Pamica Group (PAMICA) Q2 2025 earnings summary

Executive summary

• Net sales rose 17% year-over-year to MSEK 1,361.2 in Q2 2025, driven by acquisitions despite negative organic growth of -3.4%.

• Adjusted EBITA increased 1% to MSEK 113.0, with margin declining to 8.3% from 9.6% last year; profit for the period improved to MSEK 40.2 from a loss of MSEK -68.5.

• Operating cash flow improved 67% to MSEK 105.6 in Q2.

• Pamica 5 AB established as a vehicle for acquisitions, with a related-party agreement and up to MSEK 340 in new investments secured.

• Dispute with NicFreJon Holding AB resolved, removing SEK 50 million in potential liabilities and resulting in a MSEK 12 earn-out.

Financial highlights

• Net sales: MSEK 1,361.2 in Q2 (up 17% year-over-year); H1: MSEK 2,571.3 (up 20%).

• Adjusted EBITA Q2: MSEK 113.0 (up 1%); H1: MSEK 165.6 (up 10%).

• Adjusted EBITA margin Q2: 8.3% (down from 9.6%); H1: 6.4% (down from 7.0%).

• Operating cash flow: MSEK 105.6 (up 67%).

• Leverage ratio: 3.71x at June 30, 2025 (up from 3.45x last year and 3.50x previous quarter).

Outlook and guidance

• Focus for H2 2025 on improving adjusted EBITA margin, cash conversion, and reducing leverage.

• IPO-readiness project underway, with continued portfolio streamlining, additional acquisitions, and divestments planned.