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Indutrade (INDT) investor relations material
Indutrade Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Navigated 2025 with market uncertainty, gradual operational and financial improvement, and a fully established new segment structure.
Achieved 2% order intake growth and completed 13 profitable acquisitions, adding SEK 1.3 billion in annual turnover.
Board proposes a dividend of SEK 3.10 per share.
Q4 organic order growth was 3%, with strongest demand in energy, water, wastewater, and infrastructure.
Profit for Q4 decreased by 14% to SEK 626 million; earnings per share before dilution were SEK 1.72.
Financial highlights
Order intake grew 2% for the year; Q4 organic order growth was 3%.
Net sales decreased 1% for the year and in Q4; full-year net sales were SEK 32,229 million.
Q4 EBITA margin was 13.3% (14.9% excluding non-recurring items); full-year EBITA margin was 13.8%.
Cash flow from operating activities remained strong at SEK 1,595 million in Q4; full year: SEK 3,990 million.
Earnings per share for the year was SEK 7.03, down 7% year-over-year.
Outlook and guidance
Market uncertainty persists, but a larger order book, higher acquisition pace, and lower comparables support a positive earnings trend.
Focus is on delivering at least 10% annual growth and a stable EBITA margin of at least 14% over the business cycle.
Management expects gradual organic improvement in 2026, supported by a positive order backlog and infrastructure investments.
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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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