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Husqvarna
Quarterly Report • Oct 21, 2025
2926_10-q_2025-10-21_f258297a-fafb-48db-a27a-961dd497bedc.pdf
Quarterly Report
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Growth in the professional segment and improved profitability
Third quarter 2025
- Organic sales growth was flat.
- Net sales decreased by 5% to SEK 9,204m (9,739). Changes in exchange rates impacted by -5%.
- Operating income amounted to SEK 141m (52) and the operating margin was 1.5% (0.5).
- Excluding items affecting comparability, operating income amounted to SEK 140m (53) and the operating margin was 1.5% (0.5).
- Earnings per share after dilution amounted to SEK -0.02 (-0.27) and earnings per share excluding items affecting comparability and after dilution amounted to SEK -0.02 (-0.27).
- Cash flow from operations and investments amounted to SEK 2,331m (2,892). Direct operating cash flow was SEK 3,455m (4,020).
- Net debt decreased to SEK 9.9bn (12.8).
- The Board of Directors of Husqvarna AB appointed Glen Instone as CEO of Husqvarna Group, effective August 11, 2025.
January – September 2025
- Sales increased organically by 1%.
- Net sales decreased by 2% to SEK 39,184m (39,888). Changes in exchange rates impacted by -3%.
- Operating income was SEK 3,735m (3,882) and the operating margin was 9.5% (9.7).
- Excluding items affecting comparability, operating income amounted to SEK 3,742m (3,889) and the operating margin was 9.5% (9.8).
- Earnings per share after dilution amounted to SEK 4.43 (4.26) and earnings per share excluding items affecting comparability and after dilution amounted to SEK 4.44 (4.27).
- Cash flow from operations and investments amounted to SEK 4,433m (5,296). Direct operating cash flow was SEK 4,598m (6,323).
Financial summary
| Group, SEKm | Q3 2025 |
Q3 2024 |
∆% | Jan-Sep Jan-Sep 2025 |
2024 | ∆% | LTM* | Full year 2024 |
|---|---|---|---|---|---|---|---|---|
| Net sales | 9,204 | 9,739 | -5 | 39,184 | 39,888 | -2 | 47,648 | 48,352 |
| Organic growth*, % | 0 | -4 | 1 | -7 | 0 | -7 | ||
| Operating income (EBIT) | 141 | 52 | 169 | 3,735 | 3,882 | -4 | 2,450 | 2,597 |
| Operating margin, % | 1.5 | 0.5 | 9.5 | 9.7 | 5.1 | 5.4 | ||
| Operating income excl. items affecting comparability* | 140 | 53 | 165 | 3,742 | 3,889 | -4 | 3,048 | 3,195 |
| Operating margin excl. items affecting comparability*, % | 1.5 | 0.5 | 9.5 | 9.8 | 6.4 | 6.6 | ||
| Income after financial items | -41 | -154 | 73 | 3,153 | 3,189 | -1 | 1,697 | 1,733 |
| Net income for the period | -10 | -153 | 93 | 2,540 | 2,442 | 4 | 1,423 | 1,326 |
| Earnings per share after dilution, SEK | -0.02 | -0.27 | 93 | 4.43 | 4.26 | 4 | 2.48 | 2.31 |
| Earnings per share excl. items affecting comparability after dilution, SEK | -0.02 | -0.27 | 93 | 4.44 | 4.27 | 4 | 3.29 | 3.12 |
| Direct operating cash flow* | 3,455 | 4,020 | -14 | 4,598 | 6,323 | -27 | 5,180 | 6,905 |
| Operating working capital/net sales*, % | 32.0 | 38.8 | 32.0 | 38.8 | 32.0 | 37.5 |
*Alternative Performance Measure, refer to "Definitions".
Growth in the professional segment and improved profitability
"This quarter marks my first as CEO of Husqvarna Group, and I am honored to be leading this company with more than 300 years of innovation, into the future. We are entering an exciting new chapter with the upcoming launch of our 2030 strategy, focused on strengthening our competitiveness, improving cost efficiency, and leveraging our unique differentiators to generate value for our customers.
Mixed market and topline development
The Group's organic sales growth was flat in the quarter. We noted strong growth in the professional segment, including robotic mowers, driven mainly by new innovative products featuring boundary wire-free technology, handheld products, and power cutters. With the professional segment being a top strategic priority, I am pleased to see this positive development. We also noted growth in the watering segment. However, demand was subdued for residential handheld, hand tools and petrol-powered wheeled products, in particular in North America, which reflects a challenging market situation with restrained consumer spending. Sales in the residential robotic mower segment decreased slightly due to lower sales in Gardena. Organic sales grew by 1% in Husqvarna Forest & Garden Division and by 3% in Husqvarna Construction Division, but decreased by 7% in Gardena Division.
