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Bufab AB
Interim / Quarterly Report • Jul 15, 2025
2898_ir_2025-07-15_90047625-3117-442d-9ae6-a0ff9dcba6cc.pdf
Interim / Quarterly Report
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D I S C O V E R I N G T H E N E X T S O L U T I O N
I N T E R I M R E P O R T Q 2 , 2 0 2 5
Summary CEO's overview Financial performance Financial statements Other information
Strengthened gross margin and improved operating profit in the second quarter
Second quarter of 2025
- Net sales decreased by 4.8 percent to SEK 2,039 million (2,142). Organic growth was -0.3 percent, and order intake was slightly below net sales.
- Adjusted operating profit (EBITA) amounted to SEK 268 million (261), corresponding to an operating margin of 13.1 percent (12.2).
- Operating profit (EBITA) totalled SEK 267 million (263), with an operating margin of 13.1 percent (12.3).
- Earnings per share were SEK 0.80 (0.79).
- A share split was carried out during the period, whereby each share was divided into five new shares (share split 5:1).
- Cash flow from operating activities amounted to SEK 245 million (427), corresponding to a cash conversion of 89 percent (154).
- Net debt/EBITDA, adjusted, was 2.5 (2.8).
January – June 2025
- Net sales decreased by 1.6 percent to SEK 4,224 million (4,292). Organic growth was -0.2 percent, and order intake was slightly below net sales.
- Adjusted operating profit (EBITA) amounted to SEK 546 million (520), corresponding to an operating margin of 12.9 percent (12.1).
- Operating profit (EBITA) totalled SEK 554 million (523), with an operating margin of 13.1 percent (12.2).
- Earnings per share were SEK 1.76 (1.56).
- A share split was carried out during the period, whereby each share was divided into five new shares (share split 5:1).
- Cash flow from operating activities amounted to SEK 409 million (686), corresponding to a cash conversion of 72 percent (125).
Sales growth
13.1% Operating margin (EBITA), adjusted
Quarter Rolling 12 months
Operating profit (EBITA) adjusted, SEK million
Key figures
| Q2 | ∆ | Jan-Jun | ∆ | LTM | Full-year | |||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 2,008 | 2,161 | -7.1 | 4,160 | 4,307 | -3.4 | 7,666 | 7,814 |
| Net sales | 2,039 | 2,142 | -4.8 | 4,224 | 4,292 | -1.6 | 7,966 | 8,035 |
| Gross profit | 635 | 639 | -0.7 | 1,297 | 1,264 | 2.6 | 2,422 | 2,389 |
| Gross margin (%) | 31.1 | 29.8 | 30.7 | 29.5 | 30.4 | 29.7 | ||
| Operating expenses | -368 | -376 | -2.1 | -744 | -741 | 0.4 | -1,435 | -1,429 |
| Share of net sales (%) | -18.0 | -17.6 | -17.6 | -17.3 | -18.0 | -17.8 | ||
| Operating profit (EBITA) | 267 | 263 | 1.4 | 554 | 523 | 6.0 | 990 | 959 |
| Operating margin EBITA (%) | 13.1 | 12.3 | 13.1 | 12.2 | 12.4 | 11.9 | ||
| Operating profit (EBITA), adjusted | 268 | 261 | 2.7 | 546 | 520 | 4.8 | 979 | 959 |
| Operating margin EBITA, (%) adjusted | 13.1 | 12.2 | 12.9 | 12.1 | 12.3 | 11.9 | ||
| Operating profit | 251 | 246 | 2.1 | 521 | 489 | 6.7 | 919 | 891 |
| Operating margin (%) | 12.3 | 11.5 | 12.3 | 11.4 | 11.5 | 11.1 | ||
| Profit after tax | 151 | 149 | 1.7 | 334 | 294 | 13.7 | 588 | 551 |
| Earnings per share, SEK | 0.80 | 0.79 | 1.3 | 1.76 | 1.56 | 12.8 | 2.92 | 2.91 |
| Cash flow from operating activities | 245 | 427 -42.6 | 409 | 686 -40.4 | 824 | 1,101 | ||
| Net debt / EBITDA, adjusted | 2.5 | 2.8 | -8.3 | - | - | - | 2.8 |
Summary CEO's overview Financial performance Financial statements Other information
CEO's overview
Bufab reported a strengthened gross margin and improved operating profit in the second quarter, despite lower demand compared to the previous year.
I am pleased with our performance during the quarter, despite tariffs and geopolitical tensions. We are actively working to seize opportunities in an uncertain market and have secured several new major customer projects during the quarter. Our efforts to develop our value creation for customers and gradually reduce our cost base have continued to yield positive results, leading to an improved gross margin and a strong operating margin in the quarter.
Total revenue for the quarter decreased by 4.8 percent, largely due to currency effects. Organic growth remained slightly negative at -0.3 percent. The region Asia-Pacific showed the strongest performance, while the UK/Ireland was the weakest. Demand continued to vary across companies and segments, with customers in the defence sector showing the strongest overall growth.
The gross margin strengthened during the quarter and amounted to 31.1 (29.8) percent. The increase is a result of our efforts to enhance customer value creation and lower purchasing prices during the quarter, and is a key driver in achieving our profitability target.
Operating expenses decreased by SEK 8 million compared to the previous year, thanks to our focused cost-control efforts but also positive currency effects. As a share of net sales, the cost level increased slightly. We continue to maintain a strong focus on costs throughout the organisation, and the effects are expected gradually during 2025/2026.
The adjusted operating margin was strong at 13.1 (12.2) percent. This result is a step in the right direction towards our margin target of 14 percent. The regions North & East, Americas and Asia-Pacific delivered solid results during the quarter, while West and UK/Ireland showed a weak performance.
After the end of the quarter, a small manufacturing unit within Component Solutions Group in the USA was divested. The divestment aligns with our strategy to focus on trading operations and complementary niche companies as our future core business. The manufacturing unit generates approximately SEK 36 million in revenue, and the divestment is expected to have a positive impact on the profitability in the region Americas going forward.
