Storskogen Group (STOR) Q2 2025 earnings summary

Executive summary

• Q2 2025 net sales were SEK 8,452 million, down 9% year-over-year, mainly due to divestments and weak demand in Services and Industry.

• Adjusted EBITA was SEK 843 million, down 6%, but the margin improved to 10.0% from 9.7% last year.

• Operational focus on efficiency, cost control, and sales initiatives led to margin improvements and a positive year-on-year trend.

• Operating profit rebounded to SEK 661 million from a loss of SEK -268 million in Q2 2024, driven by fewer one-off charges.

• Three acquisitions were completed post-quarter, signaling a gradual resumption of M&A activity.

Financial highlights

• Adjusted EBITA margin reached 10.0% in Q2 2025, the highest since 2021; LTM margin improved to 9.6% from 8.7% a year ago.

• Net profit after tax (adjusted) increased 8% year-over-year to SEK 350 million in Q2 2025.

• Adjusted EPS after dilution was SEK 0.19 in Q2 2025, up 15% year-over-year.

• Cash flow from operations was SEK 527 million in Q2 and SEK 2.8 billion for the last 12 months.

• Return on equity improved to 6% (from 4%) LTM; return on capital employed at 10.4%.

Outlook and guidance

• Q3 is expected to be seasonally softer, with cautious optimism despite unpredictable market conditions.

• Margin improvement is expected to continue, supported by cost control and divestments.

• Acquisitions to be resumed gradually, with several already completed post-Q2.

• No significant debt maturities until 2027 after recent refinancing.