Improved earnings and reduced net debt
Operating income, excluding items affecting comparability (IAC), increased to SEK 140m (53), and the margin was 1.5% (0.5). The increase was primarily driven by a favorable product mix and cost-savings, which offset headwinds from trade tariffs and currency fluctuations. Margin improved in both the Husqvarna Forest & Garden and Husqvarna Construction divisions, while it declined in the Gardena Division, mainly due to lower volumes. Uncertainty remains, particularly in North America, given the ongoing trade policy turbulence, foreign exchange volatility, and subdued consumer sentiment.
Direct operating cash flow amounted to SEK 3.5bn (4.0) in the quarter. We continued to strengthen our financial position, reducing net debt to SEK 9.9bn (12.8). The net debt/EBITDA ratio, excluding IAC, improved to 2.2 (2.4).
Cost-efficiency measures
The activities included in the cost savings program announced in Q3 last year are expected to be completed by the end of the year, and full effect from the program will be reached during 2026. In addition, we have today announced the closure of a facility in Brastad, Sweden, which manufactures components for petrol-powered handheld products. By shifting to externally sourced components for this segment, we are accelerating our transition toward a more assetlight business model.
Advancing our innovation agenda
Despite the cautious consumer sentiment, I am confident in our position for long-term value creation. We will continue to build on our key differentiators, including our trusted brands and premium market positions, while increasing competitiveness through operational excellence and accelerated innovation.
We have several innovative product launches for 2026, including AI vision-based robotic mowers, designed to maximize customer value while supporting our longterm sustainability agenda. You will be able to explore these and more on our Capital Markets Day in Stockholm on December 10, 2025, where we will also be sharing our new strategic roadmap. I am looking forward to meeting you there."
Glen Instone, CEO
Financial Performance
Financial targets and performance
Husqvarna Group has three financial targets: organic sales growth, operating margin and capital efficiency.
| Financial targets | Achievement LTM | |
|---|---|---|
| Organic sales grow th | 5% | 0% |
| Operating margin* | 13% | 6.4% |
| Capital efficiency** | 20% | 32.0% |
*Excluding items affecting comparability
Third quarter 2025
Net sales
Organic sales growth was flat. Net sales decreased by 5% to SEK 9,204m (9,739), and included an impact of -5% from changes in exchange rates. Net sales grew mainly in professional segments such as robotic mowers and handheld products, as well as for watering products and in parts & accessories. Sales of residential handheld, hand tools and petrol-powered wheeled products decreased during the quarter.
Operating income
Operating income for the third quarter increased to SEK 141m (52). Excluding items affecting comparability, operating income amounted to SEK 140m (53). The increase was mainly a result of higher volumes, favorable product mix and cost savings. The operating margin, excluding items affecting comparability, was 1.5% (0.5). Acquisitionrelated amortizations amounted to SEK -51m (-57).
Changes in exchange rates impacted by SEK -15m compared with the preceding year, and tariffs had a negative impact of SEK 165m.
Financial items net
Financial items net amounted to SEK -182m (-206).
Income after financial items
Income after financial items amounted to SEK -41m (-154).
Taxes
Income tax amounted to SEK 31m (1).
Earnings per share
Net income attributable to equity holders of the Parent Company amounted to SEK -10m (-153), corresponding to SEK -0.02 (-0.27) per share after dilution.
Cash flow
Cash flow from operations and investments for July – September amounted to SEK 2,331m (2,892). Direct operating cash flow was SEK 3,455m (4,020).
January – September 2025
Net sales
Sales increased organically by 1%. Net sales decreased by 2% to SEK 39,184m (39,888), and included an impact of -3% from changes in exchange rates. Net sales grew in segments such as robotic mowers, both professional and residential, watering products, professional handheld products, as well as in parts & accessories. Sales of petrol-powered wheeled products, hand tools and construction products declined.
Operating income
Operating income for the period amounted to SEK 3,735m (3,882) and the operating margin was 9.5% (9.7). Excluding items affecting comparability, operating income amounted to SEK 3,742m (3,889). The decline was mainly a result of changes in exchange rates, which had an impact of SEK -279m compared with the preceding year, a negative impact from tariffs of SEK 225m, as well as negative price effects. The operating margin, excluding items affecting comparability, was 9.5% (9.8). Acquisition related amortizations amounted to SEK -158m (-170).
Financial items net
Financial items net amounted to SEK -583m (-692).
Income after financial items
-4,000
4,000 8,000 12,000
LTM
Income after financial items amounted to SEK 3,153m (3,189).
**Operating working capital / net sales, rolling 12-months
Taxes
Income tax amounted to SEK -613m (-747), corresponding to an effective tax rate of 19.4% (23.4).
Earnings per share
Net income for the period attributable to equity holders of the Parent Company amounted to SEK 2,538m (2,440), corresponding to SEK 4.43 (4.26) per share after dilution.
Cash flow
Cash flow from operations and investments for January – September amounted to SEK 4,433m (5,296). The direct operating cash flow was SEK 4,598m (6,323).
