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Bufab AB
Quarterly Report • Apr 24, 2025
2898_10-q_2025-04-24_7a2ad6b1-f00d-493f-aed6-e4383848b02f.pdf
Quarterly Report
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Interim report
January – March 2025
Q1
Summary CEO's overview Financial performance Financial statements Other information
Bufab starts the year with a strengthened gross margin and improved operating margin
First quarter of 2025
- Net sales increased by 1.6 percent to SEK 2,184 million (2,149). Organic growth was -0.1 percent and order intake was somewhat lower than net sales
- Adjusted operating profit (EBITA) was SEK 278 million (259), corresponding to an operating margin of 12.7 percent (12.1)
- Operating profit (EBITA) was SEK 286 million (259) and the operating margin was 13.1 percent (12.1)
- Earnings per share amounted to SEK 4.81 (3.82)
- Cash flow from operating activities amounted to SEK 164 million (259), corresponding to a cash conversion ratio of 56 percent (95)
- Net debt/EBITDA, adjusted, was 2.5 (2.7)
Key figures
| Q1 | ∆ | LTM | Full-year | ||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 2,152 | 2,147 | 0.2 | 7,819 | 7,814 |
| Net sales | 2,184 | 2,149 | 1.6 | 8,069 | 8,035 |
| Gross profit | 662 | 625 | 6.0 | 2,426 | 2,389 |
| Gross margin (%) | 30.3 | 29.1 | 30.1 | 29.7 | |
| Operating expenses | -376 | -365 | 3.1 | -1,443 | -1,429 |
| Share of net sales (%) | -17.2 | -17.0 | -17.9 | -17.8 | |
| Operating profit (EBITA) | 286 | 259 | 10.2 | 986 | 959 |
| Operating margin EBITA (%) | 13.1 | 12.1 | 12.2 | 11.9 | |
| Operating profit (EBITA), adjusted | 278 | 259 | 7.0 | 979 | 959 |
| Operating margin EBITA, (%) adjusted | 12.7 | 12.1 | 12.1 | 11.9 | |
| Operating profit | 269 | 243 | 10.9 | 914 | 891 |
| Operating margin (%) | 12.3 | 11.3 | 11.3 | 11.1 | |
| Profit after tax | 182 | 146 | 25.1 | 586 | 551 |
| Earnings per share, SEK | 4.81 | 3.82 | 25.9 | 15.56 | 14.57 |
| Cash flow from operating activities | 164 | 259 -36.8 | 1,006 | 1,101 | |
| Net debt / EBITDA, adjusted | 2.5 | 2.7 | -5.9 | - | - |
Sales growth
12.7%
Operating margin (EBITA), adjusted
Net sales, SEK million
Operating profit (EBITA) adjusted, SEK million
CEO's overview
The year started in a good way with a strengthened gross margin and improved operating margin, and the organic growth continued its positive trend.
We reported positive total growth of 1.6 percent after several quarters of negative growth. The organic growth was -0.1 percent, showing an improvement to the fourth quarter, when it was -1.5 percent. Region Asia-Pacific continued to demonstrate strong organic growth of 17.2 percent, led by China. The general market has shown some signs of stabilisation, but as a whole remains cautious.
Demand was strongest in defence, energy and medical, while agriculture, automotive, furniture and interior had a weaker development. The market conditions in the important general industry, construction, and mobile home and trailer segments were stable.
The gross margin increased by 1.2 percentage points to 30.3 percent (29.1), mainly driven by our trading business. Over the past seven quarters, we have gradually strengthened our gross margin, which I am pleased about, and this is a driving factor in achieving our profitability target.
The underlying cost level was lower than last year when adjusted for one-offs and restructuring costs, and currency effects of approximately SEK 3 million. We continue to place a strong focus on cost control across the organisation and several measures have been implemented to reduce our cost base. As a result, restructuring costs of SEK 2.4 million were charged to the quarter. The
effects of these measures are expected in 2025/2026 and while some additional restructuring costs will be incurred in the coming quarters, they will not be material.
The adjusted operating margin improved compared to last year and amounted to 12.7 percent (12.1). This result is a step in the right direction towards achieving our margin target of 14 percent. The regions Europe North & East and Europe West demonstrated particularly good results, while UK/Ireland reported a weaker performance due to lower market prices in our niche companies.
The integration of our latest acquisition, VITAL, is going according to plan, and contributed positively to the margin improvement in the quarter.
Cash flow from operating activities amounted to SEK 164 million (259), mainly due to the fact that the reduction in inventory was less than in the comparative period. Net debt/EBITDA was 2.5 (2.7).
We continue, according to plan, to implement our strategy, where one of the focus areas is to add more value-creating services to broaden our customer offering. We are also working actively to implement value-based pricing within the organisation.
Trade tariffs between the US and other countries are moving back and forth rapidly and we are monitoring the developments closely. We can see how higher tariffs could affect Bufab's operations in the US in the short term, but as a large and stable supplier that manages these disruptions better than smaller competitors, we may benefit over time. We are already working actively with both suppliers and customers to ensure that we maintain our strong position and good profitability in the region.
Despite the uncertain market climate, we remain optimistic about the future. Going forward, our focus will be on gaining market share, gradually improving our margins and delivering strong cash flow. This will put us in a strong position when the market rebounds and provide a solid platform for a continued long-term, sustainable and profitable growth journey.
Finally, I would like to thank our customers, partners and employees for the good cooperation in the first quarter.
Erik Lundén President and CEO
The Group in brief
First quarter
Order intake increased to SEK 2,152 million (2,147) and was slightly lower than net sales. Net sales increased by 1.6 percent to SEK 2,184 million (2,149). Of the total change in sales, 0.6 percent was attributable to currency effects, 1.1 percent to acquisitions/divestment and -0.1 percent to organic growth.
