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Interim / Quarterly Report • Jul 18, 2025
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Interim / Quarterly Report
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Interim Report January 1 – June 30
High order intake, sales and strong results
Berner Industrier delivered a strong second quarter with growth in order intake, sales and record quarterly earnings. Both business areas improved their results with a notable good quarter for Energy & Environment thanks to Zander & Ingeström's deliveries of boilers. Autofric AB was acquired during the quarter, strengthening the Group's offering in areas such as water treatment.
Second quarter 2025
- Order intake totaled SEK 278.8 (249.4) million, an increase of 11.8 percent.
- Net sales for the second quarter totaled SEK 272.8 (254.8) million, up 7.1 percent, whereof 4.4 percentage points organic growth.
- EBITA totaled SEK 24.6 (15.4) million, an increase of 59,5 percent. The EBITA margin was 9.0 percent (6.0).
- Earnings per share before dilution were SEK 0.92 (0.54). Earnings per share after dilution were SEK 0.91 (0.54).
- Cash flow from operating activities reached SEK 33.8 (2.6) million. Total cash flow for the period was SEK -32.0 (-37.1) million.
- On May 2, 100 percent of the shares in Autofric AB was acquired and since consolidated into the accounts and included in the business area Energy & Environment. The company had sales of approximately SEK 60 million in 2024.
Significant events in the second quarter
- The company held its annual general meeting on April 29, 2025. The AGM approved a dividend of SEK 0.95 per share to shareholders, totaling SEK 17.8 million, which was paid in May.
- Two new Board members, Johan Lannebo and Pim Polesie, were elected by the General Meeting.
First half of 2025
- Order intake totaled SEK 541.5 (471.7) million, an increase of 14.8 percent.
- Net sales for the first six months totaled SEK 508.9 (497.9) million, up 2.2 percent, whereof 1,1 percentage points organic growth.
- EBITA totaled SEK 42.9 (30.0) million, an increase of 43.4 percent. The EBITA margin was 8.4 percent (6.0).
- Earnings per share before and after dilution were SEK 1.58 (1.01). Earnings per share before and after dilution were SEK 1.57 (1.01).
- Cash flow from operating activities was SEK 48.9 (56.2) million. Total cash flow for the period was SEK -24.7 (-10.7) million.
Significant events after the end of the reporting period
• There were no significant events after the end of the reporting period.
Financial summary
| Apr–Jun | Jan–Jun | 2024/2025 | Full-year | ||||||
|---|---|---|---|---|---|---|---|---|---|
| SEK million | 2025 | 2024 | Δ % | 2025 | 2024 | Δ % | R12 | 2024 | Δ % |
| Orders | 278.8 | 249.4 | 11.8 | 541.5 | 471.7 | 14.8 | 1,014.3 | 944.5 | 7.4 |
| Net sales | 272.8 | 254.8 | 7.1 | 508.9 | 497.9 | 2.2 | 973.6 | 962.7 | 1.1 |
| EBITA | 24.6 | 15.4 | 59.5 | 42.9 | 30.0 | 43.4 | 72.0 | 59.0 | 22.0 |
| EBITA margin, % | 9.0 | 6.0 | – | 8.4 | 6.0 | – | 7.4 | 6.1 | – |
| EBIT | 24.2 | 15.0 | 61.6 | 42.2 | 29.1 | 44.9 | 70.4 | 57.3 | 22.8 |
| Earnings per share before dilution | 0.92 | 0.54 | 69.6 | 1.58 | 1.01 | 55.7 | 2.53 | 1.96 | 28.7 |
| Earnings per share after dilution | 0.91 | 0.54 | 69.6 | 1.57 | 1.01 | 55.0 | 2.52 | 1.96 | 28.4 |
| Cash flow for the period | -32.0 | -37.1 | – | -24.4 | -10.7 | – | -9.0 | 5.0 | – |
| Return on equity, % | 36.1 | 23.1 | – | 30.8 | 21.4 | – | 24.9 | 19.5 | – |
| Net interest-bearing debt, excluding IFRS 16 | 64.4 | 58.3 | 10.5 | 64.4 | 58.3 | 10.5 | 20.8 | 24.6 | -15.3 |
| Net interest-bearing debt, including IFRS 16 | 152.8 | 155.4 | -1.7 | 152.8 | 155.4 | -1.7 | 132.8 | 120.8 | 10.0 |
Strongest quarterly result so far
With an EBITA of almost SEK 25 million in the quarter profit rose by as much as 60 percent and the margin by three percentage points compared with the previous year. The strongest quarterly result to date, 13 percent above the previous record. The lion's share stem from organic development on both business areas. It is also encouraging that the growth in order intake is continuing, increasing by twelve percent in the quarter.
The second quarter's result was strongly improved, given, among other things, several strong project completions at Zander & Ingeström and the effects we are starting to see of the improvement program in Teknik & Distribution's largest unit, Swedish Christian Berner AB. We are well placed, active within exciting and growing business niches, but most of the strength in the quarter is thanks to our hard-working employees. With business acumen and care for each other and all our customers, suppliers and other partners, they all tirelessly carry on developing our Group.
We often say that each subsidiary should live up to its potential, and some units in the Technology & Distribution business area have had some work to do. It is therefore satisfying to see more and more of our companies in the business area making strides.
In terms of the market, we still experience that we are in a stable, but somewhat hesitant part of the economic cycle in some areas. As our underlying markets (e.g., energy, water treatment, wastewater treatment, general process industry) have good underlying growth regardless, we are not concerned in the medium/long term. Sales increased by seven percent in the quarter. The quarter's order intake, with an increase of 12 percent, indicates a relatively good market overall.
"It's satisfying to see more and more of our companies making strides."
Autofric welcomed on board
The group's new addition, Autofric, was included in the books as of May. We are now initially implementing some investments to enable further growth in the future, such as expansion of production capacity, which has temporarily meant a slightly slower pace of deliveries. Autofric still contributed four percentage points of the total seven percent growth in sales in the quarter. Autofric's order intake has remained good, which seems promising for the fall. Autofric is a good fit for our business – curious and technically skilled employees focused on growing areas like sludge dewatering.
Group companies also performed well in related areas. Swedish Christian Berner AB has been entrusted to become a partner to Xylem for products and services for municipal and industrial water treatment. A great credit to our knowledgeable employees.
We continue along our chosen path
We are continuing along the same path – to gradually strengthen our existing businesses by giving good people clear goals and the autonomy to pursue them, and to use our cash flow to bring in to our Group more great companies with businesses we understand and believe in. It's really no more complicated than that. Brick by brick, we are building Berner Industrier for the future.
Caroline Reuterskiöld
President and CEO Berner Industrier AB
Berner Industrier in Brief
Group development in the second quarter
Net sales
Net sales totaled SEK 272.8 (254.8) million, up SEK 18.0 million, whereof organic growth of SEK 11.6 million, acquired growth of SEK 10.2 million, and a negative impact of SEK 3.8 million in currency effects from the translation of foreign subsidiaries. The Technology & Distribution business area showed strong growth during the quarter, while Energy & Environment had good growth in some areas and a decline in others. Autofric, acquired in May, is part of Energy & Environment.
SEK million
| Apr–Jun 2024 |
Currency effect foreign sub sidiaries |
Acquired growth |
Organic growth |
Total growth |
Apr–Jun 2025 |
|---|---|---|---|---|---|
| 254.8 | -1.5% | 4.0% | 4.6% | 7.1% | 272.8 |
EBITA
Consolidated EBITA for the second quarter was SEK 24.6 (15.4) million. Gross margins in the quarter showed strong development in both business areas. In the Energy & Environment business area, as in the first quarter, margin improvements were realized through efficient project execution. During the quarter, acquisition costs of approximately SEK 1.4 million and redundancy costs of SEK 2.4 (1.8) million were charged to profit/loss.
