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VBG Group (VBG) investor relations material
VBG Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue declined 8.8% year-over-year in Q2 2025 to SEK 1,362.4M, mainly due to currency fluctuations and weak North American demand; 83% of the decline was due to a stronger SEK.
Sales improved gradually through the quarter, driven by completed destocking in North America and improved HVAC take rates.
Gross margin held steady at 32% despite lower volumes, supported by cost controls and efficiency measures.
Three strategic acquisitions in 2025 (Ledson, Malmedy, Italytec) are expected to add SEK 200M in H2 revenue.
EBITA for Q2 was SEK 178.2M (13.1% margin), down from SEK 216.9M.
Financial highlights
Q2 2025 net sales: SEK 1,362.4M (down 8.8% year-over-year); organic growth -5.2%.
EBITDA was SEK 178M, margin 13.1% (down from 14.5%); SEK 5.2M negative FX impact; SEK 13.4M positive retroactive pandemic support in the US.
SEK 5M in advisory/due diligence costs and SEK 2.2M in reorganization costs.
EPS was SEK 4.00 in Q2, compared to SEK 6.71 last year.
Cash flow from operating activities in H1 2025 was SEK 111.6M, down from SEK 349.0M year-over-year.
Outlook and guidance
Orders on hand and acquisitions are expected to contribute SEK 200M in H2 2025.
Management remains confident in achieving growth in H2 2025, supported by strong order intake and positive M&A environment.
No formal forecast provided for 2025; macroeconomic uncertainty persists, especially due to US trade tariffs and geopolitical tensions.
Focus remains on profitable growth through acquisitions and organic expansion, including new products and markets.
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