Due to the seasonal build-up of working capital, cash flow is normally weaker in the first quarter, followed by stronger cash flow in the second and third quarters. Cash flow in the fourth quarter is usually negatively impacted by the pre-season production for the next year.
Financial position
Net debt as of September 30, 2025, was SEK 9,911m (12,828). The net pension liability decreased to SEK 1,740m (1,879). Other interest-bearing liabilities decreased to SEK 12,440m (14,020) and liquid funds and other interest-bearing assets increased to SEK 4,557m (4,214).
The net debt/EBITDA ratio, excluding items affecting comparability, was 2.2 (2.4). The equity/assets ratio was 46% (45).
Financial summary
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full year | ||||
|---|---|---|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | ∆% | 2025 | 2024 | ∆% | LTM* | 2024 |
| Net sales | 5,594 | 5,825 | -4 | 23,063 | 22,819 | 1 | 28,395 | 28,152 |
| Organic growth*, % | 1 | -1 | 4 | -9 | 3 | -8 | ||
| Operating income | 222 | 144 | 55 | 2,474 | 2,480 | -0 | 2,060 | 2,065 |
| Operating margin, % | 4.0 | 2.5 | 10.7 | 10.9 | 7.3 | 7.3 | ||
| Operating income excl. items affecting comparability* | 222 | 144 | 54 | 2,511 | 2,484 | 1 | 2,235 | 2,208 |
| Operating margin excl. items affecting comparability*, % | 4.0 | 2.5 | 10.9 | 10.9 | 7.9 | 7.8 |
* Alternative Performance Measure, refer to "Definitions".
Third quarter 2025
Sales increased organically by 1%. Net sales for the period decreased by 4% to SEK 5,594m (5,825), and included an impact of -5% from changes in exchange rates. The robotic mower category achieved strong growth in the professional segment, driven mainly by new innovative products featuring boundary-wire free technology. Additionally, the professional handheld product segment delivered growth during the quarter, as well as parts & accessories. Sales of residential handheld and petrol-powered wheeled products declined.
Operating income amounted to SEK 222m (144) and the operating margin was 4.0% (2.5). Excluding items affecting comparability, operating income was SEK 222m (144) and the operating margin increased to 4.0% (2.5). The improved operating margin was mainly related to higher volumes, favorable product mix and cost savings. Changes in exchange rates had an impact of SEK -20m compared with the preceding year.
Sales increased organically by 4%. Net sales for the period increased by 1% to SEK 23,063m (22,819), and included an impact of -3% from changes in exchange rates. Sales of robotic mowers, professional handheld products, achieved good growth. Sales of petrolpowered wheeled products declined during the period.
Operating income amounted to SEK 2,474m (2,480) and the operating margin was 10.7% (10.9). Excluding items affecting comparability, operating income was SEK 2,511m (2,484) and the operating margin was 10.9% (10.9). Increased sales volumes and continued cost savings had a positive effect. Changes in exchange rates had an impact of SEK -175m compared with the preceding year.
Share of Group net sales, LTM
Share of Group operating income excl. IAC, LTM
Financial summary
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full year | ||||
|---|---|---|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | ∆% | 2025 | 2024 | ∆% | LTM* | 2024 |
| Net sales | 1,799 | 2,037 | -12 | 10,512 | 11,016 | -5 | 11,776 | 12,281 |
| Organic growth*, % | -7 | -8 | -2 | -5 | -3 | -5 | ||
| Operating income | -161 | -156 | -4 | 1,106 | 1,209 | -9 | 639 | 742 |
| Operating margin, % | -9.0 | -7.6 | 10.5 | 11.0 | 5.4 | 6.0 | ||
| Operating income excl. items affecting comparability* | -161 | -156 | -4 | 1,106 | 1,211 | -9 | 718 | 823 |
| Operating margin excl. items affecting comparability*, % | -9.0 | -7.6 | 10.5 | 11.0 | 6.1 | 6.7 |
* Alternative Performance Measure, refer to "Definitions".
Third quarter 2025
Sales decreased organically by 7%. Net sales decreased by 12% to SEK 1,799m (2,037), and included an impact of -5% from changes in exchange rates. Sales of watering products increased, while sales of robotic mowers and hand tools declined.
Operating income decreased by 4% to SEK -161m (-156) and the operating margin decreased to -9.0% (-7.6). Excluding items affecting comparability, operating income was SEK -161m (-156) and the operating margin was -9.0% (-7.6). The decrease was mainly attributable to lower volumes. Acquisition-related amortization amounted to SEK -28m (-30). Changes in exchange rates had a positive impact of SEK 5m compared with the preceding year.
January – September 2025
Sales decreased organically by 2%. Net sales decreased by 5% to SEK 10,512m (11,016), and included an impact of -3% from changes in exchange rates. Sales of watering products increased while sales of hand tools declined.