Net sales EBITA
Depreciation/amortization and investments
Depreciation/amortization totaled SEK 9.6 (8.6) million and primarily consisted of depreciation of right-of-use assets. During the quarter, the Group invested in tangible fixed assets in the amount of SEK 1.2 (0.7) million. Investments in intangible assets totaled SEK 0.0 (0.5) million.
Net financial items
The Group's net financial items for the first half-year totaled SEK -1.9 (-2.2) million, of which the main part is interest expenses to banks, SEK -1.6 million, interest expenses relating to right-of-use assets and exchange rate effects.
Tax
Consolidated tax expenses for the first quarter were SEK -5.1 (-2.6) million. The effective tax rate for the quarter was 22.9 percent (20.7).
Cash flow
Cash flow from operating activities totaled SEK 33.8 (2.6) million and has improved significantly through strong earnings growth and effective management of working capital, largely managing the investment in acquisitions of SEK 39 million. In accordance with the decision of the Annual General Meeting, SEK 17,8 million was paid in dividends. Repayment of borrowings in the mother company with SEK 5 million and a one-time repayment of SEK 15 million of borrowings in the acquired company Autofric AB, were recorded in the quarter.
Berner Industrier in Brief, continued
Group development January 1 – June 30
Net sales
Net sales totaled SEK 508.8 (497.9) million, up SEK 11.0 million, whereof organic up SEK 5.6 million, acquired growth of SEK 10.2 million, and a negative impact of SEK 4.8 million in currency effects from the translation of foreign subsidiaries. Thanks to a strong second quarter, the Technology & Distribution business area has seen good growth in the first half of the year. In Energy & Environment, some subsegments have lower sales growth while others have shown good levels.
SEK million
| Currency effect |
|||||
|---|---|---|---|---|---|
| Jan–Jun 2024 |
foreign sub sidiaries |
Acquired growth |
Organic growth |
Total growth |
Jan–Jun 2025 |
| 497.9 | -1.0% | 2.1% | 1.1% | 2.2% | 508.8 |
EBITA
Consolidated EBITA for the first six months was SEK 42.9 (30.0) million. Gross margins in the period showed stable development in both business areas. In the Energy & Environment business area, margin improvements have been realized through efficient project execution. During the period, acquisition costs of approximately SEK 1.4 million as well as staff termination costs of SEK 2.4 (1.8) million were charged to profit/loss.
Depreciation/amortization and investments
Depreciation/amortization totaled SEK 18.8 (17.2) million and primarily consisted of depreciation of right-of-use assets. During the quarter, the Group invested in tangible assets in the amount of SEK 1.9 (1.7) million. Investments in intangible assets totaled SEK 0.0 (0.5) million.
Net financial items
Consolidated net financial items for the first six months totaled SEK -4.2 (-5.4) million.
Tax
Consolidated tax expenses for the first six months were SEK 8.4 (4.7) million. The effective tax rate for the quarter was 22.0 percent (19.7).
Cash flow
Cash flow from operating activities of approximately SEK 48.9 (56.2) million financed the acquisition of Autofric AB, SEK 39.4 million. In accordance with the decision of the Annual General Meeting, SEK 17.8 million was paid in dividends. Repayments on the parent company's borrowings amounted to SEK 5 million and a one-off repayment of SEK 15 million through the redemption of borrowing in the acquired company Autofric AB.
Technology & Distribution
The Technology & Distribution business area combines distribution activities and own products in water treatment, packaging equipment, vibration damping, technical plastics and process technology. The business area helps customers in industry and the public sector to reduce resource consumption, improve their environmental footprint and streamline their own operations.
Development of the business area in the second quarter
Net sales
The business area's net sales for the second quarter totaled SEK 138.5 (121.8) million, up SEK 16.7 million. Sales growth has been good in high-margin areas. Christian Berner AB reported double-digit growth during the quarter and both sales and order intake were strong. The quarter as a whole is not characterized by any major one-off deals; instead it is mainly the basic deals that have shown customer confidence.
SEK million
| Apr–Jun | Currency effect foreign sub |
Acquired | Organic | Total | Apr–Jun |
|---|---|---|---|---|---|
| 2024 | sidiaries | growth | growth | growth | 2025 |
| 121.8 | -3.1% | – | 16.8% | 13.7% | 138.5 |
EBITA
The business area's EBITA in the second quarter was SEK 7.6 (0.3) million, up SEK 7.3 million. Stabled gross margins with increased sales have contributed to strong earnings growth. Measures implemented in previous quarters to reduce overhead costs have contributed positively. In addition, redundancy costs of SEK 2.4 (1.8) million were charged to the business area's profit/loss for the quarter.
Development of the business area, January 1 – June 30
Net sales
The business area's net sales for the first six months were SEK 265.4 (258.6) million, an increase of SEK 6.8 million. Sales growth has been good in high-margin areas. During the first quarter, some major orders, including vibration and noise damping materials, were concluded, while generally over the second quarter it is the basic business that has driven sales. Christian Berner Sweden and Finland have shown strong performance over the first half of the year.
SEK million
| Jan–Jun 2024 |
Currency effect foreign sub sidiaries |
Acquired growth |
Organic growth |
Total growth |
Jan–Jun 2025 |
|---|---|---|---|---|---|
| 258.6 | -1.9% | – | 4.5% | 2.6% | 265.4 |
EBITA
The business area's EBITA in the first six months was SEK 12.5 (5.8) million, up SEK 6.7 million. The gross margin has developed strongly through sales in the higher-margin subsegments. Measures implemented in previous quarters to reduce overhead costs have contributed positively. The cost of terminating staff in the amount of SEK 2.4 (1.8) million has been charged to profit/loss.
| Apr–Jun | Jan–Jun | 2024/2025 | Full-year | |||||
|---|---|---|---|---|---|---|---|---|
| SEK million | 2025 | 2024 | Δ % | 2025 | 2024 | Δ % | R 12 | 2024 |
| Net sales | 138.5 | 121.8 | 13.7 | 265.4 | 258.6 | 2.6 | 505.3 | 496.5 |
| EBITA | 7.6 | 0.3 | 2,412 | 12.5 | 5.8 | 114.9 | 13.2 | 6.5 |
| EBITA margin, % | 5.5 | 0.3 | – | 4.7 | 2.2 | – | 2.6 | 1.3 |
Energy & Environment
The Energy & Environment business area combines large parts of the Group's pump activities and equipment targeting the energy and process industries. The business area increases the sustainability of the energy, process and manufacturing industry through reduced emissions, reduced energy losses and/or improved working environment.
Development of the business area in the second quarter
Net sales
The business area's net sales for the second quarter totaled SEK 134.7 (133.3) million, up SEK 1.4 million. With competitive comparative figures during the quarter, the business area has continued to develop strongly in some subsegments, while others have been met with a wait-and-see attitude among customers. During the quarter, the companies in the business area delivered several significant orders, including orders of boilers, pumps, and related services. On May 2, Autofric AB, whose products and customer offerings fit into the Energy & Environment business area, was added via acquisition.
| SEK million Apr–Jun 2024 |
Currency effect foreign sub sidiaries |
Acquired growth |
Organic growth |
Total growth |
Apr–Jun 2025 |
|---|---|---|---|---|---|
| 133.3 | – | 7.7% | -6.6% | 1.0% | 134.7 |
EBITA
The business area's EBITA in the first quarter was SEK 23.2 (18.4) million, up SEK 4.8 million. The quarter's gross margin showed strong growth from incremental earnings in completed project deliveries and product mix. Following the finalized projects temporary increase in overhead costs were recorded.
Development of the business area, January 1 – June 30
Net sales
The business area's net sales for the first six months were SEK 244.4 (239.6) million, an increase of SEK 4.8 million. During the period, the business area continued to develop in highmargin subsegments, met with hesitation at the customer level in some smaller parts, but with a largely unchanged base business. The acquired company Autofric AB has added approx. SEK 10 million in sales.
