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Nederman (NMAN) investor relations material
Nederman Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Achieved strong profitability and continued investments despite a turbulent market, significant negative currency and tariff effects, and subdued demand for large projects.
Q3 2025 net sales grew 7.5% currency neutral to SEK 1,434m, while order intake declined 7.1% currency neutral to SEK 1,251m, reflecting fewer large investment projects but resilient base and service business.
Adjusted EBITA for Q3 was SEK 166.4m (margin 11.6%), up from SEK 160.8m (margin 11.4%) in Q3 2024; net profit rose to SEK 79.3m from SEK 70.4m.
Maintained a leading position in industrial air filtration, launched new products, and continued investments in product development, operational efficiency, and digital solutions.
Major acquisition of Euro-Equip in March 2025, with integration ongoing and positive contributions.
Financial highlights
Q3 2025 net sales: SEK 1,434m (Q3 2024: SEK 1,416m); orders received: SEK 1,251m (Q3 2024: SEK 1,437m); sales grew 7.5% currency-neutral, organic growth 2.2%.
Adjusted EBITA Q3: SEK 166.4m (margin 11.6%); net profit: SEK 79.3m; EPS: SEK 2.27.
January–September 2025 net sales: SEK 4,279m; adjusted EBITA: SEK 467.5m (margin 10.9%); net profit: SEK 207.9m; EPS: SEK 5.94.
Cash flow from operations Q3: SEK 123.2m (Q3 2024: SEK 180.9m); for the period: SEK 197.6m (2024: SEK 350.5m).
Net debt/adjusted EBITDA: 2.0x; return on equity: 13.6%; net debt/equity ratio: 78.9%.
Outlook and guidance
Demand remains subdued with a lower order backlog than a year ago, but base and service business are robust; order intake improved in September, potentially supporting Q4.
Continued investments in operational efficiency and product development are expected to strengthen market position.
Long-term prospects remain positive due to increasing awareness of air quality and regulatory drivers.
Impact of lower order backlog on future sales?
Address Q3 cash flow decline from operations.
Drivers of group's Jan-Sep EBITA margin decline?
Mitigation for major project investment delays?
What drives market share gains?
Impact of US-China tariffs on APAC strategy?
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Q4 202512 Feb, 2026
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Frequently asked questions
Nederman Holding AB operates as an environmental technology company in Sweden and internationally. The company offers filters and systems for integrated extraction, filtration, cleaning, and recycling of dust, welding fumes, oil mist, gas/vapors, and other contaminating particles; solutions for electricity plants, industrial workplaces, food manufacturing industries, marine and offshore industry applications, and semiconductor industry; metalworking fluids; oil mist filtration systems and solutions. The company was founded in 1944 and is headquartered in Helsingborg, Sweden.
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