H&M, net revenue 2025 down 2.7 % to EUR 21.6 billion
The board of directors will propose to the shareholders' meeting a dividend of SEK 7.10 per share (6.80 in 2024), equivalent to approximately EUR 0.67 per share.
by Mo.D.
Key points
Weak year on the sales front for H&M in 2025. The Swedish group ended the year with net sales declining to EUR 21.6 billion from EUR 22.2 billion in the same period last year (-2.7%) at constant exchange rates. At current exchange rates the change was a positive 2%.
In terms of profitability, gross profit was about EUR 11.5 billion, down from EUR 11.9 billion in 2024, with a stable gross margin at 53.4 %. Selling and administrative expenses decreased by 4% to around EUR 9.8 billion from EUR 10.2 billion previously. At constant currencies, the decline was 1% year-on-year. Operating profit was stable at 1.7 billion, with the operating margin improving to 8.1 % (7.4 %). Net profit reached about EUR 1.1 billion or EUR 7.58 per share (EUR 7.21). Cash flow from operating activities, after changes in working capital, amounted to about 2.9 billion from 3 billion in 2024.
The board of directors proposes a dividend of SEK 7.10 per share (SEK 6.80 the previous year), equivalent to approximately EUR 0.67 per share, at the 2026 Annual General Meeting of Shareholders.
The stock opened trading in negative territory after the results.
Estimates 2026
The start of the new financial year started with a downturn. The H&M Group's sales in the period between 1 December 2025 and 31 January 2026 are expected to decline by 2% at constant exchange rates compared to the same period last year.
