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Research

Flügger (One-pager): Margins improve as markets remain challenging

Flügger Group
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Read the latest Flügger One-pager following its FY 2024/25 annual results, which includes a brief description of Flügger, valuation perspectives relative to a peer group, and several key investment risks and key investment reasons.

Flügger realized revenues in 2024/25 of DKK 2,272 million, corresponding to a growth of 3% compared to DKK 2,208 million in 2023/24. The latest guidance was DKK 2,200-2,400 million. Revenue breakdown showed flat development in Denmark, marginal growth in Sweden and Norway, significant growth in Poland, and a decline in the Ukrainian market. Profitability improved in 2024/25 with EBIT rising to DKK 94m, up from DKK 68m previously, a growth of 38%. The EBIT improvement was mostly driven by a margin improvement to 4.1%, up from 3.1% in 2023/24.

For the new financial year 2025/26, Flügger is guiding for revenue of DKK 2,200-2,400 million, the same revenue guidance as in the previous year. However, EBIT is expected to be in the range of DKK 100-120 million, corresponding to an EBIT margin of approximately 4.8% measured at the midpoint of the guidance.

To learn more about Flügger, its performance in 2024/25 and outlook for 2025/26 and beyond, read the full one-pager or catch up on the latest presentation of the 2024/25 annual results with Flügger CEO Sune Schnack and CFO Lucas Eichild.

Link: https://www.inderes.dk/videos/flugger-praesentation-af-arsregnskabet-202425

Disclaimer: HC Andersen Capital receives payment from Flügger for a DigitalIR/corporate visibility subscription agreement. / Philip Coombes 08:44 08/07/2025, Updated 09:30 04/08/2025

 

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Flügger develops, produces, markets, and sells interior and exterior decorative paint, wood stains, filler, and tools; selling to professional painters, private customers, and builder’s merchants. Flügger originates from Denmark and is listed on the Nasdaq OMX Copenhagen Stock Exchange. Flügger has a strong market position in the Nordic markets, where it is the market leader in Denmark. Its physical Flügger Farver stores are well known throughout the Nordic region and are the company’s primary sales channel; however, Flügger also has private label sales via builder’s merchants as well as developing e-commerce capabilities. Flügger’s position in the Nordics is relatively stable, whereas the company has growth via export markets and its own presence in Eastern Europe, with a long history in Poland and by the acquisitions of Unicell and Eskaro.

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