ITAB Group (ITAB) Q3 2025 earnings summary

Executive summary

• Achieved strong profit development in Q3 2025, driven by integration synergies from the HMY acquisition and increased sales of technical solutions, with a clear plan for future growth despite cautious demand in some markets.

• Year-to-date net sales reached 9,847 MSEK and adjusted EBIT was 648 MSEK.

• Leadership transition announced: permanent CFO in place, CEO to be succeeded by an interim and then a new CEO in 2025/2026.

• HMY acquisition completed and consolidated from February 2025, significantly expanding the group’s scale and customer base.

• Focus remains on delivering value to customers and maintaining business continuity during integration.

Financial highlights

• Q3 2025 net sales were 3,297 MSEK, a 2% decrease year-over-year, but a 4% increase when adjusted for currency effects; organic growth was 8% and HMY contributed 107%.

• Adjusted EBIT for Q3 2025 was 260 MSEK, up 13% year-over-year, with a margin of 7.9%.

• Adjusted EBITDA for Q3 2025 was 369 MSEK, up 7% year-over-year, with an 11.2% margin.

• Operating cash flow for Q3 was MSEK -9; rolling 12 months at MSEK 287, impacted by higher net working capital and accounts receivable.

• Profit after tax for Q3 was MSEK 99, and EPS before/after dilution was SEK 0.36.

Outlook and guidance

• Full synergy effect from HMY acquisition expected by late 2027, targeting MEUR 30 in annual synergies.

• Estimated EBIT growth of 149% and EPS growth of 58% by 2027 with full synergy realization.

• Non-recurring integration costs of approximately MEUR 21 expected over three years, with about half incurred to date.

• Net working capital expected to normalize in Q4, with typical seasonal cash inflow.

• Tax efficiency to improve gradually as acquisition-related costs and group debt structure are optimized.