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Nobia
Interim / Quarterly Report • Jul 18, 2025
3084_ir_2025-07-18_f41e2b11-34a8-476c-80af-24e0ccafbe04.pdf
Interim / Quarterly Report
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Interim Report Q2 2025
EBIT and margin improvements in a soft market
Second quarter summary:
- Net sales decreased to SEK 2,695m (2,933), corresponding to an organic decline of -5% (-6) and operating profit amounted to SEK -12m (-171).
- Adjusted operating profit increased to SEK 68m (42).
- Adjusted gross margin amounted to 38.8% (39.4).
- Adjusted operating profit in the Nordic region increased to SEK 134m (113) and adjusted operating loss in the UK region decreased to SEK -21m (-32).
- Items affecting comparability amounted to SEK -80m (-213), mainly attributable to closure of the Nastola factory.
- Profit after tax amounted to SEK -103m (-185) corresponding to earnings per share after dilution of SEK -0.15 (-0.27).
- Operating cash flow increased to SEK 100m (-53).
| Q2 | Jan-Jun | Jan-Dec | 12 mos | |||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | Δ% | 2024 | 2025 | Δ% | 2024 | rolling | |
| Net sales, SEK m | 2,933 | 2,695 | -8 | 5,548 | 5,169 | -7 | 10,538 | 10,159 |
| Gross margin, % | 35.6 | 36,3 | – | 36.1 | 37,0 | – | 36.5 | 37,0 |
| Gross margin excl. IAC*, % | 39.4 | 38,8 | – | 38.4 | 38,7 | – | 38.2 | 38,4 |
| Operating margin before depr./imp. (EBITDA), % | 2.6 | 6,5 | – | 3.9 | 6,7 | – | 4.5 | 5,9 |
| Operating profit (EBIT), SEK m | -171 | -12 n.a. | -215 | -18 n.a. | -827 | -630 | ||
| Operating profit (EBIT), excl IAC*, SEK m | 42 | 68 | 63 | 15 | 84 n.a. | 82 | 151 | |
| Operating margin, % | -5.8 | -0,4 | – | -3.9 | -0,3 | – | -7.8 | -6,2 |
| Operating margin excl IAC*, % | 1.4 | 2,5 | – | 0.3 | 1,6 | – | 0.8 | 1,5 |
| Profit after financial items, SEK m | -233 | -101 n.a. | -366 | -184 | 50 | -1,119 | -937 | |
| Total operations: | ||||||||
| Profit after tax, SEK m | -185 | -103 | 44 | -404 | -227 | 44 | -1,343 | -1,166 |
| Profit/loss after tax, excl IAC*, SEK m | -15 | -39 n.a. | -221 | -146 | 34 | -621 | -546 | |
| Earnings per share, before dilution, SEK | -0.27 | -0,15 | 44 | -0.96 | -0,34 | 64 | -2.46 | -1,73 |
| Earnings per share, before dilution excl IAC*, SEK | -0.02 | -0,06 | n.a. | -0.52 | -0,22 | 58 | -1.14 | -0,81 |
| Earnings per share, after dilution, SEK | -0.27 | -0,15 | 44 | -0.96 | -0,34 | 64 | -2.46 | -1,73 |
| Earnings per share, after dilution exkl IAC*, SEK | -0.02 | -0,06 | n.a. | -0.52 | -0,22 | 58 | -1.14 | -0,81 |
| Operating cash flow, SEK m | -53 | 100 n.a. | -636 | 15 n.a. | -652 | -1 |
*IAC (Items affecting comparability) are specified on page 14.
Adjusted refers to excluding items affecting comparability.
CEO comments
We continue to strengthen our profitability, despite a continued soft market. Although volumes in the project market are at a historically low level, our efforts to pool resources into the consumer market are generating solid returns, and our cost out activities and factory consolidations are delivering savings above plan.
Organic net sales for the Group declined by -5% with the Nordic region at -3% and UK at -7%. On a likefor-like store basis, sales in the UK were unchanged. Store visits and kitchen design appointments continue to increase double digit and contribute to the good consumer segment development. However, the low level of residential property developments continues to burden demand in the project segment, especially in the UK.
The adjusted gross margin for the Group declined to 38.8% (39.4), negatively impacted by underabsorption in both regions, and an additional SEK ~20m of depreciation in the Nordic region. The gross margin was supported by continued average order value growth and a favorable mix.
SG&A savings totaled approximately SEK 80m, driven by last years' cost reduction programs and a sustained strong cost discipline across all areas. The accumulated savings since the beginning of 2023 now exceeds SEK 600m.
Group adjusted operating profit increased to SEK 68m (42) on the back of our continued ebit-margin enhancement efforts. Items affecting comparability of SEK -80m primarily relate to the planned closure for the Finnish manufacturing site, which is progressing in line with expectations. Operating cash flow improved to SEK 100m (-53).
In the Nordics, organic growth was -3% with an adjusted operating profit of SEK 134m (113) and an EBIT margin of 8.9% (7.0). Volumes in the Nordic project market continued to decline as a consequence of the low housing completions. However, consumer sales continue to show positive momentum, supporting profit and margin growth.
The ramp-up in Jönköping has reached an important phase, with the launch of consolidated Marbodal kitchen deliveries to end consumers set to begin in August. The factory already plays an increasingly central role in supporting our whole Nordic supply chain network with components. We expect the transfer of production from the Tidaholm factory to be completed as planned in 2025.
The new Jönköping factory is designed to set a benchmark for sustainability in the industry. We are proud to have received further recognition for this, having been awarded the prestigious BREEAM "Excellent" sustainability certification during the quarter. Equipped with unique water-based painting solutions, railway connections, solar panels and other renewable energy solutions - the factory is positioned to become the leading supplier of eco-labelled kitchens in Europe and contribute to Nobia's Scientific Based Targets.
In the UK, organic growth declined by -7%, and adjusted operating profit was SEK -21m (-32). Net sales declined due to the ongoing challenges in the project market and the closure of 17 unprofitable stores, reducing the total to 168 stores. However, Magnet consumer sales continued to grow on the back of successful product launches in the higher price segments, contributing to improved product mix and margin development. Consequently, the gross margin improved to 41.6% (40.6). Further SG&A savings were also realized in the quarter, driven by the cost-out programs initiated in 2024 and the exit from unprofitable stores, which more than compensated for the government-mandated wage increases.
We estimate the consumer market to continue its gradual recovery, while the project market is likely to remain subdued for at least the rest of the year. Despite this historically low-volume environment, our margin improvement demonstrates our ability to drive profitability in the Nordics. We are also making progress in the transition of our UK operations to an asset-light model in order to improve the UK profitability, although the underlying market and inflation remains challenging.
Looking ahead, we remain confident in our strategic priorities: ramping up the new Nordic factory in Jönköping, continuing to focus on the UK turnaround, and maintaining disciplined group-wide cost reduction initiatives.
Kristoffer Ljungfelt President & CEO
Second quarter consolidated
Market overview
Soft kitchen market conditions persist in both the Nordic and UK regions. While the consumer segment is recovering, the project segment continues to decline, however at a slower pace. The recovery in the consumer segment is supported by rising consumer confidence, albeit from a low base, driven by lower inflation and interest rates, which are encouraging purchases of capital goods such as new kitchens. In contrast, the project market remains challenging due to consistently low levels of new housing construction across all markets.
Net sales, earnings and cash flow
The Group's net sales decreased to SEK 2,695m (2,933) with an organic decline of -5% (-6). The Nordic region's net sales declined -3% (-14) on an organic basis, and Region UK's by -7% (5), partly due to a reduction in the number of kitchen stores compared with last year.
The gross margin increased to 36.3% (35.6), while the adjusted gross margin amounted to 38.8% (39.4). The adjusted gross margin was supported mainly by higher average order values and cost reductions, offset by ramp-up costs for Jönköping. Operating profit amounted to SEK -12m (-171). Adjusted for items affecting comparability of SEK -80m (-213) attributable mainly to the closure of
the Nastola factory in Finland, operating profit increased to SEK 68m (42). Adjusted operating income was positively impacted by ongoing cost reduction measures that generated savings of around SEK 50m, while the lower sales volumes impacted negatively. Changes in exchange rates negatively impacted operating profit by approximately SEK -5m.
