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Momentum Group
Quarterly Report • Apr 29, 2025
3077_10-q_2025-04-29_9ae71049-267e-4b1c-a68d-f9a21ee92ecf.pdf
Quarterly Report
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Momentum Group
Interim Report January–March 2025
Strong cash flow and high acquisition pace in a challenging global environment
Overall the Group delivered a stable performance in the first quarter of the year, which was characterised by a challenging global environment and subdued demand. A focus on cash flow and acquisitions had a positive impact on the outcome. In total the Group's revenue increased by 11% year on year, where acquired businesses contributed in particular to this growth. EBITA improved by 1% during the quarter compared to last year. During the first quarter 4 companies were acquired, adding combined annual revenue of approximately SEK 140 million.
First quarter 2025
- Revenue increased by 11% to SEK 735 million (661), of which –1 % for comparable units.
- Operating profit was charged with costs affecting comparability of SEK –3 million (-) and amounted to SEK 61 million (65), corresponding to an operating margin of 8.3% (9.8).
- EBITA increased by 1% to SEK 76 million (75), corresponding to an EBITA margin of 10.3% (11.3).
- Profit for the quarter amounted to SEK 44 million (43), corresponding to earnings per share of SEK 0.85 (0.85).
- The return on working capital (EBITA/WC) was 58% (59).
- The equity/assets ratio was 33% (35) at the end of the period.
- As of 31 March 2025, the number of repurchased shares of series B amounted to 1,044,259.
- Closing of the acquisition of Hörlings Ventilteknik, a specialist in valve service primarily to industrial customers in northern Sweden.
- Acquisition of Finnish Heinolan Hydrauliikkapalvelu, a specialist in hydraulic services and components for industry.
- Acquisition of Sulmu, a leading provider of glass-reinforced plastic and thermoplastic pip solutions for industrial applications in Finland.
- Acquisition of Avoma, a specialist in industrial service of rotating equipment, turbines and welding for industry in Sweden.
2025 2024 Δ 2025 2024 Δ
A quarterly presentation is available on the company's website, momentum.group, where Ulf Lilius, CEO and Niklas Enmark, CFO present the report and provide an update on operations.
Events after the end of the period
• Acquisition of Norwegian Håland Instrumentering, a leading supplier of solutions within valves, field instrumentation, and fire and gas detection.
Content
Consolidated financial statements
Parent Company financial statements
| Q1 | R12 Mar | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | Δ | 2025 | 2024 | Δ | |
| Revenue | 735 | 661 | 11% | 2,947 | 2,457 | 20% |
| Operating profit | 61 | 65 | -6% | 269 | 247 | 9% |
| EBITA | 76 | 75 | 1% | 323 | 280 | 15% |
| Net profit | 44 | 43 | 2% | 187 | 174 | 7% |
| Earnings per share before and after dilution, SEK | 0.85 | 0.85 | - | 3.60 | 3.45 | 4% |
| Operating margin | 8.3% | 9.8% | 9.1% | 10.1% | ||
| EBITA margin | 10.3% | 11.3% | 11.0% | 11.4% | ||
| Return on working capital (EBITA/WC) | 58% | 59% | ||||
| Operational net loan liability | 314 | 293 | ||||
| Equity/assets ratio | 33% | 35% |
Stability in an uncertain global environment – with a continued focus on growth
Despite an uncertain global environment and cautious markets, we delivered a stable first quarter, with improved earnings and strong cash flow. Acquired companies boosted revenue, and our decentralised structure means we are well equipped for changes and new opportunities.
The world is a different place today compared with just a few months ago. Tense trade relations, geopolitical challenges and uncertainty regarding tariffs further aggravated an already cautious market. Although the announced tariffs does not impact us directly, we could be affected indirectly in the future if, for example, certain customers were to become more cautious regarding major investments or decision-making processes were to become more drawn-out.
Despite this, we succeeded in increasing our revenue by 11% year on year, primarily as a result of acquired operations and EBITA improved by 1%.
Acquisitions – a strong start to the year
We acquired four companies during the quarter, adding combined annual revenue of approximately SEK 140 million. The acquisition of Hörlings Ventilteknik strengthens our service offering and geographic presence in northern Sweden, while the acquisition of Heinolan Hydrauliikkapalvelu in Finland improves our position in hydraulics and allowes us to offer even better service to our industrial customers. With the acquisition of Sulmu, we broaden our offering in industrial maintenance for the plastic industry, while the acquisition of Avoma adds advanced expertise in industrial service of rotating equipment, turbines and welding – techno-logical areas that are important for our continued growth.
Two of the acquisitions were made by subsidiaries in the Group and demonstrate the strength of our model – with good own profitability also comes the opportunity to broaden your operations via acquisitions.
After the end of the quarter, we also acquired our first subsidiary in Norway: Håland Instrumentering. The company's cutting-edge expertise in valves and instrumentation will strengthened our position in the energy and process industry.
The market – challenges and positive glimmers
The business climate in our main markets in the Nordic region remained stable during the quarter. While several customers remained cautious and continued to focus on costs, we are yet to see any clear impact on demand as a result of recent turbulence.
Demand from the automotive industry stabilised at a more normal level during the quarter, while demand in Finland remained sluggish and was also impacted by strikes. The Danish market continued to perform well, primarily in pharmaceuticals and green technology.
All in all, our companies navigated the challenging market situation well, with a continued high delivery capacity and adapted cost levels in some operations.
Focus going forward
Our companies work closely with their customers to be able to adapt quickly to changes in demand patterns and are restrictive when it comes to costs.
Our stated ambition is to grow with financial stability, focusing on our leverage ratio and acquisition-related costs, in order to create good growth in earnings per share for our shareholders over time. Our strong financial position enables continued acquisition expansion, and our organisation and structural capital, combined with stable companies and efficient cash flow generation and a clear
capital allocation strategy, give us excellent conditions to maintain a good acquisition rate in 2025.
The prevailing global and economic situation is difficult to assess, and there is considerable uncertainty regarding tariffs, inflation, currencies, interest rates and future economic trends. Nevertheless, I am optimistic about the future. The market situation also presents opportunities for our operations, and we are confident in our decentralised organisation's ability to rapidly adapt its offerings and costs. Our broad exposure to industry, and primarily to aftermarket customers, provides stability and favourable growth opportunities. Should an economic slowdown hit us harder in the future, we are well prepared. We have customised action plans in place for each company.
Stockholm, April 2025 Ulf Lilius, President & CEO
Content
- President's statement
- Group financial development Industry business area Infrastructure business area Financial position Business combinations Other Consolidated financial statements Parent Company financial statements
- Notes
- Performance measures
- About Momentum Group
Sales performance
Comments on the market
The business climate in the Group's main markets in the Nordic region remained stable during the quarter. While several customers remained cautious and maintained a strong focus on costs, we are yet to see any clear impact on demand as a result of recent turbulence regarding tariffs.
The weaker demand from the automotive industry that was noted at the end of 2024 stabilised at a more normal level during the quarter. Industrial demand in Finland remained sluggish and was also impacted by strikes in parts of Finnish industry. The Danish market continued to perform well, boosted by segments such as pharmaceuticals and green technology.
Purchasing prices and costs increased at a moderate rate. The Group's companies displayed an overall strong delivery capacity during the quarter, and the relocation of Momentum Industrial's central warehouse was completed without affecting deliveries. Cost-saving measures were also taken in some operations as a result of wavering demand.
The global environment remains challenging, dominated by an uncertain international security situation, subdued industrial activity and, recently, increased uncertainty and currency volatility related to ongoing tariff discussions. However, the Group has very limited exports outside Europe and insignificant imports, which means that the possible effects of the introduction of tariffs are mainly deemed to be indirect related to customer behaviour.
Against this background, the Group's customers are expected to continue to act with some restraint. The Group's companies are continually adopting measures to the prevailing market situation. The Group's decentralised structure, with decisions made close to customers and suppliers, has proven to be a major strength in these
efforts. The current situation has not led to any changes in material bases of judgement compared with those applied in the annual report for 2024.
