AI Terminal
Fagerhult
Interim Report • Jul 18, 2025
3045_ir_2025-07-18_6dd943d0-db2e-4585-acd5-0f37f11ef403.pdf
Interim Report
Open in ViewerOpens in native device viewer
Interim Report Q2 January – June 2025
[email protected] www.fagerhultgroup.com
1,905
Order intake, MSEK
Order intake was MSEK 1,905 (2,131), a decrease of -10.6% adjusted to -6.5% for currency effects of MSEK -88
Net sales, MSEK
Net sales were MSEK 1,848 (2,167), a decrease of -14.7% adjusted to -10.4% for currency effects of MSEK -93
119
Operating profit before IAC, MSEK
Operating profit before IAC was MSEK 119.3 (196.4), a decrease of -39.3% with an operating margin before IAC of 6.5 (9.1)%
Operating profit was MSEK 104.4 (196.4), a decrease of -46.8% with an operating margin of 5.6 (9.1)%
0.32
Earnings per share before IAC, SEK
Earnings per share before IAC were SEK 0.32 (0.62) Earnings per share were SEK 0.26 (0.62)
162
Operating cash flow, MSEK Cash flow from operating activities was MSEK 161.5 (279.6)
The second quarter
Order intake for the second quarter of 1,905 (2,131) MSEK shows an organic decline of -6.5%. Overall there was low activity at the start of the quarter which improved towards the end.
Business Area Collection delivered +3.9% organic order intake growth, however there was high volatility in the remaining businesses.
In May our Whitecroft business in the UK suffered an IT incident. The incident has been fully dealt with and it is now behind us. The business was back to 100% operational capability in June. The incident occurred in May and the financial impact was significant. Net sales reduced 42 MSEK and operating profit reduced 21 MSEK.
One of the benefits of our decentralised model meant that none of our other businesses were affected and we have taken additional measures to improve the position in all businesses.
For the quarter net sales declined -14.7% to 1,848 (2,167) MSEK. However, gross profit margins before IAC continued to increase; 39.7 (39.3)% and selling and administration expenses reduced 7.0% to 629 (676) MSEK.
The operating margin before IAC was 6.5 (9.1)% with the reduction coming from the lower sales on the market. Less than 40% of the large King Salman Park order reported last quarter has yet been delivered in this quarter and the total order backlog increases to 1,838 (1,616) MSEK.
In LED Linear and Fagerhult there was a combined 14.9 MSEK of IAC in the quarter, refer to the table on page 18. The impact of these IAC will result in further cost savings being delivered.
Operating cash flow improved compared to the first quarter. For the second quarter the 161 (280) MSEK was impacted mainly by the reduced operating profit.
Financial items of -38.0 (-42.5) MSEK decreased in the quarter due to a net interest expense reduction of 8.8 MSEK.
CEO comment
The second quarter; tough market conditions but a high activity on M&A.
On 2nd July we completed the acquisition of Trato TLV Group, a French lighting and healthcare equipment company. We look forward to realising additional synergies and continue to drive growth, both in the local and international markets. Trato TLV Group will be included in the Group's financial reporting from July.
There is a very high activity level and focus on improving order intake which will lead to increased net sales. The order backlog position is over 200 MSEK higher than a year ago and over 300 MSEK higher than the start of the year.
The IT incident at Whitecroft was very unfortunate and highly impacting, however, I am very pleased with the culture and spirit shown by everybody in the business to restore 100% operational capabaility so soon. A big thank you to all in Whitecroft.
At the start of the third quarter, we announced the acquisition of Capelon, a Swedish technology company specialising in connected outdoor lighting and smart city solutions. This acquisition will; accelerate our development of smart LED lighting for outdoor, in February 2027 the EU will ban the use of the old technology high pressure sodium (HPS) lamps in outdoor and outdoor lighting represents more than 50% of a municipality's electricity consumption.
During the second quarter, from a financial perspective, I highlight; the +3.9% organic order intake growth in Collection, the recovery in the operating cash flow and the 7% reduction in the cost base.
Rolling 12 month and quarterly order intake
Strategic focus areas; long term value creation remains at the heart of our strategy!
People and culture
As previously communicated, Oscar Wallstén assumed the role of CFO on 7th July. He brings extensive experience in financial leadership and transformation in international organisations. Michael Wood will remain until 5th September to ensure a smooth transition.
Innovation
Innovation leads to long term strategic value creation, it is why our businesses are so active here. This quarter I select a great new solution from LED Linear.
"Fusion" from LED Linear redefines the boundaries and sets new standards for performance in outdoor lighting, as it delievers maximum light output in the smallest form factor. "Fusion" sets a new benchmark for robustness, durability, and efficiency.
Sustainability
Sustainability continues with good progress.
Outlook; the external environmentremains full of opportunities arising from the macro-economic and geo-political environment, meanwhile…
We have reduced and will continue to reduce our cost base as we progress through the year.
We are increasing our focus and activity on the market to target an improvement in order intake and we closely monitor market conditions. The June Euroconstruct forecast for a small but positive amount of new build construction activity growth is a good forward indicator.
We look forward to closing the Capelon acquisition and welcoming new colleagues to the Group as well we begin working with our new colleagues at Trato.
