Nederman (NMAN) Q2 2025 earnings summary

Executive summary

• Orders received and sales showed organic and currency-neutral growth, with Extraction and Filtration Technology leading performance; Process Technology also contributed, while Duct & Filter and Monitoring & Control faced headwinds.

• Market leadership strengthened in several areas despite a highly uncertain macroeconomic environment.

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

• Net profit fell to SEK 69.4 million in Q2 (from 97.2 million), with EPS at SEK 1.97.

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

Financial highlights

• Orders received reached SEK 1.425 billion, up 8.4% currency-neutral year-over-year.

• Sales were SEK 1.439 billion, up 5.3% currency-neutral; organic growth was 0.7%.

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

• Cash flow from operations was SEK 59 million for the quarter; equity/assets ratio 35.2%, net debt/equity ratio 82.5%.

• Net debt increased to over SEK 2 billion, up from SEK 1.589 billion, due to acquisitions, dividends, and new leasing.

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.

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