Performance in the first quarter of 2025
Sales for comparable units declined by –1 percent during the quarter. The first quarter is typically characterised by seasonally lower activity levels in parts of the servicerelated operations, which particularly impacted the Infrastructure business area. Net sales in the Specialist business unit decreased due to a lower level of project sales compared with the previous year.
During the first quarter, revenue increased 11 per cent compared with the year-earlier period and amounted to SEK 735 million (661). The quarter included the same number of trading days as the corresponding quarter in the preceding year.
Revenue per quarter Revenue R12
1,800
2,200
2,600
3,000
3,400
Content
Summary President's statement Group financial development Industry business area Infrastructure business area Financial position Business combinations Other Consolidated financial statements Parent Company financial statements Notes Performance measures About Momentum Group
Growth in comparable units compared with Q1 2024 -1% Sales performance Revenue, SEK million Q1 % 2025 Comparable units in local currency -0.6% Currency effects -0.2% Number of trading days 0.3% Acquisitions 11.6% 0 200 400 600 800 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4
Total change 11.1%
Earnings performance
First quarter 2025
Operating profit decreased by 6 per cent to SEK 61 million (65), corresponding to an operating margin of 8.3 per cent (9.8).
Operating profit was charged with costs affecting comparability of SEK –3 million (-), relating to the relocation of Momentum Industrial's central warehouse, and amortisation of intangible non-current assets arising from acquisitions of SEK –12 million (–10) and depreciation of other intangible non-current assets, right-of-use assets and tangible non-current assets of SEK –25 million (–22). No exchange-rate translation effects were reported during the quarter (0). Acquisition-related costs impacted earnings by SEK –2 million (–2).
EBITA amounted to SEK 76 million (75), corresponding to an EBITA margin of 10.3 per cent (11.3). Acquisitions made a positive contribution to the quarter's earnings.
Profit after financial items totalled SEK 56 million (55). Profit after tax totalled SEK 44 million (43), corresponding to earnings per share of SEK 0.85 (0.85) for the quarter.
EBITA per business area
Infrastructure 34%
EBITA and operating profit, SEK million
Content
- Summary
- President's statement
- Group financial development
- Other
- Consolidated financial statements
- Parent Company financial statements
- Notes
- Performance measures
- About Momentum Group
Industry business area
Offers components and related services primarily to aftermarket customers and OEMs in the industrial sector in the Nordic region. The companies are mainly resellers, but with certain proprietary products and system construction, with a significant focus on industrial improvements. The business area consists of the Power Transmission and Specialist business units.
Operations
In Power Transmission, sales increased slightly and EBITA margins improved. The improvement was primarily the result of stable gross margins, favourable operational cost control, and somewhat lower logistics costs as a result of the relocation of Momentum Industrial's central warehouse. The relocation was completed during the quarter without impacting business operations and resulted in expenses affecting comparability of SEK 3 million during the quarter (a total of SEK 8 million including the fourth quarter of 2024).
In Specialist, sales for comparable units declined, primarily due to major system sales in the year-earlier period that impacted the comparative figures, particularly for parts of the Swedish operations. Sales in Denmark increased, driven by demand from the pharmaceutical sector and investments in green technology. Acquired operations contributed revenue of SEK 4 million during the quarter.
Financial performance in the first quarter of 2025
Revenue decreased by 1 per cent to SEK 438 million (441) compared with the same quarter last year. Revenue for comparable units, measured in local currency and adjusted for the number of trading days, decreased by 2 per cent compared to the previous year.
EBITA increased by 7 per cent to SEK 63 million (59), corresponding to an EBITA margin of 14.4 per cent (13.4). The business area's profitability measured as return on working capital (EBITA/WC) amounted to 69 per cent (69).
Revenue per business unit
Q1 2024
Q2 Q3 Q4 Q1
2025
EBITA per quarter EBITA R12
Q2 Q3 Q4
Content
- President's statement
- Group financial development
- Industry business area
- Financial position
- Business combinations
- Other
- Consolidated financial statements
- Parent Company financial statements
- Notes
- Performance measures
- About Momentum Group
| Q1 | R12 Mar | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | Δ | 2025 | 2024 | Δ |
| Revenue | 438 | 441 | -1% | 1,725 | 1,655 | 4% |
| EBITA | 63 | 59 | 7% | 236 | 227 | 4% |
| EBITA margin | 14.4% | 13.4% | 13.7% | 13.7% | ||
| Return on working capital (EBITA/WC) | 69% | 69% |
Infrastructure business area
Offers products, services and solutions to industrial infrastructure customers that are critical for a functioning society. The companies are resellers and service companies, and often deliver solutions focused on secure operation, longer service life, increased efficiency and precise measurability. The business area comprises the Flow Technology and Technical Solutions business units.
Operations
In Flow Technology, sales for comparable units increased during the quarter, driven by favourable product sales. However, the share of project and service sales was somewhat lower, primarily as a result of seasonal variations that impacted the beginning of the quarter and negatively affected the EBITA margin. Acquired businesses contributed revenue of SEK 34 million during the quarter, with a positive impact on earnings.
Technical Solutions posted a decline in sales and lower earnings for comparable units during the quarter. Capacity utilisation in several of the workshops was negatively impacted by a higher level of restraint and caution among customers. However, the measurement technology businesses delivered a stronger performance, with higher market activity. Acquired operations contributed revenue of SEK 40 million during the quarter, with healthy EBITA margins.
Financial performance in the first quarter of 2025
Revenue rose by 36 per cent to SEK 304 million (224) compared with the same quarter last year. Revenue for comparable units, measured in local currency and adjusted for the number of trading days, increased by 3 per cent. EBITA decreased by 4 per cent to SEK 23 million (24), corresponding to an EBITA margin of 7.6 per cent (10.7). The business area's profitability, measured as the return on working capital (EBITA/WC), amounted to 57 per cent (55).
Revenue per business unit
EBITA, SEK million
Content
- President's statement
- Group financial development
- Industry business area
- Infrastructure business area
- Business combinations
- Other
- Consolidated financial statements
- Parent Company financial statements
- Notes
- Performance measures
- About Momentum Group
| Q1 | R12 Mar | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | Δ | 2025 | 2024 | Δ |
| Revenue | 304 | 224 | 36% | 1,243 | 817 | 52% |
| EBITA | 23 | 24 | -4% | 121 | 82 | 48% |
| EBITA margin | 7.6% | 10.7% | 9.7% | 10.0% | ||
| Return on working capital (EBITA/WC) | 57% | 55% |
Profitability, cash flow and financial position
Profitability
The Group's profitability, measured as the return on working capital (EBITA/WC), amounted to 58 per cent (59) for the most recent 12-month period. The return on equity for the same period was 26 per cent (29).
Cash flow for the first quarter of 2025
Cash flow from operating activities before changes in working capital for the reporting period was SEK 69 million (65). Cash flow was impacted by paid tax of SEK –25 million (–23). In the reporting period, inventories increased by SEK 1 million. Operating receivables increased by SEK 6 million and operating liabilities increased by SEK 30 million. Accordingly, cash flow from operating activities for the reporting period amounted to SEK 92 million (61).
Cash flow from investing activities for the reporting period amounted to SEK –137 million (–19). Cash flow includes business combinations of SEK –121 million (–6), settlements of deferred payments regarding acquisitions of SEK –10 million (–10) and net investments in noncurrent assets of SEK –6 million (–3).
Cash flow from financing activities for the reporting period, which amounted to SEK 108 million (–46), was mainly attributable to the net change in interest-bearing liabilities of SEK 116 million (–46), dividend paid to noncontrolling interests of SEK –1 million (–) and a change in ownership in partly owned subsidiaries of SEK –9 million (–) in connection with the exercise of a call option. Cash flow for the reporting period was also impacted in an amount of SEK 2 million (–) by sales of own shares in connection with acquisitions.
