ITAB Shop Concept (ITAB) Q3 2025 earnings summary

Executive summary

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

• Leadership transition announced: Andréas Elgaard to step down as CEO in January, with Glauco Frascaroli as interim and Björn Borgman joining as new CEO in May 2026.

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

• HMY acquisition completed on 31 January 2025, consolidated from February, significantly expanding the group’s scale and customer base.

Financial highlights

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

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

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

• Operating cash flow for Q3 was MSEK -9, with 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, with most realized in 2026–2027.

• 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 and cash flow expected to normalize in Q4 barring major rollouts.

• Tax efficiency to improve gradually as integration and debt structuring progress.