4,132
Order intake, MSEK
Order intake was MSEK 4,132 (4,233), a decrease of -2.4% adjusted to -0.4% for currency effects of MSEK -86
3,788
Net sales, MSEK
Net sales were MSEK 3,788 (4,347), a decrease of -12.9% adjusted to -10.7% for currency effects of MSEK -93
265
Operating profit before IAC, MSEK
Operating profit before IAC was MSEK 264.7 (416.8), a decrease of -36.5% with an operating margin before IAC of 7.0 (9.6)%
Operating profit was MSEK 244.5 (416.8), a decrease of -41.3% with an operating margin of 6.5 (9.6)%
0.76
Earnings per share before IAC, SEK
Earnings per share before IAC were SEK 0.76 (1.40) Earnings per share were SEK 0.67 (1.40)
188
Operating cash flow, MSEK Cash flow from operating activities was MSEK 187.9 (393.8)
January-June
Market conditions, especially in new build construction, remain challenging and unpredictable. The high volatility in order intake is a clear indicator of this. The geo-political conditions continue to be unsupportive and the IT incident at Whitecroft also impacted the result.
Organic order intake is 'flat' compared to last year. There has been a 316 MSEK increase in the order backlog since the start of the year with more than a third of this relating to the KSP project in Saudi Arabia, but also healthy increases in the order backlog at iGuzzini, Fagerhult and Whitecroft.
The gross profit margin improvement continues with a 50 bps increase in the half year and the focus on fixed cost reduction across the Group is having a positive and increasing impact.
The Group's half year order intake of 4,132 (4,233) MSEK shows a -2.4% decrease, -0.4% when adjusting for currency effects of -86 MSEK.
The Group's half year net sales of 3,788 (4,347) MSEK show a -12.9% decrease, -10.7% when adjusting for currency effects of -93 MSEK.
The Group's half year operating profit before IAC of 265 (417) MSEK results in an operating margin of 7.0 (9.6)%.
The operating cash flow in the period at 188 (394) MSEK improves on the first quarter and the 206 MSEK difference to last year is mainly due to the 172 MSEK reduction in operating profit.
The financial items of -72.8 (-63.5) MSEK arise from a net reduction in interest expense, -44.5 (-58.1) MSEK and an increase in currency variances and IFRS16 impacts.
The tax expense in the period of 53.1 (106.3) MSEK results in a 30.9 (30.1)% tax rate.
Business areas
Net sales and operating profit by business area
| Net sales | Operating profit before IAC | Operating margin before IAC % | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q2 | Q1-2 | Q2 | Q1-2 | Q2 | Q1-2 | |||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Collection | 885.9 | 1,017.0 | 1,774.4 | 2,022.8 | 85.4 | 116.2 | 154.0 | 227.8 | 9.6 | 11.4 | 8.7 | 11.3 |
| Premium | 659.2 | 739.3 | 1,352.9 | 1,500.9 | 92.4 | 91.9 | 193.4 | 207.9 | 14.0 | 12.4 | 14.3 | 13.9 |
| Professional | 191.5 | 276.9 | 401.7 | 537.6 | -14.9 | 24.5 | -19.5 | 42.9 | - | 8.8 | - | 8.0 |
| Infrastructure | 162.5 | 204.9 | 368.8 | 426.4 | -0.6 | 10.1 | 22.1 | 33.6 | - | 4.9 | 6.0 | 7.9 |
| Smart Solutions 1) | 3.0 | 4.9 | 6.0 | 8.8 | -22.6 | -25.1 | -44.9 | -48.4 | - | - | - | - |
| Eliminations | -53.8 | -76.0 | -115.6 | -149.9 | - | - | - | - | - | - | - | - |
| Results by business area | 1,848.3 2,167.0 3,788.2 4,346.6 | 139.7 | 217.6 | 305.1 | 463.8 | 7.6 | 10.0 | 8.1 | 10.7 | |||
| IFRS 16 | - | - | - | - | 4.2 | 3.9 | 9.2 | 8.2 | - | - | - | - |
| Unallocated cost | - | - | - | - | -24.6 | -25.1 | -49.6 | -55.2 | - | - | - | - |
| Operating profit before IAC | - | - | - | - | 119.3 | 196.4 | 264.7 | 416.8 | 6.5 | 9.1 | 7.0 | 9.6 |
| Items affecting comparability | - | - | - | - | -14.9 | - | -20.2 | - | - | - | - | - |
| Financial items | - | - | - | - | -38.0 | -42.5 | -72.8 | -63.5 | - | - | - | - |
| Profit before tax | - | - | - | - | 66.4 | 153.9 | 171.7 | 353.3 | - | - | - | - |
1) From Q4 2024, Smart Solutions shows the investments in Seneco-Citygrid and Organic Response. Previously, the investments were consolidated in business areas Collection and Premium. Historical comparisons have been restated. The net sales value on the market of smart lighting is included in the relevant business area results.
Net sales per business area, MSEK Sales share per business area, %
Professional
Premium
Infrastructure
Collection
Collection is home to our brands with a global market footprint. All have an international product portfolio and are well-renowned in the lighting designer and architect communities globally. They offer a wide product range with a focus on indoor and outdoor architectural applications.
Brands included are; ateljé Lyktan, iGuzzini, LED Linear and WE-EF with product development and manufacturing facilities in Sweden, Italy, Canada, China, Germany and Thailand.