During the quarter, we secured several major customer projects in key segments such as defence, agriculture and general industry. One example is Kverneland in Norway, an international company producing agricultural machinery, where we have been appointed new supplier of C-parts and where the customer particularly value our offering in sustainability, logistics and our global presence.
The ongoing negotiations on trade tariffs are creating uncertainty in the market. We are closely monitoring developments and are actively working with both customers and suppliers to manage the situation.
Our focus going forward is on gaining market share, gradually improving our margin, and delivering a strong cash flow. This puts us in a strong position when the market turns and provides a solid foundation for continued longterm, sustainable, and profitable growth.
Finally, I would like to thank all our customers, partners, and fantastic employees for their excellent cooperation during the second quarter.
Erik Lundén President and CEO
The Group in brief
Second quarter
Order intake decreased to SEK 2,008 million (2,161) and was slightly below net sales. Net sales decreased by 4.8 percent to SEK 2,039 million (2,142). Of the total change in sales, -4.9 percent was due to currency effects, 0.4 percent from acquisitions/divestment and -0.3 percent from organic growth.
The gross margin strengthened compared with the previous year and amounted to 31.1 percent (29.8).
The share of operating expenses in relation to net sales increased slightly compared to the comparative period, amounting to 18.0 percent (17.6). The increase was mainly due to lower sales volumes.
Adjusted operating profit (EBITA) increased to SEK 268 million (261), corresponding to an operating margin of 13.1 percent (12.2). Operating profit (EBITA) increased to SEK 267 million (263), corresponding to an operating margin of 13.1 percent (12.3).
Earnings per share were SEK 0.80 (0.79).
January – June
Order intake decreased to SEK 4,160 million (4,307) and was slightly below net sales. Net sales decreased by 1.6 percent to SEK 4,224 million (4,292).Of the total growth, -2.1 percent was due to currency effects, 0.7 percent from acquisitions/divestment and -0.2 percent from organic growth.
The gross margin strengthened compared with the previous year and amounted to 30.7 percent (29.5).
The share of operating expenses increased slightly to 17.6 percent (17.3). The increase compared to the previous year was mainly due to lower sales volumes.
Adjusted operating profit (EBITA) increased to SEK 546 million (520), corresponding to an operating margin of 12.9 percent (12.1). Operating profit (EBITA) increased to SEK 554 million (523), corresponding to an operating margin of 13.1 percent (12.2).
Earnings per share were SEK 1.76 (1.56).
| Q2 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025, % | Group Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | ||||
| Organic growth | -0.3 | -0.1 | -0.4 | 1.7 | -4.1 | 6.8 | |||
| Currency translation effects | -4.9 | -2.5 | -5.8 | -9.9 | -4.4 | -8.9 | |||
| Acquisitions | 5.4 | - | 24.7 | - | - | - | |||
| Divestments | -5.0 | -12.3 | - | - | - | - | |||
| Recognised growth | -4.8 | -14.9 | 18.5 | -8.2 | -8.5 | -2.1 |
| 2025, % | Jan-Jun | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Group Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | |||||
| Organic growth | -0.2 | 0.3 | -1.3 | -1.1 | -3.0 | 11.8 | |||
| Currency translation effects | -2.1 | -1.2 | -3.3 | -3.7 | -1.2 | -3.3 | |||
| Acquisitions | 5.6 | - | 25.3 | - | - | - | |||
| Divestments | -4.9 | -12.1 | - | - | - | - | |||
| Recognised growth | -1.6 | -13.0 | 20.7 | -4.8 | -4.2 | 8.5 |
Financial items and tax
The Group's net financial items amounted to SEK -42 million (-52) in the second quarter, of which currency exchange differences accounted for SEK -1 million (-1) and interest expense for SEK -39 million (-50). For the six-month period, net financial items totalled SEK -74 million (-104), of which currency exchange differences accounted for SEK 11 million (-4) and interest expense for SEK -83 million (-101) The Group's profit after financial items was SEK 209 million (194) for the quarter and SEK 447 million (385) for the six-month period.
The improved net financial income in the quarter and the six-month period, compared with the comparative period, is explained partly by slightly lower indebtedness and partly by a lower average interest rate as well as exchange rate differences.
The tax expense for the quarter was SEK -58 million (-45), corresponding to an effective tax rate of 27.8 percent (23.2). For the six-month period, the tax expense was SEK -113 million (-91), corresponding to an effective tax rate of 25.3 percent (23.6). The change in the effective tax rate compared with the comparative period is mainly explained by a shift in the proportion of taxation to countries outside Sweden where the tax rate is higher, as well as changes in deferred tax.
Cash flow, working capital and financial position
Cash flow from operating activities amounted to SEK 245 million (427), corresponding to a cash conversion of 89 percent (154). For the six-month period, cash flow from operating activities amounted to SEK 409 million (686), corresponding to a cash conversion of 72 percent (125).
The lower cash flow from operating activities compared with the comparative period is mainly explained by a smaller reduction in inventory than in the same period last year. Inventory levels in the subsidiaries have normalised following the pandemic years, and some inventory build-up occurred during the first half of the year to improve customer service levels.
Working capital in relation to net sales amounted to 38.9 percent (35.6). The deterioration is mainly due to lower annualised sales compared with the same period last year.
The adjusted net debt as of 30 June 2025 amounted to SEK 2.580 million (2,747) and the debt/equity ratio was 83 percent (91).
The key ratio net debt/EBITDA, adjusted, was 2.5 (2.8) as of 30 June 2025.
Operating cash flow and cash conversion ratio
Cash flow from operating activities SEK million Cash conversion
Net debt/EBITDA, adjusted
Summary CEO's overview Financial performance Financial statements Other information
Region Europe North & East
The region consists of Bufab's operations in Sweden, Finland, Norway, Denmark, Poland, Hungary, Romania, the Baltic States and Slovakia.
