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.
Flügger closed 2025/26 with revenue of MDKK 2,313 (+2% y/y), marginally above our MDKK 2,298 estimate, and EBIT of MDKK 108 (+15%), both within guidance. Reported EBIT met our forecast, though earnings quality was a touch softer, with EBITDA, PTP and EPS landing a few percent below as admin and ERP costs ran ahead of our modelling. Poland again led growth at +11% local currency for the full year, while the Nordic segment rose 2% as the planned private-label phase-out masked improving core demand from professional painters and consumers. The new 2026/27 guidance of MDKK 2,400-2,500 revenue and MDKK 105-125 EBIT lifts our revenue outlook but trims our EBIT trajectory, the main change to our estimates for 2026/27e. We reiterate our "Accumulate" recommendation, with the ongoing sanctions case remaining the key risk factor, and raise our target price to DKK 410 per share (prev. DKK 360).
Flügger ventes at offentliggøre sit årsregnskab for 2025/26 - torsdag d. 25. juni 2026.
Ugen efter – mandag d. 29. juni kl. 11.00 - har vi fornøjelsen at invitere til en gennemgang af årsregnskabet for 2025/26 og de nye forventninger til 2026/27 med CEO Sune Schnack og CFO Lucas Eichild. Her vil der også være mulighed for at stille spørgsmål til ledelsen.
Udsigt til kursstigninger i Europa fra morgenstunden, fredagens sektorrotation ud af tech samt mildere toner mellem USA og Iran trækker op. Fokus herhjemme på bl.a. Novo Nordisk, Lundbeck og Carlsberg.
Her til formiddag kl. 11:00 vil Flügger CEO Sune Schnack og CFO Lucas Eichild præsentere årsregnskabet for 2025/26 samt de nye forventninger til 2026/27 og svare på spørgsmål fra publikum. Tilmeld dig og stil dine spørgsmål allerede nu.
Europa ser ikke ud til at være inviteret med til aktiefesten resten af verden har med baggrund i Micron regnskabet og faldende oliepriser. herhjemme fokus på Novo, energiaktier
Flügger guider konservativt og skuffer på marginen, Oaktree trimmer sin TORM-post, og Lundbeck sikrer ro i R&D-toppen op mod den kritiske pipeline-fase.