The second quarter order intake of 884 (894) MSEK shows an organic growth of +3.9%. Year to date order intake of 1,906 MSEK shows +6.5% organic growth.
Net sales for the quarter were 886 (1,017) MSEK, an organic decrease of -8.2% and the operating profit before IAC decreased to 85.4 (116.2) MSEK.
At LED Linear in the quarter there was a 12.2 MSEK IAC in order to restructure the cost base and this has a payback period of approximately 10 months.
In the quarter Ateljé Lyktan won the projects for SWECO headquarters in Stockholm, the new Axis Communications office in Lund, Sweden and a new BWM concept store roll-out programme of 40-60 locations across Northern Europe.
iGuzzini had a second quarter with many retail project wins; John Lewis Partnership stores at both Cardiff and Manchester, Primark in Manchester, Al Rashid Mall in Saudi Arabia. Further, they won the Plaza de Toros (bull ring) in Valencia and Gerace Cathedral in Italy.
| Collection | Q2, 2025 | Q2, 2024 | Q1-2, 2025 | Q1-2, 2024 |
|---|---|---|---|---|
| Net sales | 885.9 | 1,017.0 | 1,774.4 | 2,022.8 |
| (of which, intercompany sales) | (27.6) | (33.9) | (59.4) | (65.1) |
| Operating profit before IAC | 85.4 | 116.2 | 154.0 | 227.8 |
| Operating margin before IAC, % | 9.6 | 11.4 | 8.7 | 11.3 |
| Sales growth, % | -12.9 | 7.5 | -12.3 | 3.8 |
| Sales growth, adjusted for exchange rate differences , % |
-8.2 | 7.0 | -10.0 | 3.3 |
| Growth in operating profit before IAC, % | -26.5 | 66.7 | -32.4 | 30.5 |
886
Net sales, MSEK
85
Operating profit before IAC, MSEK
9.6
Premium
Premium focuses on the European market and European-based global customers. Our Premium brands work closely with specifiers and partners to deliver premium projects, often with bespoke solutions. The majority of sales are related to indoor applications and there is also an outdoor offering for specific markets.
Brands included are Fagerhult and LTS with product development and manufacturing facilities in Sweden, Germany and China.
Business area order intake for the quarter of 637 (735) MSEK shows an organic decline of -10.8% and the year to date order intake of 1,363 MSEK shows an organic decline of -5.6%.
Net sales for the quarter were 659 (739) MSEK and the operating profit before IAC at 92.4 (91.9) MSEK delivers a very healthy operating margin before IAC of 14.0 (12.4)%.
In Premium during the quarter there was a further 2.7 MSEK restructuring charge in Fagerhult for further cost reductions in future periods. The unprofitable UAE based business is closed.
During the quarter Fagerhult won the project for a global insurance company head office in the Netherlands where 16,500 luminaires will be supplied all fitted with Organic Response and 13,500 of them are the 'ReLight' renovation process – therefore a highly sustainable solution. LTS contributed well with project wins at Saarland University Biophysics Centre, Bielefeld University of Applied Sciences and Porsche Zentrum in Cologne.
| Premium | Q2, 2025 | Q2, 2024 | Q1-2, 2025 | Q1-2, 2024 |
|---|---|---|---|---|
| Net sales | 659.2 | 739.3 | 1,352.9 | 1,500.9 |
| (of which, intercompany sales) | (10.6) | (12.8) | (20.1) | (30.7) |
| Operating profit before IAC | 92.4 | 91.9 | 193.4 | 207.9 |
| Operating margin before IAC, % | 14.0 | 12.4 | 14.3 | 13.9 |
| Sales growth, % | -10.8 | -1.9 | -9.9 | -1.8 |
| Sales growth, adjusted for exchange rate differences , % |
-8.0 | -2.4 | -8.5 | -2.4 |
| Growth in operating profit before IAC, % | 0.5 | -16.0 | -7.0 | -11.9 |
659
Net sales, MSEK
92
Operating profit before IAC, MSEK
14.0
Professional
Professional focuses mainly on indoor applications for local and neighbouring markets. The brands work closely together with local partners on project specifications to deliver full and complete solutions. Local production and product development allows for tailored solutions with bespoke products delivered within short lead times.
Brands included are; Arlight, Eagle and Whitecroft, with product development and manufacturing facilities in Turkey, Australia and the UK.
Business area order intake for the quarter at 234 (269) MSEK was not as strong as the very strong first quarter. However, the year to date order intake of 509 (502) MSEK continues to show organic growth of +4.9%. The order backlog remains much improved at 391 (299) MSEK.
Business Area Professional is having a difficult year and this was made more difficult by the IT incident.
However, we see a growth in order intake with +4.9% and a significant increase in the order backlog which should lead to improved results in the second half year.
In Australia we now have a full management team with a strong product and sales focus.
