ICA Gruppen closed 2025 with a strong final trading period, reporting 5.8% sales growth to SEK 48.5 billion as higher grocery volumes helped offset price investments and rising logistics costs in Sweden.
In its report for the final four months of the year (T3), the group said customer visits increased across ICA stores, with grocery sales outperforming the market despite continued pressure on margins.
Operating profit excluding items affecting comparability and IFRS 16 Leases rose to SEK 1.61 billion, with an operating margin of 3.3%, slightly lower year on year.
Grocery Volumes Rise Despite Margin Pressure
ICA Sweden remained the main earnings driver, supported by higher customer traffic and strong December trading. Grocery sales grew faster than the market both in T3 and across the full year.
Operating profit for ICA Sweden increased to SEK 1.29 billion, although the operating margin edged lower as the retailer continued to invest in lower food prices. Higher logistics costs linked to increased volumes also weighed on profitability.
Food price inflation eased during the period, but ICA said consumers remained highly price-conscious — a trend expected to continue into early 2026.
For suppliers and brand owners active in the Sweden supermarket market, the results highlight resilient volumes alongside sustained pressure on retail margins.
Other Business Areas
Apotek Hjärtat continued to capture market share in both physical pharmacies and online, reporting operating profit of SEK 221 million.
ICA Real Estate delivered improved earnings following the full acquisition of Ancore Fastigheter and said it continues to invest in strengthening its Swedish property portfolio.
Outlook
CEO Nina Jönsson said the strong end to 2025 was driven by higher sales volumes, particularly during the Christmas period, even as household budgets remained under pressure.
ICA expects consumer price sensitivity to persist into early 2026, keeping cost control and operational efficiency high on the agenda.
Editor’s Note: This article is based on ICA Gruppen’s T3 2025 financial disclosure, published on 5 February 2026 in line with EU Market Abuse Regulation requirements.