The gross margin strengthened compared with the preceding year to 30.3 percent (29.1).
Operating expenses as a percentage of net sales increased slightly year-on-year and amounted to 17.2 percent (17.0).
Adjusted operating profit (EBITA) increased to SEK 278 million (259), corresponding to an operating margin of 12.7 percent (12.1). Operating profit (EBITA) increased to SEK 286 million (259), corresponding to an operating margin of 13.1 percent (12.1).
Earnings per share amounted to SEK 4.81 (3.82).
| Q1 | ||||||
|---|---|---|---|---|---|---|
| 2025 | Group Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | |
| Organic growth | -0.1 | 0.8 | -2.3 | -4.2 | -1.7 | 17.2 |
| Currency translation effects | 0.6 | 0.1 | -0.9 | 2.7 | 2.1 | 1.8 |
| Acquisitions | 5.9 | - | 25.9 | - | - | - |
| Divestments | -4.8 | -11.9 | - | - | - | - |
| Recognised growth | 1.6 | -11.0 | 22.7 | -1.5 | 0.4 | 19.0 |
Financial items and tax
The Group's net financial items totalled SEK -32 million (-52) for the first quarter, of which exchange-rate differences accounted for SEK 13 million (-3) and interest expense for SEK -43 million (-51). The Group's profit after financial items was SEK 237 million (191) for the quarter.
The year-on-year improvement in net financial items for the quarter was primarily due to slightly lower indebtedness and exchange-rate differences.
The tax expense for the quarter was SEK -55 million (-46), resulting in an effective tax rate of 23.2 percent (24.1).
Cash flow, working capital and financial position
Cash flow from operating activities amounted to SEK 164 million (259), corresponding to a cash conversion ratio of 56 percent (95).
Cash flow from operating activities was lower than in the comparative period, mainly due to the fact that the reduction in inventory was less than in the comparative period. Inventory levels in the subsidiaries have stabilised in post-pandemic years and there was some inventory build-up during the quarter in order to improve service levels for customers.
Working capital as a percentage of net sales was 38.5 percent (37.9). The deterioration compared to last year is explained by a decreased turnover on annual basis compared to the same period last year.
As per 31 March 2025, adjusted net debt totalled SEK 2,548 million (2,740) and the debt/equity ratio was 81 percent (89).
The key figure net debt/EBITDA, adjusted, was 2.5 (2.7) on 31 March 2025.
Operating cash flow and cash conversion ratio
Cash conversion
Net debt/EBITDA, adjusted
Summary CEO's overview Financial performance Financial statements Other information
Operating expenses decreased by SEK 26 million year-on-year. The decrease was mainly due to a positive effect of SEK 11 million from remeasured additional purchase considerations, the divestment of Bufab Lann and Hallborn Metall, and currency. The adjusted operating profit increased by SEK 18 million, resulting in an adjusted
Region Europe North & East
The region consists of Bufab's operations in Sweden, Finland,
Sales growth amounted to -11.0 percent in the quarter and the organic growth was 0.8 percent. The difference between the sales growth and organic growth is the divestment of Bufab Lann and Hallborn Metall in the third quarter of 2024. Market conditions remain uncertain and vary by country and customer segment. Bufab Finland noted a continued weak development, while Bufab Poland experienced strong demand during the quarter. The gross margin improved by 3.6 percentage points year-on-year. The strengthened gross margin was attributable to an improved customer and product mix, and consolidations of purchasing volumes which, in turn, generated savings.
Norway, Denmark, Poland, Hungary, Romania, the Baltic
Share of total sales
operating margin of 14.2 percent (10.6).
-11.0%
Sales growth (incl. divestments)
14.2% Operating margin (EBITA), adjusted
Net sales, SEK million
Key figures
States and Slovakia.
First quarter
| Q1 ∆ |
LTM | Full-year | |||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 765 | 853 | -10 | 2,799 | 2,888 |
| Net sales | 772 | 868 | -11 | 3,008 | 3,103 |
| Gross profit | 238 | 236 | 1 | 890 | 888 |
| Gross margin (%) | 30.8 | 27.2 | 29.6 | 28.6 | |
| Operating expenses | -117 | -143 | -18 | -493 | -519 |
| Share of net sales (%) | -15.2 | -16.5 | -16.4 | -16.7 | |
| Operating profit (EBITA) | 121 | 92 | 31 | 397 | 368 |
| Operating margin EBITA (%) | 15.6 | 10.6 | 13.2 | 11.9 | |
| Operating profit (EBITA), adjusted | 110 | 92 | 19 | 380 | 362 |
| Operating margin EBITA, (%) adjusted | 14.2 | 10.6 | 12.6 | 11.7 |
Operating profit (EBITA) adjusted, SEK million
6
Summary CEO's overview Financial performance Financial statements Other information
Operating expenses increased SEK 13 million year-on-year, mainly related to VITAL.
The adjusted operating profit increased by SEK 17 million, resulting in an adjusted operating margin of 13.4 percent (13.1). The integration of our latest acquisition, VITAL, is on track, and also made a positive contribution to the improved margin in the quarter.
Operating expenses as a share of net sales were in line with last year.
Region Europe West
The region consists of Bufab's operations in France, the Netherlands, Germany, the Czech Republic, Austria, Spain, Türkiye and Italy.
Sales growth amounted to 22.7 percent in the quarter and the organic growth was -2.3 percent. Of the total change in sales, 25.9 percent was attributable to the acquisition of VITAL. The organic sales decline was attributable to lower activity levels in the
The gross margin strengthened by 0.2 percentage points year-on-year.