Second quarter
Sales growth amounted to -14.9 percent in the quarter and the organic growth was -0.1 percent. The difference between the sales growth and organic growth is mainly explained 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. HT Bendix noted a continued weak development, while Bufab Poland experienced an increase in demand during the quarter.
The gross margin improved by 2.8 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.
Key figures
| Q2 | ∆ | Jan-Jun | ∆ | LTM | Full-year | |||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 703 | 872 -19.3 | 1,468 | 1,725 -14.9 | 2,631 | 2,888 | ||
| Net sales | 737 | 867 -14.9 | 1,509 | 1,734 -13.0 | 2,878 | 3,103 | ||
| Gross profit | 230 | 246 | -6.4 | 468 | 482 | -2.8 | 874 | 888 |
| Gross margin (%) | 31.2 | 28.4 | 31.0 | 27.8 | 30.4 | 28.6 | ||
| Operating expenses | -127 | -145 -12.1 | -244 | -288 -15.2 | -476 | -519 | ||
| Share of net sales (%) | -17.3 | -16.7 | -16.2 | -16.6 | -16.5 | -16.7 | ||
| Operating profit (EBITA) | 103 | 101 | 1.6 | 224 | 194 | 15.6 | 399 | 368 |
| Operating margin EBITA (%) | 14.0 | 11.7 | 14.8 | 11.2 | 13.8 | 11.9 | ||
| Operating profit (EBITA), adjusted | 103 | 101 | 1.9 | 213 | 194 | 10.1 | 382 | 362 |
| Operating margin EBITA, (%) adjusted | 14.0 | 11.7 | 14.1 | 11.2 | 13.3 | 11.7 |
The adjusted operating profit increased by SEK 2 million, resulting in an adjusted operating margin of 14.0 percent (11.7).
Sales growth (incl. divestments)
14.0 Operating margin (EBITA), adjusted
%
Net sales, SEK million
Rolling 12 months
Operating profit (EBITA) adjusted, SEK million
Quarter
Region Europe West
The region consists of Bufab's operations in France, the Netherlands, Germany, the Czech Republic, Austria, Spain, Türkiye and Italy.
Share of total sales
18.5%
Sales growth (incl. acquisitions)
11.8% Operating margin (EBITA), adjusted
Second quarter
Sales growth amounted to 18.5 percent in the quarter and the organic growth was -0.4 percent. Of the total change in sales, 24.7 percent was attributable to the acquisition of VITAL. The organic sales decline was attributable to lower activity levels in the automotive and construction industries.
The gross margin was in line with last year.
Operating expenses increased by SEK 15 year-on-year, mainly related to VITAL.
The adjusted operating profit increased by SEK 8 million, resulting in an adjusted operating margin of 11.8 percent (12.4). The operating profit was negatively affected by approximately SEK 2 million due to a shift in sales caused by the relocation of a warehouse in France and moving costs of approximately SEK 2 million. Bufab Flos also impacted negatively due to investments related to a new customer. The integration of our latest acquisition, VITAL, is proceeding according to plan and contributed positively to the operating profit.
Net sales, SEK million
Rolling 12 months
Key figures
| Q2 | ∆ | Jan-Jun | ∆ | LTM | Full-year | |||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 545 | 475 | 14.6 | 1,147 | 969 | 18.4 | 2,056 | 1,878 |
| Net sales | 556 | 469 | 18.5 | 1,156 | 958 20.6 | 2,059 | 1,861 | |
| Gross profit | 140 | 119 | 17.8 | 292 | 241 20.1 | 517 | 467 | |
| Gross margin (%) | 25.2 | 25.3 | 25.2 | 25.1 | 25.1 | 25.0 | ||
| Operating expenses | -75 | -60 24.2 | -147 | -119 24.8 | -262 | -234 | ||
| Share of net sales (%) | -13.5 | -12.9 | -12.7 | -12.4 | -12.7 | -12.6 | ||
| Operating profit (EBITA) | 65 | 58 | 11.9 | 145 | 122 | 18.1 | 255 | 233 |
| Operating margin EBITA (%) | 11.7 | 12.4 | 12.5 | 12.8 | 12.4 | 12.5 | ||
| Operating profit (EBITA), adjusted | 66 | 58 | 13.4 | 146 | 122 | 19.4 | 257 | 234 |
| Operating margin EBITA, (%) adjusted | 11.8 | 12.4 | 12.6 | 12.8 | 12.5 | 12.6 |
Operating profit (EBITA) adjusted, SEK million
Quarter
Region Americas
The region comprises Bufab's operations in the US and Mexico.
Share of total sales
Sales growth
19.3%
Operating margin (EBITA), adjusted
Second quarter
Sales growth amounted to -8.2 percent in the quarter and the organic growth was 1.7 percent. Demand was stable but still on a low level for the key mobile home and trailer market. These segments are important for American Bolt and Screw. Low demand was still noted in the automotive industry, affecting Components Solutions Group in particular. All manufacturers are trying to navigate the US tariffs, which are causing some customer plants to slow down production.
The gross margin increased by 4.7 percentage point year-on-year, driven by general price adjustments and the effects of tariffs. The gross margin strengthened for particularly American Bolt and Screw during the quarter.
Operating expenses declined SEK 13 million year-on-year due to good cost control.
The adjusted operating profit increased by SEK 17 million, resulting in an adjusted operating margin of 19.3 percent (11.6).
After the end of the quarter, a small manufacturing unit within Component Solutions Group was divested.