Operating cash flow, total operations, improved to SEK 100m (-53). Cash flow from operating activities improved to SEK 236m (165), driven mainly by the improved operating income. Net debt excluding IFRS16 leases and pensions increased to SEK 2,499m (1,934).
| Group cost and | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Nordic | UK | eliminations | Group | ||||||
| Q2 | Q2 | Q2 | Q2 | ||||||
| SEKm | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | Δ% |
| Net sales | 1,614 1,514 | 1,319 1,181 | 0 | 0 | 2,933 | 2,695 | -8 | ||
| Gross profit | 583 | 483 | 458 | 491 | 3 | 5 | 1,044 | 979 | -6 |
| Gross profit excl. IAC | 617 | 551 | 535 | 491 | 3 | 4 | 1,155 | 1,046 | -9 |
| Gross margin, % | 36,1 | 31.9 | 34,7 | 41,6 | – | – | 35,6 | 36,3 | – |
| Gross margin excl. IAC,% | 38,2 | 36,4 | 40,6 | 41,6 | – | – | 39,4 | 38,8 | – |
| Operating profit | 79 | 54 | -211 | -21 | -39 | -45 | -171 | -12 | 93 |
| Operating profit excl. IAC, SEKm | 113 | 134 | -32 | -21 | -39 | -45 | 42 | 68 | 62 |
| Operating margin, % | 4,9 | 3,6 | -16,0 | -1,8 | – | – | -5,8 | -0,4 | – |
| Operating margin excl IAC, % | 7,0 | 8,9 | -2,4 | -1,8 | – | – | 1,4 | 2,5 | – |
Analysis of net sales
| Q2 | |||
|---|---|---|---|
| Δ% | SEK m | ||
| 2024 | 2,933 | ||
| Organic growth | -5 | -128 | |
| -of which Nordic region | -3 | -41 | |
| -of which UK region | -7 | -87 | |
| Currency effects | -4 | -110 | |
| 2025 | -8 | 2,695 |
| Currency effect on operating profit |
|||||
|---|---|---|---|---|---|
| Q2 | |||||
| Translati | Transacti | Total | |||
| SEK m | on effect | on effect | |||
| Nordic region | -10 | -5 | -15 | ||
| UK region | 5 | 5 | 10 | ||
| Group | -5 | 0 | -5 | ||
Second quarter, the regions
Nordic region
Net sales in the Nordic region declined -3% (-14) on an organic basis and amounted to SEK 1,514m (1,614). Consumer sales increased while project segment sales continued to decline.
The gross margin declined to 31.9% (36.1) and the gross profit was SEK 483m (583). The adjusted gross margin was 36.4% (38.2) and the adjusted gross profit was SEK 551m (617). Higher average order values and improved sales mix had a positive impact while ramp-up costs for Jönköping had a negative impact on the gross margin.
Operating profit amounted to SEK 54m (79), including items affecting comparability of SEK -80m (-34) referring to a one-time cost for moving production from Nastola in Finland to Ölgod in Denmark, and the ongoing transition of production from Tidaholm to Jönköping in Sweden. Adjusted operating profit increased to SEK 134m (113) with a corresponding operating margin increasing to 8.9% (7.0). Adjusted operating profit was positively impacted mainly by cost reductions, higher average order values and mix. Changes in exchange rates negatively impacted on operating profit by SEK -15m.
UK region
Net sales in the UK region amounted to SEK 1,181m (1,319). Net sales decreased organically by -7% (5), partly due to an effect of store closures. The number of kitchen stores in the UK was 168, down from 185 a year ago.
The gross margin increased to 41.6% (34.7) and gross profit was SEK 491m (458). Operating profit was SEK -21m (-211). Adjusted operating profit amounted to SEK -21m (-32), including items affecting comparability of SEK -179m in prior year referring to cost reduction measures. The adjusted operating profit was positively impacted by ongoing cost reductions, offset by unfavourable volume impact. The adjusted operating margin recovered to -1.8% (-2.4). Changes in exchange rates impacted operating profit positively by SEK 10m.
January - June, consolidated
- Net sales for the first half-year 2025 totalled SEK 5,169m (5,548).
- Sales declined by -5% (-13) on an organic basis.
- Operating profit amounted to SEK -18m (-215).
- Operating profit adjusted for items affecting comparability amounted to SEK 84m (15), corresponding to an operating margin of 1.6% (0.3).
- Items affecting comparability amounted to SEK -102m (-230).
- Profit after tax, total operations, amounted to SEK -227m (-404), corresponding to earnings per share after dilution of -0.34 SEK (-0.96).
- Operating cash flow was SEK 15m (-636).
Net sales, earnings and cash flow
The Group's net sales for January – June 2025 decreased to SEK 5,169m (5,548) with an organic decline of -5% (-13). The Nordic region declined organically by -2% (-20) and the UK region by -10% (-4).
The gross margin increased to 37.0% (36.1) and gross profit was SEK 1,913m (2,002). The adjusted gross margin increased to 38.7% (38.4) and the adjusted gross profit was 2,002m (2,130). Operating profit amounted to SEK -18m (-215). Adjusted for items affecting comparability of SEK -102m (-230), operating profit amounted to SEK 84m (15), corresponding to a margin of 1.6% (0.3). Adjusted operating income was positively impacted by ongoing cost reductions, favourable sales mix and material prices, while the lower sales volume and ramp-up costs for Jönköping impacted negatively. Changes in exchange rates had a neutral impact on Group operating profit.
Analysis of net sales
| Jan-Jun | |||
|---|---|---|---|
| Δ% | SEK m | ||
| 2024 | 5,548 | ||
| Organic growth | -5 | -281 | |
| -of which Nordic region | -2 | -48 | |
| -of which UK region | -10 | -233 | |
| Currency effects | -2 | -98 | |
| 2025 | -7 | 5,169 | |
| Currency effect on operating profit |
|||||
|---|---|---|---|---|---|
| Translati on effect |
Jan-Jun Transacti on effect |
Total | |||
| SEK m | |||||
| Nordic region | -10 | -5 | -15 | ||
| UK region | 5 | 10 | 15 | ||
| Group | -5 | 5 | 0 |
Operating cash flow for the first six months was SEK 15m (-636), partly as a result of impact from to the lower operating loss, change in working capital and lower investments. Net debt excl. IFRS16 leases and pensions increased to SEK 2,499m (1,934).
| Group cost and | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Nordic | UK eliminations |
Group | |||||||
| Jan-Jun Jan-Jun |
Jan-Jun | Jan-Jun | |||||||
| SEKm | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | Δ% |
| Net sales | 3,078 2,960 | 2,470 2,209 | 0 | 0 | 5,548 | 5,169 | -7 | ||
| Gross profit | 1,063 | 990 | 929 | 916 | 10 | 7 | 2,002 | 1,913 | -4 |
| Gross profit excl. IAC | 1,114 | 1,080 | 1,006 | 916 | 10 | 6 | 2,130 | 2,002 | -6 |
| Gross margin, % | 34,5 | 33,4 | 37,6 | 41,5 | – | – | 36,1 | 37,0 | – |
| Gross margin excl. IAC,% | 36,2 | 36,5 | 40,7 | 41,5 | – | – | 38,4 | 38,7 | – |
| Operating profit | 85 | 141 | -222 | -74 | -78 | -85 | -215 | -18 | 92 |
| Operating profit excl. IAC, SEKm | 136 | 243 | -43 | -74 | -78 | -85 | 15 | 84 | 460 |
| Operating margin, % | 2,8 | 4,8 | -9,0 | -3,3 | – | – | -3,9 | -0,3 | – |
| Operating margin excl IAC, % | 4,4 | 8,2 | -1,7 | -3,3 | – | – | 0,3 | 1,6 | – |
| Net financial items | -151 | -166 | -10 | ||||||
| Profit after financial items | -366 | -184 | 50 |
Other information
Financing
Nobia has long-term financing of SEK 3,450 million with maturity in June 2027. At end of June 2025, SEK 2,650m of the facility was utilised. Group cash and cash equivalents amounted to SEK 50m (0). Net debt, excluding IFRS 16 lease liabilities and pensions, amounted to SEK 2,499m (1,934). IFRS 16 lease liabilities were SEK 2,324m (2,411) and pension provisions decreased to SEK 132m (286). The net debt/equity ratio, excluding IFRS 16 lease liabilities and pensions, was 63% (37).
Net financial items amounted to SEK -89m (-62), of which net of returns on pension assets and interest expense on pension liabilities was SEK -1m (-5), interest on leases was SEK -39m (-35) and other net interest expense was SEK -49m (-22).
Ramp-up of the new Nordic factory in Jönköping
Installation, commissioning and testing of production machines and fully automated end-to-end production flows in the new factory continue. Production from the Tidaholm factory is gradually transferred to the new factory in Jönköping and is expected to be completed before the end of the year. Manufacturing of kitchen cabinet components and flat-pack kitchen cabinets in the new factory started in 2024 and the production volumes are steadily increasing.