Share of total sales
Sales growth (incl. acquisitions)
13.4% Operating margin (EBITA), adjusted
Net sales, SEK million
Key figures
First quarter
automotive and construction industries.
| Q1 | LTM | Full-year | |||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 602 | 494 | 22 | 1,987 | 1,878 |
| Net sales | 601 | 490 | 23 | 1,972 | 1,861 |
| Gross profit | 152 | 123 | 24 | 496 | 467 |
| Gross margin (%) | 25.3 | 25.1 | 25.2 | 25.1 | |
| Operating expenses | -72 | -59 | 23 | -247 | -234 |
| Share of net sales (%) | -12.1 | -12.0 | -12.5 | -12.6 | |
| Operating profit (EBITA) | 80 | 64 | 25 | 249 | 233 |
| Operating margin EBITA (%) | 13.3 | 13.1 | 12.6 | 12.5 | |
| Operating profit (EBITA), adjusted | 81 | 64 | 26 | 251 | 233 |
| Operating margin EBITA, (%) adjusted | 13.4 | 13.1 | 12.7 | 12.5 |
Operating profit (EBITA) adjusted, SEK million
7
Operating expenses declined SEK 3 million year-on-year due to good cost control. The adjusted operating profit declined by SEK 2 million, resulting in an adjusted
adjusted
Region Americas
The region comprises Bufab's operations in the US and Mexico.
Share of total sales
operating margin of 12.5 percent (12.9).
-1.5%
Sales growth
12.5% Operating margin (EBITA),
Net sales, SEK million
Quarter Rolling 12 months
Operating profit (EBITA) adjusted, SEK million
First quarter
Sales growth amounted to -1.5 percent in the quarter and the organic growth was -4.2 percent. Demand was stable for the key mobile home and trailer market, which is important for American Bolt and Screw. Low demand was noted in the automotive industry, affecting Components Solutions Group in particular. Automotive manufacturers are trying to navigate US tariffs, which is causing some plants to slow down production.
The gross margin declined by 1 percentage point year-on-year, driven by the automotive industry and general market uncertainty. The gross margin strengthened for American Bolt and Screw during the quarter.
Key figures
| Q1 | LTM | Full-year | |||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 221 | 286 | -23 | 940 | 1,004 |
| Net sales | 274 | 278 | -2 | 1,023 | 1,028 |
| Gross profit | 94 | 98 | -4 | 356 | 360 |
| Gross margin (%) | 34.2 | 35.2 | 34.8 | 35.0 | |
| Operating expenses | -59 | -62 | -4 | -243 | -246 |
| Share of net sales (%) | -21.7 | -22.3 | -23.8 | -23.9 | |
| Operating profit (EBITA) | 34 | 36 | -5 | 112 | 114 |
| Operating margin EBITA (%) | 12.5 | 12.9 | 11.0 | 11.1 | |
| Operating profit (EBITA), adjusted | 34 | 36 | -5 | 114 | 116 |
| Operating margin EBITA, (%) adjusted | 12.5 | 12.9 | 11.2 | 11.3 |
Region UK/Ireland
The region comprises Bufab's operations in the UK and Ireland.
Share of total sales
0.4%
Sales growth
9.5 Operating margin (EBITA), adjusted
%
First quarter
Sales growth amounted to 0.4 percent in the quarter and the organic growth was -1.7 percent. The decline was attributable to lower market prices, which impacted Apex Stainless Fasteners and a low demand in the manufacturing industry impacting Bufab UK and Bufab Ireland.
The gross margin declined by 0.5 percentage points from a high level last year, mainly driven by price pressure on stainless steel components.
Operating expenses increased by SEK 11 million year-on-year, impacted by a bad debt expense of SEK 6 million and restructuring costs. Adjusted for these, the operating expenses increased by SEK 4 million year-on-year.
The adjusted operating profit decreased by SEK 10 million, resulting in an adjusted operating margin of 9.5 percent (12.2). Excluding the bad debt expense the adjusted operating margin was 11.0 percent.
Net sales, SEK million
Quarter Rolling 12 months
Operating profit (EBITA) adjusted, SEK million
Key figures
| Q1 | ∆ | LTM | Full-year | ||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 426 | 392 | 9 | 1,596 | 1,561 |
| Net sales | 400 | 398 | 0 | 1,587 | 1,586 |
| Gross profit | 129 | 131 | -1 | 514 | 516 |
| Gross margin (%) | 32.3 | 32.8 | 32.4 | 32.5 | |
| Operating expenses | -93 | -82 | 13 | -340 | -330 |
| Share of net sales (%) | -23.2 | -20.7 | -21.4 | -20.8 | |
| Operating profit (EBITA) | 36 | 48 | -25 | 174 | 186 |
| Operating margin EBITA (%) | 9.1 | 12.2 | 10.9 | 11.7 | |
| Operating profit (EBITA), adjusted | 38 | 48 | -22 | 174 | 186 |
| Operating margin EBITA, (%) adjusted | 9.5 | 12.2 | 10.9 | 11.7 |
Summary CEO's overview Financial performance Financial statements Other information
Region Asia-Pacific
The region consists of Bufab's operations in China, India, Singapore and other countries in Southeast Asia.
Share of total sales
19.0%
Sales growth
16.1 % Operating margin (EBITA), adjusted
Rolling 12 months
First quarter
Sales growth amounted to 19.0 percent in the quarter and organic growth was 17.2 percent. The organic growth was strong in all companies, led by Bufab Shanghai.
The gross margin strengthened 0.6 percentage points year-on-year, due to purchasing savings and active work with value-based pricing.
Key figures
| Q1 | ∆ | LTM | Full-year | ||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 137 | 122 | 12 | 497 | 482 |
| Net sales | 138 | 116 | 19 | 479 | 457 |
| Gross profit | 44 | 37 | 21 | 150 | 142 |
| Gross margin (%) | 32.1 | 31.5 | 31.3 | 31.2 | |
| Operating expenses | -22 | -18 | 22 | -84 | -80 |
| Share of net sales (%) | -15.9 | -15.6 | -17.6 | -17.6 | |
| Operating profit (EBITA) | 22 | 19 | 20 | 66 | 62 |
| Operating margin EBITA (%) | 16.1 | 16.0 | 13.7 | 13.6 | |
| Operating profit (EBITA), adjusted | 22 | 19 | 20 | 66 | 62 |
| Operating margin EBITA, (%) adjusted | 16.1 | 16.0 | 13.7 | 13.6 |
Operating expenses increased SEK 4 million year-on-year, mainly impacted by investments in the sales team and negative currency effects.