Financial position
The Group's financial net loan liability at the end of the reporting period was SEK 534 million, compared with SEK 459 million at the beginning of the year. At the end of the period, the Group's operational net loan liability amounted to SEK 314 million, compared with SEK 252 million at the beginning of the financial year. The difference is largely attributable to cash flow from operating activities and
acquisitions during the period. Cash and cash equivalents, including unutilised granted credit facilities, totalled SEK 787 million. Granted credit facilities comprise the company's revolving facility of SEK 800 million with a remaining maturity until 31 December 2026 and a committed credit facility totalling SEK 300 million with a maturity of one year (to be extended during the first quarter of 2026). Of the company's revolving facility and committed credit facility, SEK 529 million and SEK 169 million, respectively, were unutilised at the end of the reporting period. At the end of the reporting period, the Group had met all financial obligations to lenders.
The equity/assets ratio at the end of the reporting period was 33 per cent (35). Equity per share totalled SEK 14.90 at the end of the reporting period, compared with SEK 14.70 at the beginning of the year.
The balance-sheet total at the end of the reporting period was SEK 2,227 million, compared with SEK 1,999 million at the beginning of the year. Acquisitions account for a significant part of the change during the year, and the acquired assets and liabilities are presented in Note 4.
Equity/assets ratio
Available cash and cash equivalents, SEK million
787
EBITA/WC (R12 per quarter)
Content
- President's statement
- Group financial development
- Industry business area
- Infrastructure business area
- Financial position Business combinations
- Parent Company financial statements
- Notes
- Performance measures
- About Momentum Group
Business combinations
During the first quarter of 2025 Momentum Group acquired four companies, with combined annual revenue of approximately SEK 140 million. These acquisitions have further strengthened Momentum Group's position as a specialist company for customers in industry and industrial infrastructure in the Nordic region. The acquisitions contributed positively to Momentum Group's earnings per share during the period.
Heinolan Hydraulic Service
In January 2025, the subsidiary Hydjan acquired Heinolan Hydrauliikkapalvelu Oy, a specialist in hydraulic services and components for industry.
Hörlings Ventilteknik
In February, the subsidiary Askalon's acquisition of Hörlings Ventilteknik AB, a specialist in valve service, primarily to industrial customers in northern Sweden, was completed.
Sulmu
In March, Sulmu Oy, a leading provider of industrial glass-reinforced plastic and thermoplastic services in Finland, was acquired.
Avoma
In March, Avoma, a specialist in industrial service of rotating equipment, turbines and welding for Swedish industry, was acquired. Part of the purchase price was paid through transfer of own B shares.
| Acquisitions during 2024 | Closing | Share | Revenue¹ | Employees¹ Business Area | |
|---|---|---|---|---|---|
| PW Kullagerteknik AB, SE | 13 February 2024 | 100% | 12 MSEK | 3 | Industry |
| KmK instrument AB, SE² | 4 April 2024 | 70% | 70 MSEK | 16 | Infrastructure |
| Hydjan Oy, FI | 2 May 2024 | 100% | 1.2 MEUR | 6 | Industry |
| WH-Service AB, SE² | 14 May 2024 | 70% | 35 MSEK | 11 | Infrastructure |
| Sikama AB, SE² | 15 May 2024 | 60% | 55 MSEK | 20 | Infrastructure |
| ZRS Testing Systems AB, SE | 29 May 2024 | 100% | 32 MSEK | 8 | Infrastructure |
| Minrox AB, SE | 10 June 2024 | 100% | 34 MSEK | 2 | Infrastructure |
| Indoma AB, SE | 2 December 2024 | 100% | 10 MSEK | 3 | Industry |
| Acquisitions during 2025 | |||||
| Hörlings Ventilteknik AB, SE | 18 February 2025 | 100% | 20 MSEK | 10 | Infrastructure |
| Heinolan Hydrauliikkapalvelu Oy, FI | 14 January 2025 | 100% | 0.6 MEUR | 5 | Industry |
| Sulmu Oy, FI | 3 March 2025 | 100% | 5.3 MEUR | 29 | Infrastructure |
| Avoma AB, SE² | 4 March 2025 | 70% | 56 MSEK | 40 | Infrastructure |
| After the reporting period | |||||
| Håland Instrumentering AS, NO² | 16 April 2025 | 70% | 137 MNOK | 20 | Infrastructure |
Håland Instrumentation
In April, after the end of the quarter, the acquisition of Håland Instrumentering, a leading provider of solutions in valves, field instrumentation and fire and gas detection to customers in the energy and engineering sectors in Norway, was announced. Closing took place in the second quarter of 2025.
For acquisition analyses and other disclosures about the acquisitions closed during the reporting period, refer to Note 4. Closing dates and acquired holdings are presented in the table.
Content
Summary
- President's statement
- Group financial development
- Industry business area
- Infrastructure business area
- Financial position
- Business combinations
- Other
- Consolidated financial statements
- Parent Company financial statements
- Notes
- Performance measures
- About Momentum Group
1 Refers to information for the full year on the date of acquisition. 2 Momentum Group initially acquired 60–80 per cent of the shares in each company. For the remaining 20–40 per cent, the sellers have a put option and Momentum Group has a call option. The price of the options is dependent on certain results being achieved in the companies.
Other
Parent Company first quarter of 2025
The Parent Company's revenue for the reporting period amounted to SEK 5 million (5) and the loss after financial items totalled SEK –9 million (–5). The loss after tax for the reporting period amounted to SEK –7 million (–4).
Employees
At the end of the reporting period, the number of employees in the Group amounted to 869, compared with 809 at the beginning of the year.
The share
Momentum Group's Class B share (ticker MMGR B) has been listed on Nasdaq Stockholm since 31 March 2022. The share price as of 31 March 2025 was SEK 157.60 SEK (129.50).
On 7 May 2024, the Board decided, with the authorisation of the Annual General Meeting, to establish a repurchase programme to adapt the capital structure and to enable future acquisitions of businesses and operations to be paid for using treasury shares. The decision applies to repurchases of a maximum of 10 per cent of the number of Class B shares outstanding until the 2025 Annual General Meeting.
During the first quarter, Avoma AB was acquired, which was partly paid for through the transfer of 9,507 own Class B shares to the sellers at a price per share of SEK 184.07. The price corresponds to the volume-weighted average price of the company's Class B share on Nasdaq Stockholm during the ten trading days immediately preceding the closing date.
As of 31 March 2025, the holding of Class B treasury shares totalled 1,044,259 shares, corresponding to approximately 2 per cent of the total number of shares.
At the end of the period, the share capital amounted to SEK 25.2 million. The distribution by class of share was as follows:
Class of share
| Total number of shares after repurchasing | 49,436,630 |
|---|---|
| Less: Repurchased Class B shares | –1,044,259 |
| Total number of shares before repurchasing | 50,480,889 |
| Class B shares (1 vote/share) | 49,916,816 |
| Class A shares (10 votes/share) | 564,073 |
Long-term incentive program
The Annual General Meeting in May 2024 resolved to implement a long-term incentive program ("LTIP 2024") aimed at senior executives. The program, which is based on own investment, entails that a maximum of 99,750 Class B shares may be issued, which corresponds to approximately 0.2 per cent of all shares and votes in Momentum Group, before any recalculations. Allotment of performance shares is based on a number of different performance criteria, including the development of the company's earnings per share. Read more at momentum.group
Content
Summary President's statement Group financial development Industry business area Infrastructure business area Financial position Business combinations Other Consolidated financial statements Parent Company financial statements Notes Performance measures
Transactions with related parties
No transactions having a material impact on the Group's position or earnings occurred between Momentum Group and its related parties during the reporting period. The related-party transactions in place pertain primarily to lease expenses in acquired companies. These leases have been entered into on market terms. The remuneration of senior executives follows the guidelines established by the General Meeting.
Risks and uncertainties
Momentum Group's earnings, financial position and strategic position are impacted by a number of factors that are within the control of Momentum Group as well as a number of external factors. The most important external risk factors for Momentum Group are the economic and market situation for the industrial sector. Other risks include the competitive situation in the Group's markets and the significance of efficient logistics with high accessibility, in which the accessibility of the Group's logistics centres are important for certain flows of goods, as well as a dependence on identifying and developing relationships with qualified suppliers. The Group's opportunities and risks also include the completion of acquisitions and related capital requirements and the
intangible surplus value that this can result in. Cyberrelated risks are also considered important.