Operating income amounted to SEK 1,106m (1,209) and the operating margin was 10.5% (11.0). Excluding items affecting comparability, operating income was SEK 1,106m (1,211) and the operating margin was 10.5% (11.0). Cost savings and efficiencies had a positive effect, while lower volumes had a negative impact. Acquisition-related amortization amounted to SEK -86m (-90). Changes in exchange rates had an impact of SEK -25m compared with the preceding year.
Share of Group operating income excl. IAC, LTM
Financial summary
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full year | ||||
|---|---|---|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | ∆% | 2025 | 2024 | ∆% | LTM* | 2024 |
| Net sales | 1,773 | 1,832 | -3 | 5,501 | 5,946 | -7 | 7,321 | 7,766 |
| Organic growth*, % | 3 | -8 | -4 | -6 | -5 | -7 | ||
| Operating income | 205 | 150 | 36 | 576 | 557 | 3 | 337 | 318 |
| Operating margin, % | 11.5 | 8.2 | 10.5 | 9.4 | 4.6 | 4.1 | ||
| Operating income excl. items affecting comparability* | 205 | 150 | 36 | 576 | 558 | 3 | 667 | 649 |
| Operating margin excl. items affecting comparability*, % | 11.5 | 8.2 | 10.5 | 9.4 | 9.1 | 8.4 |
* Alternative Performance Measure, refer to "Definitions".
Third quarter 2025
Sales increased organically by 3%. Net sales decreased by 3% to SEK 1,773m (1,832), and included an impact of -6% from changes in exchange rates. The organic increase was mainly driven by power cutters and aftermarket sales.
Operating income was SEK 205m (150), and the operating margin was 11.5% (8.2). Excluding items affecting comparability, operating income was SEK 205m (150) and the operating margin was 11.5% (8.2). The improvement in operating income was mainly related to a favorable product mix, cost savings and improved operational efficiency. Acquisition-related amortization amounted to SEK -23m (-27). Changes in exchange rates had an impact of SEK -5m compared with the preceding year.
January – September 2025
Sales decreased by 4% organically. Net sales decreased by 7% to SEK 5,501m (5,946), and included an impact of -3% from changes in exchange rates. The decline was mainly due to lower sales in North America.
Operating income amounted to SEK 576m (557) and the operating margin was 10.5% (9.4). Excluding items affecting comparability, the operating income was SEK 576m (558) and the operating margin was 10.5% (9.4). Acquisition-related amortization amounted to SEK -70m (-81). Changes in exchange rates had an impact of SEK -85m compared with the preceding year.
Share of Group operating income excl. IAC, LTM
Additional information
Sustainovate 2025
Sustainovate 2025 is designed to maximize the Group's contribution to tackle climate change and resource scarcity. The five-year framework covers three opportunities and associated targets to 2025.
2025 targets and status
- Reduce absolute CO2 emissions across the value chain by 35%, current result is 55%.
- Launch 50 circular innovations, the number of approved innovations is currently 45.
- Empower 5 million people to make sustainable choices, the current result is 5.5 million.
Carbon – drive the transition to low-carbon solutions
As of the third quarter of 2025, the Group maintained the same level of CO2 emissions reduction as in the second quarter. The 2025 target has already been achieved and exceeded by a great margin.
Circular – rethink and redesign for a resource-smart customer experience
The circular innovations will make smarter use of materials and will extend product lifecycles. The target addresses resource impact across the value chain, from suppliers and operations to product use and endof-life.
Four new circular innovations were approved in the third quarter.
People – inspire actions that make a lasting difference
The Group continued its communication campaigns in the third quarter, driving the sale of an additional 0.3 million products classified as Sustainable Choices. As the 2025 target had already been achieved in the second quarter, this progress provides additional margin to the target.
Parent Company
Net sales for January – September 2025 for the Parent Company, Husqvarna AB, amounted to SEK 19,244m (17,597), of which SEK 14,707m (13,383) referred to sales to Group companies and SEK 4,537m (4,214) to external customers. Income after financial items amounts to 3,392m (943). Income for the period amounts to SEK 2,858m (839). Investments in property, plant and equipment and intangible assets amounted to SEK 966m (1,048). Cash and cash equivalents amounted to SEK 2,038m (1,584) at the end of the quarter. Undistributed earnings in the Parent Company amounted to SEK 26,879m (29,088).
Significant events
- On July 17, the Board of Directors appointed Glen Instone as the new CEO of Husqvarna Group, effective August 11, 2025.
- On September 8, Husqvarna Group appointed Omar Attar as the interim President of the Husqvarna Forest & Garden Division, effective immediately. During his interim role Omar will be part of the Group Management team.
- On September 19, the members of the Nomination Committee for the Husqvarna AB 2026 Annual General Meeting were appointed, as follows: Petra Hedengran (Chair, appointed by Investor AB), Louise Lindh (appointed by L E Lundbergföretagen AB), Fredrik Ahlin (appointed by If Skadeförsäkring AB), Oskar Börjesson (appointed by Livförsäkringsbolaget Skandia) and Torbjörn Lööf (Board Chair of Husqvarna AB).