The adjusted operating profit increased by SEK 3 million, resulting in an adjusted operating margin of 16.1 percent (16.0).
Net sales, SEK million
Operating profit (EBITA) adjusted, SEK million
Quarter
Financial statements
Condensed Consolidated Income Statement Statement of Comprehensive Income
| Q1 | ||||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | ||
| Net sales | 2,184 | 2,149 | ||
| Costs of goods sold | -1,522 | -1,524 | ||
| Gross profit | 662 | 625 | ||
| Distribution costs | -255 | -250 | ||
| Administative expenses | -157 | -140 | ||
| Other operating income and operating expenses | 18 | 8 | ||
| Operating profit | 269 | 243 | ||
| Profit/loss from financial items | ||||
| Interest income and similar profit/loss items | 15 | 4 | ||
| Interest expenses and similar profit/loss items | -47 | -56 | ||
| Profit after financial items | 237 | 191 | ||
| Tax on net profit for the period | -55 | -46 | ||
| Profit after tax | 182 | 145 |
| Q1 | ||||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | ||
| Profit after tax | 182 | 145 | ||
| Other comprehensive income | ||||
| Items that will not be reclassified in profit or loss | ||||
| Actuarial loss / profit on pension obligations, net after tax | - | - | ||
| Items that may be reclassified subsequently to profit or loss | ||||
| Translation differences / Currency hedging net after tax | -237 | 122 | ||
| Other comprehensive income after tax | -237 | 122 | ||
| Total comprehensive income | -55 | 267 | ||
| Total comprehensive income attributable to: | ||||
| Parent Company shareholders | -55 | 267 |
Earnings per share
| Q1 | ||
|---|---|---|
| SEK | 2025 | 2024 |
| Earnings per share | 4.81 | 3.82 |
| Weighted number of shares outstanding before dilution, thousands | 37,897 | 37,888 |
| Diluted earnings per share, SEK | 4.80 | 3.80 |
| Weighted number of shares outstanding after dilution, thousands | 38,000 | 38,081 |
Condensed Consolidated Balance Sheet
| 31 Mar | 31 Dec | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 | |
| Assets | ||||
| Fixed assets | ||||
| Intangible fixed assets | 3,504 | 3,406 | 3,724 | |
| Property plant and equipment | 729 | 781 | 783 | |
| Financial assets | 41 | 34 | 43 | |
| Total non-current assets | 4,275 | 4,221 | 4,551 | |
| Current assets | ||||
| Inventories | 2,628 | 2,711 | 2,803 | |
| Current receivables | 1,744 | 1,763 | 1,627 | |
| Cash and cash equivalents | 233 | 239 | 211 | |
| Total current assets | 4,605 | 4,713 | 4,640 | |
| Total assets | 8,880 | 8,933 | 9,191 |
| 31 Mar | |||
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Equity and liabilities | |||
| Equity | 3,844 | 3,685 | 3,899 |
| Non-current liabilities | |||
| Non-current liabilities, interest bearing | 3,046 | 3,202 | 3,265 |
| Non-current liabilities, non-interest bearing | 344 | 202 | 368 |
| Total non-current liabilities | 3,390 | 3,404 | 3,633 |
| Current liabilities | |||
| Current liabilities, interest bearing | 302 | 330 | 315 |
| Current liabilities, non-interest bearing | 1,343 | 1,514 | 1,345 |
| Total current liabilities | 1,645 | 1,844 | 1,659 |
| Total equity and liabilities | 8,880 | 8,933 | 9,191 |
Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement
| MSEK | 2025 | 2024 |
|---|---|---|
| Equity at beginning of year | 3,899 | 3,418 |
| Comprehensive income | ||
| Profit after tax | 182 | 145 |
| Other comprehensive income | ||
| Items that may be reclassified in profit or loss | ||
| Translation differences / Currency hedging net after tax | -237 | 122 |
| Total comprehensive income | -55 | 267 |
| Transactions with shareholders | ||
| Option programme | - | - |
| Dividend to shareholders | - | - |
| Total transactions with shareholders | - | - |
| Equity at end of period | 3,844 | 3,685 |
| 31 Mar | Q1 | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | ||
| Operating activities | ||||
| Profit before financial items | 258 | 243 | ||
| Depreciation and amortization | 72 | 71 | ||
| Interest and other finance income | 10 | 4 | ||
| Interest and other finance expenses | -47 | -56 | ||
| Other non-cash items | -3 | 2 | ||
| Income tax paid | -58 | -55 | ||
| - | Cash flow from operations | 232 | 209 | |
| - - |
Changes in working capital | |||
| Increase (-)/decrease (+) in inventories | 32 | 243 | ||
| Increase (-)/decrease (+) in operating receivables | -229 | -296 | ||
| Increase (+)/decrease (-) in operating liabilities | 128 | 103 | ||
| Cash flow from operating activities | 164 | 259 | ||
| Investing activities | ||||
| Purchase of intangible assets | -3 | -2 | ||