The future trend in the market and in demand may be impacted by the challenging security situation. Delivery times and the availability of components as well as rising prices, interest rates and inflation could also impact market conditions. The Parent Company is impacted indirectly by the above risks and uncertainties through its function in the Group.
Events after the end of the period
In April, the acquisition of Håland Instrumentering, a leading provider of solutions in valves, field instrumentation and fire and gas detection to customers in the energy and engineering sectors in Norway, was announced, with closing in the second quarter of 2025.
Stockholm, 29 April 2025
Ulf Lilius
President & CEO
This report has not been reviewed by the Company's auditors.
Dates for forthcoming financial information
7 May 2025 Annual General Meeting 2025
18 July 2025 Interim report for the second quarter 2025
24 October 2025 Interim report for the third quarter 2025
18 February 2026 Year-end report 2025
Contact information
Ulf Lilius, President & CEO [email protected] Tel: +46 70 358 29 31
Niklas Enmark, CFO [email protected] Tel: +46 70 393 66 73
Visit momentum.group to subscribe for reports and press releases.
Content
- President's statement
- Group financial development
- Industry business area
- Infrastructure business area
- Financial position
- Business combinations
- Other
Group
| Q1 | Full year | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | R12 Mar | 2024 |
| Revenue | 735 | 661 | 2,947 | 2,873 |
| Other operating income | 1 | 2 | 6 | 7 |
| Total operating income | 736 | 663 | 2,953 | 2,880 |
| Cost of goods sold | -381 | -345 | -1,546 | -1,510 |
| Personnel costs | -192 | -161 | -741 | -710 |
| Depreciation, amortisation, impairment losses and reversal of impairment losses |
-37 | -32 | -142 | -137 |
| Other operating expenses | -65 | -60 | -255 | -250 |
| Total operating expenses | -675 | -598 | -2,684 | -2,607 |
| Operating profit | 61 | 65 | 269 | 273 |
| Financial income | 2 | 1 | 5 | 4 |
| Financial expenses | -7 | -11 | -33 | -37 |
| Net financial items | -5 | -10 | -28 | -33 |
| Profit after financial items | 56 | 55 | 241 | 240 |
| Taxes | -12 | -12 | -54 | -54 |
| Net profit | 44 | 43 | 187 | 186 |
| Of which attributable to: | ||||
| Parent Company shareholders | 42 | 41 | 179 | 178 |
| Non-controlling interests | 2 | 2 | 8 | 8 |
| Earnings per share (SEK) | ||||
| Before dilution | 0.85 | 0.85 | 3.60 | 3.60 |
| After dilution | 0.85 | 0.85 | 3.60 | 3.60 |
Condensed income statement Condensed statement of comprehensive income
| Q1 | Full year | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | R12 Mar | 2024 |
| Net profit | 44 | 43 | 187 | 186 |
| Other comprehensive income for the period Components that will not be reclassified to net profit |
||||
| Total components that will not be reclassified to net profit |
- | - | - | - |
| Components that will be reclassified to net profit |
||||
| Translation differences | -12 | 6 | -14 | 4 |
| Fair value changes for the year in cash-flow hedges |
-2 | 1 | -2 | 1 |
| Tax attributable to components that were or can be reclassified to net profit |
0 | 0 | 0 | 0 |
| Total components that will be reclassified to net profit |
-14 | 7 | -16 | 5 |
| Other comprehensive income for the period |
-14 | 7 | -16 | 5 |
| Comprehensive income for the period |
30 | 50 | 171 | 191 |
| Of which attributable to: | ||||
| Parent Company shareholders | 28 | 48 | 163 | 183 |
| Non-controlling interests | 2 | 2 | 8 | 8 |
Content
Summary
Industry business area
Business combinations
Other
Consolidated financial statements Parent Company financial statements Notes
Performance measures
About Momentum Group
Condensed balance sheet
| MSEK | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible non-current assets | 953 | 788 | 857 |
| Tangible non-current assets | 47 | 27 | 29 |
| Right-of-use assets | 228 | 200 | 214 |
| Financial non-current assets | 3 | 3 | 3 |
| Deferred tax assets | 3 | 2 | 3 |
| Total non-current assets | 1,234 | 1,020 | 1,106 |
| Current assets Inventories |
383 | 380 | 379 |
| Accounts receivable | 448 | 404 | 432 |
| Other current receivables | 73 | 65 | 55 |
| Cash and cash equivalents | 89 | 45 | 27 |
| Total current assets | 993 | 894 | 893 |
| MSEK | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity attributable to Parent Company shareholders |
736 | 665 | 726 |
| Non-controlling interests | 62 | 41 | 59 |
| Total equity | 798 | 706 | 785 |
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | 272 | 305 | 216 |
| Non-current lease liabilities | 133 | 119 | 125 |
| Other non-current liabilities and provisions | 237 | 210 | 211 |
| Total non-current liabilities | 642 | 634 | 552 |
| Current liabilities | |||
| Current interest-bearing liabilities | 131 | 33 | 63 |
| Current lease liabilities | 87 | 76 | 82 |
| Accounts payable | 283 | 268 | 246 |
| Other current liabilities | 286 | 197 | 271 |
| Total current liabilities | 787 | 574 | 662 |
| TOTAL LIABILITIES | 1,429 | 1,208 | 1,214 |
| TOTAL EQUITY AND LIABILITIES | 2,227 | 1,914 | 1,999 |
| Content |
|---|
| Summary |
| President's statement |
| Group financial development |
| Industry business area |
| Infrastructure business area |
| Financial position |
| Business combinations |
| Other |
| Consolidated financial statements |
| Parent Company financial statements |
| Notes |
| Performance measures |
| About Momentum Group |
| Consolidated financial statements | Momentum Group Interim report Q1 2025 14 |
|---|---|
Statement of changes in equity Condensed cash-flow statement
| Company shareholders | ||||||
|---|---|---|---|---|---|---|
| MSEK | Share capital | Reserves | profit/loss for earnings incl. Retained the year |
Total | Non-controlling interests |
Total equity |
| Closing equity, 31 Dec 2023 | 25 | -2 | 594 | 617 | 39 | 656 |
| Net profit | 40 | 40 | 2 | 42 | ||
| Other comprehensive income | 8 | 0 | 8 | 0 | 8 | |
| Change in value of option liability¹ | 0 | 0 | 0 | |||
| Closing equity, 31 Mar 2024 | 25 | 6 | 634 | 665 | 41 | 706 |
| Net profit | 138 | 138 | 6 | 144 | ||
| Other comprehensive income | -3 | -3 | 0 | -3 | ||
| Dividend | -54 | -54 | -54 | |||
| Sales of own shares² | 5 | 5 | 5 | |||
| Share-based payments | 1 | 1 | 1 | |||
| Acquisitions of partly owned subsidiaries | 0 | 16 | 16 | |||
| Dividends paid in partly owned subsidiaries | 0 | -4 | -4 | |||
| Option liability, acquisitions³ | -26 | -26 | -26 | |||
| Change in value of option liability¹ | 0 | 0 | 0 | |||
| Closing equity, 31 Dec 2024 | 25 | 3 | 698 | 726 | 59 | 785 |
| Net profit | 42 | 42 | 2 | 44 | ||
| Other comprehensive income | -14 | -14 | 0 | -14 | ||
| Sales of own shares⁴ | 2 | 2 | 2 | |||
| Share-based payments | 1 | 1 | 1 | |||
| Acquisitions of partly owned subsidiaries | 0 | 10 | 10 | |||
| Dividends paid in partly owned subsidiaries | 0 | -1 | -1 | |||
| Changes in ownership in part-owned subsidiaries | 6 | 6 | -8 | -2 | ||
| Option liability, acquisitions⁵ | -27 | -27 | -27 | |||
| Change in value of option liability¹ | 0 | 0 | 0 | |||
| Closing equity, 31 Mar 2025 | 25 | -11 | 722 | 736 | 62 | 798 |
Equity attributable to Parent
| Q1 | Full year | ||||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | R12 Mar | 2024 | |
| Operating activities | |||||
| Cash flow from operating activities before changes in working capital |
69 | 65 | 315 | 311 | |
| Changes in working capital | 23 | -4 | 39 | 12 | |
| Cash flow from operating activities |
92 | 61 | 354 | 323 | |
| Investing activities | |||||
| Purchase of intangible and tangible non-current assets |
-6 | -2 | -14 | -10 | |
| Acquisition of subsidiaries and other business units |
-131 | -16 | -220 | -105 | |
| Purchase of financial non-current assets |
- | -1 | - | -1 | |
| Cash flow from investing activities | -137 | -19 | -234 | -116 | |
| Cash flow before financing | -45 | 42 | 120 | 207 | |
| Financing activities | |||||
| Financing activities | 108 | -46 | -73 | -227 | |
| Cash flow for the period | 63 | -4 | 47 | -20 | |
| Cash and cash equivalents at the beginning of the period |
27 | 47 | 45 | 47 | |
| Exchange-rate differences in cash and cash equivalents |
-1 | 2 | -3 | 0 | |
| Cash and cash equivalents at period-end |
89 | 45 | 89 | 27 |
1 Pertains to a change in the value of the put options in relation to non-controlling interests issued in conjunction with the acquisitions of partially owned subsidiaries.
