Nederman (NMAN) Q3 2025 earnings summary

Executive summary

• Achieved strong profitability and continued investments despite a turbulent market, significant negative currency and tariff effects, and subdued demand for large projects.

• Q3 2025 net sales grew 7.5% currency neutral to SEK 1,434m, while order intake declined 7.1% currency neutral to SEK 1,251m, reflecting fewer large investment projects but resilient base and service business.

• Adjusted EBITA for Q3 was SEK 166.4m (margin 11.6%), up from SEK 160.8m (margin 11.4%) in Q3 2024; net profit rose to SEK 79.3m from SEK 70.4m.

• Maintained a leading position in industrial air filtration, launched new products, and continued investments in product development, operational efficiency, and digital solutions.

• Major acquisition of Euro-Equip in March 2025, with integration ongoing and positive contributions.

Financial highlights

• Q3 2025 net sales: SEK 1,434m (Q3 2024: SEK 1,416m); orders received: SEK 1,251m (Q3 2024: SEK 1,437m); sales grew 7.5% currency-neutral, organic growth 2.2%.

• Adjusted EBITA Q3: SEK 166.4m (margin 11.6%); net profit: SEK 79.3m; EPS: SEK 2.27.

• January–September 2025 net sales: SEK 4,279m; adjusted EBITA: SEK 467.5m (margin 10.9%); net profit: SEK 207.9m; EPS: SEK 5.94.

• Cash flow from operations Q3: SEK 123.2m (Q3 2024: SEK 180.9m); for the period: SEK 197.6m (2024: SEK 350.5m).

• Net debt/adjusted EBITDA: 2.0x; return on equity: 13.6%; net debt/equity ratio: 78.9%.

Outlook and guidance

• Demand remains subdued with a lower order backlog than a year ago, but base and service business are robust; order intake improved in September, potentially supporting Q4.

• Continued investments in operational efficiency and product development are expected to strengthen market position.

• Long-term prospects remain positive due to increasing awareness of air quality and regulatory drivers.