Duroc (DURC) Q3 24/25 earnings summary

Executive summary

• Portfolio shift toward industrial and trading units continues, with divestment process for fiber companies IFG and Drake underway; Broddson AB acquired in January 2025 for SEK 70m, strengthening core business.

• Core Industrial and Trading units delivered strong EBIT improvement (~35%) in Q3, while polymer-related businesses faced continued headwinds from global overcapacity and weak demand.

• Financial position remains robust, with increased liquidity and reduced net debt; focus remains on financial stability and selective acquisitions.

Financial highlights

• Q3 net sales rose 1% to SEK 787.3m (780.2); organic growth -6%. EBITDA SEK 42.4m (44.3), EBIT SEK 17.4m (22.2), Adjusted EBIT SEK 19.0m (19.9).

• Q1–Q3 net sales fell 3% to SEK 2,213.4m (2,276.3); organic growth -5%. EBITDA SEK 78.4m (92.0), EBIT SEK 5.3m (18.4), Adjusted EBIT SEK 3.1m (16.3).

• Q3 operating cash flow SEK 57.1m (-13.4); Q1–Q3 SEK 64.4m (12.4). EPS Q3 SEK 0.34 (0.10); Q1–Q3 SEK -0.17 (0.08).

• Liquidity at period end SEK 134.4m (34.0); net debt ex-lease liabilities SEK 52.6m (76.3).

Outlook and guidance

• Well positioned for continued growth and value creation; capital from divestments to be reinvested in profitable Industrial and Trading units, both organically and via acquisitions.

• Market turbulence may affect customer investment appetite, but low direct US exposure and selective M&A focus support navigation of current conditions.