Net sales for the quarter were 192 (277) MSEK, an organic decline of -23.8% and the operating loss before IAC was -14.9 (profit 24.5) MSEK.
| Professional | Q2, 2025 | Q2, 2024 | Q1-2, 2025 | Q1-2, 2024 |
|---|---|---|---|---|
| Net sales | 191.5 | 276.9 | 401.7 | 537.6 |
| (of which, intercompany sales) | (12.2) | (21.3) | (22.8) | (37.5) |
| Operating profit before IAC | -14.9 | 24.5 | -19.5 | 42.9 |
| Operating margin before IAC, % | - | 8.8 | - | 8.0 |
| Sales growth, % | -30.8 | 4.2 | -25.3 | 7.0 |
| Sales growth, adjusted for exchange rate differences , % |
-23.8 | 8.7 | -21.2 | 12.1 |
| Growth in operating profit before IAC, % | -160.8 | 18.4 | -145.5 | 45.9 |
192
Net sales, MSEK
-15
Operating profit before IAC, MSEK
-
Infrastructure
Infrastructure provides lighting solutions for environments with specific requirements for installation, durability and robustness. The companies are worldleading in their areas and highly experienced in finding the best solutions for every project and customer.
Brands included are; Designplan, i-Valo and Veko, with product development and manufacturing facilities in UK, Finland and the Netherlands.
Business area order intake for the quarter of 147 (233) MSEK shows an organic decline of -33.8% and the year to date organic order intake decline is -18.2%
Net sales for the quarter were 163 (205) MSEK, an organic decline of -16.4% and the operating loss before IAC was -0.6 (profit 10.1) MSEK.
Designplan delivered an improved second quarter compared to last year whereas both Veko and i-Valo had a tough quarter and here we have increased the sales focus with many initiatives and expect some positive signs in the second half year.
| Infrastructure | Q2, 2025 | Q2, 2024 | Q1-2, 2025 | Q1-2, 2024 |
|---|---|---|---|---|
| Net sales | 162.5 | 204.9 | 368.8 | 426.4 |
| (of which, intercompany sales) | (2.2) | (5.8) | (10.4) | (12.1) |
| Operating profit before IAC | -0.6 | 10.1 | 22.1 | 33.6 |
| Operating margin before IAC, % | - | 4.9 | 6.0 | 7.9 |
| Sales growth, % | -20.7 | -20.2 | -13.5 | -22.4 |
| Sales growth, adjusted for exchange rate differences , % |
-16.4 | -20.9 | -11.5 | -23.3 |
| Growth in operating profit before IAC, % | -105.9 | -76.1 | -34.2 | -60.3 |
163
Net sales, MSEK
-1
Operating profit before IAC, MSEK
-
Financial position
The Group's equity to assets ratio at the end of the reporting period was 55.2 (54.7)% and consolidated equity was 7,073 (7,276) MSEK.
The net debt at the end of the period was 2,381 (2,579) MSEK. Cash and bank balances at the end of the period were 1,201 (1,169) MSEK. Adjusting for cash and bank balances the gross debt was 3,582 (3,748) MSEK. The gross debt includes 688 (737) MSEK relating to IFRS16. Operating cash flow for the quarter was 162 (280) MSEK.
Pledged assets and contingent liabilities amounted to 19.3 (17.5) MSEK and 17.3 (37.2) MSEK respectively.
Investments
The Group's net investments in non-current assets was 120 (106) MSEK. The figure does not include investments in subsidiaries, which were 0 (0) MSEK.
Employees
The average number of employees during the period was 3,857 (4,070).
Parent company
Fagerhult Group AB operations comprise Group Management, financing, sustainability, legal, HR and strategy. The profit after financial items was 232.2 (151.6) MSEK. The number of employees during the period was 19 (17).
Accounting principles
The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual accounts Act. The information for the interim period on pages 1-18 is an integral part of this financial report. The Parent Company's interim report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Corporate Reporting Board's recommendation RFR 2.
Applied accounting principles are unchanged in comparison with those described in Fagerhult Group's annual report for the financial year 2024.
Risks and uncertainties
The Group's significant risks and uncertainties consist primarily of business risks, and financial risks associated with currencies and interest rates. Through the company's international operations, the Fagerhult Group is subject to financial exposure arising from currency fluctuations as well as the regionalised uncertainty of political situations.
The most prominent risks, however, are currency risks arising from export sales and imports of raw materials and components. This exposure is reduced by hedging the flow of sensitive currencies, based on individual assessment. Currency risk also arises in the translation of foreign net assets and earnings.
For more information about the company's risks, refer to the 2024 Annual Report and the section on risks on the Group's website.
Significant post balance sheet event - 1
On 2nd July 2025 the Fagerhult Group completed the acquisition of 100 percent of the shares in Trato SAS, including its wholly owned subsidiaries Trato Industries SAS, TLV SAS, and Biolume SAS, which together form the Trato TLV Group. The business is based in Lille, France. The acquisition, which was first announced on 4th April 2025 through the signing of a binding agreement, followed by consultations with the relevant employee representative bodies within the Trato TLV Group and approvals from the relevant French regulatory authorities, has now been granted unconditionally.
Trato TLV Group, which operates in the lighting industry and the healthcare equipment market, will become part of Business Area Professional and will be included in Fagerhult Group's financial reporting as of 1 July 2025.
In 2024, Trato TLV Group had net sales of 56 million euros and employed 230 people. As previously communicated, the acquisition is expected to have a positive effect on earnings per share in 2025 and beyond. On a proforma basis the acquisition will increase the Fagerhult Group's Net Debt to EBITDA ratio as at the fourth quarter 2024 from 2.00x to 2.55x.
The purchase price allocation analysis will be provided in the Q3 interim report released on 27th October 2025.