Significant event after the quarter
• On October 21, Husqvarna Group announced the closure of its plant in Brastad, Sweden, which is expected to generate annual savings of approximately SEK 100 million, with full effect from 2027. Costs related to the closure are estimated to approximately SEK 140 million, whereof approximately SEK 20 million to be recognized as a non-recurring item (IAC) in the fourth quarter of 2025 and the rest in 2026.
Risks and uncertainty factors
A number of factors may affect Husqvarna Group's operations in terms of operational and financial risks. Geopolitical uncertainties and war may have a significant impact on Husqvarna Group's operations, both in terms of difficulties of supply of raw materials and components as well as difficulties to purchase transportation and logistics services and related cost increases. It may also affect the demand for Husqvarna Group's products and solutions.
Operational risks include general economic conditions, the impact of trade tariffs, as well as trends in consumer and professional spending, particularly in North America and Europe, where the majority of the Group's products are sold. An economic downturn in these markets may have an adverse effect on Group sales and earnings. Shifts in product technology as well as shifts in distribution structure and sales channels could also have a negative impact, as will fluctuations in prices of sourced raw materials and components. Short term, demand for the Group's products is impacted by weather conditions. The Group's production processes and supply chain are therefore adapted to respond to changes in weather conditions.
In the ordinary course of business, the Group is exposed to legal risks such as commercial, product liability and other disputes.
Financial risks refer primarily to currency exchange rates, interest rates, financing, tax and credit risks.
Risk management within Husqvarna Group is regulated by a financial policy established by the Board of Directors. For further information on risks and uncertainty factors, see the Annual Report 2024 which is available at www.husqvarnagroup.com.
Accounting Principles
This interim report has been prepared in accordance with IAS 34, Interim financial reporting and the Swedish Annual Accounts Act. The financial statement of the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act, chapter 9 and the Swedish Financial Reporting Board's standard RFR 2 Accounting for Legal Entities. The accounting principles adopted are consistent with those presented in the Annual Report 2024, which is available at www.husqvarnagroup.com.
Auditors' review report
This interim report has not been subject to review by the auditors.
Stockholm, October 21, 2025
Glen Instone
CEO
Condensed consolidated income statement
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full year | ||
|---|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | LTM* | 2024 |
| Net sales | 9,204 | 9,739 | 39,184 | 39,888 | 47,648 | 48,352 |
| Cost of goods sold | -6,581 | -7,207 | -26,854 | -27,196 | -33,711 | -34,053 |
| Gross income | 2,623 | 2,532 | 12,331 | 12,692 | 13,937 | 14,299 |
| Gross margin, % | 28.5 | 26.0 | 31.5 | 31.8 | 29.2 | 29.6 |
| Selling expenses | -1,852 | -1,966 | -6,314 | -6,547 | -8,354 | -8,587 |
| Administrative expenses | -633 | -665 | -2,302 | -2,417 | -3,160 | -3,275 |
| Other operating income/expenses | 4 | 152 | 20 | 154 | 27 | 160 |
| Operating income | 141 | 52 | 3,735 | 3,882 | 2,450 | 2,597 |
| Operating margin, % | 1.5 | 0.5 | 9.5 | 9.7 | 5.1 | 5.4 |
| Financial items, net | -182 | -206 | -583 | -692 | -753 | -863 |
| Income after financial items | -41 | -154 | 3,153 | 3,189 | 1,697 | 1,733 |
| Margin, % | -0.4 | -1.6 | 8.0 | 8.0 | 3.6 | 3.6 |
| Income tax | 31 | 1 | -613 | -747 | -274 | -408 |
| Net income for the period | -10 | -153 | 2,540 | 2,442 | 1,423 | 1,326 |
| Net income for the period attributable to: | ||||||
| Equity holders of the Parent Company | -10 | -153 | 2,538 | 2,440 | 1,422 | 1,325 |
| Non-controlling interest | 0 | 0 | 2 | 2 | 1 | 1 |
| Earnings per share: | ||||||