Net sales, SEK million
Quarter Rolling 12 months
Operating profit (EBITA) adjusted, SEK million
Key figures
| Q2 | ∆ | Jan-Jun ∆ |
LTM | Full-year | |||||
|---|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 2025 | 2024 | % | 24/25 | 2024 | |
| Order intake | 280 | 285 | -1.9 | 501 | 571 -12.2 | 935 | 1,004 | ||
| Net sales | 255 | 278 | -8.2 | 529 | 556 | -4.9 | 1,000 | 1,028 | |
| Gross profit | 104 | 100 | 4.0 | 198 | 198 | -0.2 | 360 | 360 | |
| Gross margin (%) | 40.8 | 36.1 | 37.4 | 35.6 | 35.9 | 35.0 | |||
| Operating expenses | -55 | -68 -19.3 | -114 | -130 -12.0 | -230 | -246 | |||
| Share of net sales (%) | -21.5 | -24.5 | -21.6 | -23.4 | -23.0 | -23.9 | |||
| Operating profit (EBITA) | 49 | 32 | 53.3 | 83 | 68 22.5 | 130 | 114 | ||
| Operating margin EBITA (%) | 19.3 | 11.6 | 15.8 | 12.2 | 12.9 | 11.1 | |||
| Operating profit (EBITA), adjusted | 49 | 32 | 53.3 | 83 | 68 | 22.6 | 132 | 116 | |
| Operating margin EBITA, (%) adjusted | 19.3 | 11.6 | 15.8 | 12.2 | 13.1 | 11.3 |
adjusted
Region UK/Ireland
The region comprises Bufab's operations in the UK and Ireland.
19 %
Share of total sales
Sales growth
10.8% Operating margin (EBITA),
Net sales, SEK million
Quarter Rolling 12 months
Operating profit (EBITA) adjusted, SEK million
Sales growth amounted to -8.5 percent in the quarter and the organic growth was -4.1 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 0.7 percentage points from a high level last year, mainly driven by sales declines in higher margin businesses and price pressure in the construction industry.
Operating expenses increased by SEK 1 million year-on-year, mainly due to one-time costs related to the consolidation of warehouse facilities in APEX.
The adjusted operating profit decreased by SEK 12 million, resulting in an adjusted operating margin of 10.8 percent (12.7).
Key figures
Second quarter
| Q2 | ∆ | Jan-Jun | ∆ | LTM | Full-year | |||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 380 | 409 | -7.2 | 806 | 802 | 0.6 | 1,566 | 1,561 |
| Net sales | 380 | 415 | -8.5 | 779 | 813 | -4.1 | 1,552 | 1,586 |
| Gross profit | 123 | 138 -10.4 | 253 | 268 | -5.9 | 500 | 516 | |
| Gross margin (%) | 32.5 | 33.2 | 32.4 | 33.0 | 32.2 | 32.5 | ||
| Operating expenses | -83 | -82 | 1.3 | -175 | -164 | 6.9 | -341 | -330 |
| Share of net sales (%) | -21.7 | -19.7 | -22.5 | -20.2 | -22.0 | -20.8 | ||
| Operating profit (EBITA) | 41 | 56 -27.3 | 77 | 105 -26.1 | 158 | 186 | ||
| Operating margin EBITA (%) | 10.8 | 13.6 | 9.9 | 12.9 | 10.2 | 11.7 | ||
| Operating profit (EBITA), adjusted | 41 | 53 -23.3 | 79 | 101 -21.7 | 158 | 185 | ||
| Operating margin EBITA, (%) adjusted | 10.8 | 12.7 | 10.1 | 12.5 | 10.2 | 11.7 |
Region Asia-Pacific
The region consists of Bufab's operations in China, India, Singapore and other countries in Southeast Asia.
Share of total sales -2.1%
Sales growth
13.7%
Operating margin (EBITA), adjusted
Second quarter
Sales growth amounted to -2.1 percent in the quarter and organic growth was 6.8 percent. The organic growth was led by Bufab Shanghai and Bufab India.
The gross margin strengthened by 3.1 percentage points year-on-year, due to purchasing savings and active work with value-based pricing.
Key figures
| Q2 | ∆ | Jan-Jun | ∆ | LTM | Full-year | |||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 100 | 119 -15.8 | 237 | 241 | -1.6 | 478 | 482 | |
| Net sales | 112 | 114 | -2.1 | 250 | 230 | 8.5 | 476 | 457 |
| Gross profit | 37 | 34 | 7.9 | 81 | 71 | 14.6 | 153 | 142 |
| Gross margin (%) | 33.3 | 30.2 | 32.6 | 30.9 | 32.1 | 31.2 | ||
| Operating expenses | -22 | -20 | 9.0 | -44 | -38 | 15.1 | -86 | -80 |
| Share of net sales (%) | -19.6 | -17.6 | -17.6 | -16.6 | -18.0 | -17.6 | ||
| Operating profit (EBITA) | 15 | 14 | 6.3 | 38 | 33 | 14.0 | 67 | 62 |
| Operating margin EBITA (%) | 13.7 | 12.6 | 15.1 | 14.3 | 14.0 | 13.6 | ||
| Operating profit (EBITA), adjusted | 15 | 14 | 6.3 | 38 | 33 | 14.0 | 67 | 62 |
| Operating margin EBITA, (%) adjusted | 13.7 | 12.6 | 15.1 | 14.3 | 14.0 | 13.6 |
Operating expenses increased by SEK 2 million year-on-year, primarily due to negative currency effects.
The adjusted operating profit increased by SEK 1.0 million, resulting in an adjusted operating margin of 13.7 percent (12.6).