SEK million
| Currency effect |
|||||
|---|---|---|---|---|---|
| Jan–Jun 2024 |
foreign sub sidiaries |
Acquired growth |
Organic growth |
Total growth |
Jan–Jun 2025 |
| 239.6 | – | 4.3% | -2.3% | 2.0% | 244.4 |
EBITA
The business area's EBITA in the first six months was SEK 41.5 (28.7) million, up SEK 12.8 million. The gross margin for the period showed strong growth through results in completed project deliveries and, together with a favorable product mix, both contributed to the earnings for the period. Overhead costs have temporarily increased following the finalized project deliveries.
| Apr–Jun | Jan–Jun | 2024/2025 | Full-year | |||||
|---|---|---|---|---|---|---|---|---|
| SEK million | 2025 | 2024 | Δ % | 2025 | 2024 | Δ % | R 12 | 2024 |
| Net sales | 134.7 | 133.3 | 1.0 | 244.4 | 239.6 | 2.0 | 472.7 | 467.9 |
| EBITA | 23.2 | 18.4 | 26.1 | 41.5 | 28.7 | 44.7 | 72.0 | 59.1 |
| EBITA margin, % | 17.1 | 13.8 | – | 16.9 | 11.9 | – | 15.2 | 12.6 |
Other Information
Other financial information
As of 06/30/2025, the debt/EBITDA ratio was 1.0x measured as (Net Interest-bearing debt) / EBITDA (Autofric proforma adjusted) for the last twelve (12) months.
Cash flow, investments and financial position
At the end of June, the Group had SEK 50.6 (59.7) million in cash and cash equivalents. The cash flow from operating activities during the second quarter was SEK 33.8 (2.6) million. In the second quarter, SEK 40.1 (1.2) million in investments were made. Of the investments, SEK 38.9 million were acquisitions of subsidiaries.
The cash flow from operating activities for the first six months was SEK 48.9 (56.2) million. Investments of SEK 40.8 (2.2) million were made during the first six months. During the first half of the year, dividends of SEK 17.8 (16.9) million were paid.
Employees
At the end of the period, there were 245 employees (216 at June 30, 2024), of which 54 (48) were women and 191 (168) were men. The acquisition has increased the number of employees by 37.
Risks and risk management
Operations were affected by a wide range of factors, some of which are within the company's control and others outside. Market-related risks include cyclical risks. Financial risks include exchange rate risks and interest rate risks. Berner Industrier operates in four different countries, with a large number of customers in different industries and a large number of suppliers, which limits the business and financial risks.
The business environment has improved with regard to the previous problems involving component shortages and long delivery times in the supply chain. However, it cannot be ruled out that it may affect our future business. These risks are carefully monitored, and communication with customers is ongoing to mitigate the effects of these risks and uncertainties. Other uncertainties are, of course, the wars in Ukraine and the Middle East and their impact on our operations. The Group has no operations in the countries directly impacted but is affected by price changes and may also be affected by a general economic downturn.
The Board of Directors and management closely monitor developments and update their assessment of the potential impact of the war on the company's operations based on how the situation develops. Furthermore, cybersecurity is high on the agenda, and the company is constantly working to improve security against potential intrusions.
Price increases on energy and fuel would entail a short-term risk for the Berner Industrier Group, before the new cost levels could be fully priced into business. The Group is working actively on pricing, both when there are cost increases, but also in order to be an attractive supplier when costs are adjusted downwards.
If inflation takes hold and remains high for an extended period of time, it will entail higher interest expenses for borrowing, which primarily affects the parent company. The liquidity and financing risk thereby increases but is deemed to remain at an acceptable level, taking realistic interest rate hikes into account.
For the subsidiaries, the effect of interest rate hikes is limited to lease and rental agreements. On the other hand, continued high inflation may entail a general economic downturn, which may ultimately affect the availability of business for the subsidiaries. However, the assessment is that the areas at which the Group mainly directs its offerings are in need of solutions, deliveries and products independently of economic cycles. Exposure to the residential building sector, which has already been affected, is limited but partially visible in Technology & Distribution.
The extent and impact of the impending changes in global trade restrictions do not affect the Group directly but indirect impacts cannot be excluded.
Affiliated-party transactions
During the quarter, the Group had the following transactions with affiliated parties. The services were purchased on normal business terms on a commercial basis.
Transactions concerning the lease of premises for Swedenborg have taken place in the amount of SEK 0.5 (0.4) million between Berner Industrier AB's subsidiary AB GF Swedenborg Ingeniörsfirma (Swedenborg) and PSW Fastighets AB, which is owned by a board member of Swedenborg.
The Group has sublet a small part of the office in Stockholm to Gårdaverken AB for SEK 0.2 (0.2) million. The Group also leases art, located in a subsidiary's office, from Gårdaverken AB for a small sum.
Other Information, continued
Parent company
The main functions of the parent company Berner Industrier AB (BERNER) are to work with business development, acquisitions, financing, governance, analysis and communication. At the end of June, there were two employees (two at June 30, 2024).
The parent company's net sales, which consists of intra-Group invoicing of services, amounted to SEK 3.6 (3.4) million in the second quarter. During the second quarter, operating expenses totaled SEK6.3 (6.9) million, which was related to personnel expenses and current external costs. EBIT for the second quarter totaled SEK -2.8 (-3.5) million, financial items totaled 1.8 (4.4) million, and profit/loss and comprehensive income for the period was SEK -0.1 (2.0) million.
For the first half of the year, sales totaled SEK 6.8 (6.7) million and operating expenses SEK -11.6 (-12.2) million, which involved personnel costs and current external costs. EBIT totaled SEK -4.8 (-5.6) million. Financial items totaled SEK -0.7 (1.9) million, and profit/loss and comprehensive income for the period totaled SEK -3.7 (-1.7) million.
Pledged assets
The parent company has pledged shares in subsidiaries as collateral. Pledged shares total SEK 153.5 (153.5) million in the parent company. For the Group, pledged assets total SEK 220.4 million (203.3 million at June 30, 2024).
The share and owners Warrants
In April 2022, the Annual General Meeting decided to issue a maximum of 400,000 warrants to staff in senior positions within the Group over 2022/2025. The warrants have been offered against market remuneration according to Black & Scholes. The strike price for the warrants is SEK 34.03. Subscription for the shares may take place during the period 09/01/2025 –09/30/2025. The share price as of 06/30/2025 was SEK 58.20, with an average price of 47.15 during the year. As of June 30, 2025, the number of outstanding warrants is 310,000, as well as 90,000 in own custody. The warrant program has a dilution effect of 0.46% as of 06/30/2025. In April 2025, the Annual General Meeting decided to issue a maximum of 400,000 warrants to staff in senior positions within the Group over 2025/2028. The terms and conditions of the program will be established in autumn 2025.
Authorization of the Board of Directors
In April 2025, the Annual General Meeting authorized the Board to decide on a new issue of a maximum of 1,875,400 shares, corresponding to 10 percent dilution, with or without preferential rights for the company's shareholders. Furthermore, the Board of Directors was authorized, for the period until the next Annual General Meeting, to decide on the repurchase and transfer of own shares for a maximum of 10 percent of all outstanding shares.
Owners
The ten largest shareholders at the June 30 are shown in the table below. As of the end of June 2025, the company had 3,465 shareholders, and the closing price of the share on that date was SEK 58.20.
