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Karnell Group (KARNEL) investor relations material
Karnell Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Net sales increased by 22.3% year-over-year to SEK 436 million, with organic growth of 3.7–4% and strong contributions from both product companies and niche manufacturers.
EBITDA/EBITA rose 26–26.4% to SEK 69–69.4 million, with margin improving to 15.9%, the highest to date, and record return on capital employed.
Product companies showed particularly strong development, driving most of the growth, while niche manufacturers remained stable.
Three acquisitions were completed, including Lund Halsey, a UK-based control room console manufacturer, expanding the platform and M&A pipeline.
Market visibility remains limited, but activity and execution levels are stable across most companies.
Financial highlights
Net sales for Q3 were SEK 436–436.1 million (up 22.3%), with 3.7–4% organic growth and 21% of the increase from acquisitions; currency effects were -2%.
EBITDA/EBITA margin reached 15.9%, up from 15.4% last year, the highest to date.
Cash flow from operating activities was SEK 46–46.4 million in Q3, nearly in line with last year.
Net debt increased to SEK 410 million due to acquisitions, with net debt/EBITDA at 1.6x and total leverage (including leases, earnouts, options) at 2.4x.
Earnings per share after dilution for Q3 was SEK 0.85 (up 59%).
Outlook and guidance
Early signs of market stabilization in core industrial technology and infrastructure sectors, while construction markets in Finland remain subdued.
Expectation of positive working capital contribution in Q4.
Confidence in strategy and ability to create sustainable long-term value as the group enters the final quarter of 2025.
Financial position allows flexibility for further M&A as the platform scales across Europe.
Continued focus on operational excellence, capital discipline, and selective acquisitions.
Why did Q3 organic EBITA growth slow significantly?
How will UK M&A pipeline impact future growth?
What drives the increase in net debt/EBITDA?
Capital efficiency improvement initiatives
Karnell's unique M&A appeal in Italy
How M&A valuation discipline impacts ROCE
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Next Karnell Group earnings date
Q4 202518 Feb, 2026
Next Karnell Group earnings date
Q4 202518 Feb, 2026
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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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