Oda Group improves annual financial result by over SEK 1.1 billion
Oda has released its annual group-level financial results for 2025 with an improvement of over SEK 1.1 billion compared to the previous year. This development is driven by strong growth in the Norwegian market and the successful restructuring of Mathem in Sweden.
Group revenue grew 14 percent to SEK 5,633 million. EBITDA was positive at SEK 112 million, however this includes a one-off effect related to exiting the reconstruction; adjusted for this, the result was SEK -218 million. The Q1 2026 quarterly report already shows positive cash flow.
“Just one year ago, we were in the midst of a demanding restructuring. Now we can clearly see the effect of the work we have put in: lower costs, higher efficiency and stronger operations 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.
Norway surpasses four billion in revenue
In Norway, Oda exceeded NOK four billion in revenue for the first time in 2025, representing 14 percent growth year on year. Oda Norway improved its result by NOK 143 million compared to 2024, while growing significantly faster than the overall grocery market. EBITDA came in at NOK -45 million. For the sixth consecutive year, Oda achieved the highest customer satisfaction of any grocery retailer in Norway according to Norsk Kundebarometer (the Norwegian Customer Satisfaction Index), and placed in the top 20 across all industries.
“In Norway, Oda continues to outgrow the rest of the market and gained further market share in 2025. We’re very pleased with a NOK 143 million result improvement year on year, and have already delivered positive operating cash flow in 2026. This is a trend we’re focused on sustaining through the rest of the year,” says Knüppel.
Mathem improves its result by SEK 625 million
In Sweden, the reconstruction of Mathem was completed in August 2025. Operations have been consolidated at the fully automated facility in Larsboda, outside Stockholm, and fixed costs have been reduced by nearly half a billion SEK since the merger. Mathem now runs on Oda’s technology platform, Oda Systems, which has contributed to significantly higher efficiency and a SEK 625 million result improvement from 2024 to 2025.
Oda Systems brings industry-leading grocery technology to operators worldwide
Oda is also continuing to develop the technology that underpins its operations. With more than 300 units fulfilled per man-hour, Oda has set a global record for online grocery, which is three times the industry norm. Through its new business unit, Oda Systems, this technology is now being made available to grocery operators in other markets.
“We have demonstrated that our technology delivers significant improvements in operations and efficiency. Running both markets on a single platform gives us a strong foundation to further develop Oda Systems and expand our collaboration with operators internationally,” concludes Knüppel.
This press release was originally published in Norwegian here. Among the outlets that picked up the story are:
- E24
- Dagens Næringsliv (paywall)
- Dagligvarunytt
- Dagens Industri (paywall)