The Group's revenue increased by 14 percent during the year to SEK 5,633 million, and earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to SEK 112 million. Adjusted for one-time effects related to Mathem's reconstruction, the annual result was SEK -218 million. According to the company, the report for the first quarter of 2026 already shows a positive cash flow.
For just a year ago, we were in the middle of a demanding reconstruction. Now we clearly see the effect of the work we have put in: lower costs, higher efficiency and a stronger operation in both markets. We have laid the foundation for profitable growth in all markets and at the Group level, says André Knüppel, CEO of Oda Group.
In Norway, Oda increased its revenue by 14 percent and exceeded four billion NOK for the first time. The Norwegian company's EBITDA amounted to NOK -45 million, which represents an improvement in earnings of NOK 143 million compared to 2024.
Mathem Reduced Costs
For the Swedish operation Mathem, the reconstruction was completed in August 2025. By moving operations to a highly automated facility in Larsboda outside Stockholm and halving the local area, fixed costs have been reduced by almost SEK half a billion.
The operation has also been transferred to Oda's technical platform, which has led to an improvement in Mathem's earnings of SEK 625 million from 2024 to 2025. During the process, the company was forced to notify more than 140 employees, but with the district court's approval of the reconstruction plan, 700 jobs were saved.
Nikodemus Lindroos, Director of Operations at Mathem, highlights the changes in warehouse operations as key to the development. From previously handling about 95 units per hour with manual picking, the capacity in Larsboda now amounts to almost 250 units per hour.
We have had a turbulent time at Mathem for a long time and really taken enormous steps in the right direction. I think it is a receipt that we as a team have gotten through a tough time, but somewhere also shown that by challenging each other and lifting each other, we achieve these results, said Nikodemus Lindroos recently to Ehandel.se.
Lower Waste And New Leadership Model
The new logistics system, Oda Systems, is based on lifting operational deviations directly instead of using intermediate buffers in the warehouse. According to Lindroos, this has reduced Mathem's food waste to around 0.3 percent, with a long-term goal of zero waste through, among other things, external collaborations for surplus seasonal goods.
Within the organization, they have also stopped measuring individual performance in favor of team goals, and leadership has been moved closer to production.
We have built the organization from the driver or our employee in production first. What do they need? They need a team leader level that is with them. Then we make sure that 80 percent of their time is in the business. They should not sit in an office. It's a little cool when you see it. I think many who come here are impressed that we have an empty office among managers. You are out in the business, said Nikodemus Lindroos.
Aiming For Profitability Before 2027
Mathem's fixed costs have been cut by a total of 60 percent, and the company has introduced a new pricing strategy. The official goal is to achieve profitability during 2027, but the operational management assesses that it may happen earlier.
At the same time, the Oda Group plans to commercialize its logistics technology internationally. Through the business area Oda Systems, the platform and automation solution are now offered to external grocery actors in other markets.
READ ALSO: Inside Mathem's new machinery: Empty manager offices and 0.3 percent waste