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Indutrade (INDT) investor relations material
Indutrade Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary15 Jul, 2025
Executive summary
Order intake remained stable year-over-year, with half of companies showing organic growth and strong demand from the energy sector, but net sales declined 4% due to currency headwinds, fewer working days, and a lower order backlog.
EBITA margin was 13.7%, down from 14.8% last year, with sequential improvement from Q1; EBITA fell 11% to SEK 1,115 million.
Four acquisitions completed year-to-date, adding SEK 425 million in annual sales; acquisition pipeline remains strong for H2.
Market uncertainty persists, with a slightly lower order backlog expected to continue, but a positive book-to-bill ratio for two consecutive quarters signals resilience.
Cash flow from operating activities decreased 29% to SEK 735 million, reflecting lower earnings and less favorable working capital changes.
Financial highlights
Net sales for Q2 were SEK 8,121 million, down 4% year-over-year; EBITA: SEK 1,115 million, down 11%.
Gross margin stable at 35.3%; EBITA margin at 13.7% (14.8% last year).
Earnings per share fell 12% to SEK 1.71–1.75; year-to-date EPS down 4%.
Return on capital employed at 19%, slightly below last year and target.
Free operating cash flow was SEK 610 million in Q2; cash conversion remains strong at 131% on a rolling four-quarter basis.
Outlook and guidance
Cost adaptation efforts are ongoing, with expenses expected to decline further in Q3 and Q4.
Backlog nearly restored to last year's level, indicating potential sales pickup in H2; long-term outlook remains optimistic with structural growth potential in key sectors.
Market uncertainty is expected to continue, but a strong acquisition pipeline supports long-term sustainable, profitable growth.
Life Science and Process Energy & Water segments have good order situations; Infrastructure & Construction faces continued challenges.
Positive book-to-bill ratio for two consecutive quarters; companies are actively adapting costs to market conditions.
How did acquisitions impact Q2 EBITA?
Why was the order backlog weaker?
Elaborate on the Utodas B.V. acquisition.
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Q3 202521 Oct, 2025
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Indutrade: Growing Through Strategic Acquisitions
Indutrade, a Swedish serial acquirer founded in 1978, has established itself as a significant player in the field of technology and industrial business.
Frequently asked questions
Swedish Industrial Serial Acquirer
Indutrade AB is an industrial technology group based in Sweden that specializes in the development, manufacture, and distribution of high-tech products and solutions. The company operates through a diversified structure comprising multiple segments, with each division offering a variety of products such as components for flow control, hydraulic and mechanical components, industrial springs, and measurement and sensor technology equipment. Indutrade is a serial acquirer, purchasing companies that fit into its wider organizational structure. It is headquartered in Stockholm, Sweden, and its shares are listed on the Stockholm Stock Exchange.
Nils Dacke AB
The story of Indutrade begins in earnest in 1982, although its roots can be traced back to 1978. In 1982, a series of companies came together to form Nils Dacke AB, which then went public. Throughout the 1980s and 1990s, the company expanded by acquiring several small and medium-sized industrial trading companies. Indutrade got its current name after Nils Dacke was acquired by Industrivärden in 1989. The series of acquisitions didn't stop after the new name was chosen and is something that has only kept on going ever since the company was first founded. In 2005 Indutrade once again went public. Today, it has over 200 different companies in its portfolio and continues to make acquisitions through its formula which has proven successful so far.
The Acquisition Strategy
The company's strategy is centered around acquiring companies that fit a very specific set of criteria, specifically business-to-business (B2B) companies that align with Indutrad’s corporate values and whose management teams are keen on continuing their roles post-acquisition. Ideal candidates are those generating annual revenues between 50 and 500 million SEK ($5-50 million), demonstrating stable and strong profitability. Prospective companies should hold a sustainable, dominant position in a well-defined niche, offer technically advanced products that deliver significant value to customers, and have a high rate of recurring sales.
Further Reading: Indutrade: Growing Through Strategic Acquisitions
The Companies
Indutrade has a diverse portfolio, but there's a clear emphasis on businesses that operate in the industrial technology sector. This includes companies that specialize in automation, instrumentation, fluid and mechanical systems, and industrial components. These businesses often provide niche products and technical solutions aimed at improving process efficiency, quality, and safety across various industries.
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