Up until June 2025, a total of approximately SEK 3,700m has been invested as capex in the new factory. For the remainder of 2025, capex related to the factory is estimated to approx. SEK 120m and the cash outflow is estimated to around SEK 250m.
The Jönköping factory has received the prestigious BREEAM "Excellence" sustainability certification, which imposes strict requirements and evaluates aspects such as energy efficiency, material selection, waste management, and working environment.
Items affecting comparability
The second quarter of 2025 includes items affecting comparability amounting to SEK -80m (-213). These relate to costs associated with the relocation of kitchen production from the Group's facility in Nastola, Finland, to the facility in Ölgod, Denmark, as announced in April, as well as ongoing costs for the transfer of production in Sweden from Tidaholm to Jönköping.
The first quarter of 2025 included items affecting comparability of SEK -22m (-17), primarily related to the transfer of production from Tidaholm to Jönköping.
Items affecting comparability are also detailed in a table on page 16.
Changes in management
Henrik Skogsfors, Chief Financial Officer, has announced his intention to resign from Nobia. Henrik will continue to serve as CFO until the interim report for the third quarter is released on November 4th, or until a successor is in place.
Annual General Meeting 2025
Nobia's Annual General Meeting (AGM) was held in Stockholm at 13:00 CET on 29 April 2025.
The AGM adopted the annual report for 2024. The Board of Directors and the President were discharged from liability for the financial year 2024. It was also resolved that no dividend will be distributed for the financial year 2024.
The AGM resolved that the Board of Directors will comprise seven members. Fredrik Ahlin, Tony Buffin, Marlene Forsell, and Carsten Rasmussen were re-elected. Jimmy Renström, Catarina Fagerholm, and Andréas Elgaard were elected as new members of the Board. Tony Buffin was elected Chairman of the Board of Directors.
Full details from the AGM are available at www.nobia.com/agm2025.
Events after the close of the quarter
Additional payment received from the buyer of the Jönköping property
In July, Nobia received a payment of SEK 70m from the remaining amount withheld by the buyer of the Jönköping factory property, which was sold through a sale and leaseback transaction in 2024. Approximately SEK 30m remains withheld and to be paid to Nobia, subject to certain conditions.
Risks
Financial risks refer primarily to currency exchange rates, interest rates, financing, tax and credit risks. In the ordinary course of business, the Group is exposed to legal risks such as commercial, product liability and other disputes and provides for them as appropriate. A general economic downturn, cyber threats, a widespread financial crisis or other macroeconomic disturbances may, directly or indirectly, affect the Group negatively both in terms of revenues and profitability. The macroeconomic uncertainty, with for example a very low level of housing construction, continues to negatively affect the Group's market environment. Cost reduction activities and manufacturing capacity adjustments have been implemented and the Group is continuously assessing if further measures need to be taken given the market development. Taking into account the remaining investments in the new factory in Jönköping in combination with the weak market and the consequently challenging cash flow generation, the Group is closely monitoring its financing situation. Nobia has no direct impact from the current changes in international tariffs.
For a more detailed description of Nobia's risks and uncertainties, as well as risk management, refer to the 2024 Annual Report.
Board of Directors' and CEO's assurance
The Board of Directors and CEO assure that this 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.
Stockholm, Sweden, 18 July 2025
Tony Buffin Chair
Fredrik Ahlin Board member Andréas Elgaard Board member
Catarina Fagerholm Board member
Carsten Rasmussen Board member
Board member
Marlene Forsell
Jimmy Renström Board member
Kristoffer Ljungfelt President & CEO
Per Bergström Employee representative
Linda Gunnarsson Employee representative
This half-year report has not been subject for review by the Group's auditors.
Nobia AB, Corporate Registration Number 556528-2752
Comments and numbers relate to continuing operations, unless otherwise stated.
Consolidated income statement
| Q2 | Jan-Jun | Jan-Dec | 12 mos | |||
|---|---|---|---|---|---|---|
| SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Net sales | 2,933 | 2,695 | 5,548 | 5,169 | 10,538 | 10,159 |
| Cost of goods sold | -1,889 -1,716 | -3,546 | -3,256 | -6,695 | -6,405 | |
| Gross profit | 1,044 | 979 | 2,002 | 1,913 | 3,843 | 3,754 |
| Selling and administrative expenses | -1,225 | -999 | -2,239 | -1,938 | -4,247 | -3,946 |
| Other income/expenses | 10 | 8 | 22 | 7 | -423 1 | -438 1 |
| Operating profit | -171 | -12 | -215 | -18 | -827 | -630 |
| Net financial items | -62 | -89 | -151 | -166 | -292 | -307 |
| Profit after financial items | -233 | -101 | -366 | -184 | -1,119 | -937 |
| Tax | 48 | -2 | 110 | -43 | -76 | -229 |
| Profit from continued operations | -185 | -103 | -256 | -227 | -1,195 | -1,166 |
| Result from discontinued operations, net after tax | 0 | 0 | -148 | 0 | -148 | 0 |
| Profit after tax, total operations | -185 | -103 | -404 | -227 | -1,343 | -1,166 |
| Total profit attributable to: | ||||||
| Parent Company shareholders | -185 | -103 | -404 | -227 | -1,343 | -1,166 |
| Earnings per share before dilution, total operations, SEK | -0.27 | -0,15 | -0.96 | -0,34 | -2.46 | -1,73 |
| Earnings per share after dilution, total operations, SEK | -0.27 | -0,15 | -0.96 | -0,34 | -2.46 | -1,73 |
(1) Including impairment of goodwill SEK -478m
Consolidated statement of comprehensive income
| Q2 | Jan-Jun | Jan-Dec | 12 mos | |||
|---|---|---|---|---|---|---|
| SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Profit after tax, total operations | -185 | -103 | -404 | -227 | -1,343 | -1,166 |
| Other comprehensive income | ||||||
| Items that may be reclassified subsequently to | ||||||
| profit or loss | ||||||
| Exchange-rate differences attributable to translation of | ||||||
| foreign operations | -26 | 28 | 41 | -126 | 106 | -61 |
| Cash flow hedges before tax (1) | -15 | 16 | 14 | 5 | 19 | 10 |
| Tax attributable to change in hedging reserve | ||||||
| for the period (2) | 3 | -3 | -3 | -1 | -4 | -2 |
| -38 | 41 | 52 | -122 | 121 | -53 | |
| Items that will not be reclassified to profit or loss | ||||||
| Remeasurements of defined benefit pension plans | 22 | -20 | -10 | 17 | 70 | 97 |
| Tax relating to remeasurements of defined benefit | ||||||
| pension plans | -5 | 5 | 3 | -4 | -19 | -9 |
| 17 | -15 | -7 | 13 | 51 | 88 | |
| Other comprehensive income | -21 | 26 | 45 | -109 | 172 | 35 |
| Total comprehensive income | -206 | -77 | -359 | -336 | -1,171 | -1,131 |
| Total comprehensive income attributable to: | ||||||
| Parent Company shareholders | -206 | -77 | -359 | -336 | -1,171 | -1,131 |
(1) Reversal recognised in profit and loss amounts to a SEK -4m (-27). New provision amounts to SEK 3m (-9). (Jan-Dec 2024; 4). (2) Reversal recognised in profit and loss amounts to a SEK 1m (5). New provision amounts to SEK -1m (2). (Jan-Dec 2024; -1).
