Pamica Group (PAMICA) Q2 2025 earnings summary

Executive summary

• Net sales rose 17% year-over-year in Q2 2025 to MSEK 1,361.2, 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% year-over-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 an acquisition vehicle, with two acquisitions completed and further M&A activity planned.

• Major dispute with NicFreJon Holding AB resolved, removing SEK 50 million in potential liabilities.

Financial highlights

• Q2 net sales: MSEK 1,361.2 (up 17% year-over-year); H1 net sales: 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%).

• Profit for Q2: MSEK 40.2 (vs. -68.5); H1: MSEK 24.1 (vs. -79.8).

• Cash and equivalents plus unutilized credit: MSEK 244.2 at June 30, 2025.

Segment performance

• Industry: Q2 net sales up 65% to MSEK 434.8, mainly from SKAB-Gruppen; organic growth -17%. Adjusted EBITA margin stable at 10.0%.

• Services: Q2 net sales up 4% to MSEK 752.5; organic growth 1%. Adjusted EBITA margin 6.1%.

• Innovations: Q2 net sales down 3% to MSEK 172.3; adjusted EBITA margin fell to 19.6% from 25.3% due to lower sales in Delta and Waboba.

• The Multilisa segment and services showed positive organic growth of 10%.

• Service-related segments achieved 6% growth.