Net sales, SEK million
Quarter Rolling 12 months
Operating profit (EBITA) adjusted, SEK million
Financial statements
Condensed Consolidated Income Statement Statement of Comprehensive Income
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Net sales | 2,039 | 2,142 | 4,224 | 4,292 |
| Costs of goods sold | -1,404 | -1,502 | -2,926 | -3,028 |
| Gross profit | 635 | 639 | 1,298 | 1,264 |
| Distribution costs | -242 | -251 | -497 | -501 |
| Administative expenses | -148 | -154 | -304 | -294 |
| Other operating income and operating expenses | 6 | 11 | 24 | 20 |
| Operating profit | 251 | 246 | 521 | 489 |
| Profit/loss from financial items | ||||
| Interest income and similar profit/loss items | 2 | 1 | 16 | 4 |
| Interest expenses and similar profit/loss items | -44 | -53 | -90 | -108 |
| Profit after financial items | 209 | 194 | 447 | 385 |
| Tax on net profit for the period | -58 | -45 | -113 | -91 |
| Profit after tax | 151 | 149 | 334 | 294 |
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Profit after tax | 151 | 149 | 334 | 294 |
| 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 | 39 | -32 | -198 | 90 |
| Other comprehensive income after tax | 39 | -32 | -198 | 90 |
| Total comprehensive income | 190 | 117 | 136 | 384 |
| Total comprehensive income attributable to: | ||||
| Parent Company shareholders | 190 | 117 | 136 | 384 |
Earnings per share
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| SEK | 2025 | 2024 | 2025 | 2024 |
| Earnings per share | 0.80 | 0.79 | 1.76 | 1.56 |
| Weighted number of shares outstanding before dilution, thousands¹ | 189,551 | 189,265 | 189,518 | 189,355 |
| Diluted earnings per share, SEK | 0.80 | 0.78 | 1.76 | 1.54 |
| Weighted number of shares outstanding after dilution, thousands¹ | 190,287 | 190,180 | 190,143 | 190,290 |
1) The numbers of shares have been recalculated to reflect the share split (5:1) carried out in May 2025.
Summary CEO's overview Financial performance Financial statements Other information
Condensed Consolidated Balance Sheet
| 30 Jun | 31 Dec | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 | |
| Assets | ||||
| Fixed assets | ||||
| Intangible fixed assets | 3,512 | 3,365 | 3,724 | |
| Property plant and equipment | 788 | 633 | 783 | |
| Financial assets | 45 | 34 | 43 | |
| Total non-current assets | 4,344 | 4,032 | 4,551 | |
| Current assets | ||||
| Inventories | 2,611 | 2,569 | 2,803 | |
| Current receivables | 1,804 | 1,651 | 1,627 | |
| Cash and cash equivalents | 205 | 212 | 211 | |
| Assets held for sale | - | 254 | - | |
| Total current assets | 4,619 | 4,685 | 4,640 | |
| Total assets | 8,964 | 8,717 | 9,191 |
| 30 Jun | 31 Dec | ||
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Equity and liabilities | |||
| Equity | 3,839 | 3,601 | 3,899 |
| Non-current liabilities | |||
| Non-current liabilities, interest bearing | 3,153 | 3,119 | 3,265 |
| Non-current liabilities, non-interest bearing | 340 | 150 | 368 |
| Total non-current liabilities | 3,493 | 3,269 | 3,633 |
| Current liabilities | |||
| Current liabilities, interest bearing | 251 | 329 | 315 |
| Current liabilities, non-interest bearing | 1,381 | 1,384 | 1,345 |
| Liabilities held for sale | - | 133 | - |
| Total current liabilities | 1,632 | 1,847 | 1,659 |
| Total equity and liabilities | 8,964 | 8,717 | 9,191 |
Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement
| MSEK Equity at beginning of year Comprehensive income Profit after tax Other comprehensive income Items that may be reclassified in profit or loss Translation differences / Currency hedging net after tax Total comprehensive income Transactions with shareholders Option programme Dividend to shareholders Total transactions with shareholders |
2025 | 2024 | |
|---|---|---|---|
| 3,899 | 3,418 | ||
| 334 | 294 | ||
| -198 | 90 | ||
| 136 | 384 | ||
| 3 | -11 | ||
| -199 | -189 | ||
| -196 | -200 | ||
| Equity at end of period | 3,839 | 3,601 |
| 30 Jun | Q2 | Jan-Jun | |||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | |
| Operating activities | |||||
| Profit before financial items | 251 | 246 | 520 | 489 | |
| Depreciation and amortization | 74 | 74 | 146 | 145 | |
| Interest and other finance income | 1 | 0 | 16 | 4 | |
| Interest and other finance expenses | -42 | -52 | -90 | -108 | |
| Other non-cash items | -6 | 1 | -24 | 2 | |
| Income tax paid | -56 | -54 | -115 | -108 | |
| Cash flow from operations | 222 | 215 | 454 | 424 | |
| Changes in working capital | |||||
| Increase (-)/decrease (+) in inventories | 34 | 120 | 66 | 363 | |
| Increase (-)/decrease (+) in operating receivables | -22 | -2 | -251 | -298 | |
| Increase (+)/decrease (-) in operating liabilities | 11 | 94 | 139 | 197 | |
| Cash flow from operating activities | 245 | 427 | 409 | 686 | |
| Investing activities | |||||
