Pamica Group (PAMICA) Q3 2025 earnings summary

Executive summary

• Net sales rose 9% year-over-year in Q3 2025 to MSEK 1,309, with organic growth returning at 0.9% after two challenging quarters.

• Adjusted EBITA increased 9% to MSEK 146.2, maintaining an 11.2% margin, while profit for the period was heavily impacted by a MSEK -201.1 impairment, resulting in a net loss of MSEK -148.7.

• Operating cash flow improved 11% year-over-year to MSEK 132.6, and liquidity remained strong with MSEK 290.6 in cash and unutilized credit facilities at quarter-end.

• Strategic focus remains on efficiency, cost savings, cash flow improvements, and preparing for an IPO, with several acquisitions and divestments executed.

• Louise Ankarcrona appointed as new CFO effective October 1, 2025.

Financial highlights

• Q3 net sales: MSEK 1,308.8 (+9% YoY); Jan–Sep net sales: MSEK 3,880.1 (+16% YoY).

• Adjusted EBITA Q3: MSEK 146.2 (+9% YoY, margin 11.2%); Jan–Sep: MSEK 311.8 (+10% YoY, margin 8.0%).

• Operating cash flow: MSEK 132.6 (up 11% YoY); cash conversion improved to 70% in Q3 2025.

• Net debt/adjusted EBITDA R12M: 3.57x at quarter-end, improved from 3.71x in Q2 2025.

• Profit for Q3: MSEK -148.7, mainly due to impairment of acquisition-related surplus values.

Outlook and guidance

• Q4 outlook is very positive, with expectations of further margin and leverage improvements and slightly positive organic profit.

• IPO preparations are advanced, with readiness projects nearly complete and external reviews pending.

• Continued focus on organic growth, margin enhancement, and further portfolio optimization.

• Focused on demonstrating profitable growth in 2026 through efficiency and structural measures.

• Revised expectations downward for 2025 financial key ratios due to ongoing restructuring.