Consolidated balance sheet
| 30 Jun | 30 Jun | 31 Dec | |
|---|---|---|---|
| MSEK | 2024 | 2025 | 2024 |
| TILLGÅNGAR | |||
| Goodwill | 2,617 | 2,085 | 2,190 |
| Övriga immateriella anläggningstillgångar | 621 | 735 | 684 |
| Materiella anläggningstillgångar | 3,287 | 3,633 | 3,569 |
| Nyttjanderättstillgångar | 2,463 | 2,310 | 2,433 |
| Långfristiga fordringar, räntebärande (R) | 59 | 62 | 61 |
| Långfristiga fordringar | 74 | 80 | 90 |
| Uppskjutna skattefordringar | 547 | 449 | 472 |
| Summa anläggningstillgångar | 9,668 | 9,354 | 9,499 |
| Varulager | 1,164 | 1,043 | 1,068 |
| Kundfordringar | 1,263 | 1,065 | 940 |
| Kortfristiga fordringar, räntebärande (R) | 7 | 11 | 17 |
| Övriga fordringar | 870 | 570 | 503 |
| Summa kortfristiga fordringar | 2,140 | 1,646 | 1,460 |
| Likvida medel (R) | 0 | 50 | 270 |
| Summa omsättningstillgångar | 3,304 | 2,739 | 2,798 |
| Summa tillgångar | 12,972 | 12,093 | 12,297 |
| EGET KAPITAL OCH SKULDER | |||
| Aktiekapital | 225 | 225 | 225 |
| Övrigt tillskjutet kapital | 2,503 | 2,514 | 2,514 |
| Reserver | 369 | 316 | 438 |
| Balanserad vinst | 2,084 | 933 | 1,147 |
| Summa eget kapital hänförligt till moderbolagets aktieägare | 5,181 | 3,988 | 4,324 |
| Summa eget kapital | 5,181 | 3,988 | 4,324 |
| Avsättning för pensioner (R) | 286 | 132 | 173 |
| Övriga avsättningar | 7 | 7 | 7 |
| Uppskjutna skatteskulder | 60 | 98 | 90 |
| Långfristiga leasingskulder, räntebärande (R) | 2,110 | 2,020 | 2,106 |
| Övriga långfristiga skulder, räntebärande (R) | 1,860 | 2,622 | 2,569 |
| Övriga långfristiga skulder, ej räntebärande | 1 | 4 | 1 |
| Summa långfristiga skulder | 4,324 | 4,883 | 4,946 |
| Kortfristiga leasingskulder, räntebärande (R) | 301 | 304 | 296 |
| Övriga kortfristiga skulder, räntebärande (R) | 140 | – | – |
| Leverantörsskulder | 1,453 | 1,326 | 1,406 |
| Kortfristiga skulder och avsättningar | 1573 | 1,592 | 1,325 |
| Summa kortfristiga skulder | 3,467 | 3,222 | 3,027 |
| Summa eget kapital och skulder | 12,972 | 12,093 | 12,297 |
Changes in consolidated shareholders' equity
| Attributable to Parent Company shareholders | ||||||||
|---|---|---|---|---|---|---|---|---|
| Share | Other | Exchange-rate | Cash-flow | Profit | Total | |||
| capital | capital | differences | hedges | brought | share | |||
| contri | attributable to | after tax | forward | holders | ||||
| butions | translation of | equity | ||||||
| SEK m | foreign operations | |||||||
| Opening balance, 1 Jan 2024 | 57 | 1,459 | 335 | -18 | 2,495 | 4,328 | ||
| Profit for the period, total operations | – | – | – | – | -404 | -404 | ||
| Other comprehensive income for the period | – | – | 41 | 11 | -7 | 45 | ||
| Total comprehensive income for the period | – | – | 41 | 11 | -411 | -359 | ||
| New share issue | 168 | 1,044 | 1,212 | |||||
| Allocation of share saving schemes | – | – | – | – | – | – | ||
| Closing balance, 30 Jun 2024 | 225 | 2,503 | 376 | -7 | 2,084 | 5,181 | ||
| Opening balance, 1 Jan 2025 | 225 | 2,514 | 441 | -3 | 1,147 | 4,324 | ||
| Profit for the period, total operations | – | – | – | – | -227 | -227 | ||
| Other comprehensive income/loss for the period | – | – | -126 | 4 | 13 | –109 | ||
| Total comprehensive income for the period | – | – | -126 | 4 | -214 | -336 | ||
| Closing balance, 30 Jun 2025 | 225 | 2,514 | 315 | 1 | 933 | 3,988 |
Number of Treasury shares: 2,040,637.
Key ratios, Group
| Q2 | Jan-Jun | Jan-Dec | 12 mos | |||
|---|---|---|---|---|---|---|
| SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Gross profit | 1 044 | 979 | 2 002 | 1 913 | 3 843 | 3 754 |
| Gross margin, % | 35,6 | 36,3 | 36,1 | 37,0 | 36,5 | 37,0 |
| EBITDA | 76 | 176 | 219 | 345 | 470 | 596 |
| EBITDA, % | 2,6 | 6,5 | 3,9 | 6,7 | 4,5 | 5,9 |
| Total depreciation | -185 | -184 | -372 | -359 | -750 | -737 |
| Total impairment | -62 | -4 | -62 | -4 | -547 | -489 |
| Operating profit | -171 | -12 | -215 | -18 | -827 | -630 |
| Excl. items affecting comparability | 42 | 68 | 15 | 84 | 82 | 151 |
| Operating margin, % | -5,8 | -0,4 | -3,9 | -0,3 | -7,8 | -6,2 |
| Excl. items affecting comparability | 1,4 | 2,5 | 0,3 | 1,6 | 0,8 | 1,5 |
| Return on operating capital, % | -8.8 | -6,7 | ||||
| Return on shareholders equity, % | -31 | -24.0 | ||||
| Operating cash flow, total operations | -53 | 100 | -636 | 15 | -652 | -1 |
| Earnings per share before dilution, total operations, SEK (1) | -0.27 | -0,15 | -0.96 | -0,34 | -2.46 | -1,73 |
| Earnings per share after dilution, total operations, SEK (1) | -0.27 | -0,15 | -0.96 | -0,34 | -2.46 | -1,73 |
| Number of shares at period end before dilution, thousands (2) | 673,011 673,011 | 673,011 673,011 | 673,011 | 673,011 | ||
| Average number of shares before dilution, thousands (2) | 673,011 673,011 | 420,632 673,011 | 546,822 | 673,011 | ||
| Number of shares after dilution at period end, thousands (2) | 673,011 673,011 | 673,011 673,011 | 673,173 | 673,011 | ||
| Average number of shares after dilution, thousands (2) | 673,011 673,011 | 420,632 673,011 | 546,983 | 673,011 | ||
| Equity/assets ratio, % | 40 | 33 | 36 | |||
| Debt/equity ratio, % | 89 | 124 | 111 | |||
| Net debt, closing balance, SEK m | 4,631 | 4,955 | 4,796 | |||
| Operating capital, closing balance, SEK m | 9,812 | 8,943 | 9,120 | |||
| Capital employed, closing balance, SEK m | 9,878 | 9,066 | 9,468 | |||
| Number of employees | 4,251 | 4,001 | 4,082 |
(1) Earnings per share have been recalculated according to IAS 33, as a consequence of the rights issue.
(2) Excluding treasury shares.
Consolidated cash-flow statement, total operations
| Q2 Jan-Jun |
Jan-Dec | 12 mos | ||||
|---|---|---|---|---|---|---|
| SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Operating activities | ||||||
| Operating profit | -171 | -12 | -215 | -18 | -827 | -630 |
| Operating profit/loss for discontinued operations | – | – | 22 | – | 22 | – |
| Depreciation/Impairment | 247 | 188 | 451 1 | 363 2 | 1,314 3 | 1,226 |
| Adjustments for non-cash items | 14 | 16 | 21 | 25 | -69 | -65 |
| Tax paid | -8 | -6 | -52 | -40 | -77 | -65 |
| Change in working capital | 83 | 50 | -329 | -66 | -153 | 110 |
| Cash flow from operating activities | 165 | 236 | -102 | 264 | 210 | 576 |
| Investing activities | ||||||
| Investments in intangible and tangible fixed assets | -227 | -138 | -551 | -277 | -887 | -613 |
| Other items in investing activities | 9 | 2 | 17 | 28 | 25 | 36 |
| Interest received | 1 | 1 | 2 | 2 | 24 | 24 |
| Change in interest-bearing assets | -5 | -3 | -7 | 5 | -19 | -7 |
| Divestment of companies | -2 | – | 1,394 | – | 1,584 | 190 |
| Cash flow from investing activities | -224 | -138 | 855 | -242 | 727 | -370 |
| Total cashflow from operating and | ||||||
| investing activities | -59 | 98 | 753 | 22 | 937 | 206 |
| Financing activities | ||||||
| Interest paid | -120 | -53 | -210 | -142 | -418 | -350 |
| Change in interest-bearing liabilities | -1,262 | -93 | -2,149 4 | -140 5 | -1,832 6 | 177 |
| New share issue | 1,212 | – | 1,212 | – | 1,213 | 1 |
| Cash flow from financing activities | -170 | -146 | -1,147 | -282 | -1,037 | -172 |
| Cash flow for the period excluding exchange-rate differences in | ||||||
| cash and cash equivalents | -229 | -48 | -394 | -260 | -100 | 34 |
| Cash and cash equivalents at beginning of the period | 244 | 86 | 412 | 270 | 412 | 0 |
| Cash flow for the period | -229 | -48 | -394 | -260 | -100 | 34 |
| Exchange-rate differences in cash and cash equivalents | -15 | 12 | -18 | 40 | -42 | 16 |
| Cash and cash equivalents at period-end | 0 | 50 | 0 | 50 | 270 | 50 |
| Operating Cash flow * | Q2 | Jan-Jun | Jan-Dec | 12 mos | ||
| SEK m | 2024 | 2025 | 2025 | 2024 | rolling | |
| Cash flow from operating activities | 165 | 236 | -102 | 264 | 210 | 576 |
| Investments in fixed assets | -227 | -138 | -551 | -277 | -887 | -613 |
| Other items in investing activities | 9 | 2 | 17 | 28 | 25 | 36 |
| Operating cash flow before acquisition/divestment of operations, | ||||||
| interest, change in interest-bearing assets | -53 | 100 | -636 | 15 | -652 | -1 |
* Alternative Performance Measure, refer to "Definitions".