| Purchase of intangible assets | -6 | -2 | -8 | -4 | |
| Acquisition of property, plant and equipment | -19 | -23 | -36 | -31 | |
| Company acquisitions including additional purchase considerations | -32 | -186 | -34 | -186 | |
| Divestment of subsidaries | - | - | - | - | |
| Cash flow from (-used in) investing activities | -57 | -211 | -78 | -221 | |
| Financing activities | |||||
| Dividend paid | -199 | -189 | -199 | -189 | |
| Option programme | 3 | -11 | 3 | -11 | |
| Increase (+)/decrease (-) in borrowings | -19 | -39 | -118 | -276 | |
| Cash flow from financing activities | -215 | -239 | -314 | -476 | |
| Cash flow for (-used in) the period | -28 | -23 | 16 | -11 | |
| Cash and cash equivalents at the beginning of the period | 233 | 239 | 212 | 218 | |
| Translation differences | -1 | -4 | -23 | 5 | |
| Cash and cash equivalents at the end of the period | 205 | 212 | 205 | 212 |
The Group's Segment Reporting
| Europe North & East | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
| Net sales | 900 | 760 | 800 | 868 | 867 | 668 | 701 | 772 | 737 |
| Gross profit | 237 | 204 | 218 | 236 | 246 | 197 | 209 | 238 | 230 |
| Gross margin (%) | 26.4 | 26.8 | 27.2 | 27.2 | 28.4 | 29.4 | 29.9 | 30.8 | 31.2 |
| Operating profit (EBITA) | 109 | 88 | 103 | 92 | 101 | 102 | 73 | 121 | 103 |
| Operating margin EBITA (%) | 12.1 | 11.5 | 12.8 | 10.6 | 11.7 | 15.3 | 10.4 | 15.6 | 14.0 |
| Operating profit (EBITA), adjusted | 109 | 88 | 103 | 92 | 101 | 95 | 74 | 110 | 103 |
| Operating margin EBITA, (%) adjusted | 12.1 | 11.5 | 12.8 | 10.6 | 11.7 | 14.2 | 10.5 | 14.2 | 14.0 |
| Europe West | |||||||||
| MSEK | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
| Net sales | 501 | 475 | 429 | 490 | 469 | 443 | 460 | 601 | 556 |
| Gross profit | 120 | 117 | 103 | 123 | 119 | 113 | 112 | 152 | 140 |
| Gross margin (%) | 23.8 | 24.6 | 23.9 | 25.1 | 25.3 | 25.6 | 24.3 | 25.3 | 25.2 |
| Operating profit (EBITA) | 62 | 60 | 46 | 64 | 58 | 61 | 50 | 80 | 65 |
| Operating margin EBITA (%) | 12.4 | 12.7 | 10.7 | 13.1 | 12.4 | 13.7 | 10.9 | 13.3 | 11.7 |
| Operating profit (EBITA), adjusted | 62 | 60 | 46 | 64 | 58 | 61 | 51 | 81 | 66 |
| Operating margin EBITA, (%) adjusted | 12.4 | 12.7 | 10.7 | 13.1 | 12.4 | 13.7 | 11.1 | 13.4 | 11.8 |
| Americas | |||||||||
| MSEK | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
| Net sales | 315 | 295 | 258 | 278 | 278 | 248 | 223 | 274 | 255 |
| Gross profit | 113 | 101 | 91 | 98 | 100 | 87 | 74 | 94 | 104 |
| Gross margin (%) | 36.0 | 34.2 | 35.1 | 35.2 | 36.1 | 35.2 | 33.3 | 34.2 | 40.8 |
| Operating profit (EBITA) | 73 | 40 | 28 | 36 | 32 | 31 | 15 | 34 | 49 |
| Operating margin EBITA (%) | 23.2 | 13.4 | 11.0 | 12.9 | 11.6 | 12.5 | 6.7 | 12.5 | 19.3 |
| Operating profit (EBITA), adjusted | 61 | 40 | 28 | 36 | 32 | 31 | 17 | 34 | 49 |
| Operating margin EBITA, (%) adjusted | 19.4 | 13.4 | 11.0 | 12.9 | 11.6 | 12.5 | 7.6 | 12.5 | 19.3 |
| Other | |||||||||
| MSEK | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
| Net sales | 0 | -0 | -1 | 0 | -0 | 1 | -1 | -0 | 0 |
| Gross profit | 2 | 3 | 4 | 1 | 2 | 8 | 5 | 5 | 5 |
Operating profit (EBITA) -2 0 -10 0 -3 -8 -6 -7 -13
| UK/Ireland | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
| Net sales | 442 | 441 | 366 | 398 | 415 | 409 | 364 | 400 | 380 |
| Gross profit | 139 | 144 | 126 | 131 | 138 | 135 | 112 | 129 | 123 |
| Gross margin (%) | 31.5 | 32.8 | 34.5 | 32.8 | 33.2 | 33.1 | 30.7 | 32.3 | 32.5 |
| Operating profit (EBITA) | 57 | 20 | -5 | 48 | 56 | 51 | 30 | 36 | 41 |
| Operating margin EBITA (%) | 12.8 | 4.6 | -1.3 | 12.2 | 13.6 | 12.5 | 8.1 | 9.1 | 10.8 |
| Operating profit (EBITA), adjusted | 57 | 60 | 43 | 48 | 53 | 51 | 33 | 38 | 41 |
| Operating margin EBITA, (%) adjusted | 12.8 | 13.7 | 11.8 | 12.2 | 12.7 | 12.5 | 9.0 | 9.5 | 10.8 |
| Asia-Pacific | |||||||||
| MSEK | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
| Net sales | 122 | 100 | 90 | 116 | 114 | 110 | 116 | 138 | 112 |
| Gross profit | 37 | 31 | 28 | 37 | 34 | 34 | 38 | 44 | 37 |
| Gross margin (%) | 30.4 | 31.3 | 30.9 | 31.5 | 30.2 | 30.6 | 32.2 | 32.1 | 33.3 |
| Operating profit (EBITA) | 19 | 13 | 10 | 19 | 14 | 10 | 19 | 22 | 15 |
| Operating margin EBITA (%) | 15.6 | 12.6 | 11.2 | 16.0 | 12.6 | 9.0 | 16.5 | 16.1 | 13.7 |
| Operating profit (EBITA), adjusted | 19 | 13 | 10 | 19 | 14 | 10 | 19 | 22 | 15 |
| Operating margin EBITA, (%) adjusted | 15.6 | 12.6 | 11.2 | 16.0 | 12.6 | 9.0 | 16.5 | 16.1 | 13.7 |
| Group | |||||||||
| MSEK | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
| Net sales | 2,280 | 2,071 | 1,943 | 2,149 | 2,142 | 1,880 | 1,863 | 2,184 | 2,039 |
| Gross profit | 649 | 601 | 569 | 625 | 639 | 575 | 554 | 662 | 635 |
| Gross margin (%) | 28.5 | 29.0 | 29.3 | 29.1 | 29.8 | 30.6 | 29.7 | 30.3 | 31.1 |
| Operating profit (EBITA) | 319 | 220 | 181 | 259 | 263 | 258 | 179 | 286 | 267 |