Shares
The number of outstanding shares at the end of the period amounted to 18,759,398 divided into 1,250,000 A shares and 17,509,398 B shares. A shares have a voting value of 10 per share, and B shares have a value of 1 per share. The share is listed on Nasdaq OMX Stockholm's main list Small Cap with the ticker "BERNER".
| Name | Number of shares |
Percent age of capital, % |
Share of votes, % |
|---|---|---|---|
| Gårdaverken AB | 4,462,383 | 23.8 | 52.4 |
| Cervantes Capital | 2,108,149 | 11.2 | 7.0 |
| Isolde Stensdotter Berner | 1,630,572 | 8.7 | 5.4 |
| Lannebo Fonder | 970,558 | 5.2 | 3.2 |
| Ksenia Berner | 772,421 | 4.1 | 2.6 |
| Unionen | 745,000 | 4.0 | 2.5 |
| Concejo AB | 529,000 | 2.8 | 1.8 |
| Mikael Gunnarsson | 499,440 | 2.7 | 1.7 |
| Johan Lannebo | 415,000 | 2.2 | 1.4 |
| Sun Mountain Partners | 394,200 | 2.1 | 1.4 |
| Others | 5,132,694 | 27.4 | 17.1 |
| Total | 18,759,398 | 100.0 | 100.0 |
Consolidated Statement of Comprehensive Income
| Apr–Jun | Jan–Jun | Full-year | |||
|---|---|---|---|---|---|
| SEK thousand | 2025 | 2024 | 2025 | 2024 | 2024 |
| Sales | |||||
| Net sales | 272,824 | 254,770 | 508,915 | 497,942 | 962,656 |
| Other sales | 1,174 | 1,589 | 2,128 | 2,624 | 4,721 |
| Total sales | 273,998 | 256,359 | 511,043 | 500,566 | 967,377 |
| Operating expenses | |||||
| Goods for resale | -156,013 | -155,908 | -297,400 | -308,160 | -590,170 |
| Other external costs | -21,250 | -21,796 | -40,367 | -40,778 | -83,483 |
| Personnel costs | -62,871 | -54,564 | -112,281 | -104,546 | -200,299 |
| Depreciation of property, plant and equipment and amortization of intangible assets1) |
-9,634 | -8,598 | -18,813 | -17,246 | -34,847 |
| Other operating expenses | – | -499 | – | -727 | -1,301 |
| Total operating expenses | -249,768 | -241,365 | -468,861 | -471,457 | -910,100 |
| EBIT | 24,230 | 14,994 | 42,182 | 29,109 | 57,277 |
| Financial income | 1,114 | 975 | 2,252 | 1,302 | 2,723 |
| Financial expenses | -3,059 | -3,194 | -6,470 | -6,744 | -12,934 |
| Net financial items | -1,945 | -2,219 | -4,218 | -5,442 | -10,211 |
| Profit/loss before tax | 22,285 | 12,775 | 37,964 | 23,667 | 47,066 |
| Income tax | -5,099 | -2,643 | -8,353 | -4,651 | -10,206 |
| Profit/loss for the period | 17,186 | 10,132 | 29,611 | 19,016 | 36,860 |
| Other comprehensive income | |||||
| Items that may later be transferred to profit and loss for the period | |||||
| Translation differences for the period on translation of foreign subsidiaries | -56 | 510 | -2,370 | 1,112 | 0 |
| Change in hedging reserves for the period | -1,601 | -25 | -341 | -1,292 | -1,027 |
| Other comprehensive income for the period | -1,657 | 485 | -2,711 | -180 | -1,027 |
| Comprehensive income for the period | 15,529 | 10,617 | 26,900 | 18,836 | 35,833 |
| Earnings per share | |||||
| Earnings per share before dilution, SEK | 0.92 | 0.54 | 1.58 | 1.01 | 1.96 |
| Earnings per share after dilution, SEK | 0.91 | 0.54 | 1.57 | 1.01 | 1.96 |
1) The item depreciation/amortization consists of the following subitems:
| Apr–Jun | Jan–Jun | Full-year | ||||
|---|---|---|---|---|---|---|
| SEK thousand | 2025 | 2025 | 2024 | 2024 | ||
| Depreciation of property, plant and equipment | -1,411 | -1,101 | -2,511 | -2,281 | -4,487 | |
| Amortization of intangible assets | -369 | -429 | -768 | -842 | -1,723 | |
| Depreciation of right-of-use assets | -7,854 | -7,068 | -15,534 | -14,123 | -28,637 | |
| Total depreciation/amortization | -9,634 | -8,598 | -18,813 | -17,246 | -34,847 |
Condensed Consolidated Statement of Financial Position
| SEK thousand | 06/30/2025 | 06/30/2024 | 12/31/2024 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Intangible assets | |||
| Goodwill | 240,593 | 196,592 | 196,011 |
| Distribution rights | 275 | 639 | 448 |
| Trademark | 32,497 | 32,497 | 32,497 |
| Internally developed software | 298 | 568 | 424 |
| Other intangible assets | 12,093 | 13,113 | 12,570 |
| Total intangible assets | 285,756 | 243,409 | 241,950 |
| Machinery and equipment | 20,451 | 14,776 | 13,610 |
| Buildings | 11,863 | – | – |
| Land | 6,527 | – | – |
| Right-of-use assets | 86,674 | 96,672 | 95,156 |
| Total property, plant and equipment | 125,515 | 111,448 | 108,766 |
| Financial assets | |||
| Noncurrent receivables | 966 | 975 | 975 |
| Derivative instruments | 39 | – | – |
| Deferred tax assets | 668 | 690 | 701 |
| Total financial assets | 1,673 | 1,665 | 1,676 |
| Total noncurrent assets | 412,944 | 356,522 | 352,392 |
| Current assets | |||
| Inventories | 82,510 | 82,254 | 71,846 |
| Advance payments to suppliers | 5,778 | 909 | 1,546 |
| Contract assets | 3,997 | 6,136 | 3,497 |
| Current tax assets | 1,930 | 365 | 49 |
| Accounts receivable | 126,084 | 124,693 | 120,677 |
| Prepaid expenses and accrued income | 7,193 | 6,593 | 6,233 |
| Derivative instruments | 516 | 138 | 39 |
| Other receivables | 9,763 | 2,017 | 2,868 |
| Cash and cash equivalents | 50,625 | 59,748 | 75,413 |
| Total current assets | 288,396 | 282,853 | 282,168 |
| TOTAL ASSETS | 701,340 | 639,375 | 634,560 |
Condensed Consolidated Statement of Financial Position, cont.
