Interim report and Year-End report 2025

Fourth quarter 2025

• Order intake increased by 2% and amounted to SEK 8,196 million (8,038). For comparable units, the increase was 3%.
• Net sales decreased by 1% to SEK 8,226 million (8,336). For comparable units, it was unchanged.
• EBITA decreased by 10% to SEK 1,094 million (1,221), corresponding to an EBITA margin of 13.3% (14.6%). Excluding non-recurring items, the EBITA margin was 14.9% (14.3%).
• Profit for the quarter decreased by 14% to SEK 626 million (732) and earnings per share were SEK 1.72 (2.01).
• Cash flow from operating activities amounted to SEK 1,595 million (1,599).
• The Board proposes a dividend of SEK 3.10 (3.00) per share.

CEO’s message
2025 was characterised by uncertainty in the market with continued dampened demand, while we did make both operational and strategic progress, which contributed to a gradual improvement in financial development. The acquisition pace increased gradually during the year, and we welcomed 13 successful and well-positioned companies into the Group. Net sales for the full year totalled SEK 32.2 billion, with an EBITA margin of 13.8% and free operating cash flow of SEK 3.5 billion.

Fourth quarter
Demand improved compared with the corresponding period in the previous year and order intake increased 2% to SEK 8.2 billion (8.0). Organic order growth was 3%, with three of five business areas, and more than half of the companies, showing a positive development. Demand varied between companies, customer segments and geographies, but was strongest among companies with customers in the energy sector, water/wastewater, and infrastructure and construction. For companies with customers in medical technology and the pharmaceutical sector, demand remained high and was in line with the previous year, despite challenging comparative figures in several companies.

Net sales decreased by 1% to SEK 8.2 billion (8.3). Organic sales were unchanged, with about half of the companies showing growth. The Industrial & Engineering business area had the strongest development, with growth of 4% for comparable units.

EBITA totalled SEK 1.1 billion (1.2), a decrease of 10% compared with the corresponding period in the previous year. The decline is attributable to non-recurring items, mainly linked to negative cost deviations in customer projects for two UK companies in the Technology & Systems Solutions business area. Excluding non-recurring items for the quarter, the EBITA margin was strong and amounted to 14.9% (14.3%). This improvement is mainly attributable to a continued strong gross margin. The Industrial & Engineering business area had the strongest EBITA margin development, primarily due to higher net sales for comparable units and solid gross margin development.

Thanks to continued reductions in inventory, cash flow from operating activities was strong and amounted to SEK 1.6 billion (1.6), in line with the previous year’s high level. The debt/equity ratio is historically low, and the Group’s financial position remains very strong.

Acquisitions
Thirteen companies were acquired in 2025, with combined annual sales of approximately SEK 1.3 billion. The acquisition pace in the fourth quarter was good, and we announced the acquisitions of Magistor and ETS in the Netherlands, Thermibel in Belgium, and ATM – our first acquisition in Spain.

All five business areas have good opportunities for value-creating acquisitions, and act independently and with a high level of autonomy to identify attractive companies and drive acquisition projects. One important ambition in our acquisition work is to increase the share of acquisition candidates generated via the internal network; our business segment leaders play a key role in this. We have good activity in our acquisition processes and a very strong financial position, laying a solid foundation for a gradual increase in acquisition pace.

Outlook
Demand has gradually improved in 2025, with positive development in most large customer segments. However, uncertainty regarding the overall market situation remains. We enter the new year with a slightly stronger order book, and along with the autumn’s higher acquisition pace and somewhat lower comparative figures, this provides some comfort for the coming quarters.

Our focus now is fully on continuing to deliver results in line with our financial targets, annual growth of at least 10% per year over a business cycle, and a stable EBITA margin of at least 14%. In addition, Indutrade has a strong culture with continuous improvements in focus and a high level of engagement both among company MDs and the business areas. Altogether, this provides a good foundation for Indutrade to deliver sustainable and profitable growth!

Bo Annvik, President and CEO

For further information, please contact:
Bo Annvik, President and CEO, tel. +46 (0)8 703 03 00,
Patrik Johnson, CFO, tel. +46 (0)70 397 50 30.

This report will be commented upon as follows:
A webcast of the report will be presented on 29 January at 9.30 a.m. CET via the following link: https://indutrade.events.inderes.com/q4-report-2025/register

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