Fasadgruppen Group (FG) Q3 2025 earnings summary

Executive summary

• Organic growth of 2.2% in Q3 2025, the first positive print since Q2 2023, with net sales up 14.9% year-over-year to SEK 1,381.1 million, mainly driven by strong Danish entities and acquisitions.

• Adjusted EBITA/EBITDA rose to SEK 136.4 million (margin 9.9%) from SEK 92.8 million (margin 7.7%) year-over-year.

• Order backlog reached SEK 4.1 billion, up 47.1% year-over-year, with flat organic development and strong contributions from Swedish entities, Clear Line, and Specialist Solutions.

• Divestment of Alnova announced post-Q3 to optimize portfolio, expected to close in December, with limited cash flow impact but a goodwill write-down and leverage improvement of 0.15x–0.2x.

• Delays from the Building Safety Regulator (BSR) impacted Clear Line segment and UK operations.

Financial highlights

• Net sales for Q3 2025 were SEK 1,381.1 million, up 14.9% year-over-year, with organic growth of 2.2%.

• Adjusted EBITA/EBITDA for Q3 2025 was SEK 136.4 million (margin 9.9%), up 46.9% year-over-year.

• Operating cash flow in Q3 was SEK 148.3 million, up from SEK 126 million a year ago; cash conversion at 93–94.9%.

• Net sales for Jan–Sep 2025 were SEK 3,989.0 million, up 12.3% year-over-year.

• Average interest rate for Jan–Sep 2025 was approximately 5.8%.

Outlook and guidance

• Q4 expected to follow historical seasonal patterns with strong cash flow.

• Focus on profitability improvements and deleveraging, targeting net debt/EBITDA below 2.5x by 2028.

• No major divestments expected beyond Alnova; continued consolidation in the Nordics and UK expansion planned.

• Market outlook remains uncertain due to macroeconomic and geopolitical factors, but long-term renovation demand is stable.

• BSR delays in England expected to persist, with improvements anticipated by 2026.