Significant post balance sheet event - 2
At the start of the third quarter, we announced the acquisition of Capelon, a Swedish technology company specialising in connected outdoor lighting and smart city solutions. This acquisition will create new opportunities as we continue to strengthen our offering within smart lighting.
Declaration
The Board of Directors and Chief Executive Officer warrant that the interim report gives a true and fair picture of the company's and Group's operations, financial position and results, and describes all significant risks and uncertainties faced by the Group.
Digital Meeting, 17 July 2025 Fagerhult Group AB (publ)
Jan Svensson Eric Douglas
Board Member Board Member
Linda Rothzén Anneli Persson
Lina Lundberg Johan Tärnett
Bodil Sonesson President and CEO
Chairman Vice chairman
Cecilia Fasth Magnus Meyer Board Member Board Member
Annica Bresky Heléne Mellquist
Board Member & Employee Representative Board Member & Employee Representative
Board Member & Employee Representative Board Member & Employee Representative
This report has not been subject to a review by the company's auditor.
Interim report for the third quarter 2025 will be released on 27 October.
Information can be obtained from;
Bodil Sonesson, CEO, +46 72223 7602
Michael Wood, CFO, +46 73087 4647
Fagerhult Group AB (publ.) Corporate ID no. 556110-6203
Group
Condensed financial statements
Income statement
| 2025 | 2024 | 2025 | 2024 | 2024/2025 | 2024 | |
|---|---|---|---|---|---|---|
| Q2 | Q2 | Q1-2 | Q1-2 | Jul-Jun | Jan-Dec | |
| 3 months | 3 months | 6 months | 6 months | 12 months | 12 months | |
| Net sales | 1,848.3 | 2,167.0 | 3,788.2 | 4,346.6 | 7,746.9 | 8,305.3 |
| Cost of goods sold | -1,114.9 | -1,314.5 | -2,270.1 | -2,623.5 | -4,654.4 | -5,007.8 |
| Gross profit before IAC | 733.4 | 852.5 | 1,518.1 | 1,723.1 | 3,092.5 | 3,297.5 |
| Items affecting comparability | -3.7 | - | -5.8 | - | -51.8 | -46.0 |
| Gross profit | 729.7 | 852.5 | 1,512.3 | 1,723.1 | 3,040.7 | 3,251.5 |
| Selling expenses | -425.7 | -452.1 | -876.3 | -899.4 | -1,818.2 | -1,841.3 |
| Administrative expenses | -203.4 | -224.0 | -406.8 | -446.9 | -753.6 | -793.7 |
| Other operating income | 15.0 | 20.0 | 29.7 | 40.0 | 68.3 | 78.6 |
| Operating profit before IAC | 119.3 | 196.4 | 264.7 | 416.8 | 589.0 | 741.1 |
| Items affecting comparability | -11.2 | - | -14.4 | - | -39.0 | -24.6 |
| Operating profit | 104.4 | 196.4 | 244.5 | 416.8 | 498.2 | 670.5 |
| Financial items | -38.0 | -42.5 | -72.8 | -63.5 | -147.4 | -138.1 |
| Profit before tax | 66.4 | 153.9 | 171.7 | 353.3 | 350.8 | 532.4 |
| Tax | -20.1 | -45.2 | -53.1 | -106.3 | -124.9 | -178.1 |
| Net profit for the period | 46.3 | 108.7 | 118.6 | 247.0 | 225.9 | 354.3 |
| Net profit for the period attributable to shareholders of the Parent Company | 46.3 | 108.8 | 118.6 | 247.0 | 225.9 | 354.3 |
| Net profit for the period attributable to Non-controlling interests | 0.0 | -0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
| Sum | 46.3 | 108.7 | 118.6 | 247.0 | 225.9 | 354.3 |
| Earnings per share, based on net profit for the period attributable to the | ||||||
| shareholders of the Parent Company | ||||||
| Earnings per share before dilution, SEK | 0.26 | 0.62 | 0.67 | 1.40 | 1.28 | 2.01 |
| Earnings per share after dilution, SEK | 0.26 | 0.62 | 0.67 | 1.40 | 1.28 | 2.01 |
| Average number of outstanding shares before dilution, thousands | 176,332 | 176,205 | 176,332 | 176,176 | 176,332 | 176,254 |
| Average number of outstanding shares after dilution, thousands | 176,332 | 176,205 | 176,332 | 176,176 | 176,332 | 176,254 |
| Number of outstanding shares, thousands | 176,332 | 176,321 | 176,332 | 176,321 | 176,332 | 176,332 |
| STATEMENT OF COMPREHENSIVE INCOME | ||||||
| Net profit for the period | 46.3 | 108.7 | 118.6 | 247.0 | 225.9 | 354.3 |
| Other comprehensive income | ||||||
| Items which may not be reclassified in the income statement: | ||||||
| Revaluation of pension plans | 0.6 | 0.5 | 0.6 | 0.5 | 0.4 | 0.3 |
| Items which may be reclassified in the income statement: | ||||||
| Translation differences | 68.1 | -39.7 | -258.9 | 159.0 | -175.6 | 242.3 |
| Other comprehensive income for the period, net after tax | 68.7 | -39.2 | -258.3 | 159.5 | -175.2 | 242.6 |
| Total comprehensive income for the period | 115.0 | 69.5 | -139.7 | 406.5 | 50.7 | 596.9 |
| Total comprehensive income attributable to shareholders of the Parent Company |
115.0 | 69.6 | -139.7 | 406.5 | 50.7 | 596.9 |