2 Pertains to the transfer of 29,260 own Class B shares in conjunction with the acquisitions of Minrox AB.
3 Pertains to the value of put options in relation to non-controlling interests in the acquired subsidiaries KmK Instrument AB, WH-Service AB and Sikama AB, which entail that the shareholders are entitled to sell their shares to Momentum Group. The price of the options is dependent on certain results being achieved in the companies and may be extended from 2027 by one year at a time.
4 Pertains to the transfer of 9,507 own Class B shares in conjunction with the acquisitions of Avoma AB.
5 Pertains to the value of put options in relation to non-controlling interests in the acquired subsidiary Avoma AB, which entail that the shareholders are entitled to sell their shares to Momentum Group. The price of the options is dependent on certain results being achieved in the company and may be extended from 2029 by one year at a time.
Content
- President's statement
- Group financial development
- Industry business area
- Infrastructure business area
- Financial position
- Business combinations
- Other
- Consolidated financial statements Parent Company financial statements
- Notes
- Performance measures
- About Momentum Group
Parent Company
Condensed income statement Condensed balance sheet
| Q1 | Full year | ||||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | R12 Mar | 2024 | |
| Revenue | 5 | 5 | 22 | 22 | |
| Other operating income | 0 | 1 | 3 | 4 | |
| Total operating income | 5 | 6 | 25 | 26 | |
| Operating expenses | -15 | -12 | -58 | -55 | |
| Operating loss | -10 | -6 | -33 | -29 | |
| Financial income and expenses |
1 | 1 | 5 | 5 | |
| Loss after financial items | -9 | -5 | -28 | -24 | |
| Appropriations | - | - | 75 | 75 | |
| Profit before tax | -9 | -5 | 47 | 51 | |
| Taxes | 2 | 1 | -11 | -12 | |
| Net profit | -7 | -4 | 36 | 39 |
In December 2024, the Parent Company received a group contribution of SEK 75 million (120), that is recognised in the line item appropriations.
| MSEK | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| ASSETS | |||
| Intangible non-current assets | - | - | - |
| Tangible non-current assets | - | - | - |
| Financial non-current assets | 43 | 43 | 43 |
| Current receivables | 987 | 667 | 816 |
| Cash and cash equivalents | 44 | - | - |
| TOTAL ASSETS | 1,074 | 710 | 859 |
EQUITY, PROVISIONS AND LIABILITIES
| Restricted equity | 25 | 25 | 25 |
|---|---|---|---|
| Non-restricted equity | 105 | 114 | 109 |
| Total equity | 130 | 139 | 134 |
| Untaxed reserves | 69 | 69 | 69 |
| Provisions | 1 | - | - |
| Non-current liabilities | 271 | 300 | 206 |
| Current liabilities | 603 | 202 | 450 |
| TOTAL EQUITY, PROVISIONS AND LIABILITIES | 1,074 | 710 | 859 |
The Parent Company has its own internal bank function tasked with coordinating the Group's financial activities and ensuring that systems are available for efficient cash management. To support this, the Parent Company is the holder of the Group's cash pool and the Parent Company's current receivables and liabilities essentially comprise the subsidiaries' utilisation of credit facilities and the subsidiaries' surplus in the cash pool. At the beginning of the year, current receivables included Goup contributions of SEK 75 million (120), which was settled during the first quarter 2025.
Content
Summary
Group financial development
Infrastructure business area
Business combinations
Consolidated financial statements
Parent Company financial statements
Performance measures
Notes
1. Accounting policies
The Interim Report for the Group was prepared in accordance with IFRS and by applying IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Securities Market Act. In addition to the financial statements and associated notes, other disclosures in accordance with IAS 34.16A are also presented in other sections of the report. The Interim Report for the Parent Company was prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Market Act, which conforms to the provisions detailed in RFR 2 Accounting for Legal Entities. The same accounting policies and bases of judgement as in the annual report for 2024 have been applied. IASB has issued additions and amendments to standards that will take effect for the Group on or after 1 January 2025. These additions and amendments are deemed not to be material for the consolidated financial statement.
Parent Company accounting policies
The Parent Company applies the Swedish Annual Accounts Act (1995:1554) and recommendation RFR 2 Accounting for Legal Entities issued by the Swedish Financial Reporting Board. RFR 2 stipulates that the Parent Company, in the annual accounts for the legal entity, is to apply all IFRS and statements adopted by the EU to the greatest extent possible within the framework of the Swedish Annual Accounts Act and with due consideration given to the relationship between accounting and taxation. The recommendation states which exceptions/additions should be made from/to IFRS. Combined, this results in differences between the Group's and the Parent Company's accounting policies in the primary areas of subsidiaries, leased assets, taxes, Group contributions and shareholder contributions.
2. Financial instruments
Momentum Group measures financial instruments at fair value or amortised cost in the balance sheet depending on their classification. In addition to items in financial net debt, financial instruments also include accounts receivable and accounts payable. The carrying amount of all of the Group's financial assets is deemed to be a reasonable approximation of their fair value. Assets and liabilities measured at fair value comprise hedging instruments for which fair value is based on observable market data and which are therefore included in level 2 according to IFRS 13 and liabilities for contingent purchase considerations that are measured using discounted cash flow and which are thus included in level 3.
