BONGNasdaq StockholmIndustrialsIFRS · SEK

Bong

Bong is a European manufacturer of envelopes and light packaging used for mailing, protection, and branded presentation of goods and documents. The company operates a multi-country production footprint across Western and Central Europe and sells primarily to business customers in packaging, e-commerce, and related distribution channels.

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Revenue1,809m SEK
−5.5 %y/y
Operating profit (EBIT)15.9m SEK
−63.5 %y/y
EBIT margin0.9%
−1.4 ppy/y
Net income6.6m SEK
+152.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50005001,0001,5002,0002,500m SEK2020: 1,843 m SEK2020: EBIT -19 m SEK20202021: 1,804 m SEK2021: EBIT 46 m SEK20212022: 2,165 m SEK2022: EBIT 98 m SEK20222023: 2,088 m SEK2023: EBIT 44 m SEK20232024: 1,914 m SEK2024: EBIT 43 m SEK20242025: 1,809 m SEK2025: EBIT 16 m SEK20251,80916
RevenueOperating profit (EBIT)
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Business

Share of revenue
Envelopes55 %

Standard and specialty envelopes for mailing, invoicing, archiving, and communication.

Light packaging30 %

Paper-based and flexible packaging for lightweight goods and e-commerce shipments.

Retail bags10 %

Gift bags and carrier bags used by brands and retailers for presentation and transport.

Custom and specialty solutions5 %

Tailored formats, materials, and features for customer-specific packaging needs.

Customers

Bong sells mainly to B2B customers, including e-commerce retailers, brands, and other companies that need mailing and packaging solutions. Its products are used for business communication, shipping, archiving, transport, and branded retail presentation, so buying decisions are driven by functionality, sustainability, and cost efficiency.

E-commerce retailers

Buy paper mailers, cushioned mailers, and shipping packaging for parcel delivery and brand presentation.

Business communication customers

Buy envelopes for invoicing, correspondence, and document handling.

Retail brands and stores

Buy gift bags and carrier bags to support in-store presentation and customer experience.

Archiving and logistics users

Buy mailing and packaging formats for document storage, transport, and internal distribution.

Strategy

Bong’s strategy centers on balancing its traditional envelope business with growth in light packaging, especially solutions aligned with e-commerce and recyclable materials. The company also emphasizes sustainability, supply-chain resilience, and operational flexibility across its factory network to support customer demand and adapt to structural changes in the market.

Expand light packagingMedium term

It provides growth as envelope demand faces structural pressure from digitalization.

Maintain competitiveness in envelopesShort term

Envelopes remain a core product and require scale, pricing discipline, and efficient production.

Advance sustainability-led product developmentMedium term

Customer demand and regulation favor recyclable and resource-saving packaging.

Improve operational resilienceLong term

A multi-site European footprint needs reliable sourcing, logistics, and energy management.

Geography

Bong operates eleven factories across Western and Central Europe and serves customers across a broad European footprint. The company has particularly strong positions in northern Europe, Germany, France, and the United Kingdom, while its supply chain also reaches into the Nordics, the EU, and selected non-European sourcing and equipment markets.

Risks

Bong is exposed to structural decline in envelopes, price pressure, and demand shifts toward digital communication and e-invoicing. Its manufacturing model also creates exposure to paper, energy, freight, foreign exchange, and supply-chain risks, while sustainability and regulatory expectations increase the importance of resource efficiency and emissions management.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Structural decline in the European envelope market1Foreign exchange risk3Input and supply-chain risk4Climate and regulatory risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Structural decline in the European envelope marketImpact: HighLikelihood: High

    Digital communication and mandatory e-invoicing reduce envelope volumes over time.

    Exposure: Core envelope business

  2. Price pressure from overcapacityImpact: High

    A fragmented market with excess capacity limits pricing power.

    Exposure: Envelope and light packaging pricing

  3. Foreign exchange riskImpact: MediumLikelihood: High

    A large share of sales is outside Sweden and denominated in EUR and GBP.

    Exposure: Transaction and translation exposure

  4. Input and supply-chain riskImpact: MediumLikelihood: High

    The business depends on paper, pulp, plastic, energy, and freight suppliers.

    Exposure: Raw materials and logistics

  5. Climate and regulatory riskImpact: MediumLikelihood: Medium

    Packaging regulation and emissions expectations favor recyclable, low-waste solutions.

    Exposure: Manufacturing and product design

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Accounting

Judgemental items
Foreign currency translation and hedging

A large share of sales is in EUR and GBP, while the reporting currency is SEK.

Impact: Can materially affect revenue, operating profit, and OCI

Derivative fair value accounting

Currency and interest-rate derivatives are used to manage financial risk.

Impact: Affects financial net and equity through hedge reserves

Goodwill impairment

Acquired businesses are tested for impairment against cash-generating units.

Impact: Can create significant non-cash write-downs

Expected credit losses

Receivables are assessed using customer history and macroeconomic indicators.

Impact: Affects bad-debt expense and net working capital

Deferred tax and temporary differences

Tax balances depend on provisions, pensions, PPE, and loss carryforwards.

Impact: Can materially affect tax expense and balance-sheet tax assets

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Last updated: 24/09/2026

Bong Revenue, Earnings & Financials 2025 – Clarifo