1) Impairments during the period amounted to SEK 62m and pertained to machinery and equipment and other intangible assets SEK 29m and land and buildings SEK 33m
2) Impairments during the period amounted to SEK 4m and pertained to machinery and equipment and investment in progress.
3) Impairments during the period amounted to SEK 547m and pertained to machinery and equipment and other tangible assets SEK 33m, land and buildings 36m and goodwill 478m.
4) Net of repayment and raising of loans amounted to SEK -2 000m. Amortisation of leasing amounted to SEK 229m.
5) Net of repayment and raising of loans amounted to SEK 50m. Amortisation of leasing amounted to SEK 160m.
6) Net of repayment and raising of loans amounted to SEK -1300m. Amortisation of leasing amounted to SEK 432m.
Analysis of net debt
| Q2 Jan-Jun |
Jan-Dec | 12 mos | ||||
|---|---|---|---|---|---|---|
| SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Opening balance, net debt | 5,599 | 4,818 | 5,383 | 4,796 | 5,383 | 4,631 |
| New leasing contracts/Closed leasing contracts in advance, net | 86 | 165 | 1,013 | 148 | 1,175 | 310 |
| Divestment of operations | – | – | -1,452 | – | -1,641 | –189 |
| Translation differences | 3 | 0 | 34 | –102 | 90 | –46 |
| Operating cash flow | 53 | -100 | 636 | –15 | 652 | 1 |
| Whereof investments in the Jönköping factory | 157 | 120 | 352 | 220 | 617 | 485 |
| Interest paid, net | 119 | 52 | 208 | 140 | 394 | 326 |
| Remeasurements of defined benefit pension plans | -22 | 19 | 10 | -18 | -69 | –97 |
| Other change in pension liabilities | 5 | 1 | 11 | 6 | 25 | 20 |
| New share issue | -1,212 | – | -1,212 | – | -1,213 | –1 |
| Dividend | – | – | – | – | – | – |
| Closing balance, net debt | 4,631 | 4,955 | 4,631 | 4,955 | 4,796 | 4,955 |
Notes
Note 1 – Accounting policies
This interim report has been prepared in accordance with IFRS, with the application of IAS 34 Interim Financial Reporting. For the Parent Company, accounting policies are applied in accordance with Chapter 9, Interim Reports, of the Swedish Annual Accounts Act. Nobia has applied the same accounting policies in this interim report as were applied in the 2024 Annual Report. A description of new accounting policies in their entirety is provided in the 2024 Annual Report.
Note 2 – References
Segment information pages 4 and 5. Loan and shareholder's equity transactions, page 7. Items affecting comparability, page 16. Net sales by product group, page 17.
Note 3 – Financial instruments - fair value
Nobia's financial assets essentially comprise non-interest-bearing and interest-bearing receivables whereby cash flows only represent payment for the initial investment and, where applicable, for the time value and interest. These are intended to be held to maturity and are recognised at amortised cost, which is a reasonable approximation of fair value.
Financial liabilities are primarily recognised at amortised cost. Financial instruments measured at fair value in the balance sheet are currency forward contracts comprised of assets at a value of SEK 9m (2) and liabilities at a value of SEK -5m (-25). These items are measured according to level 2 of the fair value hierarchy, meaning based on indirect observable market data. Nobia's financial instruments are measured at fair value and included in the balance sheet on the rows "Other receivables" and "Current liabilities".
Note 4 – Related-party transactions
There is no sale and manufacturing of kitchens in the Parent Company. The Parent Company invoiced Group-wide services to subsidiaries in an amount of SEK 106m (118) during the second quarter of 2025. The Parent Company's reported dividends from participations in Group companies totalled SEK 0m (0).
Note 5 – Goodwill
Goodwill is the difference between the acquisition value and the group's share of the fair value of an acquired subsidiary's identifiable assets and liabilities on the acquisition date. At each closing date, the company makes an assessment if there is any indication that the value of goodwill is lower than the reported value. If there is such an indication, the company calculates the recovery value for goodwill and prepares an impairment test.
The cash generating unit (CGU) Region UK is sensitive to external factors such as interest rates and market demand as well as internal factors such as a successful execution of the strategic plan for the region. During the fourth quarter 2024, an impairment test resulted in an impairment of the UK region of SEK 478m. The impairment was mainly attributable to the Commodore business. After the impairment, the CGU Region UK is still sensitive to a
reasonable change in key assumptions, primarily a change in the discount rate and the Group's ability to improve the region's financial performance. In the Group's income statement for Q4 2024, the impairment is included in "Other income/expenses" and in the segment reporting it is included in "Group cost and eliminations".
Note 6 – Discontinued operations
Sale of the subsidiary Bribus in the Netherlands
The divestment of the subsidiary was completed on 6 March 2024 and has been reported as income from discontinued operations during the period. Financial information regarding the discontinued operation for the period up to the time of disposal can be found below.
Sale of the subsidiary ewe in Austria
The divestment of the subsidiary was completed on 26 March 2024 and has been reported as income from discontinued operations during the period. Financial information regarding the discontinued operation for the period up to the time of disposal can be found below.
| Result from discontinued operations | Q2 | Jan-Jun | Jan-Dec | |||
|---|---|---|---|---|---|---|
| SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Net profit from discontinued operations | – | – | 16 | – | 16 | |
| Profit/loss on disposal of operation, incl. sales costs | – | – | -283 | – | -283 | |
| Cumulative exchange rate gain | – | – | 119 | – | 119 | |
| Total | – | – | -164 | – | -164 | |
| of which Ewe Austria | – | – | -41 | – | -41 | |
| of which Bribus Netherlands | – | – | -123 | – | -123 | |
| Net profit | – | – | -148 | – | -148 | |
| Attributable to: | ||||||
| Equity holders of the parent company | ||||||
| Net profit | – | – | -148 | – | -148 | |
| Earnings per share (SEK) | – | – | -0.35 | – | -0.27 | |
| Earnings per share after dilution (SEK) | – | – | -0.35 | – | -0.27 | |
| Cashflow statement discontinued operations | Q2 | Jan-Jun | Jan-Dec | |||
|---|---|---|---|---|---|---|
| SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Cashflow from operating activities | – | – | -56 | – | -56 | |
| Cashflow from investing activities | – | – | -2 | – | -2 | |
| Cashflow from financing activities | – | – | -1 | – | -1 | |
| Cashflow from discontinued operations | – | – | -59 | – | -59 |
Parent Company
| Parent Company income statement | Q2 Jan-Jun |
Jan-Dec | 12 mos | |||
|---|---|---|---|---|---|---|
| SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Net sales | 119 | 106 | 205 | 179 | 425 | 399 |
| Administrative expenses | -117 | -112 | -240 | -220 | -472 | -452 |
| Other operating income/expense | -3 | 1 | -4 | 0 | -3 | 1 |
| Operating profit/loss | -1 | -5 | -39 | -41 | -50 | -52 |
| Financial items, net | -48 | -13 | 94 | -266 | 256 | -104 |
| Profit/loss after financial items | -49 | -18 | 55 | -307 | 206 | -156 |
| Group contribution | – | – | – | – | -399 | -399 |
| Tax on profit/loss for the period | – | – | – | – | 1 | 1 |
| Profit/loss for the period | -49 | -18 | 55 | -307 | -192 | -554 |
| Parent Company balance sheet | 30 Jun | 30 Jun | 31 Dec |
|---|---|---|---|
| SEK m | 2024 | 2025 | 2024 |
| Total fixed assets | 1,936 | 2,029 | 1,989 |
| Total current assets | 4,193 | 2,555 | 3,702 |
| Total assets | 6,129 | 4,584 | 5,691 |
| Total shareholders' equity | 4,500 | 3,957 | 4,264 |
| Total long-term liabilities | 55 | 60 | 57 |
| Total current liabilities | 1,574 | 567 | 1,370 |
| Total shareholders' equity, provisions and liabilities | 6,129 | 4,584 | 5,691 |
Items affecting comparability
| Q2 | Jan-Jun | Jan-Dec | 12 mos | |||
|---|---|---|---|---|---|---|
| Items affecting comparability per function, SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| In gross profit | -111 | -67 | -128 | -89 | -185 | -146 |
| In operating profit | -213 | -80 | -230 | -102 | -909 | -781 |
| In taxes | 43 | 16 | 47 | 21 | 187 | 161 |
| In profit after tax | -170 | -64 | -183 | -81 | -722 | -620 |