| MSEK | 31 Mar 2025 31 Mar 2024 |
31 Dec 2024 | ||
|---|---|---|---|---|
| Financial assets measured at fair value | ||||
| Financial investments Derivative hedging instruments |
0 0 |
0 0 |
0 0 |
|
| The Interim Report for the Group was prepared in accordance with IFRS and by applying IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Securities Market Act. In addition to the financial statements and associated notes, other disclosures in accordance with IAS 34.16A are also presented in other sections of the report. The Interim Report for the Parent Company was prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Market Act, which conforms to the provisions detailed in RFR 2 Accounting for Legal Entities. The same accounting policies and bases of judgement as in the annual report for 2024 have been applied. IASB has issued additions and amendments to standards that will take effect for the Group on or after 1 January 2025. These additions and amendments are deemed not to be material for the consolidated financial statement. The Parent Company applies the Swedish Annual Accounts Act (1995:1554) and recommendation RFR 2 Accounting for Legal Entities issued by the Swedish Financial Reporting Board. RFR 2 stipulates that the Parent Company, in the annual accounts for the legal entity, is to apply all IFRS and statements adopted by the EU to the greatest extent possible within the framework of the Swedish Annual Accounts Act and with due consideration given to the relationship between accounting and taxation. The recommendation states which exceptions/additions should be made from/to IFRS. Combined, this results in differences between the Group's and the Parent Company's accounting policies in the primary areas of subsidiaries, leased assets, taxes, Group contributions and shareholder contributions. Momentum Group measures financial instruments at fair value or amortised cost in the balance sheet depending on their classification. In addition to items in financial net debt, financial instruments also include accounts receivable and accounts payable. The carrying amount of all of the Group's financial assets is deemed to be a reasonable approximation of their fair value. Assets and liabilities measured at fair value comprise hedging instruments for which fair value is based on observable market data and which are therefore included in level 2 according to IFRS 13 and liabilities for contingent purchase considerations that are measured using discounted |
Financial assets measured at amortised cost Long-term receivables |
3 | 3 | 3 |
| Accounts receivable | 448 | 404 | 432 | |
| Other current receivables | 1 | 1 | 1 | |
| Cash and cash equivalents | 89 | 45 | 27 | |
| Total financial assets | 541 | 453 | 463 | |
| Financial liabilities measured at fair value Derivative hedging instruments |
2 | 0 | 0 | |
| Contingent purchase considerations | 38 | 31 | 35 | |
| Financial liabilities measured at amortised cost Option liability |
99 | 53 | 79 | |
| Deferred payment acquired business, non interest bearing |
17 | 16 | 16 | |
| Interest-bearing liabilities | 623 | 533 | 486 | |
| Accounts payable | 283 | 268 | 246 | |
| Total financial liabilities | 1,062 | 901 | 862 | |
| Contingent purchase considerations | Jan-Mar 2025 |
Jan-Mar 2024 |
Full year 2024 |
|
| Opening balance | 35 | 30 | 30 | |
| Acquisitions during the period | 3 | - | 8 | |
| Change in value | 0 | 0 | 0 | |
| Change in value related to discounting factor | 0 | 1 | 2 | |
| Confirmed or settled during the period | - | - | -5 | |
| The accounting policies for the Group and the Parent Company are | Closing balance | 38 | 31 | 35 |
Content
| Summary |
|---|
| President's statement |
| Group financial development |
| Industry business area |
| Infrastructure business area |
| Financial position |
| Business combinations |
| Other |
| Consolidated financial statements |
| Parent Company financial statements |
| Notes |
| Performance measures |
| About Momentum Group |
3. Operating segments and information on income
Since 1 January 2024, the Group's operating segments have consisted of the Industry and Infrastructure business areas. The operating segments are consolidations of the operating organisation, as used by the Group management and Board of Directors to monitor operations. Group management, comprising the CEO and CFO, are the Group's chief operating decision makers. Industry consists of businesses that offer components and related
services primarily to aftermarket customers and OEMs in the industrial sector in the Nordic region. Infrastructure consists of businesses offering products, services and solutions to customers in industrial infrastructure that are critical to a functioning society. Group-wide includes the Group's management, finance and support functions. The support functions include internal communications, investor relations, M&A and legal affairs.
Financial items and taxes are not distributed by operating segment but recognised in their entirety in Group-wide. Intra-Group pricing between the operating segments occurs on market terms. The accounting policies are the same as those applied in the consolidated financial statements. Revenue presented for the geographic markets below is based on the domicile of the customers.
| Jan-Mar 2025 | Jan-Mar 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Infra | Elimin | Group | Infra | Elimin | Group | ||||||
| MSEK | Industry | structure Group-wide | ations | total | MSEK | Industry | structure Group-wide | ations | total | ||
| Revenue | Revenue | ||||||||||
| From external customers per country | From external customers per country | ||||||||||
| Sweden | 356 | 240 | - | - | 596 | Sweden | 367 | 183 | - | - | 550 |
| Norway | 15 | 4 | - | - | 19 | Norway | 12 | 3 | - | - | 15 |
| Denmark | 45 | 25 | - | - | 70 | Denmark | 44 | 18 | - | - | 62 |
| Finland | 10 | 24 | - | - | 34 | Finland | 8 | 12 | - | - | 20 |
| Other countries | 10 | 6 | - | - | 16 | Other countries | 9 | 5 | - | - | 14 |
| From other segments | 2 | 5 | 3 | -10 | - | From other segments | 1 | 3 | 2 | -6 | - |
| Total | 438 | 304 | 3 | -10 | 735 | Total | 441 | 224 | 2 | -6 | 661 |
| Revenue | Revenue | ||||||||||
| From external customers by class of revenue |
From external customers by class of revenue |
||||||||||
| Sale of goods | 402 | 234 | - | - | 636 | Sale of goods | 407 | 163 | - | - | 570 |
| Service assignments | 33 | 61 | - | - | 94 | Service assignments | 32 | 57 | - | - | 89 |
| Other income | 1 | 4 | - | - | 5 | Other income | 1 | 1 | - | - | 2 |
| From other segments | 2 | 5 | 3 | -10 | - | From other segments | 1 | 3 | 2 | -6 | - |
| Total | 438 | 304 | 3 | -10 | 735 | Total | 441 | 224 | 2 | -6 | 661 |
| EBITA | 63 | 23 | -10 | - | 76 | EBITA | 59 | 24 | -8 | - | 75 |
| Items affecting comparability | -3 | - | - | - | -3 | Items affecting comparability | - | - | - | - | - |
| Amortisation of intangible assets in connection with corporate acquisitions |
-4 | -8 | - | - | -12 | Amortisation of intangible assets in connection with corporate acquisitions |
-4 | -6 | - | - | -10 |
| Operating profit/loss | 56 | 15 | -10 | 0 | 61 | Operating profit/loss | 55 | 18 | -8 | 0 | 65 |
Content
- President's statement
- Group financial development
- Industry business area
- Infrastructure business area
- Financial position
- Business combinations
- Other
Group total
- Consolidated financial statements
- Parent Company financial statements
- Notes
- Performance measures
- About Momentum Group
4. Business combinations
Momentum Group conducted eight business combination with closing during the reporting period. The acquisitions are described on page 9.
Acquisition analysis – business combinations with closing during the reporting period
The total purchase consideration for the acquisitions was SEK 161 million, excluding acquisition costs. Acquisition costs totalling approximately SEK 2 million were recognised in the item other operating expenses. In accordance with the preliminary acquisition analysis presented below, SEK 64 million of the purchase consideration has been allocated to goodwill and SEK 51 million to customer relationships.
The allocation to customer relationships is based on the discounted value of future cash flows attributable to each asset class, where an assessment was conducted that included margin, tied-up capital and turnover rate of the customer base, among other things. Goodwill on the acquisition date refers to the amount by which the cost of the acquired net assets exceeds their fair value. Goodwill is motivated by the anticipated future sales performance and profitability as well as the fact that the subsidiaries' position in their current markets is expected to be strengthened.
The acquisition analysis is considered preliminary largely because the acquisition was closed only recently.
Impact on the Group's cash and cash equivalents
In addition to the acquisitions completed during the reporting period, cash flow from the acquisition of subsidiaries has also been affected by the settlement of a deferred payment of SEK 10 million.
| Fair value | |
|---|---|
| MSEK | recognised in the Group |
| Acquired assets: | |
| Intangible non-current assets | 51 |
| Right-of-use assets | 9 |
| Other non-current assets | 16 |
| Inventories | 7 |
| Other current assets incl. cash and cash equivalents | 63 |
| Total assets | 146 |
| Acquired provisions and liabilities: | |
| Interest-bearing liabilities | 1 |
| Lease liabilities | 9 |
| Deferred tax liability | 12 |
| Current operating liabilities | 17 |
| Total provisions and liabilities | 39 |
| Net of identified assets and liabilities | 107 |
| Goodwill¹ | 64 |
| Non-controlling interests² | -10 |
| Purchase consideration | 161 |
| Less: Net cash in acquired business | -37 |
| Less : Contingent purchase consideration³ | -3 |
| Effect on the Group's cash and cash equivalents | 121 |
Of recognised goodwill of SEK 64 million, non is expected to be tax deductible. 2 Non-controlling interest is calculated as the proportional share of the identified net assets.