| SEK thousand | 06/30/2025 | 06/30/2024 | 12/31/2024 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity | |||
| - attributable to the parent company's shareholders | 259,667 | 233,593 | 250,590 |
| - attributable to noncontrolling interests | – | – | – |
| Total equity | 259,667 | 233,593 | 250,590 |
| Liabilities | |||
| Noncurrent liabilities | |||
| Lease liability | 60,772 | 70,336 | 68,767 |
| Borrowings from credit institutions | 75,000 | – | – |
| Other liabilities and provisions | 23,302 | 2,052 | 2,289 |
| Deferred tax liabilities | 14,371 | 8,456 | 10,812 |
| Derivative instruments | 70 | 86 | – |
| Total noncurrent liabilities | 173,515 | 80,930 | 81,868 |
| Current liabilities | |||
| Borrowings from credit institutions | 40,000 | 118,000 | 100,000 |
| Lease liability | 27,642 | 26,847 | 27,403 |
| Advance payments from customers | 13,339 | 9,722 | 11,318 |
| Accounts payable | 58,784 | 71,724 | 52,749 |
| Contract liabilities | 24,609 | 14,444 | 29,158 |
| Current tax liabilities | 10,160 | 9,791 | 10,085 |
| Other liabilities | 27,356 | 27,163 | 25,138 |
| Accrued expenses and prepaid income | 65,234 | 46,636 | 46,002 |
| Derivative instruments | 1,034 | 525 | 249 |
| Total current liabilities | 268,158 | 324,852 | 302,102 |
| Total liabilities | 441,673 | 405,782 | 383,970 |
| TOTAL EQUITY AND LIABILITIES | 701,340 | 639,375 | 634,560 |
Condensed Consolidated Statement of Changes in Equity
| SEK thousand | 06/30/2025 | 06/30/2024 | 12/31/2024 |
|---|---|---|---|
| Beginning of period | 250,590 | 231,640 | 231,640 |
| Comprehensive income for the period | 26,900 | 18,836 | 35,833 |
| Transactions with shareholders | |||
| Dividend | -17,823 | -16,883 | -16,883 |
| End of period | 259,667 | 233,593 | 250,590 |
Consolidated Statement of Cash Flows
| Apr–Jun | Jan–Jun | Full-year | |||
|---|---|---|---|---|---|
| SEK thousand | 2025 | 2024 | 2025 | 2024 | 2024 |
| Profit/loss before tax | 22,286 | 12,775 | 37,964 | 23,666 | 47,066 |
| Adjustment for noncash items | 10,382 | 9,609 | 19,338 | 16,745 | 34,446 |
| Income tax paid | -1,760 | -1,696 | -9,618 | -5,566 | -8,136 |
| Cash flow from operating activities before changes in working capital |
30,908 | 20,688 | 47,684 | 34,845 | 73,376 |
| Changes to: | |||||
| Inventories | -2,522 | 4,733 | -6,413 | 10,754 | 20,344 |
| Operating receivables | 21,307 | 7,534 | -6,423 | 17,867 | 23,449 |
| Operating liabilities | -15,857 | -30,319 | 14,065 | -7,240 | -12,306 |
| Total change in working capital | 2,928 | -18,052 | 1,229 | 21,381 | 31,487 |
| Cash flow from operating activities | 33,836 | 2,636 | 48,913 | 56,226 | 104,863 |
| Investing activities | |||||
| Investments in property, plant and equipment | -1,176 | -716 | -1,856 | -1,700 | -2,768 |
| Sales of property, plant and equipment | 245 | 400 | 245 | 884 | 1,025 |
| Investments in intangible assets | – | -524 | – | -536 | -536 |
| Acquisition of subsidiaries, net cash impact | -38,944 | – | -38,944 | – | – |
| Cash flow from investing activities | -39,875 | -840 | -40,555 | -1,352 | -5,692 |
| Financing activities | |||||
| Loans raised | 20,000 | – | 20,000 | – | – |
| Loan amortization | -20,407 | -15,000 | -20,407 | -32,000 | -50,000 |
| Amortization of lease liabilities | -7,684 | -6,969 | -14,796 | -16,659 | -30,708 |
| Dividend paid | -17,823 | -16,883 | -17,823 | -16,883 | -16,883 |
| Cash flow from financing activities | -25,914 | -38,852 | -33,026 | -65,542 | -97,591 |
| Cash flow for the period | -31,953 | -37,056 | -24,668 | -10,668 | 4,993 |
| Cash and cash equivalents, beginning of period | 82,495 | 96,874 | 75,413 | 70,347 | 70,347 |
| Effect of exchange rate changes on cash | 83 | -70 | -120 | 69 | 73 |
| Cash and cash equivalents, end of period | 50,625 | 59,748 | 50,625 | 59,748 | 75,413 |
Parent Company Income Statement
| Apr–Jun | Jan–Jun | Full-year | |||
|---|---|---|---|---|---|
| SEK thousand | 2025 | 2024 | 2025 | 2024 | 2024 |
| Sales | |||||
| Net sales | 3,310 | 3,198 | 6,533 | 6,421 | 12,995 |
| Other sales | 248 | 244 | 248 | 244 | 489 |
| Total sales | 3,558 | 3,442 | 6,781 | 6,655 | 13,484 |
| Operating expenses | |||||
| Other external costs | -2,298 | -3,122 | -4,438 | -5,262 | -10,261 |
| Personnel costs | -4,002 | -3,791 | -7,152 | -6,941 | -13,291 |
| Depreciation of property, plant and equipment | -18 | -18 | -36 | -36 | -73 |
| Other operating expenses | -3 | – | -3 | – | -7 |
| Total operating expenses | -6,321 | -6,931 | -11,629 | -12,239 | -23,632 |
| EBIT | -2,763 | -3,489 | -4,848 | -5,574 | -10,148 |
| Financial items | |||||
| Profit from participations in Group companies | 2,184 | 6,279 | 2,184 | 6,279 | 6,279 |
| Interest and similar income | 441 | 276 | 765 | 600 | 2,147 |
| Interest and similar expenses | -832 | -2,177 | -3,624 | -4,969 | -10,156 |
| Total profit/loss from financial items | 1,793 | 4,378 | -675 | 1,910 | -1,730 |
| Appropriations | – | – | – | – | 35,700 |
| Profit/loss before tax | -970 | 889 | -5,523 | -3,664 | 23,822 |
| Income tax | 886 | 1,072 | 1800 | 1,986 | -3,855 |
| Profit/loss for the period | -84 | 1,961 | -3,723 | -1,678 | 19,967 |
Condensed Balance Sheet for the Parent Company
| SEK thousand | 06/30/2025 | 06/30/2024 | 12/31/2024 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Property, plant and equipment | |||
| Machinery and equipment | 178 | 251 | 215 |
| Total property, plant and equipment | 178 | 251 | 215 |
| Financial assets | |||
| Shares in Group companies | 376,746 | 315,484 | 315,484 |
| Other noncurrent receivables | 630 | 630 | 630 |
| Total financial assets | 377,376 | 316,114 | 316,114 |
| Total noncurrent assets | 377,554 | 316,365 | 316,329 |
| Current assets | |||
| Accounts receivable | 154 | – | – |
| Receivables from Group companies | 20,352 | 2,028 | 44,043 |
| Other current receivables | 3,810 | 231 | 58 |
| Prepaid expenses and accrued income | 1,115 | 636 | 741 |
| Cash and cash equivalents | 45,139 | 45,875 | 68,882 |
| Total current assets | 70,570 | 48,770 | 113,724 |
| TOTAL ASSETS | 448,124 | 365,135 | 430,053 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Total restricted equity | 37,625 | 37,625 | 37,625 |
| Total nonrestricted equity | 107,554 | 108,811 | 130,456 |
| Total equity | 145,179 | 146,436 | 168,081 |
| Untaxed reserves | 5,900 | – | 5,900 |
| Liabilities | |||
| Noncurrent liabilities | |||
| Borrowings from credit institutions | 75,000 | – | – |
| Other noncurrent liabilities Total noncurrent liabilities |
20,450 95,450 |
– – |
– – |
| Current liabilities Borrowings from credit institutions |
40,000 | 118,000 | 100,000 |
| Accounts payable | 228 | 1,043 | 756 |
| Liabilities to Group companies | 155,543 | 94,033 | 143,950 |
| Current tax liabilities | 1,407 | 1,643 | 7,266 |
| Other liabilities | 483 | 448 | 460 |
| Accrued expenses and prepaid income | 3,934 | 3,532 | 3,640 |
| Total current liabilities | 201,595 | 218,699 | 256,072 |
| Total liabilities | 297,045 | 218,699 | 256,072 |
| TOTAL EQUITY AND LIABILITIES | 448,124 | 365,135 | 430,053 |
NOTE 1 Accounting principles
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and RFR 1 Supplemental Accounting Rules for Corporate Groups. The parent company's financial statements are prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's RFR 2 Accounting for Legal Entities. Disclosures in accordance with IAS 34.16A are presented, in addition to the financial statements and its associated notes, in other parts of the interim report, as well.
New standards entering into effect in 2025
There are no new accounting standards entering into effect in 2025 that impact the Group.
For further information regarding Berner Industrier's accounting principles, refer to the company's annual report for 2024, Note 2 Accounting Principles, and above in this note.
NOTE 2 Leasing
| Assets, SEK thousand | 06/30/2025 | 06/30/2024 | 12/31/2024 |
|---|---|---|---|
| Right-of-use assets | 86,674 | 96,672 | 95,156 |
| Total | 86,674 | 96,672 | 95,156 |
| Lease liabilities, SEK thousand | 06/30/2025 | 06/30/2024 | 12/31/2024 |
|---|---|---|---|
| Current | 27,642 | 26,847 | 27,403 |
| Noncurrent | 60,772 | 70,336 | 68,767 |
| Total | 88,414 | 97,183 | 96,170 |
| Apr–Jun | Jan–Jun | Full-year | |||
|---|---|---|---|---|---|
| SEK thousand | 2025 | 2024 | 2025 | 2024 | 2024 |
| Depreciation of right-of-use assets | -7,854 | -7,069 | -15,534 | -14,123 | -28,637 |
| Interest expenses | -809 | -871 | -1,664 | -1,664 | -3,615 |
| Total | -8,663 | -7,940 | -17,198 | -15,787 | -32,252 |
NOTE 3 Distribution of revenue
Berner Industrier's revenue streams are presented by business area, where the business area corresponds to the market for the revenue.