| Before dilution, SEK | -0.02 | -0.27 | 4.44 | 4.27 | 2.49 | 2.32 |
| After dilution, SEK | -0.02 | -0.27 | 4.43 | 4.26 | 2.48 | 2.31 |
| Average number of shares outstanding: | ||||||
| Before dilution, millions | 571.8 | 571.7 | 571.7 | 571.6 | 571.7 | 571.7 |
| After dilution, millions | 572.5 | 572.5 | 572.4 | 572.4 | 572.4 | 572.5 |
Condensed consolidated comprehensive income statement
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full year | ||
|---|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | LTM* | 2024 |
| Net income for the period | -10 | -153 | 2,540 | 2,442 | 1,423 | 1,326 |
| Other comprehensive income | ||||||
| Items that will not be reclassified to the income statement: | ||||||
| Remeasurements on defined benefit pension plans, net of tax | 102 | -96 | 85 | 138 | 136 | 189 |
| Total items that will not be reclassified to the income statement, | ||||||
| net of tax | 102 | -96 | 85 | 138 | 136 | 189 |
| Items that may be reclassified to the income statement: | ||||||
| Translation differences | -195 | -1,073 | -3,781 | 322 | -1,889 | 2,214 |
| Net investment hedge, net of tax | 75 | 537 | 1,799 | -128 | 859 | -1,067 |
| Cash flow hedges, net of tax | 17 | -20 | -44 | -148 | -13 | -116 |
| Total items that may be reclassified to the income statement, net | ||||||
| of tax | -102 | -556 | -2,027 | 46 | -1,043 | 1,030 |
| Other comprehensive income, net of tax | 0 | -652 | -1,942 | 184 | -906 | 1,220 |
| Total comprehensive income for the period | -11 | -805 | 598 | 2,626 | 517 | 2,545 |
| Total comprehensive income attributable to: | ||||||
| Equity holders of the Parent Company | -11 | -805 | 596 | 2,624 | 516 | 2,544 |
| Non-controlling interest | 0 | 0 | 2 | 2 | 1 | 1 |
Condensed consolidated balance sheet
| SEKm | Sep 30 2025 |
Sep 30 2024 |
Dec 31 2024 |
|---|---|---|---|
| Assets | |||
| Property, plant and equipment | 6,879 | 7,281 | 7,221 |
| Right of use assets | 1,600 | 1,914 | 1,975 |
| Goodwill | 9,596 | 10,030 | 10,521 |
| Other intangible assets | 8,375 | 8,487 | 8,911 |
| Investments in associated companies | 32 | 35 | 34 |
| Derivatives | 0 | - | 23 |
| Other non-current assets | 879 | 806 | 840 |
| Deferred tax assets | 1,836 | 1,806 | 2,418 |
| Total non-current assets | 29,198 | 30,360 | 31,942 |
| Inventories | 12,248 | 13,521 | 13,828 |
| Assets held for sale | - | - | 1,410 |
| Trade receivables | 5,730 | 6,081 | 5,552 |
| Derivatives | 321 | 409 | 386 |
| Current tax receivables | 427 | 383 | 437 |
| Other current assets | 1,667 | 1,053 | 1,279 |
| Cash and cash equivalents | 3,895 | 3,428 | 1,970 |
| Total current assets | 24,287 | 24,876 | 24,861 |
| Total assets | 53,485 | 55,235 | 56,803 |
| Equity and liabilities Equity attributable to equity holders of the Parent Company Non-controlling interests |
24,640 4 |
24,700 3 |
24,619 3 |
| Total equity | 24,644 | 24,704 | 24,622 |
| Borrowings | |||
| Lease liabilities | 9,802 1,028 |
8,721 1,269 |
10,316 1,315 |
| Derivatives | 41 | 37 | 34 |
| Deferred tax liabilities | 2,167 | 2,308 | 2,349 |
| Provisions for pensions and other post-employment benefits | 1,931 | 2,110 | 2,056 |
| Other provisions | 600 | 620 | 679 |
| Total non-current liabilities | 15,569 | 15,065 | 16,750 |
| Trade payables | 5,253 | 4,341 | 5,896 |
| Current tax liabilities | 695 | 537 | 371 |
| Other liabilities | 4,350 | 4,233 | 4,038 |
| Dividend payable | 288 | 1,143 | - |
| Borrowings | 697 | 3,047 | 2,203 |
| Lease liabilities | 586 | 671 | 687 |
| Derivatives | 285 | 275 | 873 |
| Other provisions | 1,118 | 1,219 | 1,224 |
| Liabilities attributable to assets held for sale | - | - | 140 |
| Total current liabilities | 13,272 | 15,466 | 15,432 |
| Total equity and liabilities | 53,485 | 55,235 | 56,803 |
Condensed consolidated cash flow statement
| SEKm | Q3 2025 |
Q3 2024 |
Jan-Sep 2025 |
Jan-Sep 2024 |
Full year 2024 |
|---|---|---|---|---|---|
| Operations Operating income |
141 | 52 | 3,735 | 3,882 | 2,597 |
| Non cash items | 711 | 592 | 2,406 | 2,253 | 3,354 |
| Cash items | |||||
| Paid restructuring expenses | -96 | -88 | -403 | -278 | -591 |
| Net financial items, received/paid | -141 | -217 | -447 | -617 | -745 |
