Bonnier Group increases operating profit in 2025

Bonnier Group’s operating profit increased by SEK 278 million compared to 2024 and once again exceeded SEK 2,000 million. The result ended at SEK 2,402 million. Sales are on par with the previous year, but EBITA is strengthened due to lower costs and continued strong demand for books and news – not least digital.

“It is encouraging that in principle all our companies continue to develop positively in 2025”, says Erik Haegerstrand, CEO of Bonnier Group. “Bonnier News exceeds SEK 1 billion in operating profit and Bonnier Books also continues to increase its profit.”

The group has available net cash of SEK 6,253 million, adjusted for lease liabilities and Bonnier Fastigheter’s net debt.

“Our strong liquidity continues to give us great opportunities to invest in both existing and new businesses and provides good returns, says Erik Haegerstrand.

The year in brief

BONNIER NEWS delivered a strong result in 2025. EBITA totaled SEK 1,080 million (SEK 836 million in 2024), which was the highest profit ever for Bonnier News. The main reasons for the improved result compared to 2024 were growth in digital subscription revenues, cost reductions in the production and distribution of printed newspapers and a maintained contribution from advertising operations.

Net sales increased to SEK 10,474 million (SEK 10,172 million in 2024).

The digital subscription business showed continued strong growth during the year and grew by 14 percent compared to 2024. The +Allt offering contributed to higher subscription volumes and average prices during the year. During the year, +Allt was also introduced to Erna Media’s (formerly NWT Media) subscribers. The total number of subscribers with access to +Allt at the end of the year was more than 1,150,000. During the year, Bonnier News Business launched its +Pro product, which gives professionals access to tailored content from Dagens Industri, industry titles and news services.

BONNIER BOOKS showed good profitability, robust margins and net sales of SEK 8,181 (8,392) million in 2025. Adjusted for negative currency effects and divestments, underlying sales in the publishing business were stable, while the audiobook service BookBeat continued its positive development and reported growth of 15 percent.

The publishing business strengthened the gross margin and improved profitability in several companies, with particularly positive contributions from Bonnier Norsk Forlag, Bonnierförlagen and Bonnier Media Deutschland. BookBeat continued its profitability improvement and reported an EBITA of SEK 86 (1) million. Bonnier Books’ total EBITA increased to SEK 751 (684) million, with a slightly weaker cash flow due to increased capital tied up in the publishing business after a cash-rich 2024.

During the year, the publishers’ publishing was recognized through several prestigious literary awards. The August Prize for Fiction Book of the Year was awarded to Liken vi begravde by Lina Wolff (Albert Bonniers Förlag), the Runeberg Prize for Best Debut Novel went to Ester, Teurastaja by Mariia Niskavaara (Kosmos/WSOY) and The Booker Prize was awarded to Flesh by David Szalay, published by Ullstein Verlag (Bonnier Media Deutschland) and by Albert Bonniers Förlag in Sweden.

BONNIER FASTIGHETER delivers stable operating results for 2025. Sales increased to SEK 1,093 (983) million with an EBITA of SEK 763 (761) million. The increase is attributable to increased rental income due to acquisitions and project activities as well as indexation. Net lettings were positive during the year.

The value of the wholly owned property portfolio developed positively by SEK 51 (1,052) million, due to improved net operating income in the valuation. In addition, the development in the value of the listed shareholding contributed SEK 69 (17) million to the year’s profit before tax of SEK 546 million.

The market value of the properties is estimated to amount to approximately SEK 19,700 million at the end of the year. Bonnier Fastigheter’s financial position remains very good, with a net loan-to-value ratio of 45 (46) percent.

Bonnier Fastigheter continued to grow through its own project development. During the year, the company invested SEK 551 (352) million in operating investment properties and development properties. During the last four months of the year, an agreement was signed to acquire a recently completed and fully leased residential property with 137 apartments in Uppsala.

BONNIER CAPITAL’s assets amount to a value of 4,035 (2,483) MSEK. During the year, Bonnier Capital invested approximately 600 MSEK. Safe Life was the largest single investment of 250 MSEK.

Positive value development for the holdings in Acast and Natural Cycles, among others, resulted in value increases of 992 MSEK.

In 2025, Acast continued to grow in North America, where revenues increased by 60 percent compared to 2024. The company had sales of 2,517 MSEK in 2025, an increase of 29 percent compared to the previous year.

ADLIBRIS’ business grew in 2025. Turnover amounted to SEK 2,328 million, which is an increase of 4 percent compared to the previous year.

Adlibris’ book sales via e-commerce to the Swedish public sector continued their strong growth and increased by 34 percent compared to the previous year. The growth was driven by procurement wins and increased government grants directed to preschools and primary schools for the purchase of fiction and non-fiction.

Adlibris’ consumer sales via e-commerce to Swedish, Norwegian and Finnish customers decreased by 11 percent during the year. Physical store sales increased by 13 percent, due to increased demand and the newly opened stores in the autumn of 2024, which showed good growth. EBITA for the year amounted to SEK -44 million, which was a decrease of SEK -65 million compared to 2024. One-off costs related to the new logistics solution with Autostore in Morgongåva and organizational changes negatively affected the result.

SF STUDIOS’ operations have continued to develop positively during the year and show a positive result. Net sales amounted to SEK 1,416 (1,538) million and EBITA to SEK 76 (52) million.

The production operations in Sweden, Denmark and Norway continued their close collaboration with Nordic TV channels and international streaming players during the year. In the spring, Åremorden season 1 was launched on Netflix, where the series reached a large global audience. In the autumn, the remake of Vi på Saltkråkan premiered on SVT and it too quickly became a success with viewers.

THE GROUP’S net debt amounts to SEK 2,657 million, excluding accounting liability for rented premises of SEK 1,379 million.

Bonnier Fastigheter’s liabilities amount to SEK 8,910 million (8,616 previous year). The rest of the Group has available net cash of SEK 6,253 million, an increase from SEK 6,031 million the previous year.

THE YEAR’S PROFIT amounted to SEK 3,121 million, a decrease from the 2024 level of SEK 3,644 million. The main reason is lower value increases on properties.