Indutrade (INDT) Q4 2025 earnings summary

Executive summary

• 2025 was marked by market uncertainty and dampened demand, but gradual operational and financial improvements were achieved, with a fully established new segment structure and strengthened scalability for sustainable profitable growth.

• Organic order intake grew 2% for the year and 3% in Q4, with strongest demand in energy, water, wastewater, and infrastructure; positive development in most customer segments.

• Net sales decreased 1% for the year and were flat organically in Q4; backlog reductions from prior years impacted sales.

• Thirteen profitable acquisitions were completed, adding SEK 1.3 billion in annual turnover, with acquisition pace increasing in the second half and four announced in Q4.

• Board proposes a dividend increase to SEK 3.10 per share.

Financial highlights

• EBITDA/EBITA margin for the year was 13.8%, or 14.1% excluding extraordinary one-offs; Q4 reported margin was 13.3%, but underlying margin was 14.9%.

• Cash flow from operating activities remained strong at SEK 1,595–1,600 million in Q4, with continued inventory reductions.

• Full-year net sales were SEK 32,229 million, down 1% year-over-year; EBITA for the year was SEK 4,446 million, down 5%.

• Earnings per share for the year was SEK 7.03, down 7% year-over-year, mainly due to one-offs; Q4 EPS was SEK 1.72, down 14%.

• Cash conversion exceeded 130% for the ninth consecutive quarter.

Outlook and guidance

• Entering 2026 with a slightly larger order book, higher acquisition pace, and a strong acquisition pipeline, aiming for annual growth of at least 10% and a stable EBITDA/EBITA margin of at least 14%.

• Management expects gradual improvement in organic performance across all business areas in 2026.

• Market uncertainty persists, but lower references and robust financial position provide comfort for the earnings trend.