| Total comprehensive income attributable to Non-controlling interests | 0.0 | -0.1 | 0.0 | 0.0 | -0.0 | 0.0 |
| Sum | 115.0 | 69.5 | -139.7 | 406.5 | 50.7 | 596.9 |
Balance sheet
| 30 Jun | 30 Jun | 31 dec | |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Intangible assets | 6,083.4 | 6,239.8 | 6,294.4 |
| Tangible fixed assets | 2,309.1 | 2,421.8 | 2,468.4 |
| Other non-current assets | 239.6 | 234.8 | 237.6 |
| Inventories | 1,230.3 | 1,305.0 | 1,190.4 |
| Accounts receivable - trade | 1,457.2 | 1,659.0 | 1,396.7 |
| Other non-interest-bearing current assets | 281.1 | 283.7 | 246.1 |
| Cash and cash equivalents | 1,201.3 | 1,168.6 | 1,878.9 |
| Total assets | 12,802.0 | 13,312.7 | 13,712.5 |
| Equity | 7,072.8 | 7,275.8 | 7,458.9 |
| Long-term interest-bearing liabilities | 3,352.7 | 3,467.8 | 3,907.1 |
| Long-term non-interest-bearing liabilities | 557.4 | 563.6 | 577.2 |
| Short-term interest-bearing liabilities | 230.0 | 279.3 | 233.1 |
| Short-term non-interest-bearing liabilities | 1,589.1 | 1,726.2 | 1,536.2 |
| Total equity and liabilities | 12,802.0 | 13,312.7 | 13,712.5 |
Cash flow statement
| 2025 | 2024 | 2025 | 2024 | 2024/2025 | 2024 | |
|---|---|---|---|---|---|---|
| Q2 | Q2 | Q1-2 | Q1-2 | Jul-Jun | Jan-Dec | |
| 3 months | 3 months | 6 months | 6 months | 12 months | 12 months | |
| Operating profit | 104.4 | 196.4 | 244.5 | 416.8 | 498.2 | 670.5 |
| Adjustments for non-cash items | 121.1 | 93.1 | 148.3 | 260.4 | 378.7 | 490.8 |
| Financial items | -28.3 | -36.4 | -59.0 | -69.8 | -130.4 | -141.2 |
| Tax paid | -52.6 | -68.1 | -67.1 | -118.5 | -154.3 | -205.7 |
| Funds contributed from operating activities before change in working capital |
144.6 | 185.0 | 266.7 | 488.9 | 592.2 | 814.4 |
| Change in working capital | 16.9 | 94.6 | -78.8 | -95.1 | 165.8 | 149.5 |
| Cash flow from operating activities | 161.5 | 279.6 | 187.9 | 393.8 | 758.0 | 963.9 |
| Cash flow from investing activities | -51.5 | -71.3 | -87.5 | -114.5 | -232.7 | -259.7 |
| Cash flow from financing activities | -638.2 | -357.7 | -711.9 | -410.6 | -444.0 | -142.7 |
| Cash flow for the period | -528.2 | -149.4 | -611.5 | -131.3 | 81.3 | 561.5 |
| Cash and cash equivalents at beginning of period | 1,719.6 | 1,323.3 | 1,878.9 | 1,272.2 | 1,168.6 | 1,272.2 |
| Translation differences in cash and cash equivalents | 9.9 | -5.3 | -66.1 | 27.7 | -48.6 | 45.2 |
| Cash and cash equivalents at end of period | 1,201.3 | 1,168.6 | 1,201.3 | 1,168.6 | 1,201.3 | 1,878.9 |
Key ratios and data per share
| 2025 | 2024 | 2025 | 2024 | 2024/2025 | 2024 | |
|---|---|---|---|---|---|---|
| Q2 | Q2 | Q1-2 | Q1-2 | Jul-Jun | Jan-Dec | |
| 3 Months | 3 Months | 6 months | 6 months | 12 months | 12 months | |
| Sales growth, % | -14.7 | 0.9 | -12.8 | -0.6 | -9.2 | -3.0 |
| Growth in operating profit, % | -46.8 | -2.6 | -41.3 | -6.5 | -42.9 | -25.6 |
| Growth in profit before tax, % | -56.9 | -4.6 | -51.4 | -6.1 | -52.2 | -29.6 |
| Operating margin before IAC, % | 6.5 | 9.1 | 7.0 | 9.6 | 7.6 | 8.9 |
| Operating margin, % | 5.6 | 9.1 | 6.5 | 9.6 | 6.4 | 8.1 |
| Profit margin, % | 3.6 | 7.1 | 4.5 | 8.1 | 4.5 | 6.4 |
| Cash liquidity, % | 66.0 | 58.3 | 66.0 | 58.3 | 66.0 | 106.2 |
| EBITDA | 215 | 314 | 466 | 646 | 949 | 1,130 |
| Net debt/EBITDA ratio | 2.77 | 2.05 | 2.56 | 1.99 | 2.51 | 2.00 |
| Equity/assets ratio, % | 55.2 | 54.7 | 55.2 | 54.7 | 55.2 | 54.4 |
| Capital employed, MSEK | 10,656 | 11,023 | 10,656 | 11,023 | 10,656 | 11,599 |
| Return on capital employed, % | 3.7 | 7.4 | 5.3 | 8.3 | 5.3 | 6.5 |
| Return on equity, % | 2.6 | 6.0 | 3.3 | 6.8 | 3.1 | 4.8 |
| Net debt, MSEK | 2,381 | 2,579 | 2,381 | 2,579 | 2,381 | 2,261 |
| Gross investment in non-current assets, MSEK | 59.9 | 61.1 | 119.9 | 105.8 | 227.0 | 212.9 |
| Net investment in non-current assets, MSEK | 59.9 | 61.1 | 119.9 | 105.8 | 227.0 | 212.9 |
| Depreciation/amortisation/impairment of non-current assets, MSEK | 110.8 | 117.4 | 221.2 | 229.6 | 450.8 | 459.2 |
| Number of employees | 3,872 | 4,065 | 3,857 | 4,070 | 3,962 | 4,007 |
| Equity per share, SEK | 40.11 | 41.26 | 40.11 | 41.26 | 40.11 | 42.30 |
| Number of outstanding shares, thousands | 176,332 | 176,321 | 176,332 | 176,321 | 176,332 | 176,332 |
For more information about the Key ratios and the definitions applied, please refer to Fagerhult Group AB's website under "Investors/Financials/Definitions." The website also includes the definition of any Alternative Performance Measures used whereas this report details the financial aspect to these.
