International's history. Through two acquisitions, the company entered Canada, in line with its strategy to broaden its geographic footprint.

Axfood's result amounted to SEK 3,146 (3,028) million. In a grocery market characterised by fierce competition and a strong price focus, Axfood grew faster than the market for the eleventh consecutive year. Willys continued to expand successfully, opening eight new stores during the year. Hemköp also gained market share, and the restaurant wholesale company Snabbgross saw strong customer growth. The acquisition of City Gross has added an important piece to Axfood's offering through a presence in the hypermarket segment, and during 2025 positive steps were taken towards returning City Gross to long-term profitability. During the year, an agreement was also signed for a new highly automated warehouse for Southern Sweden, to further develop and streamline Axfood's logistics platform.

Dustin's result for the year was SEK -127 (117) million, in a continued challenging market with pricing pressure and negative sales development — particularly among small and medium-sized business customers. A reorganisation was completed, delivering annual savings in the range of SEK 150–200 million. During the final quarter of Dustin's non-calendar fiscal year, some market stabilisation occurred and Dustin once again showed sales growth, driven by the LCP segment — a trend that continued through the final quarter of the calendar year. In November, Samuel Skott took over as new CEO.

Martin & Servera managed to improve its result to SEK 442 (314) million in a restaurant market without volume growth. The improvement was achieved through efficiency initiatives across all parts of the business, with increased logistics efficiency being the single most important factor. The beverages company Galatea posted a record result. The ability to improve results even in a stagnant market indicates that Martin & Servera is well-positioned to grow profitably if Swedish restaurant visits increase alongside disposable income in 2026.

Novax saw its result improve strongly to SEK 691 (-274) million, and during the year continued to deepen its company-building efforts, including the acquisition of JM Posner in the ingredients space and the opening of 23 new fitness facilities under STC. Novax's core today consists of a number of platform companies: the health and wellness group Bond Health Group, the European ingredients group Ingå Group, Latend with Aqua Dental in dental care, the online pharmacy Apohem (jointly owned with Axfood), and RCO in technical security and digital locks. In addition, Novax is the majority owner of a number of smaller companies with strong growth potential and the prospect of eventually developing into platform companies. Jonas Hedman has been appointed as the new CEO of Novax.

Alongside the five group companies, AxSol's result amounted to SEK -264 (-334) million, under very challenging market conditions in the solar energy sector. To improve efficiency and create the strongest possible company, Solkompaniet and EnergiEngagemang have merged to form Alstra Energy, which will focus on the development, construction, and operation of large-scale solar and battery storage projects.

[1] Profit^AX is EBT according to IFRS for the listed companies, and EBT excluding goodwill amortization, adjustments of contingent consideration, items affecting comparability and discontinued operations for the non-listed companies. ProfitAX is used to facilitate comparability between Group companies and other listed companies outside the Group, and comparisons between years.