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Vestum (VESTUM) investor relations material
Vestum 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
Sequential profitability improved, with an adjusted EBITDA/EBITA margin of 11% in Q3 2025, despite a 2% organic growth decline and tough comparables from Q3 2024.
Net sales for Q3 2025 were SEK 889 million, down 13% year-over-year, mainly due to divestments and negative organic growth.
Stable demand and volumes, with September being the strongest month and an uptick in demand toward quarter-end.
Profitability was affected by SEK 16 million in non-recurring adjustment items, mainly related to revalued contingent considerations.
Cash flow was impacted by increased investments and working capital tie-up.
Financial highlights
Q3 2025 net sales: SEK 889 million, a 13% decrease year-over-year, mainly due to divestments.
Adjusted EBITA for Q3 2025 was SEK 98 million, with an adjusted EBITA margin of 11.0%.
LTM free cash flow was SEK 70 million, or SEK 106 million excluding change in net working capital.
Cash flow from operating activities in Q3 was SEK 51 million, down from SEK 92 million in Q3 2024.
Extraordinary financial costs of SEK 25 million in Q1 from bond redemption impacted LTM free cash flow.
Outlook and guidance
Flow Technology segment expected to benefit from UK infrastructure investments (AMP8), Sizewell C nuclear project, and recent acquisitions, with stable demand and strong profitability anticipated.
Expectation of stable development and continued profitability improvement, especially as construction investments in Sweden recover.
Working capital release could occur in Q4 or Q1, depending on timing.
Some positive signs observed toward the end of the quarter, but it is too early to confirm a new positive trend.
Strategy to meet 2.5x net debt target
Improve Solutions & Niche Products margins
Quantify AMP8 impact on Flow Tech growth
How does DFS acquisition leverage AMP8?
Solutions segment profitability outlook for Sweden
Working capital reversal timing and magnitude
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Q4 202513 Feb, 2026
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Frequently asked questions
Vestum is a construction and infrastructure services company providing specialized contracting, installation, and maintenance solutions. It serves clients in the water, energy, and transport sectors. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Nasdaq First North Growth Market.
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