| Taxes paid/received | -56 | -336 | -310 | -689 | -1,017 |
| Cash flow from operations, excluding change in | |||||
| operating assets and liabilities | 559 | 3 | 4,981 | 4,552 | 3,597 |
| Operating assets and liabilities | |||||
| Change in inventories | -383 | 923 | 1,141 | 3,898 | 3,150 |
| Change in trade receivables | 4,990 | 4,345 | -527 | -782 | -120 |
| Change in trade payables | -1,542 | -1,540 | -358 | -1,213 | 222 |
| Change in other operating assets/liabilities | -824 | -487 | 526 | 412 | -13 |
| Cash flow from operating assets and liabilities | 2,240 | 3,241 | 781 | 2,315 | 3,239 |
| Cash flow from operations | 2,799 | 3,243 | 5,761 | 6,867 | 6,836 |
| Investments | |||||
| Acquisitions of subsidiaries/operations | - | - | -28 | -5 | -40 |
| Proceeds from sale of property, plant and equipment | 11 | 135 | 317 | 147 | 147 |
| Investments in property, plant and equipment and intangible assets | -491 | -541 | -1,627 | -1,750 | -2,603 |
| Investments and divestments of financial assets | 12 | 54 | 10 | 39 | 32 |
| Cash flow from investments | -468 | -351 | -1,328 | -1,571 | -2,465 |
| Cash flow from operations and investments | 2,331 | 2,892 | 4,433 | 5,296 | 4,372 |
| Financing | |||||
| Dividend paid to shareholders | - | - | -286 | -570 | -1,715 |
| Dividend paid to non-controlling interests | - | - | -1 | - | -0 |
| Proceeds/repayment of borrowings | -1,759 | -1,398 | -1,914 | -2,798 | -2,147 |
| Other financing activities | -145 | -74 | -203 | -19 | -122 |
| Cash flow from financing | -1,904 | -1,472 | -2,404 | -3,387 | -3,984 |
| Total cash flow | 427 | 1,420 | 2,029 | 1,909 | 388 |
| Cash and cash equivalents at the beginning of the period | 3,475 | 2,059 | 1,970 | 1,527 | 1,527 |
| Exchange rate differences referring to cash and cash equivalents | -8 | -52 | -105 | -8 | 55 |
| Cash and cash equivalents at the end of the period | 3,895 | 3,428 | 3,895 | 3,428 | 1,970 |
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full year | |
| Direct operating cash flow, SEKm | 2025 | 2024 | 2025 | 2024 | 2024 |
| EBITDA excl. items affecting comparability | 881 | 833 | 5,970 | 6,170 | 6,255 |
| Change in inventories | -383 | 923 | 1,141 | 3,898 | 3,150 |
| Change in trade receivables | 4,990 | 4,345 | -527 | -782 | -120 |
| Change in trade payables | -1,542 | -1,540 | -358 | -1,213 | 222 |
| Investments in property, plant and equipment and intangible assets | -491 | -541 | -1,627 | -1,750 | -2,603 |
| Direct operating cash flow | 3,455 | 4,020 | 4,598 | 6,323 | 6,905 |
Key performance indicators
Income statement
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full year | ||
|---|---|---|---|---|---|---|
| EBITDA*, SEKm | 2025 | 2024 | 2025 | 2024 | LTM* | 2024 |
| Operating income | 141 | 52 | 3,735 | 3,882 | 2,450 | 2,597 |
| Reversals | ||||||
| Depreciation | 483 | 520 | 1,442 | 1,505 | 1,957 | 2,020 |
| Amortization | 244 | 256 | 757 | 765 | 1,011 | 1,019 |
| Impairment | 14 | 5 | 29 | 10 | -113 | -131 |
| Depreciation, amortization and impairment | 741 | 781 | 2,228 | 2,280 | 2,855 | 2,908 |
| EBITDA* | 882 | 833 | 5,963 | 6,162 | 5,306 | 5,505 |
| Excl. items affecting comparability* | 881 | 833 | 5,970 | 6,170 | 6,056 | 6,255 |
| EBITDA margin, % | 9.6 | 8.6 | 15.2 | 15.4 | 11.1 | 11.4 |
| Excl. items affecting comparability*, % | 9.6 | 8.6 | 15.2 | 15.5 | 12.7 | 12.9 |
Organic growth*
Net sales, third quarter 2025
| SEKm | Reported net sales |
Acquisitions/ divestments |
Net sales before currency translation |
Currency translation |
Adjusted net sales |
|---|---|---|---|---|---|
| 2025 | 9,204 | 9,204 | 9,204 | ||
| 2024 | 9,739 | - | 9,739 | -505 | 9,234 |
| Growth | -535 | -535 | -30 | ||
| Growth, % | -5 | -5 | 0 |
Net sales, January – September 2025
| SEKm | Reported net sales |
Acquisitions/ divestments |
Net sales before currency translation |
Currency translation |
Adjusted net sales |
|---|---|---|---|---|---|
| 2025 | 39,184 | 39,184 | 39,184 | ||
| 2024 | 39,888 | - | 39,888 | -1,243 | 38,645 |
| Growth | -704 | -704 | 539 | ||
| Growth, % | -2 | -2 | 1 |
*Alternative Performance Measure, refer to "Definitions".
