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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Nordic Waterproofing
Nordic Waterproofing (NWG) investor relations material
Nordic Waterproofing has been acquired by Kingspan Group Plc
Nordic Waterproofing Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2024 earnings summary4 Feb, 2025
Executive summary
Net sales declined 12% year-over-year in Q4 to SEK 925m, driven entirely by organic contraction, with full-year sales down 8% to SEK 4,091m.
EBITDA fell to SEK 71m (from SEK 89m), and Q4 EBIT dropped to SEK 28m (from SEK 47m), with full-year EBIT at SEK 278m (down 5%).
ROCE remained stable at 10.1%, slightly below the long-term target of 13%.
The board recommends accepting Kingspan's SEK 182.50 per share cash offer, with Kingspan holding 87.4% of shares.
Board proposes a SEK 4.00 per share dividend, representing 57% of 2024 net profit.
Financial highlights
Q4 net sales: SEK 925m (-12%); full year: SEK 4,091m (-8%).
Q4 EBITDA: SEK 71m (-21%); full year: SEK 432m (-7%).
Q4 gross margin: 24.2% (down from 24.6%); full year: 26.4% (up from 25.0%).
Net debt reduced to SEK 697m (from SEK 724m); net debt/EBITDA at 1.6–1.7x.
Cash flow from operations for 2024 was SEK 288m, down 43% year-over-year.
Outlook and guidance
Commercial new build and renovation demand expected to remain stable in early 2025; residential new build to stay weak except in Denmark.
Market conditions anticipated to improve later in 2025, except in Finland where stagnation is expected.
Continued focus on selective acquisitions and debt management, especially in partnership with Kingspan.
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Frequently asked questions
Nordic Waterproofing Holding AB engages in the sale and distribution of waterproofing products for buildings, infrastructure and industry. It operates through the following business units: Building, Infrastructure, Industry and Other Nordic Waterproofing Operations. The Building business area involves in providing water proofing solutions for private properties and residential construction. The Infrastructure business area engages in the construction of tunnels, bridges, roads and station halls. The Industry business area offers solutions within waterproofing of industrial plants, power plants, water treatment plants and moisture protection. The Other Nordic Waterproofing Operations business leads to development projects within new technology areas such as bridges; roads; tunnels; heat insulation and efficient building renovation solutions.