| Operating margin EBITA (%) | 14.0 | 10.6 | 9.3 | 12.1 | 12.3 | 13.7 | 9.6 | 13.1 | 13.1 |
| Operating profit (EBITA), adjusted | 307 | 260 | 229 | 259 | 261 | 239 | 201 | 278 | 268 |
| Operating margin EBITA, (%) adjusted | 13.4 | 12.6 | 11.8 | 12.1 | 12.2 | 12.7 | 10.8 | 12.7 | 13.1 |
Consolidated Key Figures
| Q2 | ∆ | Jan-Jun | ∆ | LTM | Full-year | |||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | 24/25 | 2024 | ||
| Order intake | 2,008 | 2,161 | -7% | 4,160 | 4,307 | -3% | 7,666 | 7,814 |
| Net sales | 2,039 | 2,142 | -5% | 4,224 | 4,292 | -2% | 7,966 | 8,035 |
| Gross profit | 635 | 639 | -1% | 1,297 | 1,264 | 3% | 2,422 | 2,389 |
| EBITDA | 325 | 321 | 2% | 667 | 633 | 5% | 1,204 | 1,170 |
| EBITDA, adjusted | 275 | 278 | -1% | 569 | 551 | 3% | 1,021 | 1,002 |
| Operating profit (EBITA) | 267 | 263 | 1% | 554 | 523 | 6% | 990 | 959 |
| Operating profit (EBITA), adjusted | 268 | 261 | 3% | 546 | 520 | 5% | 979 | 959 |
| Operating profit | 251 | 246 | 2% | 521 | 489 | 7% | 919 | 891 |
| Profit after tax | 151 | 149 | 2% | 334 | 294 | 14% | 588 | 551 |
| Gross margin | 31.1% | 29.8% | 30.7% | 29.5% | 30.4% | 29.7% | ||
| Operating margin EBITA | 13.1% | 12.3% | 13.1% | 12.2% | 12.4% | 11.9% | ||
| Operating margin EBITA, adjusted | 13.1% | 12.2% | 12.9% | 12.1% | 12.3% | 11.9% | ||
| Operating margin | 12.3% | 11.5% | 12.3% | 11.4% | 11.5% | 11.1% | ||
| Net margin | 7.4% | 7.0% | 7.9% | 6.8% | 7.4% | 6.9% | ||
| Net debt, SEK million | 3,199 | 3,282 | -3% | |||||
| Net debt, adjusted, SEK million | 2,580 | 2,747 | -6% | |||||
| Debt/equity ratio, (%) | 83 | 91 | -9% | |||||
| Net debt / EBITDA, adjusted | 2.5 | 2.8 | -8% | |||||
| Working capital, SEK million | 3,102 | 2,957 | 5% | |||||
| Working capital in relation to net sales, | 38.9 | 35.0 | ||||||
| (%) | ||||||||
| Solidity (%) | 43 | 41 | ||||||
| Return on capital employed (%) | 13.2 | 13.7 | ||||||
| Cash flow from operating activities | 245 | 427 -43% | ||||||
| Earnings per share, SEK | 0.80 | 0.79 | 1% | 1.76 | 1.56 | 13% |
Condensed Parent Company Income Statement Condensed Parent Company Balance Sheet
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Administative expenses | -10 | -4 | -18 | -10 |
| Other operating revenue | 1 | 2 | 2 | 5 |
| Operating profit | -9 | -2 | -16 | -5 |
| Profit/loss from financial items | 250 | 190 | 250 | 190 |
| Interest income and similar profit/loss items | 1 | 0 | 3 | 0 |
| Interest expenses and similar profit/loss items | - | -2 | - | -2 |
| Profit after financial items | 242 | 186 | 237 | 183 |
| Appropriations | - | - | - | - |
| Tax on net profit for the period | - | - | - | - |
| Profit after tax | 242 | 186 | 237 | 183 |
| 30 Jun | 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 | 385 | 554 | 354 |
| Other current receivables | 30 | 14 | 19 |
| Cash and cash equivalents | - | - | - |
| Total current assets | 415 | 568 | 373 |
| Total assets | 1,263 | 1,414 | 1,220 |
| 30 Jun | |||
| MSEK | 2025 | 2024 | 2024 |
| Equity and liabilities | |||
| Equity | 1,163 | 1,099 | 1,123 |
| Untaxed reserves | 82 | 97 | 82 |
| Non-current liabilities | |||
| Other non-current liabilities | 3 | 1 | 2 |
| Total non-current liabilities | 3 | 1 | 2 |
| Current liabilities | |||
| Trade payables | 2 | 2 | 1 |
| Other current liabilities | 13 | 215 | 12 |
| Total current liabilities | 15 | 217 | 13 |
| Total equity and liabilities | 1,263 | 1,414 | 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.
Contingent purchase considerations
The Group's liabilities for contingent purchase considerations related 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. As of 0 June 2025, total recognised liabilities for contingent purchase considerations amounted to SEK 289 million (105), of which SEK 220 million (10) was recognised as Non-current liabilities, non-interestbearing and SEK 69 million (95) was recognised as Current liabilities, non-interestbearing in the consolidated balance sheet. In accordance with the Group's definition, the recognised contingent purchase considerations are included in the amounts for "net debt" and "net debt, adjusted" from the time they are finally determined until the contingent considerations are fully settled.
Significant events during the quarter
The number of shares in the company increased as each share was split into five shares (so-called share split 5:1).
Pär Ihrskog, CFO, has decided to leave Bufab to take on new challenges. Pär will remain in his current role until October 2025.
Significant events after the quarter
There are no significant events after the quarter to report.
Employees
The number of employees in the Group on 30 June 2025 amounted to 1,709 (1,773).
Contingent liabilities and collaterals
No additional significant changes were made to the company's contingent liabilities during the quarter.
