Fasadgruppen Group (FG) Q2 2025 earnings summary

Executive summary

• Net sales increased 10% year-over-year in Q2 2025 to SEK 1,434.7 million, driven by acquisitions, while organic sales declined 5.9% due to weak new build activity, especially in Sweden.

• Adjusted EBITA surged 62.9% to SEK 132.2 million, with margin improving to 9.2% from 6.2% year-over-year.

• Order backlog reached a record SEK 4.3 billion, up 41.9% year-over-year, mainly due to acquisitions and strong performance at Clear Line.

• Profit for the period declined to SEK 23.0 million from SEK 31.4 million, impacted by higher financial expenses and tax rate.

• A fatal workplace accident occurred at a subsidiary, prompting renewed safety focus.

Financial highlights

• Q2 2025 net sales: SEK 1,434.7 million (+10.0%); adjusted EBITA: SEK 132.2 million (+62.9%), margin 9.2%.

• Operating cash flow Q2: SEK 180.7 million, up 95.9% year-over-year; cash conversion at 115.9%.

• Net debt to adjusted EBITDA (pro forma): 3.36x as of June 30, 2025, up from 3.25 in Q1.

• Order backlog at all-time high: SEK 4.3 billion.

• Earnings per share Q2: SEK 0.43 (basic), SEK 0.42 (diluted); effective tax rate Q2: 44.9%.

Outlook and guidance

• Focus remains on profitability, margin improvement, and deleveraging, with growth prioritized later.

• Group targets SEK 10 billion in sales and at least 10% EBITA margin by 2028.

• Market recovery expected to be gradual, driven by renovation demand and lower interest rates.

• UK market expected to see sustained demand for façade remediation and fire prevention.

• Regulatory delays in England (Building Safety Regulator) are expected to ease gradually.