Idun Industrier (IDUN) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 rose 4.5% to SEK 521.1 million, with EBITA up 5.6% to SEK 73.6 million and LTM net sales at SEK 2,250 million; growth was driven by acquisitions and strong Manufacturing performance, while Service & Maintenance faced weaker demand.

• Earnings per share (adjusted for goodwill) increased from SEK 2.9 to SEK 3.6 in Q3 2025.

• Service & Maintenance accounted for 62% of sales and 61% of EBITA, while Manufacturing contributed 38% of sales and 39% of EBITA.

• Two add-on acquisitions (Barem/Barem OÜ and Prestec/Prestek) were completed, contributing positively to group earnings.

• Group consists of 18 independent companies, with over 90% of sales in the Nordics and 74% in Sweden.

Financial highlights

• Q3 2025 net sales: SEK 521.1 million (+4.5% YoY); EBITA: SEK 73.6 million (+5.6% YoY); EBITDA: SEK 85.9 million; gross margin: 58.7%.

• LTM net sales: SEK 2,250 million (up 3.7%); EBITA: SEK 314 million; gross margin: 60.6%.

• Organic sales declined 2.2% and organic EBITA dropped 9.2% YoY.

• Cash flow from operations was SEK 41 million in Q3, slightly below last year due to higher working capital needs.

• Earnings per share (adjusted for goodwill, after dilution): SEK 3.6 (Q3), SEK 13.3 (LTM).

Outlook and guidance

• Short-term outlook remains mixed with subdued organic growth expected for the next two quarters, but a return to growth anticipated thereafter.

• Some group companies show positive signals, while others face headwinds; broad economic recovery not yet evident.

• Confident in maintaining step-by-step margin improvements and stability into 2026, with strong financials supporting further acquisitions.

• Committed to long-term EBITDA growth target of 15% per year over the cycle.

• Ongoing cost adjustments and investments in efficiency and product development are planned.