Inwido (INWI) Q3 2025 earnings summary

Executive summary

• Q3 2025 ended stronger than it began, with September showing a rebound after a soft July and August, especially in Sweden and Ireland, though demand remained soft overall and varied significantly by region and segment.

• Organic order intake grew by 1%, driven by the Projects segment, while organic sales growth was flat; net sales for Q3 were SEK 2,224 million, a 2% decrease year-over-year.

• Two acquisitions were completed: RM Snickerier (Sweden) and Fast Frame (UK), both with above-average profitability, while a larger Central European deal was canceled, resulting in one-off transaction costs.

• Cost control and alignment measures were implemented, particularly in Finland, to address lower volumes and profitability.

• The company maintains a strong balance sheet and is seen as a flight to safety in the industry.

Financial highlights

• Q3 net sales: SEK 2,224 million (down 2% year-over-year); organic sales growth +0.2% (SEK +5 million); operating EBITA: SEK 268 million (down 12%), margin 12.0% (down from 13.4%).

• Gross margin fell from 27.1% to 25.9%; EBITDA margin dropped from 16.8% to 15.0%.

• Profit after tax for Q3: SEK 162 million (down from 198 million); EPS for Q3: SEK 2.65 (down from 3.23/3.22).

• Year-to-date sales up 2% (organic +4%) to SEK 6,562 million; operating EBITA margin at 9.8%.

• Net debt at end of September: SEK 1,272 million; net debt/EBITDA at 1.0 (0.7 excl. IFRS 16); equity/assets ratio: 55%.

Outlook and guidance

• Recovery in consumer demand is slower than anticipated, especially in Finland and the UK; order backlog and low gearing provide stability.

• Q4 is expected to face a negative mix impact due to higher project backlog and lower consumer backlog.

• Organic growth prospects remain uncertain due to volatile consumer climate; M&A will play a larger role in achieving growth targets.

• CapEx is expected to rise in Q4 and early 2026 due to efficiency and capacity investments.

• Strategic focus and financial targets unchanged; ambition to reach SEK 20 billion in sales by 2030.