1
3 Contingent purchase considerations is recognised at a value corresponding to some 25 per cent in average of a maximum outcome. The outcome of the contingent purchase considerations will be determined continuously during 2025-2027 and is dependent on the earnings of the acquired subsidiary. The potential undiscounted amount to be paid amounts to approximately SEK 15 million.
| Content |
|---|
| Summary |
| President's statement |
| Group financial development |
| Industry business area |
| Infrastructure business area |
| Financial position |
| Business combinations |
| Other |
| Consolidated financial statements |
| Parent Company financial statements |
| Notes |
| Performance measures |
| About Momentum Group |
Performance measures
Momentum Group uses certain financial performance measures in its analysis of the operations and their performance that are not defined in accordance with IFRS. Momentum Group believes that these alternative performance measures provide valuable information for the company's Board of Directors, owners and investors, since they enable a more accurate assessment of current trends and the company's performance when combined with other performance measures calculated in accordance with IFRS.
MSEK 2025 2024 2025 2024 IFRS performance measures Revenue 735 661 2,947 2,457 Profit for the period 44 43 187 174 IFRS performance measures per share (SEK) Earnings per share before dilution 0.85 0.85 3.60 3.45 Earnings per share after dilution 0.85 0.85 3.60 3.45 Other performance measures per share Equity per share before dilution, at the end of the period 14.90 13.45 Equity per share after dilution, at the end of the period 14.90 13.45 Number of shares (thousands of shares) Number of shares before dilution 49,437 49,398 49,437 49,398 Weighted number of shares before dilution 49,430 49,398 49,421 49,345 Weighted number of shares after dilution 49,430 49,398 49,421 49,345 Other performance measure No. of employees at the end of the period 869 746 Share price, SEK 157.60 129.50 Q1 R12 Mar
Since not all listed companies calculate these financial performance measures in the same way, there is no guarantee that the information is comparable with other companies' performance measures of the same name. Hence, these financial performance measures must not be viewed as a replacement for those measures calculated in accordance with IFRS.
| Q1 | R12 Mar | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | ||
| ALTERNATIVE PERFORMANCE MEASURES Income statement-based performance measures |
||||||
| Operating profit | 61 | 65 | 269 | 247 | ||
| of which: Items affecting comparability |
-3 | - | -8 | - | ||
| of which: Amortisation of intangible non-current assets in connection with acquisitions |
-12 | -10 | -46 | -33 | ||
| EBITA | 76 | 75 | 323 | 280 | ||
| Profit after financial items | 56 | 55 | 241 | 224 | ||
| Operating margin | 8.3% | 9.8% | 9.1% | 10.1% | ||
| EBITA margin | 10.3% | 11.3% | 11.0% | 11.4% | ||
| Profit margin | 7.6% | 8.3% | 8.2% | 9.1% | ||
| Profitability performance measures | ||||||
| Return on working capital (EBITA/WC) | 58% | 59% | ||||
| Return on capital employed | 21% | 23% | ||||
| Return on equity | 26% | 29% | ||||
| Performance measures on financial position | ||||||
| Financial net loan liability | 534 | 488 | ||||
| Operational net loan liability/receivable +/- | 314 | 293 | ||||
| Equity attributable to Parent Company shareholders | 736 | 665 | ||||
| Equity/assets ratio | 33% | 35% |
Content
Consolidated financial statements
Parent Company financial statements
Performance measures About Momentum Group
Definitions of alternative performance measures and their purpose
Operating profit
Profit before financial items and tax. Used to present the Group's earnings before interest and tax.
Items affecting comparability
Items affecting comparability include revenue and expenses that do not arise regularly in the operating activities. Items affecting comparability for the period pertain to costs for preparations ahead of the separate listing and mainly pertain to advisory costs, review costs and separation costs. The separate disclosure of items affecting comparability clarifies the development of operational activities.
EBITA
Operating profit adjusted for items affecting comparability and before any impairment of goodwill and amortisation and impairment of other intangible assets arising in connection with acquisitions and equivalent transactions. Used to present the Group's earnings generated from operating activities.
Operating margin, %
Operating profit relative to revenue. Used to measure the Group's earnings generated before interest and tax and provides an understanding of the earnings performance over time. Specifies the percentage of revenue remaining to cover interest payments and tax and to provide profit after the Group's expenses have been paid.
EBITA margin, %
.
EBITA as a percentage of revenue. Used to measure the Group's earnings generated before interest and tax and provides an understanding of the earnings performance over time. The EBITA margin based on revenue from both external and internal customers is presented per business area (operating segment).
Profit margin, %
Profit after financial items as a percentage of revenue. Used to assess the Group's earnings generated before tax and presents the share of revenue that the Group may retain in earnings before tax.
Return on working capital (EBITA/WC), %
EBITA for the most recent 12-month period divided by average working capital measured as total working capital (accounts receivable and inventories less accounts payable) at the end of each month for the most recent 12-month period and the opening balance at the start of the period divided by 13. The Group's internal profitability target, which encourages high EBITA and low tied-up capital. Used to analyse profitability in the Group and its various operations.
Return on capital employed, %
Operating profit plus financial income for the most recent 12 month period divided by average capital employed measured as the balance-sheet total less non-interest-bearing liabilities and provisions at the end of the most recent four quarters and the opening balance at the start of the period divided by five. Presented to show the Group's return on its externally financed capital and equity, meaning independent of its financing.
Return on equity, %
Net profit for the most recent 12-month period divided by average equity measured as total equity attributable to Parent Company shareholders at the end of the most recent four quarters and the opening balance at the start of the period divided by five. Used to measure the return generated on the capital invested by the Parent Company's shareholders.
Financial net loan liability
Financial net loan liability measured as non-current interestbearing liabilities and current interest-bearing liabilities, less cash and cash equivalents at the end of the period. Used to monitor the debt trend and analyse the Group's total indebtedness including lease liabilities.
Operational net loan liability / Net loan receivable
Operational net loan liability measured as non-current interestbearing liabilities and current interest-bearing liabilities excluding lease liabilities less cash and cash equivalents at the end of the period. Used to monitor the debt trend and analyse the Group's total indebtedness excluding lease liabilities.
Equity/assets ratio, %
Equity attributable to Parent Company shareholders as a percentage of the balance-sheet total at the end of the period. Used to analyse the financial risk in the Group and show how much of the Group's assets are financed by equity.
Change in revenue for comparable units
Comparable units refer to sales in local currency from units that were part of the Group during the current period and the entire corresponding period in the preceding year. Trading days refer to the effect on sales in local currency depending on the difference in the number of trading days compared with the comparative period. Other units refer to the acquisition or divestment of units during the corresponding period. Used to analyse the underlying sales growth driven by changes in volume, the product and service offering, and the price for similar products and services across different periods. Refer to the reconciliation table on page 4.
