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Karnell Group (KARNEL) investor relations material

Karnell Group Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary18 Jul, 2025

Executive summary

  • Q2 2025 net sales rose 20.7% year-over-year to SEK 431M, with organic growth of 1.4% and EBITA up 54% to SEK 63M, driven by both organic growth and acquisitions.

  • Two UK acquisitions (Warwick SASCO and Lund Halsey) expanded the group’s international footprint and product offerings.

  • Niche production segment drove organic growth and margin improvement, while product companies had mixed organic results but maintained good margins.

  • Market environment remains cautious but stable, with early signs of stabilization and resilience in core operations.

  • Maintained low leverage and robust cash flows, positioning for continued execution of the growth strategy.

Financial highlights

  • Net sales increased 20.7% year-over-year to SEK 431M, with organic growth of 1.4% and acquisitions contributing 21%.

  • EBITA margin reached 14.6%, up from 11.4% last year; trailing twelve months EBITA margin above 13%.

  • Operating cash flow for Q2 was SEK 20M, down from SEK 30.5M last year, mainly due to higher working capital.

  • Net profit after tax for Q2 was SEK 36.8M, up 132% year-over-year; earnings per share after dilution was SEK 0.68.

  • Net debt to EBITDA remained low at 1.4x, providing headroom for further expansion.

Outlook and guidance

  • Entering H2 2025 with confidence, supported by a strong balance sheet, robust acquisition pipeline, and early signs of market stabilization.

  • Decentralized operating model and recent acquisitions expected to drive long-term value.

  • Q3 2025 faces a tough comparison due to a strong Q3 2024.

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Frequently asked questions

Karnell Group AB is a Swedish investment firm specializing in industrial technology companies. The company focuses on acquiring and developing businesses with strong market positions and growth potential within two main segments: Product Companies and Niched Manufacturers. These sectors include a diverse range of industrial technology firms that benefit from Karnell's strategic and financial expertise. With a proactive acquisition strategy, Karnell seeks companies that align with global industry trends and possess significant cash flows and profitability. Karnell employs a decentralized ownership model, allowing each portfolio company to operate independently while benefiting from strategic and operational support from the central group. This model emphasizes local decision-making and management autonomy, enhancing responsiveness and adaptability in business operations.The company is headquartered in Stockholm, Sweden, and its shares are listed on the Nasdaq Stockholm.

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