| Acquisition of property, plant and equipment | -16 | -7 | ||
| Company acquisitions including additional purchase considerations | -3 | 0 | ||
| Divestment of subsidaries | - | - | ||
| Cash flow from (-used in) investing activities | -22 | -9 | ||
| Financing activities | ||||
| Dividend paid | - | - | ||
| Option programme | - | - | ||
| Increase (+)/decrease (-) in borrowings | -99 | -237 | ||
| Cash flow from financing activities | -99 | -237 | ||
| Cash flow for (-used in) the period | 43 | 13 | ||
| Cash and cash equivalents at the beginning of the period | 211 | 218 | ||
| Translation differences | -19 | 8 | ||
| Cash and cash equivalents at the end of the period | 233 | 239 |
Q1 25
400
129
32.3
36
9.1
38
9.5
Q1 25
138
32.1
16.1
22
16.1
Q1 25
2,184
662
30.3
286
13.1
278
12.7
44
22
The Group's Segment Reporting
| Europe North & East | UK/Ireland | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | MSEK | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 |
| Net sales | 968 | 900 | 760 | 800 | 868 | 867 | 668 | 701 | 772 | Net sales | 427 | 442 | 441 | 366 | 398 | 415 | 409 | 364 |
| Gross profit | 261 | 237 | 204 | 218 | 236 | 246 | 197 | 209 | 238 | Gross profit | 127 | 139 | 144 | 126 | 131 | 138 | 135 | 112 |
| Gross margin (%) | 27.0 | 26.4 | 26.8 | 27.2 | 27.2 | 28.4 | 29.4 | 29.9 | 30.8 | Gross margin (%) | 29.9 | 31.5 | 32.8 | 34.5 | 32.8 | 33.2 | 33.1 | 30.7 |
| Operating profit (EBITA) | 140 | 109 | 88 | 103 | 92 | 101 | 102 | 73 | 121 | Operating profit (EBITA) | 60 | 57 | 20 | -5 | 48 | 56 | 51 | 30 |
| Operating margin EBITA (%) | 14.5 | 12.1 | 11.5 | 12.8 | 10.6 | 11.7 | 15.3 | 10.4 | 15.6 | Operating margin EBITA (%) | 14.1 | 12.8 | 4.6 | -1.3 | 12.2 | 13.6 | 12.5 | 8.1 |
| Operating profit (EBITA), adjusted | 140 | 109 | 88 | 103 | 92 | 101 | 95 | 74 | 110 | Operating profit (EBITA), adjusted | 54 | 57 | 60 | 43 | 48 | 53 | 51 | 33 |
| Operating margin EBITA, (%) adjusted | 14.5 | 12.1 | 11.5 | 12.8 | 10.6 | 11.7 | 14.2 | 10.5 | 14.2 | Operating margin EBITA, (%) adjusted | 12.7 | 12.8 | 13.7 | 11.8 | 12.2 | 12.8 | 12.5 | 9.0 |
| Europe West | Asia-Pacific | |||||||||||||||||
| MSEK | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | MSEK | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 |
| Net sales | 546 | 501 | 475 | 429 | 490 | 469 | 443 | 460 | 601 | Net sales | 131 | 122 | 100 | 90 | 116 | 114 | 110 | 116 |
| Gross profit | 134 | 120 | 117 | 103 | 123 | 119 | 113 | 112 | 152 | Gross profit | 41 | 37 | 31 | 28 | 37 | 34 | 34 | 38 |
| Gross margin (%) | 24.6 | 23.8 | 24.6 | 23.9 | 25.1 | 25.3 | 25.6 | 24.3 | 25.3 | Gross margin (%) | 31.3 | 30.4 | 31.3 | 30.9 | 31.5 | 30.2 | 30.6 | 32.2 |
| Operating profit (EBITA) | 77 | 62 | 60 | 46 | 64 | 58 | 61 | 50 | 80 | Operating profit (EBITA) | 22 | 19 | 13 | 10 | 19 | 14 | 10 | 19 |
| Operating margin EBITA (%) | 14.0 | 12.4 | 12.7 | 10.7 | 13.1 | 12.4 | 13.7 | 10.9 | 13.3 | Operating margin EBITA (%) | 16.7 | 15.6 | 12.6 | 11.2 | 16.0 | 12.6 | 9.0 | 16.5 |
| Operating profit (EBITA), adjusted | 77 | 62 | 60 | 46 | 64 | 58 | 61 | 51 | 81 | Operating profit (EBITA), adjusted | 22 | 19 | 13 | 10 | 19 | 14 | 10 | 19 |
| Operating margin EBITA, (%) adjusted | 14.0 | 12.4 | 12.7 | 10.7 | 13.1 | 12.4 | 13.7 | 11.1 | 13.4 | Operating margin EBITA, (%) adjusted | 16.7 | 15.6 | 12.6 | 11.2 | 16.0 | 12.6 | 9.0 | 16.5 |
| Americas | Group | |||||||||||||||||
| MSEK | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | MSEK | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 |
| Net sales | 315 | 315 | 295 | 258 | 278 | 278 | 248 | 223 | 274 | Net sales | 2,386 | 2,280 | 2,071 | 1,943 | 2,149 | 2,142 | 1,880 | 1,863 |
| Gross profit | 107 | 113 | 101 | 91 | 98 | 100 | 87 | 74 | 94 | Gross profit | 675 | 649 | 601 | 569 | 625 | 639 | 575 | 554 |
| Gross margin (%) | 33.9 | 36.0 | 34.2 | 35.1 | 35.2 | 36.1 | 35.2 | 33.3 | 34.2 | Gross margin (%) | 28.3 | 28.5 | 29.0 | 29.3 | 29.1 | 29.8 | 30.6 | 29.7 |
| Operating profit (EBITA) | 36 | 73 | 40 | 28 | 36 | 32 | 31 | 15 | 34 | Operating profit (EBITA) | 323 | 319 | 220 | 181 | 259 | 263 | 258 | 179 |
| Operating margin EBITA (%) | 11.4 | 23.2 | 13.4 | 11.0 | 12.9 | 11.6 | 12.5 | 6.7 | 12.5 | Operating margin EBITA (%) | 13.5 | 14.0 | 10.6 | 9.3 | 12.1 | 12.3 | 13.7 | 9.6 |
| Operating profit (EBITA), adjusted | 44 | 61 | 40 | 28 | 36 | 32 | 31 | 17 | 34 | Operating profit (EBITA), adjusted | 325 | 307 | 260 | 229 | 259 | 261 | 239 | 201 |
| Operating margin EBITA, (%) adjusted | 14.0 | 19.4 | 13.4 | 11.0 | 12.9 | 11.6 | 12.5 | 7.6 | 12.5 | Operating margin EBITA, (%) adjusted | 13.6 | 13.4 | 12.6 | 11.8 | 12.1 | 12.2 | 12.7 | 10.8 |
