VBG Group (VBG) Q3 2025 earnings summary

Executive summary

• Revenue grew 7.5% year-over-year in Q3 2025, reaching SEK 1,368 million, with organic growth of 6.3% after adjusting for currency and acquisitions; all divisions and geographies contributed to growth.

• Order intake increased by 10% compared to Q3 2024, with all divisions contributing positively.

• Integration of three acquisitions (Italytec, Ledson, Malmedie) completed in the first nine months, supporting future growth.

• A new sustainability goal was set: 62% reduction in Scope 3 CO2 emissions by 2040 (base year 2024).

• Gross margins were maintained, and operational cash flow remained solid at SEK 136 million.

Financial highlights

• EBITA/EBITDA for Q3 was SEK 171.3 million, with a margin of 12.5%, slightly down from 13.5% in Q3 2024.

• Operating cash flow was SEK 136 million, down from SEK 153 million in Q3 2024, mainly due to higher working capital and lower underlying results.

• Earnings per share were SEK 3.87, compared to SEK 4.49 last year.

• Profit after financial items was SEK 139.5 million, compared to SEK 147.8 million in the prior year.

• Equity/assets ratio at 57.1% (down from 64.4% year-over-year).

Outlook and guidance

• Management anticipates continued market volatility and geopolitical tension but expects to maintain growth, supported by a strong order book and recent acquisitions.

• Q4 is expected to see further growth, with SEK 100 million in additional revenues from acquisitions at margins above group targets.

• Long-term organic growth in Mobile Thermal Solutions is projected at 4%-5% CAGR over the next 4-5 years.

• No formal forecast provided for 2025.