| Items affecting comparability | Q2 | Jan-Jun | Jan-Dec | 12 mos | ||
| in gross profit per region, SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Nordic | -34 | -67 | -51 | -89 | -104 | -142 |
| UK | -77 | 0 | -77 | 0 | -81 | -4 |
| Group-wide and eliminations | – | 0 | 0 | 0 | 0 | 0 |
| Group | -111 | -67 | -128 | -89 | -185 | -146 |
| Items affecting comparability | Q2 | Jan-Jun | Jan-Dec | 12 mos | ||
| in operating profit per region, SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Nordic | -34 | -80 | -51 | -102 | -130 | -181 |
| UK | -179 | 0 | -179 | 0 | -297 | -118 |
| Group-wide and eliminations | – | 0 | 0 | 0 | -482 | -482 |
| Group | -213 | -80 | -230 | -102 | -909 | -781 |
| Items affecting comparability | Q2 | Jan-Jun | Jan-Dec | 12 mos | ||
| in operating profit per item, SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Restructuring costs | -145 | -66 | -162 | -88 | -334 | -260 |
| Whereof factory transition costs | -18 | -11 | -35 | -31 | -83 | -79 |
| Impairments and writedown | -68 | -14 | -68 | -14 | -575 | -521 |
| Whereof goodwill | -478 | –478 | ||||
| Total | -213 | -80 | -230 | -102 | -909 | -781 |
Operating capital per region
| 30 Jun | 31 Dec | ||
|---|---|---|---|
| Operating capital Nordic region, SEK m | 2024 | 2025 | 2024 |
| Operating assets | 6,087 | 6,241 | 6,030 |
| Operating liabilities | 1,806 | 1,783 | 1,698 |
| Operating capital | 4,281 | 4,458 | 4,332 |
| 30 Jun | 31 Dec | ||
| Operating capital UK region, SEK m | 2024 | 2025 | 2024 |
| Operating assets | 3,971 | 3,675 | 3,820 |
| Operating liabilities | 1,200 | 1,154 | 1,081 |
| Operating capital | 2,771 | 2,521 | 2,739 |
| 30 Jun | 31 Dec | ||
| Operating capital Group-wide and eliminations, SEK m | 2024 | 2025 | 2024 |
| Operating assets | 2,848 | 2,055 | 2,099 |
| Operating liabilities | 88 | 91 | 50 |
| Operating capital | 2,760 | 1,964 | 2,049 |
| 30 Jun | 31 Dec | ||
| Operating capital, SEK m | 2024 | 2025 | 2024 |
| Operating assets | 12,906 | 11,971 | 11,949 |
| Operating liabilities | 3,094 | 3,028 | 2,829 |
Comparative data by product group
| Net sales | Q2 Jan-Jun |
Jan-Dec | 12 mos | |||
|---|---|---|---|---|---|---|
| Nordic by product group, % | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Kitchen furnitures | 74 | 73 | 74 | 74 | 73 | 73 |
| Installation services | 4 | 5 | 4 | 4 | 5 | 5 |
| Other products | 22 | 22 | 22 | 22 | 22 | 22 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 |
| Net sales | Q2 Jan-Jun |
Jan-dec | 12 mos | |||
| UK by product group, % | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Kitchen furnitures | 63 | 66 | 64 | 66 | 63 | 65 |
| Installation services | 5 | 5 | 4 | 5 | 5 | 6 |
| Other products | 32 | 29 | 32 | 29 | 32 | 29 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 |
| Net sales | Q2 | Jan-Jun | Jan-dec | 12 mos | ||
| Group by product group, % | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Kitchen furnitures | 69 | 70 | 70 | 70 | 68 | 68 |
| Installation services | 5 | 5 | 4 | 5 | 5 | 6 |
| Other products | 26 | 25 | 26 | 25 | 27 | 26 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 |
Reconciliation of alternative performance measures
Comments and numbers relate to continuing operations, unless otherwise stated. Nobia presents certain financial performance measures in the interim report that are not defined according to IFRS, known as alternative performance measures. Nobia believes that these measures provide valuable complementary information to investors and the company's management since they facilitate assessments of trends and the company's performance. Because not all companies calculate performance measures in the same way, these are not always comparable with measures used by other companies. Consequently, the performance measures are not to be seen as replacements for measures defined according to IFRS. For definitions of the measures that Nobia uses, see pages 22-23.
Analysis of net sales
| Q2 | Jan-Jun | ||||
|---|---|---|---|---|---|
| Analysis of external net sales Nordic Region | % | SEK m | % | SEK m | |
| 2024 | 1,614 | 3,078 | |||
| Organic growth | -3 | -41 | -2 | -48 | |
| Currency effects | -4 | -59 | -2 | -70 | |
| 2025 | -6 | 1,514 | -4 | 2,960 | |
| Q2 | Jan-Jun | ||||
| Analysis of external net sales UK Region | % | SEK m | % | SEK m | |
| 2024 | 1,319 | 2,470 | |||
| Organic growth | -7 | -87 | -10 | -233 | |
| Currency effects | -4 | -51 | -1 | -28 |
EBITDA
| Q2 Jan-Jun |
Jan-Dec | 12 mos | ||||
|---|---|---|---|---|---|---|
| SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Operating profit | -171 | -12 | -215 | -18 | -827 | -630 |
| Depreciation and impairment | 247 | 188 | 434 | 363 | 1,297 | 1,226 |
| EBITDA | 76 | 176 | 219 | 345 | 470 | 596 |
| Net Sales | 2,933 | 2,695 | 5,548 | 5,169 | 10,538 | 10,159 |
| % of sales | 2.6 | 6.5 | 3.9 | 6.7 | 4.5 | 5.9 |
| Q2 | Jan-Jun | 12 mos | ||||
| EBITDA excl. IFRS16 and items affecting comparability | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| EBITDA | 76 | 176 | 219 | 345 | 470 | 596 |
| IFRS 16 leasing | -145 | -128 | -283 | -259 | -562 | –538 |
| EBITDA impact, items affecting comparability | 150 | 77 | 167 | 99 | 343 | 275 |
| EBITDA excl. IFRS16 and items affecting comparability | 81 | 125 | 103 | 185 | 251 | 333 |
EQUITY FROM TOTAL OPERATIONS
| Jan-Dec | 12 mos | |
|---|---|---|
| Average equity, SEK m | 2024 | rolling |
| OB Equity attributable to Parent Company shareholders | 4,328 | 5,181 |
| CB Equity attributable to Parent Company shareholders | 4,324 | 3,988 |
| Average equity | 4,326 | 4,585 |
Net debt
| 30 Jun | 30 Jun | 31 Dec | |
|---|---|---|---|
| Net debt, SEK m | 2024 | 2025 | 2024 |
| Provisions for pensions (IB) | 286 | 132 | 173 |
| Other long-term liabilities, interest-bearing (IB) | 3,970 | 4,642 | 4,675 |
| Current liabilities, interest-bearing (IB) | 441 | 304 | 296 |
| Interest-bearing liabilities | 4,697 | 5,078 | 5,144 |
| Long-term receivables, interest -bearing (IB) | 59 | 62 | 61 |
| Current receivables, interest-bearing (IB) | 7 | 11 | 17 |
| Cash and cash equivalents (IB) | 0 | 50 | 270 |
| Interest-bearing assets | 66 | 123 | 348 |
| Net debt | 4,631 | 4,955 | 4,796 |
| 30 Jun | 30 Jun | 31 Dec | |
| Net debt excl. IFRS 16 Leases and pension provisions, SEK m | 2024 | 2025 | 2024 |
| Net debt | 4,631 | 4,955 | 4,796 |
| Of which IFRS 16 Leases | 2,411 | 2,324 | 2,402 |
| Of which provisions for pensions | 286 | 132 | 173 |
| Net debt excl. IFRS 16 Leases | 2,220 | 2,631 | 2,394 |
| Net debt excl. IFRS 16 Leases and provision for pensions | 1,934 | 2,499 | 2,221 |
Operating capital
| 30 Jun | 30 Jun | 31 Dec | |
|---|---|---|---|
| Operating capital, SEK m | 2024 | 2025 | 2024 |
| Total assets | 12,972 | 12,093 | 12,297 |
| Other provisions | -7 | -7 | -7 |
| Deferred tax liabilities | -60 | -98 | -90 |
| Other long-term liabilities, non interest-bearing | -1 | -4 | -1 |
| Current liabilities, non interest-bearing | -3,026 | -2,918 | -2,731 |
| Non-interest-bearing liabilities | -3,094 | -3,027 | -2,829 |
| Capital employed | 9,878 | 9,066 | 9,468 |
| Interest-bearing assets | -66 | -123 | -348 |
| Operating capital | 9,812 | 8,943 | 9,120 |
| Jan-Dec | 12 mos |
| Average capital employed, SEK m | 2024 | rolling |
|---|---|---|
| OB capital employed | 10,126 | 9,878 |
| CB capital employed | 9,468 | 9,066 |
| Average capital employed | 9,797 | 9,472 |
| Jan-Dec | 12 mos | |
| Average operating capital, SEK m | 2024 | rolling |
| OB Operating capital | 9,711 | 9,812 |
| CB Operating capital | 9,120 | 8,943 |
Operating profit and margin excl. items affecting comparability
| Q2 Jan-Jun |
Jan-Dec | 12 mos | ||||
|---|---|---|---|---|---|---|
| SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Operating profit | -171 | -12 | -215 | -18 | -827 | -630 |
| Items affecting comparability | -213 | -80 | -230 | -102 | -909 | -781 |
| Operating profit excl. items affecting comparability* | 42 | 68 | 15 | 84 | 82 | 151 |
| Q2 | Jan-Jun | Jan-Dec | 12 mos | |||
| Operating margin excl. items affecting comparability*, % | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Operating margin | -5,8 | -0,4 | -3,9 | -0,3 | -7,8 | -6,2 |
| Margin impact when items affecting comparability* excluded | 7,2 | 2,9 | 4,2 | 1,9 | 8,6 | 7,7 |
| Operating margin excl. items affecting comparability*, % | 1,4 | 2,5 | 0,3 | 1,6 | 0,8 | 1,5 |
*Items affecting comparability, are specified on page 14.