Both the Technology & Distribution and Energy & Environment business areas have revenues from all three categories below.
Berner Industrier has revenue in three categories:
-
Commission sales, where Berner Industrier subsidiaries act as sales channels for suppliers through contact with the end customer. The revenue is an agreed commission that our subsidiaries receive from the suppliers and is usually received from suppliers in connection with or after the product is delivered to the end customer. The respective subsidiary does not check the sales flow and is normally dependent on suppliers and customers agreeing and closing the deal in order for us to be able to receive final payment from the supplier.
-
Project sales refer to the revenue streams where Berner Industrier subsidiaries have several performance commitments, i.e., it is not only comprised of one service or product, but the agreement comprises several different parts. The revenue
consists mainly of remuneration agreed in advance for the projects and usually paid through advance invoicing and invoicing at various milestones in the projects, depending on the size of the projects. These projects can run for a long time, and depending on their nature, the income and expenses are also recognized gradually as the degree of completion advances. The earnings outcome for larger projects depends on the estimate holding and the project being successful. Accordingly, there is always an uncertainty regarding the profitability of the project before it is completed.
- Sales of goods and services. This category pertains to the goods and services sold separately. It may concern a service or installation, a product or spare part from our inventory. These goods are sold at the amounts agreed with the customer. The time for revenue recognition of these goods and services is usually when control is transferred to the customer, at which time our undertaking is fulfilled. Invoicing usually takes place in connection with delivery. The largest uncertainty here would be if the customer did not have payment capacity to pay us for services rendered or products delivered.
| Apr–Jun | Jan–Jun | Full-year | |||
|---|---|---|---|---|---|
| SEK million | 2025 | 2024 | 2025 | 2024 | 2024 |
| Goods and services recorded at a given time | 235,333 | 234,900 | 447,747 | 459,672 | 865,038 |
| Goods and services recognized over time | 37,491 | 19,870 | 61,168 | 38,270 | 97,618 |
| Total | 272,824 | 254,770 | 508,915 | 497,942 | 962,656 |
NOTE 4 Segment information
| Apr–Jun | Jan–Jun | Full-year | |||
|---|---|---|---|---|---|
| Net sales, SEK thousand | 2025 | 2024 | 2025 | 2024 | 2024 |
| Business area | |||||
| Technology & Distribution | 138,464 | 121,819 | 265,429 | 258,610 | 496,476 |
| Energy & Environment | 134,689 | 133,294 | 244,357 | 229,606 | 467,913 |
| Other + intra-Group | -329 | -343 | -871 | -274 | -1,733 |
| Total Group | 272,824 | 254,770 | 508,915 | 497,942 | 962,656 |
| Apr–Jun | Jan–Jun | Full-year | |||
| EBITA, SEK thousand | 2025 | 2024 | 2025 | 2024 | 2024 |
| Business area | |||||
| Technology & Distribution | 7,612 | 304 | 12,487 | 5,811 | 6,502 |
| Energy & Environment | 23,239 | 18,431 | 41,476 | 28,671 | 59,149 |
| Other + intra-Group | -6,251 | -3,313 | -11,013 | -4,531 | -6,651 |
| Total Group | 24,600 | 15,422 | 42,950 | 29,951 | 59,000 |
| Apr–Jun | Jan–Jun | Full-year | |||
| EBIT, SEK thousand | 2025 | 2024 | 2025 | 2024 | 2024 |
| Business area | |||||
| Technology & Distribution | 7,602 | 291 | 12,465 | 5,787 | 6,456 |
| Energy & Environment | 23,151 | 18,327 | 41,272 | 28,478 | 58,723 |
| Other + intra-Group | -6,523 | -3,624 | -11,555 | -5,156 | -7,902 |
| Total Group | 24,230 | 14,994 | 42,182 | 29,109 | 57,277 |
| 06/30/2025 | 06/30/2024 | 12/31/2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| SEK thousand | Total assets |
Of which fixed assets* |
Liabilities | Total assets |
Including fixed assets* of |
Liabilities | Total assets |
Including fixed assets* of |
Liabilities |
| Business area | |||||||||
| Technology & Distribu tion |
180,715 | 107,454 | 153,522 | 156,905 | 107,774 | 133,873 | 149,116 | 103,527 | 123,524 |
| Energy & Environment | 279,309 | 48,941 | 197,992 | 233,530 | 49,469 | 139,894 | 260,066 | 49,321 | 183,133 |
| Other + intra-Group | 241,316 | 254,876 | 90,159 | 248,940 | 197,614 | 132,015 | 225,378 | 197,868 | 77,313 |
| Total Group | 701,340 | 411,271 | 441,673 | 639,375 | 354,857 | 405,782 | 634,560 | 350,716 | 383,970 |
* Tangible and intangible
NOTE 5 Business combinations
On May 2, 2025, Berner Industrier took over 100% of the shares in Autofric AB. Autofric has a strong market position in contract manufacturing and water treatment. The company is included in Berner Industrier's accounts from May 2, 2025, in the Energy & Environment business area. Autofric had sales of approximately SEK 60 million in 2024, with EBIT of approximately
SEK 9 million. The purchase price totals approximately SEK 55 million (on a cash and debt-free basis) plus a possible additional purchase price of maximum SEK 20 million. The acquisition was financed with own funds and an existing financing agreement.
| Acquired entity | Headquarters | Date of acquisi tion |
Acquisition price, SEK thousand |
Share of equity % |
Estimated annual sales, SEK thousand |
Number of employees |
Business area |
|---|---|---|---|---|---|---|---|
| Autofric AB | Hagfors | 05/02/2025 | 59,921 | 100 | 60,000 | 37 | Energy & Environment |
NOTE 5 Business combinations, cont.
Acquisitions in the period January-June 2025
Effects of acquisitions
| Carrying amounts of identifiable net assets, SEK thousand | Book value | Fair value adjustment |
Fair value |
|---|---|---|---|
| Tangible assets | 14,690 | 11,467 | 26,157 |
| Right-of-use assets | 1,718 | 1,718 | |
| Inventories | 9,129 | 9,129 | |
| Trade and other receivables | 10,165 | 10,165 | |
| Cash and cash equivalents | 427 | 427 | |
| Interest-bearing liabilities | -17,644 | -17,644 | |
| Trade and other payables | -11,730 | -11,730 | |
| Deferred tax liability | -1,486 | -2,362 | -3,848 |
| Net identifiable assets and liabilities | 5,269 | 9105 | 14,374 |
| Goodwill | 45,447 | 45,447 | |
| Compensation paid | 5,269 | 59,821 |
| Paid compensation, SEK thousand | Jan–Jun 2025 |
|---|---|
| Cash and cash equivalents | 39,371 |
| Deferred consideration | 20,450 |
| Total compensation paid | 59,821 |
| Contingent/charged considerations, SEK thousand | Jan–Jun 2025 |
|---|---|
| Additions May 2nd | 20,450 |
| As of June 30 | 20,450 |
Cash impact on the Group, SEK thousand
| Compensation paid | -59,821 |
|---|---|
| Deferred consideration | 20,450 |
| Acquired cash and cash equivalents | 427 |
| Total cash impact | -38,944 |
Acquisition-related costs
Acquisition-related costs totaled SEK 1.4 million for the period April–June and relate to fees to advisors in connection with due diligence. These expenses have been recognized as other external expenses in the statement of profit or loss and other comprehensive income. For the period January–June, acquisition-related costs to SEK 1.4 million.