Changes in equity
| Attributable to shareholders of the Parent Company | Total equity | |||||
|---|---|---|---|---|---|---|
| Share capital | Other contributed capital |
Reserves | Retained earnings |
Non controlling interest |
||
| Equity at 1 January 2024 | 100.2 | 3,194.6 | 21.9 | 3,867.3 | 0.1 | 7,184.1 |
| Net profit for the period | 247.0 | - | 247.0 | |||
| Other comprehensive income for the period | 159.0 | 0.5 | - | 159.5 | ||
| Total comprehensive income for the period | 159.0 | 247.5 | - | 406.5 | ||
| Performance share plan | 2.2 | - | 2.2 | |||
| Dividend paid | -317.0 | - | -317.0 | |||
| Equity at 30 June 2024 | 100.2 | 3,194.6 | 180.9 | 3,800.0 | 0.1 | 7,275.8 |
| Equity at 1 January 2025 | 100.2 | 3,194.6 | 264.2 | 3,899.8 | 0.1 | 7,458.9 |
| Net profit for the period | 118.6 | 0.0 | 118.6 | |||
| Other comprehensive income for the period | -258.9 | 0.6 | - | -258.3 | ||
| Total comprehensive income for the period | -258.9 | 119.2 | 0.0 | -139.7 | ||
| Performance share plan | 0.5 | - | 0.5 | |||
| Dividend paid | -246.9 | - | -246.9 | |||
| Equity at 30 June 2025 | 100.2 | 3,194.6 | 5.3 | 3,772.6 | 0.1 | 7,072.8 |
Parent company
Condensed financial statements
Income statement
| 2025 | 2024 | 2025 | 2024 | 2024/2025 | 2024 | |
|---|---|---|---|---|---|---|
| Q2 | Q2 | Q1-2 | Q1-2 | Jul-Jun | Jan-Dec | |
| 3 Months | 3 Months | 6 months | 6 months | 12 months | 12 months | |
| Net sales | 11.9 | 13.4 | 23.9 | 26.9 | 53.3 | 56.3 |
| Administrative expenses | -24.9 | -27.4 | -49.8 | -55.3 | -95.1 | -100.6 |
| Operating profit | -13.0 | -14.0 | -25.9 | -28.4 | -41.8 | -44.3 |
| Income from shares in subsidiaries | 222.6 | 162.2 | 222.6 | 162.2 | 222.3 | 161.9 |
| Financial items | 22.6 | 3.4 | -7.3 | 63.1 | 36.4 | 106.8 |
| Profit before appropriations and tax | 232.2 | 151.6 | 189.4 | 196.9 | 216.9 | 224.4 |
| Group contributions received | - | - | - | - | 205.0 | 205.0 |
| Tax | -1.5 | 1.8 | 6.3 | -8.2 | -41.8 | -56.3 |
| Net profit | 230.7 | 153.4 | 195.7 | 188.7 | 380.1 | 373.1 |
Balance sheet
| 30 Jun | 30 Jun | 31 dec | |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Other non-current assets | 7,804.9 | 7,817.1 | 8,331.5 |
| Other non-interest-bearing receivables | 159.6 | 92.8 | 280.7 |
| Cash & Bank | 759.6 | 753.2 | 891.8 |
| Total assets | 8,724.1 | 8,663.1 | 9,504.0 |
| Equity | 5,575.4 | 5,444.3 | 5,626.1 |
| Long-term interest bearing liabilities | 2,579.7 | 2,628.7 | 3,057.5 |
| Long-term non interest bearing liabilities | 18.6 | 14.3 | 17.2 |
| Short-term interest bearing liabilities | 517.6 | 548.5 | 775.7 |
| Short-term non interest bearing liabilities | 32.8 | 27.3 | 27.5 |
| Total Equity and Liabilities | 8,724.1 | 8,663.1 | 9,504.0 |
Changes in equity
| Share capital |
Statutory | Retained | earnings Total equity | |
|---|---|---|---|---|
| reserve | ||||
| Equity at 1 January 2024 | 100.2 | 159.4 | 5,311.4 | 5,571.0 |
| Net profit for the period | 188.7 | 188.7 | ||
| Performance share program | 1.6 | 1.6 | ||
| Dividend paid | -317.0 | -317.0 | ||
| Equity at 30 June 2024 | 100.2 | 159.4 | 5,184.7 | 5,444.3 |
| Equity at 1 January 2025 | 100.2 | 159.4 | 5,366.5 | 5,626.1 |
| Net profit for the period | 195.7 | 195.7 | ||
| Performance share plan | 0.5 | 0.5 | ||