| Other | ||||||||||||||||||
| MSEK | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | |||||||||
| Net sales | 0 | 0 | -0 | -1 | 0 | -0 | 1 | -1 | -0 | |||||||||
| Gross profit | 4 | 2 | 3 | 4 | 1 | 2 | 8 | 5 | 5 | |||||||||
| Operating profit (EBITA) | -5 | -2 | 0 | -10 | 0 | -3 | -8 | -6 | -7 | |||||||||
Consolidated Key Figures
| Q1 | ∆ | LTM | Full-year | ||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 24/25 | 2024 | |
| Order intake | 2,152 | 2,147 | 0% | 7,819 | 7,814 |
| Net sales | 2,184 | 2,149 | 2% | 8,069 | 8,035 |
| Gross profit | 662 | 625 | 6% | 2,426 | 2,389 |
| EBITDA | 342 | 314 | 9% | 1,198 | 1,170 |
| EBITDA, adjusted | 294 | 274 | 7% | 1,022 | 1,002 |
| Operating profit (EBITA) | 286 | 259 | 10% | 986 | 959 |
| Operating profit (EBITA), adjusted | 278 | 259 | 7% | 979 | 959 |
| Operating profit | 269 | 243 | 11% | 914 | 891 |
| Profit after tax | 182 | 146 | 25% | 586 | 551 |
| Gross margin | 30.3% | 29.1% | 30.1% | 29.7% | |
| Operating margin EBITA | 13.1% | 12.1% | 12.2% | 11.9% | |
| Operating margin EBITA, adjusted | 12.7% | 12.1% | 12.1% | 11.9% | |
| Operating margin | 12.3% | 11.3% | 11.3% | 11.1% | |
| Net margin | 8.3% | 6.8% | 7.3% | 6.9% | |
| Net debt, SEK million | 3,115 | 3,293 | -5% | ||
| Net debt, adjusted, SEK million | 2,548 | 2,740 | -7% | ||
| Debt/equity ratio, (%) | 81 | 89 | -9% | ||
| Net debt / EBITDA, adjusted | 2.5 | 2.7 | -6% | ||
| Working capital, SEK million | 3,104 | 3,201 | -3% | ||
| Average working capital, SEK million | 3,023 | 3,321 | |||
| Working capital in relation to net sales, (%) | 38.5 | 37.9 | |||
| Solidity (%) | 43 | 41 | |||
| Return on capital employed (%) | 13.2 | 12.8 | |||
| Cash flow from operating activities | 164 | 259 -37% | |||
| Earnings per share, SEK | 4.81 | 3.82 | 26% |
| Summary | CEO's overview | Financial performance | Financial statements | Other information |
|---|---|---|---|---|
Condensed Parent Company Income Statement Condensed Parent Company Balance Sheet
| Q1 | ||||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | ||||||
| Administative expenses | -8 | -6 | ||||||
| Other operating revenue | 1 | 3 | ||||||
| Operating profit | -7 | -3 | ||||||
| Profit/loss from financial items | - | - | ||||||
| Interest income and similar profit/loss items | 2 | 0 | ||||||
| Interest expenses and similar profit/loss items | - | - | ||||||
| Profit after financial items | -5 | -3 | ||||||
| Appropriations | - | - | ||||||
| Tax on net profit for the period | - | - | ||||||
| Profit after tax | -5 | -3 |
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Assets | |||
| Fixed assets | |||
| Financial assets | |||
| Investments in group companies | 845 | 845 | 845 |
| Other assets | |||
| Other non-current receivables | 3 | 1 | 2 |
| Total non-current assets | 848 | 846 | 847 |
| Current assets | |||
| Receivables from Group companies | 347 | 366 | 354 |
| Other current receivables | 23 | 9 | 19 |
| Cash and cash equivalents | - | - | - |
| Total current assets | 371 | 375 | 373 |
| Total assets | 1,218 | 1,221 | 1,220 |
| 31 Mar | 31 Dec | ||
| MSEK | 2025 | 2024 | 2024 |
| Equity and liabilities | |||
| Equity | 1,118 | 1,114 | 1,123 |
| Untaxed reserves | 82 | 97 | 82 |
| Non-current liabilities | |||
| Other non-current liabilities | 2 | 1 | 2 |
| Total non-current liabilities | 2 | 1 | 2 |
| Current liabilities | |||
| Trade payables | 1 | 0 | 1 |
| Other current liabilities | 15 | 9 | 12 |
| Total current liabilities | 16 | 9 | 13 |
| Total equity and liabilities | 1,218 | 1,221 | 1,220 |
Other information
Accounting policies
This interim report has been prepared pursuant to IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company's financial statements were prepared in accordance with the Swedish Annual Accounts Act, Chapter 9 and the Swedish Financial Reporting Board's recommendation RFR 2. The accounting policies applied correspond to the accounting policies and measurement principles presented in the 2024 Annual Report. The 2024 Annual Report is available at www.bufabgroup.com
Risks and risk management
Exposure to risk is a natural part of business activity, and this is reflected in Bufab's approach to risk management. Risk management aims to identify and prevent risks and to limit any loss or damage from these risks. The main risks to which the Group is exposed relate to the impact of the economy on demand. For further information regarding risks and risk management, see Note 3 of the 2024 Annual Report.
