Nederman (NMAN) Q2 2025 earnings summary

Executive summary

• Orders received and sales showed organic and currency-neutral growth, with Extraction & Filtration Technology leading performance despite a challenging macro environment.

• Investments focused on innovation, operational efficiency, and expanding the product range, reinforcing market leadership in industrial air filtration.

• Adjusted EBITA margin declined to 11.0% in Q2 (from 12.8%), impacted by currency effects and market uncertainty.

• Net profit fell to SEK 69.4m in Q2 (from 97.2m), with EPS at SEK 1.97, as profitability was impacted by currency and one-off items.

• Acquisition of Euro-Equip in March 2025 contributed to order and sales growth.

Financial highlights

• Orders received in Q2 were SEK 1,425m, up 8.4% currency-neutral and 3.7% organic year-over-year.

• Sales in Q2 reached SEK 1,439m, with 5.3% currency-neutral and 0.7% organic growth year-over-year.

• Adjusted EBITA was SEK 158.6m (margin 11.0%), down from SEK 187.7m (12.8%) last year.

• Profit after tax was SEK 69.4m, down from SEK 97.2m; EPS at 1.97 versus 2.77 last year.

• Cash flow from operations was SEK 59.1m for Q2; net debt increased to over SEK 2 billion, up from SEK 1.589 billion, due to acquisitions and dividends.

Outlook and guidance

• Demand remains slightly slower, with ongoing uncertainty impacting large investment decisions.

• Healthy order backlog and continued investment in product development and digital offerings support long-term growth prospects.

• Management is reasonably confident about more positive signs in coming quarters as some macro issues clear.

• Geopolitical risks and protectionism expected to persist, but base and service business remain resilient.