Dividend
The 2025 Annual General Meeting resolved, in accordance with the Board's proposal, on a dividend of SEK 1.05 (1.00) per share, corresponding to a total dividend of approximately SEK 199 million (190) for the 2024 financial year. The dividend per share has been recalculated to reflect the share split (5:1) carried out in May 2025.
Audit review
This interim report has not been examined by the company's auditors.
Signatures
The Board of Directors and CEO assure that the six-month report provides a fair view of the Parent Company's and the Group's operations, financial position and profits, and describes the material risks and uncertainties facing the Parent Company and the companies included in the Group. .
Värnamo, 15 July 2025
Bengt Liljedahl Chairman of the Board
| Hans Björstrand | Per-Arne Blomquist |
|---|---|
| Board member | Board member |
Anna Liljedahl Eva Nilsagård Board member Board member
Bertil Persson Caroline Reuterskiöld Board member Board member
Erik Lundén President and CEO
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.
| 2025, % | Q2 | |||||
|---|---|---|---|---|---|---|
| Group Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | ||
| Organic growth | -0.3 | -0.1 | -0.4 | 1.7 | -4.1 | 6.8 |
| Currency translation effects | -4.9 | -2.5 | -5.8 | -9.9 | -4.4 | -8.9 |
| Acquisitions | 5.4 | - | 24.7 | - | - | - |
| Divestments | -5.0 | -12.3 | - | - | - | - |
| Recognised growth | -4.8 | -14.9 | 18.5 | -8.2 | -8.5 | -2.1 |
| 2025, % | Jan-Jun | |||||
|---|---|---|---|---|---|---|
| Group Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | ||
| Organic growth | -0.2 | 0.3 | -1.3 | -1.1 | -3.0 | 11.8 |
| Currency translation effects | -2.1 | -1.2 | -3.3 | -3.7 | -1.2 | -3.3 |
| Acquisitions | 5.6 | - | 25.3 | - | - | - |
| Divestments | -4.9 | -12.1 | - | - | - | - |
| Recognised growth | -1.6 | -13.0 | 20.7 | -4.8 | -4.2 | 8.5 |
EBITDA
EBITDA is an expression of operating profit before depreciation, amortisation and impairment. The performance measure is defined below.
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Operating profit | 251 | 246 | 521 | 489 |
| Depreciation and amortization | 74 | 73 | 146 | 144 |
| EBITDA | 325 | 321 | 667 | 633 |
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.
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Operating profit | 251 | 246 | 521 | 489 |
| Depreciation and amortization | 74 | 73 | 146 | 144 |
| Less: amortisation on right-of-use assets according to IFRS 16 |
-43 | -38 | -85 | -73 |
| Less: interest expenses on lease | ||||
| liabilities according to IFRS 16 | -7 | -5 | -13 | -9 |
| EBITDA, adjusted | 275 | 278 | 569 | 551 |
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.
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Operating profit | 251 | 246 | 521 | 489 |
| Depreciation and amortisation of | ||||
| acquired intangible assets | 16 | 17 | 33 | 34 |
| EBITA | 267 | 263 | 554 | 523 |
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.
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| EBITA | 267 | 263 | 554 | 523 |
| Remeasurement of additional | 0 | -2 | -11 | -3 |
| purchase Restructuring costs |
1 | - | 3 | - |
| Transaction costs relating to acquisitions and divestments |
- | - | - | - |
| EBITA, adjusted | 268 | 261 | 546 | 520 |
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.
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Distribution costs | -242 | -251 | -497 | -501 |
| Administative expenses | -148 | -154 | -304 | -294 |
| Other operating income and operating | ||||
| expenses | 6 | 11 | 24 | 20 |
| Depreciation and amortisation of | ||||
| acquired intangible assets | 16 | 17 | 33 | 34 |
| Operating expenses | -368 | -376 | -744 | -741 |
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.
| 30 Jun | ||
|---|---|---|
| MSEK | 2025 | 2024 |
| Current assets | 4,619 | 4,547 |
| Less: cash and cash equivalents | -205 | -212 |
| Less: current non-interest-bearing liabilities excluding | ||
| liabilities for additional purchase prices | -1,312 | -1,378 |
| Working capital on the balance-sheet date | 3,102 | 2,957 |
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.
| 30 Jun | ||
|---|---|---|
| MSEK | 2025 | 2024 |
| Non-current liabilities, interest bearing | 3,153 | 3,153 |
| Current liabilities, interest bearing | 251 | 340 |
| Less: cash and cash equivalents | -205 | -212 |
| Less: other interest-bearing receivables | - | - |
| Net debt on balance-sheet date | 3,199 | 3,282 |
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.
| 30 Jun | |||
|---|---|---|---|
| MSEK | 2025 | 2024 | |
| Non-current liabilities, interest bearing | 3,153 | 3,153 | |
| Current liabilities, interest bearing | 251 | 340 | |
| Less: lease liabilities according to IFRS 16 | -620 | -535 | |
| Less: cash and cash equivalents | -205 | -212 | |
| Less: other interest-bearing receivables | - | - | |
| Net debt, adjusted, on the balance-sheet date | 2,580 | 2,747 |
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.
| 30 Jun | ||
|---|---|---|
| MSEK | 2025 | 2024 |
| Result after financial items L12M | 757 | 611 |
| Interest expense | -194 | -258 |
| Average shareholder´s equity | 3,822 | 3,535 |
| Average interest-bearing liabilities | 3,355 | 3,645 |
| Return on capital employed | 13.2% | 13.7% |
Information and addresses
Conference call
A conference call will be held on 15 July 2025 at 10:00 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
Interim Report Q3, 2025: 24 October 2025 Year-end report 2025: 5 February 2026 Interim Report Q1 2026: 23 April 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 information that Bufab AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 15 July 2025 at 7:30 a.m. CEST.
Sister companies
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 1,700 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.