Data per region (1)
| Q2 Jan-Jun |
Jan-Dec | 12 mos | ||||
|---|---|---|---|---|---|---|
| Net sales, SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Nordic | 1,614 | 1,514 | 3,078 | 2,960 | 5,765 | 5,647 |
| UK | 1,319 | 1,181 | 2,470 | 2,209 | 4,773 | 4,512 |
| Group-wide and eliminations | 0 | 0 | 0 | 0 | 0 | 0 |
| Net sales, Group | 2,933 2,695 | 5,548 | 5,169 | 10,538 | 10,159 | |
| Q2 Jan-Jun |
||||||
| Jan-Dec | 12 mos | |||||
| Gross profit, SEK m | 2024 | 2025 | 2,024 | 2,025 | 2024 | rolling |
| Nordic | 583 | 483 | 1,063 | 990 | 1,992 | 1,919 |
| UK | 458 | 491 | 929 | 916 | 1,835 | 1,822 |
| Group-wide and eliminations | 3 | 5 | 10 | 7 | 16 | 13 |
| Gross profit, Group | 1,044 | 979 | 2,002 | 1,913 | 3,843 | 3,754 |
| Q2 | Jan-Jun | Jan-Dec | 12 mos | |||
| Gross profit excl IAC*, SEK m | 2024 | 2025 | 2,024 | 2,025 | 2024 | rolling |
| Nordic | 617 | 551 | 1,114 | 1,080 | 2,096 | 2,062 |
| UK | 535 | 491 | 1,006 | 916 | 1,916 | 1,826 |
| Group-wide and eliminations | 3 | 4 | 10 | 6 | 16 | 12 |
| Gross profit Group excl. IAC* | 1,155 1,046 | 2,130 | 2,002 | 4,028 | 3,900 | |
| Q2 | Jan-Jun | Jan-Dec | 12 mos | |||
| Gross margin, % | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Nordic | 36,1 | 31,9 | 34,5 | 33,4 | 34,6 | 34,0 |
| UK | 34,7 | 41,6 | 37,6 | 41,5 | 38,4 | 40,4 |
| Gross margin Group | 35,6 | 36,3 | 36,1 | 37,0 | 36,5 | 37,0 |
| Q2 | Jan-Jun | Jan-Dec | 12 mos | |||
| Gross margin excl IAC*, % | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Nordic | 38,2 | 36,4 | 36,2 | 36,5 | 36,4 | 36,5 |
| UK | 40,6 | 41,6 | 40,7 | 41,5 | 40,1 | 40,5 |
| Gross margin Group excl IAC* | 39,4 | 38,8 | 38,4 | 38,7 | 38,2 | 38,4 |
| Q2 | Jan-Jun | Jan-Dec | 12 mos | |||
| Operating profit, SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Nordic | 79 | 54 | 85 | 141 | 225 | 281 |
| UK | -211 | –21 | –222 | –74 | –425 | -277 |
| Group-wide and eliminations | -39 | -45 | -78 | -85 | -627 | -634 |
| Operating profit Group | –171 | -12 | –215 | -18 | -827 | -630 |
| Q2 | Jan-Jun | Jan-Dec | 12 mos | |||
| Operating profit excl IAC*, SEK m | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Nordic | 113 | 134 | 136 | 243 | 355 | 462 |
| UK | -32 | –21 | -43 | –74 | –128 | -159 |
| Group-wide and eliminations | -39 | -45 | -78 | -85 | -145 | -152 |
| Operating profit Group, excl IAC* | 42 | 68 | 15 | 84 | 82 | 151 |
| Jan-Jun | Jan-Dec | 12 mos | ||||
| Q2 | ||||||
| Operating margin, % | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Nordic UK |
4,9 -16,0 |
3,6 -1,8 |
2,8 -9,0 |
4,8 -3,3 |
3,9 -8,9 |
5,0 -6,1 |
| Operating margin Group | -5,8 | -0,4 | -3,9 | -0,3 | -7,8 | -6,2 |
| Q2 | Jan-Jun | Jan-Dec | 12 mos | |||
| Operating margin excl IAC*, % | 2024 | 2025 | 2024 | 2025 | 2024 | rolling |
| Nordic | 7,0 | 8,9 | 4,4 | 8,2 | 6,2 | 8,2 |
| UK | -2,4 | -1,8 | -1,7 | -3,3 | -2,7 | -3,5 |
| Operating margin Group, excl. IAC* | 1,4 | 2,5 | 0,3 | 1,6 | 0,8 | 1,5 |
*IAC, items affecting comparability, are specified on page 14.