Deferred consideration
As of June 30, 2025, deferred consideration of SEK 20.4 million was recognized in the item "other current liabilities" in the consolidated statement of financial position. The fair value of the deferred consideration is in level 3 of the fair value hierarchy. There is no interest on the liabilities and they have not been discounted.
Surplus value
The surplus value of intangible assets of SEK 45.5 million arising from the 2025 acquisitions was entirely attributable to goodwill. No other intangible assets that meet the conditions for separate recognition have been identified. The goodwill value includes the value of the employees' knowledge of the market, customers and suppliers. In the acquisition, surplus values on buildings and land have been recognized in the amount of SEK 9.1 million net of deferred tax.
Contribution to the Group 2025
Revenue from acquired companies during the period January– June 2025 included in the consolidated statement of comprehensive income since the acquisition date amounts to SEK 10.2 million.
NOTE 6 Financial instruments by category
Financial assets measured at cost and fair value
| Assets on the Balance Sheet | 06/30/2025 | 06/30/2024 | 12/31/2024 |
|---|---|---|---|
| Accounts receivable | 126,084 | 124,693 | 120,677 |
| Cash and cash equivalents | 50,625 | 59,748 | 75,413 |
| Other noncurrent receivables | 966 | 975 | 975 |
| Total | 177,675 | 185,416 | 197,065 |
| Financial liabilities measured at amortized cost | 06/30/2025 | 06/30/2024 | 12/31/2024 |
| Borrowings from credit institutions | 115,000 | 118,000 | 100,000 |
| Lease liabilities | 88,414 | 97,183 | 96,170 |
| Accounts payable | 58,784 | 71,724 | 52,749 |
| Accrued expenses and prepaid income | 65,234 | 46,636 | 46,002 |
| Total | 327,432 | 333,543 | 294,921 |
| Derivative instruments recognized at fair value | 06/30/2025 | 06/30/2024 | 12/31/2024 |
| Noncurrent receivables | 39 | – | – |
| Current receivables | 516 | 138 | 39 |
| Noncurrent liabilities | 70 | 86 | – |
| Current liabilities | 1,034 | 525 | 249 |
| Net | -549 | -473 | -210 |
Berner Industrier holds various financial instruments, and all are measured at their amortized cost with one exception. The derivative instruments related to currency futures have been recognized at fair value as at 06/30/2025. These have
been recognized in other comprehensive income and accumulated in the hedging reserve in equity.
Quarterly Data
| 2025 | 2024 | 2023 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Apr–Jun | Jan–Mar | Oct–Dec | Jul–Sep | Apr–Jun | Jan–Mar | Oct–Dec | Jul–Sep | Apr–Jun | Jan–Mar |
| 272.8 | 236.1 | 247.3 | 217.4 | 254.8 | 243.2 | 234.9 | 223.7 | 245.9 | 238.3 |
| 274.0 | 237.0 | 248.4 | 218.4 | 256.4 | 244.2 | 235.6 | 225.1 | 247.2 | 239.5 |
| 24.6 | 18.3 | 14.1 | 14.9 | 15.4 | 14.5 | 15.7 | 21.9 | 17.5 | 14.3 |
| 9.0 | 7.7 | 5.7 | 6.8 | 6.0 | 5.9 | 6.7 | 9.8 | 7.1 | 6.0 |
| 701.3 | 664.7 | 634.6 | 640.5 | 639.3 | 687.5 | 671.1 | 669.9 | 672.7 | 643.9 |
| 259.7 | 262.0 | 250.6 | 241.4 | 233.6 | 239.9 | 231.6 | 223.1 | 208.6 | 206.8 |
| 6.9 | -2.9 | 5.3 | -3.0 | 3.7 | 2.0 | -5.2 | 12.9 | 15.5 | 31.1 |
| 42.8 | 40.1 | 39.5 | 39.1 | 38.8 | 37.4 | 40.7 | 39.7 | 40.0 | 39.5 |
| 37.0 | 39.4 | 39.5 | 37.7 | 36.5 | 34.9 | 34.5 | 33.3 | 31.0 | 32.1 |
| 36.1 | 25.0 | 18.7 | 20.9 | 23.1 | 19.5 | 25.3 | 34.3 | 27.8 | 22.2 |
| 112.9 | |||||||||
| 184.1 | |||||||||
| 219 | |||||||||
| 0.47 | |||||||||
| 0.91 | 0.66 | 0.45 | 0.51 | 0.54 | 0.47 | 0.58 | 0.77 | 0.60 | 0.47 |
| 64.4 152.8 227 0.92 |
17.5 108.9 211 0.66 |
24.6 120.8 214 0.45 |
58.3 151.1 211 0.51 |
58.3 155.4 216 0.54 |
36.1 130.2 216 0.47 |
79.7 170.8 214 0.58 |
96.3 191.1 217 0.77 |
123.5 221.1 219 18,759,398 18,759,398 18,759,398 18,759,398 18,759,398 18,759,398 18,759,398 18,759,398 18,759,398 18,759,398 18,845,659 18,759,398 18,759,398 18,759,398 18,759,398 18,759,398 18,759,398 18,759,398 18,759,398 18,759,398 0.60 |
Definitions of terms and alternative performance measures
| Concepts and alternative performance measures |
Description | Objective |
|---|---|---|
| Orders | Orders from and contractual commitments to customers. |
Revenue is preceded by orders, and orders show customer demand for the Group's products and solutions. |
| Sales | Net sales and other sales. | Total sales is a combination of how the company's various business areas and markets perform. |
| Total sales growth | Increase in sales as a percentage of the revenue of the previous year. |
Indicator of the company's growth relative to the previous period, which illustrates the company's direction and enables the underlying driving forces to be tracked. |
| EBITA | Earnings before impairment of goodwill and impairment and amortization of other intangible assets that arose in connection with business combinations and equivalent transactions (Earn ings Before Interest, Tax and Amortization). |
As a manufacturing company, EBITA is an important indicator of the company's profitability before interest payments, taxes and impair ments. |
| EBITA margin | EBITA as a percentage of sales. | The EBITA margin illustrates the company's profit generation before interest, taxes and amortization, relative to sales. A performance indicator that is appropriate for companies such as Berner Indus trier. |
| EBIT | EBIT before financial items and taxes. | EBIT gives an overall picture of the company's profit generation in its operating activities. |
| Earnings margin | EBIT before financial items and taxes as a percentage of sales. |
The earnings margin is a traditional comparison indicator that illus trates the company's profit generation relative to sales. |
| Net financial items | The difference between financial income and financial expenses. |
Net financial items shows the difference between financial income and financial expenses. |
| Profit/loss for the period | Profit after tax. | Profit/loss for the period: This indicator is relevant because it is the profit for the period that the Board of Directors decides to distribute to shareholders or reinvest in the company. |
| Balance sheet total | The company's total assets. | Total assets indicates the company's total assets that are at the dis posal of the company in order to generate returns for shareholders. |
| Equity ratio | Equity as a percentage of total assets. | A traditional indicator showing financial risk expressed as the pro portion of adjusted equity that is financed by the shareholders. |
| Return on equity | Profit/loss after financial items as a percentage of average equity. |
Shows the return on the shareholders' invested capital from the per spective of the shareholders. |
| Cash flow for the period | Total of the cash flow from operating activities, cash flow from investing activities and cash flow from financing activities. |
The cash flow for the period is an indicator of how much cash and cash equivalents the company generates or loses in each period. |
| Number of shares, end of period |
The number of outstanding shares at the end of the reporting period. |
The number of shares in the company is important, as it forms the basis of the calculation of earnings per share. |
| Average equity | The average of the total of opening equity for the period added to closing equity for the period. |