Seasonal variations
Bufab has no significant seasonal variation in its sales, but sales over the year vary based on the number of production days in each quarter for customers.
Related-party transactions
No related-party transactions occurred during the year, except for the payment of the fee to the Board of Directors, remuneration of the President and senior executives, and new subscription for call options within the framework of the long-term share-based incentive programme adopted at the Annual General Meeting under the terms outlined in more detail below. Further, the redemption of the long-term share-based incentive
programme adopted at the 2021 Annual General Meeting was implemented on the terms contained in the 2024 Annual Report.
Acquisitions
Acquisitions made during 2023-2025:
| Date | Net sales* | Employees | |
|---|---|---|---|
| VITAL S.p.A |
26 Nov 2024 | SEK 524 million | 57 |
*Estimated annual net sales at date of acquisition.
Divestments
Bufab Lann AB and Hallborn Metall AB was divested the third of July 2024.
Additional purchase considerations
The Group's liabilities for contingent considerations attributable to acquisitions are measured at fair value. These items are recognised at fair value in the balance sheet with changes in value recognised in profit or loss. Total recognised liabilities for additional purchase considerations amounted to SEK 292 million at 31 March 2025 (294), of which SEK 217 million (53) was recognised as Non-current liabilities, noninterest-bearing and SEK 75 million (241) was recognised as Current liabilities, noninterest-bearing in the consolidated balance sheet. The reported additional purchase considerations are included – according to the Group's definition – in the amounts for "net indebtedness" and "net debt, adjusted" from the time when they are finally calculated until they are paid out.
Significant events during the quarter
There are no significant events during the period to report.
Significant events after the quarter
Pär Ihrskog, CFO, has decided to leave Bufab to take on new challenges. Pär will remain in his current role until October 2025.
Employees
The number of employees in the Group at 31 March 2025 amounted to 1,755 (1,787).
Contingent liabilities and collaterals
No additional significant changes were made to the company's contingent liabilities during the quarter.
Audit review
This interim report has not been examined by the company's auditors.
Definitions of key figures
Gross margin, %
Gross profit as a percentage of net sales for the period
EBITDA
Operating profit before depreciation, amortisation and impairment
EBITDA, adjusted
Operating profit before depreciation, amortisation and impairment, less amortisation on right-of-use assets according to IFRS 16 Leases. This key figure is intended to present a comparable EBITDA as though IAS 17 continued to be applied.
Operating profit (EBITA)
Gross profit less operating expenses.
Net debt
Interest-bearing liabilities, less cash and cash equivalents and interest-bearing assets, calculated at the end of the period
Net debt, adjusted
Interest-bearing liabilities, excluding lease liabilities according to IFRS 16, less cash and cash equivalents and interest-bearing assets, calculated at the end of the period
Debt/equity ratio, % Net debt divided by equity, calculated at the end of the period
Net debt/EBITDA, adjusted Net debt, adjusted, at the end of the period divided by EBITDA, adjusted, in the last twelve months
Operating expenses
Total distribution costs, administrative expenses, other operating income/expenses excluding depreciation, amortisation and impairment of acquisition-related intangible assets
Working capital
Total current assets less cash and cash equivalents less current non-interest-bearing liabilities, calculated at the end of the period
Working capital in relation to net sales, %
Working capital as a percentage of net sales in the last twelve months
Equity/assets ratio, %
Equity as a percentage of total assets, calculated at the end of the period.
Return on capital employed (ROCE), %
Profit after financial items plus interest expenses as a percentage of average equity and average interest-bearing liabilities.
Cash conversion
Cash flow from operating activities divided by EBITDA, adjusted
Earnings per share
Profit after tax for the period divided by the average number of common shares
Performance measures not defined in accordance with IFRS
Bufab uses certain performance measures not defined in the rules for financial reporting adopted by Bufab. The purpose of these performance measures is to provide a better understanding of the performance of the operations. It should be pointed out that these alternative performance measures, as they are defined, are not fully comparable with other companies' performance measures with the same name.
Organic growth
Bufab has operations in many countries with different currencies, it is therefore essential to provide an understanding of the company's performance without currency effects when translating foreign subsidiaries. In addition, Bufab has an important strategic objective in carrying out value-generating acquisitions. For these reasons, growth is also recognised excluding currency effects when translating foreign subsidiaries and excluding acquired operations within the term Organic growth. This performance measure is expressed in percentage points of last year's net sales.
| Q1 | ||||||
|---|---|---|---|---|---|---|
| 2025 | Group Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | |
| Organic growth | -0.1 | 0.8 | -2.3 | -4.2 | -1.7 | 17.2 |
| Currency translation effects | 0.6 | 0.1 | -0.9 | 2.7 | 2.1 | 1.8 |
| Acquisitions | 5.9 | - | 25.9 | - | - | - |
| Divestments | -4.8 | -11.9 | - | - | - | - |
| Recognised growth | 1.6 | -11.0 | 22.7 | -1.5 | 0.4 | 19.0 |
EBITDA
EBITDA is an expression of operating profit before depreciation, amortisation and impairment. The performance measure is defined below.
| Q1 | ||
|---|---|---|
| MSEK | 2025 | 2024 |
| Operating profit | 269 | 243 |
| Depreciation and amortization | 73 | 71 |
| EBITDA | 342 | 314 |
EBITDA, adjusted
The performance measure EBITDA, adjusted, is an expression of operating profit before depreciation, amortisation and impairment, less amortisation on right-of-use assets and interest expenses on lease liabilities according to IFRS 16. The performance measure is defined below.
