VBG Group (VBG) Q2 2025 earnings summary

Executive summary

• Q2 2025 consolidated sales declined 8.8% year-over-year to SEK 1,362.4M, with organic growth at -5.2% after adjusting for currency and acquisitions; the decline was mainly due to a stronger SEK and weak demand, especially in North America.

• EBITA for Q2 was SEK 178.2M (13.1% margin), down from SEK 216.9M (14.5% margin) last year; gross margin held steady at 32%.

• Earnings per share were SEK 4.00, down from SEK 6.71 year-over-year.

• Three strategic acquisitions (Ledson, Malmedie, Italytec) completed or announced, expected to add SEK 200M in H2 2025.

• Cost controls and efficiency measures helped maintain margins despite lower volumes and adverse currency effects.

Financial highlights

• Q2 2025 net sales: SEK 1,362.4M (down 8.8% year-over-year); currency impact was -7.4%.

• Q2 2025 EBITA: SEK 178.2M (13.1% margin); profit after financial items: SEK 136.6M.

• Q2 2025 EPS: SEK 4.00; operative cash flow was SEK 83.7M, down from SEK 204.9M in Q2 2024.

• SEK 13.4M in retroactive pandemic support received in the U.S., positively impacting EBITDA.

• Interest-bearing net debt increased to SEK 894.4M, mainly due to acquisitions; available liquidity at end of June was SEK 1,006.1M.

Outlook and guidance

• Management remains positive for H2 2025, supported by strong order intake, visibility for 3–4 months, and expected SEK 200M revenue from acquisitions.

• Focus remains on profitable growth through both M&A and organic initiatives.

• No formal forecast provided for 2025; macroeconomic uncertainty and geopolitical risks persist.