| Dividend paid | -246.9 | -246.9 | ||
| Equity at 30 June 2025 | 100.2 | 159.4 | 5,315.8 | 5,575.4 |
Net sales, MSEK Operating profit before IAC, MSEK
Operating margin before IAC, % Earnings per share before IAC, SEK
Operating cashflow, MSEK Net debt and Net debt/EBITDA ratio
Key ratios and data per share
| 2024/2025 | |||||
|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | Jul-Jun 12 months |
|
| Net sales, MSEK | 7,087.5 | 8,269.6 | 8,560.4 | 8,305.3 | 7,746.9 |
| Operating profit, MSEK | 706.4 | 833.3 | 901.2 | 670.5 | 498.2 |
| Operating profit before IAC, MSEK | 706.4 | 833.3 | 901.2 | 741.1 | 589.0 |
| Profit before tax, MSEK | 622.3 | 791.0 | 756.2 | 532.4 | 350.8 |
| Earnings per share, SEK | 2.64 | 3.27 | 3.09 | 2.01 | 1.28 |
| Earnings per share before IAC, SEK | 2.64 | 3.27 | 3.09 | 2.31 | 1.96 |
| Sales growth, % | 4.0 | 16.7 | 3.5 | -3.0 | -9.2 |
| Growth in operating profit, % | 112.5 | 18.0 | 8.1 | -25.6 | -42.9 |
| Growth in profit before tax, % | 187.2 | 27.1 | -4.4 | -29.6 | -52.2 |
| Operating margin, % | 10.0 | 10.1 | 10.5 | 8.1 | 6.4 |
| Operating margin before IAC, % | 10.0 | 10.1 | 10.5 | 8.9 | 7.6 |
| EBITDA | 1,147 | 1,257 | 1,341 | 1,130 | 949 |
| Net debt/EBITDA ratio | 2.27 | 2.36 | 1.80 | 2.00 | 2.51 |
| Equity/assets ratio, % | 49.1 | 51.6 | 55.2 | 54.4 | 55.2 |
| Capital employed, MSEK | 10,563 | 11,144 | 10,870 | 11,599 | 10,656 |
| Return on capital employed, % | 6.9 | 8.1 | 8.6 | 6.5 | 5.3 |
| Return on equity, % | 7.8 | 8.8 | 7.7 | 4.8 | 3.1 |
| Net debt, MSEK | 2,603 | 2,971 | 2,414 | 2,261 | 2,381 |
| Net investment in non-current assets, MSEK | 149.5 | 179.6 | 242.6 | 212.9 | 227.0 |
| Depreciation/amortisation/impairment of non-current assets, MSEK | 440.9 | 423.5 | 440.0 | 459.2 | 450.8 |
| Number of employees | 4,237 | 4,059 | 4,080 | 4,007 | 3,962 |
Net sales and operating profit, MSEK
Notes
Note 1 – Items affecting comparability (IAC)
| Q2 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Collection | Premium | Professional | Infrastructure | Sum | ||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Function | ||||||||||
| Cost of goods sold | -3.7 | - | - | - | - | - | - | - | -3.7 | - |
| Selling expenses | -6.1 | - | -2.7 | - | - | - | - | - | -8.8 | - |
| Administrative expenses | -2.4 | - | - | - | - | - | - | - | -2.4 | - |
| Sum | -12.2 | - | -2.7 | - | - | - | - | - | -14.9 | - |
| Nature of expense | ||||||||||
| Restructuring expenses | -12.2 | - | -2.7 | - | - | - | - | - | -14.9 | - |
| Sum | -12.2 | - | -2.7 | - | - | - | - | - | -14.9 | - |
| Tax | 4.2 | - |
| Q1-2 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Collection | Premium | Professional | Infrastructure | Sum | ||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Function | ||||||||||
| Cost of goods sold | -3.7 | - | - | - | -2.1 | - | - | - | -5.8 | - |
| Selling expenses | -6.1 | - | -3.4 | - | -0.5 | - | - | - | -10.0 | - |
| Administrative expenses | -2.4 | - | -2.0 | - | - | - | - | - | -4.4 | - |
| Sum | -12.2 | - | -5.4 | - | -2.6 | - | - | - | -20.2 | - |
| Nature of expense | ||||||||||
| Restructuring expenses | -12.2 | - | -5.4 | - | -2.6 | - | - | - | -20.2 | - |
| Sum | -12.2 | - | -5.4 | - | -2.6 | - | - | - | -20.2 | - |
| Tax | 5.4 | - |