| Q1 | ||
|---|---|---|
| MSEK | 2025 | 2024 |
| Operating profit | 269 | 243 |
| Depreciation and amortization | 73 | 71 |
| Less: amortisation on right-of-use assets according to IFRS 16 |
-42 | -36 |
| Less: interest expenses on lease liabilities according to IFRS 16 |
-6 | -4 |
| EBITDA, adjusted | 294 | 274 |
EBITA
Bufab's growth strategy includes the acquisition of companies. For the purpose of illustrating the underlying operation's performance, management has chosen to monitor EBITA (operating profit before depreciation, amortisation and impairment of acquired intangible assets). The performance measure is defined below.
| Q1 | ||
|---|---|---|
| MSEK | 2025 | 2024 |
| Operating profit | 269 | 243 |
| Depreciation and amortisation of acquired intangible | ||
| assets | 17 | 17 |
| EBITA | 286 | 259 |
EBITA, adjusted
The key figure Operating profit (EBITA) adjusted is an expression of the operating profit excluding items affecting comparability, which include but are not limited to restructuring costs, remeasurement of additional purchase considerations, and gains and losses in conjunction with divestment of operations.
| Q1 | |||
|---|---|---|---|
| MSEK | 2025 | 2024 | |
| EBITA | 286 | 259 | |
| Remeasurement of additional purchase | -11 | - | |
| Restructuring costs | 2 | - | |
| Transaction costs relating to acquisitions and | |||
| divestments | - | - | |
| EBITA, adjusted | 278 | 259 |
Operating expenses
Operating expenses is an expression of operating expenses before depreciation, amortisation and impairment of acquired intangible assets. The performance measure is defined below.
| Q1 | ||
|---|---|---|
| MSEK | 2025 | 2024 |
| Distribution costs | -255 | -250 |
| Administative expenses | -157 | -140 |
| Other operating income and operating expenses | ||
| 18 | 8 | |
| Depreciation and amortisation of acquired intangible | ||
| assets | 17 | 17 |
| Operating expenses | -376 | -365 |
Working capital
Because Bufab is a trading company, working capital represents a large share of the balance sheet's value. In order to optimise the company's cash generation, management focuses on the local company's development, and thereby the entire Group's development, of working capital as it is defined below.
| 31 Mar | ||
|---|---|---|
| MSEK | 2025 | 2024 |
| Current assets | 4,605 | 4,713 |
| Less: cash and cash equivalents | -233 | -239 |
| Less: current non-interest-bearing liabilities excluding | ||
| liabilities for additional purchase prices | -1,268 | -1,273 |
| Working capital on the balance-sheet date | 3,104 | 3,201 |
Net debt
Net debt is an expression of how large the financial borrowing is in the company in absolute figures after deductions for cash and cash equivalents. The performance measure is defined below.
| 31 Mar | ||
|---|---|---|
| MSEK | 2025 | 2024 |
| Non-current liabilities, interest bearing | 3,046 | 3,202 |
| Current liabilities, interest bearing | 302 | 330 |
| Less: cash and cash equivalents | -233 | -239 |
| Less: other interest-bearing receivables | - | - |
| Net debt on balance-sheet date | 3,115 | 3,293 |
Net debt, adjusted
Net debt, adjusted, is an expression of how large the financial borrowing is in the company in absolute figures after deductions for lease liabilities according to IFRS 16 and cash and cash equivalents. The performance measure is defined below.
| 31 Mar | ||
|---|---|---|
| MSEK | 2025 | 2024 |
| Non-current liabilities, interest bearing | 3,046 | 3,202 |
| Current liabilities, interest bearing | 302 | 330 |
| Less: lease liabilities according to IFRS 16 | -567 | -553 |
| Less: cash and cash equivalents | -233 | -239 |
| Less: other interest-bearing receivables | - | - |
| Net debt, adjusted, on the balance-sheet date | 2,548 | 2,740 |
Return on capital employed
Return on capital employed is an expression of profitability after taking into account the amount of capital utilised. The performance measure is defined below.
| 31 Mar | ||
|---|---|---|
| MSEK | 2025 | 2024 |
| Result after financial items L12M | 741 | 680 |
| Interest expense | -200 | -263 |
| Average shareholder´s equity | 3,763 | 3,516 |
| Average interest-bearing liabilities | 3,366 | 3,847 |
| Return on capital employed | 13.2% | 12.8% |
Information and addresses
Conference call
A conference call will be held on 24 April 2025 at 09:00 a.m. CEST. Erik Lundén, President and CEO, and Pär Ihrskog, CFO, will present the results. Analysts and investors who wish to ask questions are asked to connect to the presentation via the following Teams link: Click here to join the meeting and use the "Raise Your Hand" function during the Q&A session.
Calendar
Annual General Meeting 2025: 24 April 2025 Interim report Q2, 2025: 15 July 2025 Interim Report Q3, 2025: 24 October 2025 Year-end report 2025 5 February 2026
Contact
Erik Lundén Pär Ihrskog President and CEO CFO +46 370 69 69 00 +46 370 69 69 00 [email protected] [email protected]
Bufab AB (publ) Box 2266 SE-331 02, Värnamo, Sweden Corp. Reg. No. 556685-6240 Phone: +46 370 69 69 00 www.bufabgroup.com
This information is such that Bufab AB (publ) is obliged to disclose in accordance with the EU's Market Abuse Regulation. The information was submitted for publication by the aforementioned contacts on 24 April 2025 at 7:30 a.m. CEST.
About Bufab
Bufab is a trading company that offers its customers a fullservice solution as a Supply Chain Partner for sourcing, quality control, sustainability and logistics for C-Parts.
Bufab was founded in 1977 in Småland, Sweden, and is an international Group that currently consists of more than 50 companies. The Group has about 1,800 employees in 29 countries and annual sales in 2024 amounted to SEK 8.0 billion. The share has been listed on Nasdaq Stockholm since 2014. Please visit www.bufabgroup.com for more information.
Sister companies