Content
- Group financial development
- Industry business area
- Infrastructure business area
- Financial position
- Business combinations
- Other
- Consolidated financial statements
- Parent Company financial statements
- Notes
- Performance measures About Momentum Group
Derivation of alternative performance measures1
| Q1 | R12 Mar | |||||
|---|---|---|---|---|---|---|
| EBITA | 2025 | 2024 | 2025 | 2024 | ||
| Operating profit | 61 | 65 | 269 | 247 | ||
| Items affecting comparability | 3 | - | 8 | - | ||
| Amortisation of intangible non | ||||||
| current assets in connection with | 12 | 10 | 46 | 33 | ||
| corporate acquisitions | ||||||
| EBITA | 76 | 75 | 323 | 280 | ||
| Items affecting comparability | ||||||
| Restructuring costs | -3 | - | -8 | - | ||
| Total items affecting | ||||||
| comparability | -3 | - | -8 | - | ||
| Operating margin Operating profit |
61 | 65 | 269 | 247 | ||
| Revenue | 735 | 661 | 2,947 | 2,457 | ||
| Operating margin | 8.3% | 9.8% | 9.1% | 10.1% | ||
| EBITA margin | ||||||
| EBITA | 76 | 75 | 323 | 280 | ||
| Revenue | 735 | 661 | 2,947 | 2,457 | ||
| EBITA margin | 10.3% | 11.3% | 11.0% | 11.4% | ||
| Profit margin | ||||||
| Profit after financial items | 56 | 55 | 241 | 224 | ||
| Revenue | 735 | 661 | 2,947 | 2,457 | ||
| Profit margin | 7.6% | 8.3% | 8.2% | 9.1% | ||
| EBITA/WC | ||||||
| Average inventories | 386 | 345 | ||||
| Average accounts receivable | 426 | 356 | ||||
| Total average operating assets | 812 | 701 | ||||
| Average accounts payable | -258 | -226 | ||||
| Average working capital (WC) | 554 | 475 | ||||
| EBITA | 323 | 280 | ||||
| EBITA/WC | 58% | 59% |
| R12 Mar | |||||
|---|---|---|---|---|---|
| Return on capital employed | 2025 | 2024 | |||
| Average balance sheet total | 2,065 | 1,688 | |||
| Average non-interest-bearing non-current liabilities | -231 | -176 | |||
| Average non-interest-bearing current liabilities | -502 | -423 | |||
| Average capital employed | 1,332 | 1,089 | |||
| Operating profit | 269 | 247 | |||
| Financial income | 5 | 7 | |||
| Total operating profit + financial income | 274 | 254 | |||
| Return on capital employed | 21% | 23% | |||
| Return on equity | |||||
| Average equity attributable to parent company shareholders | 691 | 586 | |||
| Profit for the period attributable to the Parent Company shareholders |
179 | 170 | |||
| Return on equity | 26% | 29% | |||
| Financial net loan liability | |||||
| Non-current interest-bearing | |||||
| liabilities | 405 | 424 | |||
| Current interest-bearing liabilities | 218 | 109 | |||
| Current investments | - | - | |||
| Cash and cash equivalents | -89 | -45 | |||
| Financial net loan liability | 534 | 488 | |||
| Operational net loan liability/receivable +/- | |||||
| Financial net loan liability | 534 | 488 | |||
| Lease liability | -220 | -195 | |||
| Operational net loan liability/receivable +/- | 314 | 293 | |||
| Equity/assets ratio | |||||
| Balance-sheet total | 2,227 | 1,914 | |||
| Equity attributable to the Parent Company shareholders | 736 | 665 | |||
| Equity/assets ratio | 33% | 35% |
1 Pertains to balance-sheet items, and performance measures related to financial position pertain to the closing balance for each year.
| Content |
|---|
| Summary |
| President's statement |
| Group financial development |
| Industry business area |
| Infrastructure business area |
| Financial position |
| Business combinations |
| Other |
| Consolidated financial statements |
| Parent Company financial statements |
| Notes |
| Performance measures |
Historical financial information1
| R12 | |||||||
|---|---|---|---|---|---|---|---|
| MSEK | 31 Mar 2025 | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2022 | 31 Dec 2021 | 31 Dec 2020 | 31 Mar 2020 |
| Revenue | 2,947 | 2,873 | 2,298 | 1,739 | 1,491 | 1,163 | 1,254 |
| Operating profit | 269 | 273 | 237 | 185 | 155 | 130 | 130 |
| EBITA | 323 | 322 | 265 | 204 | 171 | 134 | 134 |
| Net profit | 187 | 186 | 173 | 140 | 117 | 99 | 99 |
| Intangible non-current assets | 953 | 857 | 789 | 383 | 284 | 175 | 177 |
| Right-of-use assets | 228 | 214 | 194 | 138 | 127 | 51 | 60 |
| Other non-current assets | 53 | 35 | 31 | 22 | 19 | 12 | 8 |
| Inventories | 383 | 379 | 366 | 285 | 213 | 176 | 193 |
| Current receivables | 521 | 487 | 435 | 328 | 271 | 175 | 227 |
| Cash and cash equivalents and current investments | 89 | 27 | 47 | 17 | 70 | 145 | 31 |
| Total assets | 2,227 | 1,999 | 1,862 | 1,173 | 984 | 734 | 696 |
| Equity attributable to Parent Company shareholders | 736 | 726 | 617 | 498 | 458 | 337 | 259 |
| Non-controlling interests | 62 | 59 | 39 | 27 | 17 | 6 | 5 |
| Interest-bearing liabilities and provisions | 623 | 486 | 561 | 198 | 132 | 147 | 193 |
| Non-interest-bearing liabilities and provisions | 806 | 728 | 645 | 450 | 377 | 244 | 239 |
| Total equity and liabilities | 2,227 | 1,999 | 1,862 | 1,173 | 984 | 734 | 696 |
| Operating margin | 9.1% | 9.5% | 10.3% | 10.6% | 10.4% | 11.2% | 10.4% |
| EBITA margin | 11.0% | 11.2% | 11.5% | 11.7% | 11.5% | 11.5% | 10.7% |
| Return on working capital (EBITA/WC) | 58% | 59% | 59% | 61% | 61% | 54% | 52% |
| Return on equity | 26% | 27% | 31% | 29% | 30% | 35% | 49% |
| Financial net loan liability | 534 | 459 | 514 | 181 | 62 | 2 | 162 |
| Operational net loan liability/receivable +/- | 314 | 252 | 326 | 48 | -61 | -45 | 107 |
| Equity/assets ratio | 33% | 36% | 33% | 42% | 47% | 46% | 37% |
| Earnings per share before and after dilution, SEK | 3.60 | 3.60 | 3.45 | 2.70 | 2.30 | 1.90 | 1.95 |
| Equity per share, SEK | 14.90 | 14.70 | 12.50 | 10.10 | 9.05 | 6.70 | 5.15 |
| Share price, SEK | 157.60 | 177.80 | 130.50 | 58.51 | - | - | - |
| No. of employees at the end of the period | 869 | 809 | 749 | 558 | 484 | 329 | 339 |
1 Pertains to balance-sheet items, and performance measures related to financial position pertain to the closing balance for each year.
We develop and acquire successful, sustainable companies
Momentum Group is a leading listed industrial group currently comprising more than 30 companies that offer sustainable products, services and solutions for customers in industry and industrial infrastructure in the Nordic region. We are an active, long-term owner and combine the proven acquisition model and effective corporate governance of a 100-year-old industrial corporate culture with clear goals for sustainable development and long-term profitability at our companies.
Mission
Together for a sustainable industry
We strive to create a more sustainable Nordic industry through efficient resource management, safer work environments and environmentally friendly solutions. Together with our customers and business partners, we help reduce environmental impact, meet sustainability goals and ensure long-term sustainable development for people as well as for the environment.
Business concept
We will make the everyday lives of our customers easier, safer and more profitable – by offering sustainable solutions
By offering sustainable, high-quality products and services, we help our customers improve their profitability, simplify their operations and create a safer and more sustainable work environment throughout their entire life cycle.
Vision
We strive to be the first choice for customers looking for sustainable, high-quality solutions. By combining a deep understanding of the customer's needs with premium products, high levels of expertise and competitive offerings, we create long-term sustainable and profitable operations that meet the demands of tomorrow.
Industry business area
Power Transmission
Market-leading supplier of industrial components and services in the Nordic region, with a focus on industrial improvements for the aftermarket. Offers local access to products, knowhow from leading manufacturers, customised product training programmes, logistics solutions and on-call services.
Specialist
Leading position in niche markets such as hydraulics, pneumatics and automation. The companies offer sales, maintenance and custom manufacturing of technical components and systems, primarily to aftermarket customers and OEMs.
Infrastructure business area
Flow Technology
Delivers solutions for mechanical flows and fluid handling throughout the value chain. Focus on critical functions within industrial processes and critical social infrastructure, where media such as steam, gas and water play a key role.
Technical Solutions
Offers solutions that control and enhance the efficiency of plant operation, while also extending the service life and improving the efficiency of machinery. Sell products and services in repairs, renovation, measuring and monitoring, primarily to Nordic industrial and infrastructure customers.
Revenue, MSEK1) 2,947 EBITA margin1) 11.0% EBITA growth1) +15% Profitability EBITA/WC1)
58%
Employees2)
869
1) Refers to R12 until 31 Mar 2025. 2) Number of employees as of 31 Mar 2025.