Data per region (2)
| 2024 | 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Net sales, SEK m | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||
| Nordic | 1,464 | 1,614 | 1,283 | 1,404 | 1,446 | 1,514 | ||
| UK | 1,151 | 1,319 | 1,195 | 1,108 | 1,028 | 1,181 | ||
| Group-wide and eliminations | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net sales, Group | 2,615 2,933 2,478 2,512 | 2,474 2,695 | ||||||
| 2024 | 2025 | |||||||
| Gross profit, SEK m | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||
| Nordic | 480 | 583 | 441 | 488 | 507 | 483 | ||
| UK | 471 | 458 | 454 | 452 | 425 | 491 | ||
| Group-wide and eliminations | 7 | 3 | 3 | 3 | 2 | 5 | ||
| Gross profit, Group | 958 1,044 | 898 | 943 | 934 | 979 | |||
| 2024 | 2025 | |||||||
| Gross profit excl IAC*, SEK m | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||
| Nordic | 497 | 617 | 469 | 513 | 529 | 551 | ||
| UK | 471 | 535 | 454 | 456 | 425 | 491 | ||
| Group-wide and eliminations | 7 | 3 | 3 | 3 | 2 | 4 | ||
| Gross profit Group excl. IAC* | 975 1,155 | 926 | 972 | 956 1,046 | ||||
| 2024 | 2025 | |||||||
| Gross margin, % | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||
| Nordic UK |
32.8 40.9 |
36.1 34.7 |
34.4 38.0 |
34.8 40.8 |
35.1 41.3 |
31,9 41,6 |
||
| Gross margin Group | 36.6 | 35.6 | 36.2 | 37.5 | 37.8 | 36,3 | ||
| 2024 | 2025 | |||||||
| Gross margin excl IAC*, % | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||
| Nordic | 33.9 | 38.2 | 36.6 | 36.5 | 36.6 | 36,4 | ||
| UK | 40.9 | 40.6 | 38.0 | 41.2 | 41.3 | 41,6 | ||
| Gross margin Group excl IAC* | 37.3 | 39.4 | 37.4 | 38.7 | 38.6 | 38,8 | ||
| 2024 | 2025 | |||||||
| Operating profit, SEK m | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||
| Nordic | 6 | 79 | 61 | 79 | 87 | 54 | ||
| UK | -11 | -211 | -58 | -145 | -53 | -21 | ||
| Group-wide and eliminations | -39 | -39 | -40 | -509 | -40 | -45 | ||
| Operating profit Group | -44 | -171 | -37 | -575 | -6 | -12 | ||
| 2024 | 2025 | |||||||
| Operating profit excl IAC*, SEK m | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||
| Nordic | 23 | 113 | 104 | 115 | 109 | 134 | ||
| UK | -11 | -32 | -49 | -36 | -53 | -21 | ||
| Group-wide and eliminations | -39 | -39 | -36 | -31 | -40 | -45 | ||
| Operating profit Group, excl IAC* | -27 | 42 | 19 | 48 | 16 | 68 | ||
| 2024 | 2025 | |||||||
| Operating margin, % | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||
| Nordic | 0.4 | 4.9 | 4.8 | 5.6 | 6.0 | 3,6 | ||
| UK | -1.0 | -16.0 | -4.9 | -13.1 | -5.2 | -1,8 | ||
| Operating margin Group | -1.7 | -5.8 | -1.5 | -22.9 | -0.2 | -0,4 | ||
| 2024 | 2025 | |||||||
| Operating margin excl IAC*, % | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||
| Nordic | 1.6 | 7.0 | 8.1 | 8.2 | 7.5 | 8,9 | ||
| UK | -1.0 | -2.4 | -4.1 | -3.2 | -5.2 | -1,8 | ||
| Operating margin Group, excl. IAC* | -1.0 | 1.4 | 0.8 | 1.9 | 0.6 | 2,5 |
*IAC, items affecting comparability, are specified on page 14.
Definitions
| Performance measure |
Calculation | Purpose |
|---|---|---|
| Adjusted | A performance measure adjusted for items affecting comparability. |
Highlight an underlying performance by excluding items affecting comparability (IAC). |
| Return on shareholders' equity |
Net profit for the period as a percentage of average shareholders' equity attributable to Parent Company shareholders based on opening and closing balances for the period. The calculation of average shareholders' equity has been adjusted for increases and decreases in capital. |
Return on shareholders' equity shows the total return on shareholders' capital in accounting terms and reflects the effects of both the operational profitability and financial gearing. The measure is primarily used to analyse shareholder profitability over time. |
| Return on operating capital |
Operating profit as a percentage of average operating capital based on opening and closing balances for the period excl. net assets attributable to discontinued operations. The calculation of average operating capital has been adjusted for acquisitions and divestments. |
Return on operating capital shows how well the operations use net capital that is tied up in the company. It reflects how both cost and capital efficient net sales are generated, meaning the combined effect of the operating margin and the turnover rate of operating capital. The measure is used in profitability comparisons between operations in the Group and to assess the Group's profitability over time. |
| Gross margin | Gross profit as a percentage of sales. | This measure reflects the efficiency of the part of the operations that is primarily linked to production and logistics. It is used to measure cost efficiency in this part of the operations. |
| EBITDA | Earnings before depreciation/amortisation and impairment. |
To simplify, the measure shows the earnings generating cash flow in the operations. It provides a view of the ability of the operations, in absolute terms, to generate resources for investment and payment to financers. |
| EBITDA-margin | Earnings before depreciation/ amortisation and impairment in relation to net sales, % |
|
| Items affecting comparability (IAC) |
Items that affect comparability in so far as they do not reoccur with the same regularity as other items - for example costs for restructuring and for material one offs relating to sale and impairments of assets. |
Reporting items affecting comparability separately clearly shows the performance of the underlying operations. |
| Net debt | Interest-bearing liabilities less interest-bearing assets. Interest-bearing liabilities include provisions for pensions and leases. |
Net debt is a liquidity metric used to determine how well a company can pay all of its debts, pension liabilities and leasing obligations if they were due immediately. The measure is used as a component in the debt/equity ratio. |
| Operating capital | Capital employed excl. interest-bearing assets. | Operating capital shows the amount of capital required by the operations to conduct its core operations. It is mainly used to calculate the return on operating capital. |
| Operating cash flow | Cash flow from operating activities including cash flow from investing activities, excl. cash flow from acquisitions/divestments of operations, interest received, and increase/decrease in interest-bearing assets. |
This measure comprises the cash flow generated by the underlying operations. The measure is used to show the amount of funds at the company's disposal for paying financers of loans and equity or for use in growth through acquisitions. |
| Performance | ||
|---|---|---|
| measure | Calculation | Purpose |
| Organic growth | Change in net sales, excl. acquisitions, divestments and changes in exchange rates. |
Organic growth facilitates a comparison of sales over time by comparing the same operations and excl. currency effects. |
| Region | Region corresponds to an operating segment under IFRS 8. |
|
| Earnings per share | Profit after tax for the period divided by a weighted average number of outstanding shares (net of treasury shares) during the period. |
Earnings per share is a common profitability measure that is used for valuation of the company's total outstanding shares. |
| Earnings per share after dilution |
Earnings per share, adjusted for dilutive effect from any potential ordinary shares attributable to outstanding performance share programs. |
|
| Operating margin | Operating profit as a percentage of net sales. | This measure reflects the operating profitability of the operations. It is used to monitor the flexibility and efficiency of the operations before taking into account capital tied up. The performance measure is used both internally in governance and monitoring of the operation, and for benchmarking with other companies in the industry. |
| Debt/equity ratio | Net debt as a percentage of shareholders' equity including non-controlling interests. |
A measure of the ratio between the Group's two forms of financing. The measure shows the percentage of the loan capital in relation to capital invested by the owners, and is thus a measure of financial strength but also the gearing effect of lending. A higher debt/equity ratio means a higher financial risk and higher financial gearing. |
| Equity/assets | Shareholders' equity including non-controlling interests as a percentage of balance-sheet total. |
This measure reflects the financial position and thus the long-term solvency. A healthy equity ratio/strong financial position provides preparedness for managing periods of economic downturn and financial preparedness for growth. It also provides a minor advantage in the form of financial gearing. |
| Capital employed | Balance-sheet total less non-interest-bearing provisions and liabilities. |
The capital that shareholders and lenders have placed at the company's disposal. It shows the net capital invested in the operations, such as operating capital, with additions for financial assets. |
| Currency effects | "Translation effects" refers to currency effects when foreign results and balance sheets are translated to SEK. "Transaction effects" refers to the currency effects arising when purchases or sales are made in currency other than the currency of the producing country (functional currency). |
|
| Leverage | Leverage refers to the relation of net debt to EBITDA. It is measured excl. the impact of IFRS16 Leasing, pension debt and items affecting comparability |
Shows the number of years it would take to pay back outstanding debt, if the numerator and denominator remain unchanged. |
For further information
Contact any of the following on +46 (0)8 440 16 00 or [email protected]
- Henrik Skogsfors, CFO
- Tobias Norrby, Head of Investor Relations
Presentation
The interim report will be presented on Friday, July 18 at 10:00 CET in a webcast teleconference that can be followed at https://edge.media-server.com/mmc/p/tpqiopdq/
To participate by telephone and have the possibility to ask questions
Register in advance of the conference using the link below. Upon registering, each participant will be provided with Participant Dial In Numbers, and a unique Personal PIN:
https://register-conf.media-server.com/register/BI4db2dda02b0c4011b7d698509c340be8
In the 10 minutes prior to the call start time, use the Participant Dial In Numbers and your unique Personal PIN provided in the e-mail received at the point of registering.
Financial calendar
November 4; Interim report for January-September 2025
February 5, 2026; Year-end report for 2025
This interim report is information such that Nobia is obliged to make public pursuant to the EU's Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, on 18 July, 2025 at 08:30 CET.
Nobia AB • Blekholmstorget 30 E7 • SE-111 64 Stockholm • Tel +46 8 440 16 00 www.nobia.com. Corporate Registration Number: 556528–2752 • Board domicile: Stockholm, Sweden