Sales reached SEK 830 million in Q3 2025, representing 6% organic growth despite a 3% negative currency effect and a slow market.
Profitability improved to an adjusted operating margin of 9.3% (8.3%), with underlying operating profit at 9.9% and profit after tax at SEK 54 million.
Earnings per share increased by 26% year-over-year to SEK 1.92 (1.52), and cash flow for the quarter was SEK 121 million.
Cash flow over the last 24 months totaled SEK 1,024 million, with available cash and credit facilities at SEK 735 million at period end.
Six acquisitions have been completed since current leadership, all funded by internal cash flow, with share buybacks exceeding issuances.
Q3 2025 net sales were SEK 830 million (SEK 809 million in Q3 2024), with organic growth of 6% after a -3% currency effect.
Q3 operating profit was SEK 74 million (SEK 64 million), with an adjusted operating margin of 9.3% (8.3%).
Cash flow remains robust, with SEK 100–150 million more expected from further inventory reductions.
Equity ratio stands at 50%, and net debt is low at SEK 27 million (excluding leases).
The company has maintained a five-year CAGR exceeding 15%, though growth has slowed in the last two years.
Q4 2025 sales are expected in the SEK 1,000–1,050 million range, with a negative currency effect of SEK 30–40 million.
Q4 profitability is guided at 10–11%, with a full-year target of 10% underlying operating profit.
Organic growth for Q4 is expected to be 0–5%, lower than the previously guided 5–10%.
Management remains optimistic about long-term growth, especially in Security & Defence and Greentech segments.
The Caston and Kasdon acquisitions are expected to positively impact profitability and will be consolidated from October 1 and mid-October 2025, respectively.
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