Average equity is a more conventional comparison indicator and is used as a component in a number of other key performance indica tors. |
| Net interest-bearing debt, excluding IFRS 16 |
Interest-bearing liabilities, excluding lease liabili ties (IFRS 16), less cash and cash equivalents at the end of the period. |
This indicator should be seen as a complement to Net interest-bear ing debt, including IFRS 16, as lease liabilities in certain contexts and by certain stakeholders can be seen as a special type of debt. |
| Net interest-bearing debt, including IFRS 16 |
Interest-bearing liabilities, including lease liabili ties (IFRS 16), less cash and cash equivalents at the end of the period. |
Net debt/net cash and cash equivalents is a key performance indica tor that shows the company's total debt/equity ratio. |
| Gross margin / Contribution margin |
Net sales minus goods for resale through net sales. |
Gross margin provides a picture of the contribution margin gener ated by operating activities. |
| Average number of employees |
The number of employees in the company trans lated into full-time positions, i.e., the number of full-time employees who worked during the period. |
This key performance indicator can be analyzed in relation to total revenue to assess the company's efficiency based on the number of employees. |
| Cash generation | Cash flow from operating activities divided by operating profit. |
Cash conversion shows the ability of the business to convert trans actions into cash. |
| Earnings per share (SEK) | Profit for the period attributable to the parent company's shareholders divided by the average number of shares. |
Earnings per share (SEK), the measure is relevant because it shows how much of the profit for the period is allocated to each share. |
Calculation of Key Performance Indicators
| Apr–Jun | Jan–Jun | 2024/2025 | Full-year | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | R12 | 2024 | |
| Net sales | ||||||
| Business area, SEK thousand | ||||||
| Technology & Distribution | 138,464 | 121,819 | 265,429 | 258,610 | 503,295 | 496,476 |
| Energy & Environment | 134,689 | 133,294 | 244,357 | 239,606 | 472,664 | 467,913 |
| Other + intra-Group | -329 | -343 | -871 | -274 | -2,330 | -1,733 |
| Total net sales | 272,824 | 254,770 | 508,915 | 497,942 | 973,629 | 962,656 |
| EBITA | ||||||
| EBIT | 24,230 | 14,994 | 42,182 | 29,109 | 70,350 | 57,277 |
| Amortization of intangible assets | 369 | 429 | 768 | 842 | 1,651 | 1,723 |
| EBITA | 24,599 | 15,423 | 42,950 | 29,951 | 72,001 | 59,000 |
| EBITA margin, % | ||||||
| Total revenue | 273,998 | 256,359 | 511,043 | 500,566 | 977,854 | 967,377 |
| EBITA | 24,599 | 15,423 | 42,950 | 29,949 | 71,999 | 59,000 |
| EBITA margin, % | 9.0 | 6.0 | 8.4 | 6.0 | 7.4 | 6.1 |
| Gross margin, % | ||||||
| Net sales | 272,824 | 254,770 | 508,915 | 497,942 | 973,629 | 962,656 |
| Goods for resale | -156,013 | -155,908 | -297,400 | -308,160 | -579,410 | -590,170 |
| Gross margin, % | 42.8 | 38.8 | 41.6 | 38.1 | 40.5 | 38.7 |
| Cash generation | ||||||
| Cash flow from operating activities | 33,836 | 2,636 | 48,913 | 56,228 | 97,548 | 104,863 |
| EBIT | 24,230 | 14,994 | 42,182 | 29,109 | 70,350 | 57,277 |
| Cash generation, % | 171.6 | 668.9 | 116.0 | 193.2 | 138.7 | 183.1 |
| Equity ratio, % | ||||||
| Balance sheet total | 701,340 | 639,375 | 701,340 | 639,375 | 701,340 | 634,560 |
| Closing balance, equity | 259,667 | 233,593 | 259,667 | 233,593 | 259,667 | 250,590 |
| Equity ratio, % | 37.0 | 36.5 | 37.0 | 36.5 | 37,0 | 39.5 |
| Net interest-bearing debt, excluding IFRS 16 | ||||||
| Total interest-bearing liabilities | 203,414 | 215,183 | 203,414 | 215,183 | 217,816 | 196,170 |
| Less lease liabilities | -88,414 | -97,183 | -88,414 | -97,183 | -112,016 | -96,170 |
| Less cash and cash equivalents | -50,625 | -59,748 | -50,625 | -59,748 | -84,971 | -75,413 |
| Net interest-bearing debt, excluding IFRS 16 | 64,375 | 58,252 | 64,375 | 58,252 | 20,829 | 24,587 |
| Net interest-bearing debt, including IFRS 16 | ||||||
| Total interest-bearing liabilities | 203,414 | 215,183 | 203,414 | 215,183 | 217,816 | 196,170 |
| Less cash and cash equivalents | -50,625 | -59,748 | -50,625 | -59,748 | -84,971 | -75,413 |
| Net interest-bearing debt, including IFRS 16 | 152,789 | 155,435 | 152,789 | 155,435 | 132,845 | 120,757 |
Calculation of Key Performance Indicators, cont.
| Apr–Jun | Jan–Jun | 2024/2025 | Full-year | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | R12 | 2024 | |
| Return on equity | ||||||
| Profit after financial items | 22,285 | 12,775 | 37,964 | 23,667 | 61,363 | 47,066 |
| R12 profit/loss after financial items (for quar ter: quarterly profit/loss x4) |
89,140 | 51,100 | 75,928 | 47,334 | 61,363 | 47,066 |
| Closing balance, equity | 233,593 | 208,569 | 233,593 | 208,569 | 233,593 | 231,640 |
| Closing balance, equity | 259,667 | 233,593 | 259,667 | 233,593 | 259,667 | 250,590 |
| Average equity (IB+UB)/2 | 246,630 | 221,081 | 246,630 | 221,081 | 246,630 | 241,115 |
| Return on equity, % | 36.1 | 23.1 | 30.8 | 21.4 | 24.9 | 19.5 |
| Earnings per share, SEK | ||||||
| Profit/loss for the period | 17,186 | 10,132 | 29,611 | 19,016 | 47,455 | 36,860 |
| Number of shares end of period, before dilu tion |
18,759,398 | 18,759,398 | 18,759,398 | 18,759,398 | 18,759,398 | 18,759,398 |
| Earnings per share before dilution, SEK | 0.92 | 0.54 | 1.58 | 1.01 | 2.53 | 1.96 |
| Number of shares end of period after dilution | 18,845,659 | 18,759,398 | 18,845,659 | 18,759,398 | 18,759,398 | 18,759,398 |
| Earnings per share before dilution effect, SEK |
0.91 | 0.54 | 1.57 | 1.01 | 2.53 | 1.96 |
Statement by the Board of Directors
The Board of Directors and CEO certify that the interim report for Berner Industrier AB (publ), 556026-3666, gives a true and fair view of the parent company's and the Group's operations, position and results and describes the significant risks and uncertainties facing the parent company and the Group companies.
Stockholm, July 18, 2025
Joachim Berner Chairman of the Board
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Caroline Reuterskiöld Chief Executive Officer
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Lars Gatenbeck Board Member
Kerstin Gillsbro Board Member
Helena Grubb Board Member
Pia Irell Board Member
Johan Lannebo Board Member
Pim Polesie Board Member This information is information that Berner Industrier AB is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014 and the Securities Markets Act (2007:528). The information in this press release was published by the contact persons below for publication on July 18, 2025, at 8:00 a.m. CEST.
This report has been prepared in both a Swedish and an English version. In case of discrepancies between the two, the Swedish version shall prevail.
Contact details
Caroline Reuterskiöld, CEO Berner Industrier AB Tel: +46 (0)8 501 567 90 Email: [email protected]
Henrik Nordin, CFO and Deputy CEO Berner Industrier AB Tel: +46 (0)8 501 567 90 Email: [email protected]
Upcoming events
November 4, 2025 Interim report Q3 2025
February 6, 2026 Year-End Report 2025
April 28, 2026 Interim Report, Q1 2026
July 17, 2026 Interim report Q2 2026
This interim report has not been reviewed by the company's auditor.