Other key performance indicators
| Key data | Sep 30 2025 |
Sep 30 2024 |
Dec 31 2024 |
|---|---|---|---|
| Operating working capital, SEKm | 12,725 | 15,261 | 14,393 |
| Average operating working capital LTM, SEKm | 15,236 | 18,822 | 18,143 |
| Operating working capital/net sales*, % | 32.0 | 38.8 | 37.5 |
| Return on capital employed, % | 5.9 | 6.5 | 5.9 |
| Excl. items affecting comparability*, % | 7.3 | 8.3 | 7.2 |
| Return on equity, % | 5.8 | 5.7 | 5.3 |
| Excl. items affecting comparability*, % | 7.6 | 8.2 | 7.1 |
| Capital turn-over rate, times | 1.3 | 1.2 | 1.2 |
| Equity/assets ratio, % | 46 | 45 | 43 |
| Equity per share after dilution, SEK | 43.0 | 43.2 | 43.0 |
| Average number of employees | 12,067 | 13,424 | 13,353 |
| Sep 30 | Sep 30 | Dec 31 | |
| Net debt*, SEKm | 2025 | 2024 | 2024 |
| Net pension liability | 1,740 | 1,879 | 1,834 |
| Other interest-bearing liabilities | 12,440 | 14,020 | 15,429 |
| Dividend payable | 288 | 1,143 | - |
| Less: Liquid funds and other interest-bearing assets | -4,557 | -4,214 | -2,792 |
| Net debt* | 9,911 | 12,828 | 14,471 |
| Net debt/equity ratio | 0.40 | 0.52 | 0.59 |
| Net debt/EBITDA excl. items affecting comparability* | 2.2 | 2.4 | 2.5 |
| Sep 30 | Sep 30 | Dec 31 | |
| Return on capital employed*, SEKm | 2025 | 2024 | 2024 |
| Total equity and liabilities | 53,485 | 55,235 | 56,803 |
| Deduction; Non interest bearing liabilities: | -14,183 | -13,258 | -14,696 |
| Deferred tax liabilities | -2,167 | -2,308 | -2,349 |
| Other provisions | -1,718 | -1,839 | -2,042 |
| Trade payables | -5,253 | -4,341 | -5,896 |
| Current tax liabilities | -695 | -537 | -371 |
| Other liabilities | -4,350 | -4,233 | -4,038 |
| Capital employed* | 39,303 | 41,977 | 42,107 |
| Capital employed*, LTM Average | 41,564 | 44,829 | 44,288 |
| Operating income, LTM | 2,450 | 2,899 | 2,597 |
| Return on capital employed*, % | 5.9 | 6.5 | 5.9 |
| Operating income excl. items affecting comparability*, LTM | 3,048 | 3,722 | 3,195 |
| Return on capital employed excl. items affecting comparability*, % | 7.3 | 8.3 | 7.2 |
* Alternative Performance Measure, refer to "Definitions".
Change in Group equity, condensed
| Attributable to equity holders of the |
Non-controlling | ||
|---|---|---|---|
| SEKm | Parent Company | interests | Total equity |
| Opening balance January 1, 2024 | 23,770 | 2 | 23,772 |
| Share-based payment | 331 | 331 | |
| Hedge for LTI-programs | -311 | -311 | |
| Dividend | -1,714 | 0 | -1,715 |
| Total comprehensive income | 2,624 | 2 | 2,626 |
| Closing balance September 30, 2024 | 24,700 | 3 | 24,704 |
| Opening balance January 1, 2025 | 24,619 | 3 | 24,622 |
| Share-based payment | 134 | 134 | |
| Hedge for LTI-programs | -135 | -135 | |
| Dividend | -574 | -1 | -575 |
| Total comprehensive income | 596 | 2 | 598 |
| Closing balance September 30, 2025 | 24,640 | 4 | 24,644 |
Fair value of financial instruments
The Group's financial instruments carried at fair value are derivatives. Derivatives belong to Level 2 in the fair value hierarchy. Future cash flows have been discounted using current quoted market interest rates and exchange rates for similar instruments. Further information about the accounting principles for financial instruments and methods used for estimating the fair value of the financial instruments are described in note 1 and note 20, respectively, in the Annual Report 2024. The carrying value approximates fair value for all financial instruments.
Net sales and income by division and quarter
| SEKm | 2025 | 2024 | 2023 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Group | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 |
| Net sales | 9,204 | 15,277 | 14,704 | 8,464 | 9,739 | 15,430 | 14,719 | 8,605 | 10,512 | 16,976 |
| Net sales, LTM* | 47,648 | 48,183 | 48,337 | 48,352 | 48,494 | 49,267 | 50,813 | 53,261 | 55,009 | 56,703 |
| Operating income | 141 | 2,063 | 1,532 | -1,285 | 52 | 1,899 | 1,930 | -983 | 398 | 2,101 |
| Operating margin, % | 1.5 | 13.5 | 10.4 | -15.2 | 0.5 | 12.3 | 13.1 | -11.4 | 3.8 | 12.4 |
| Operating income excl. IAC* | 140 | 2,041 | 1,561 | -694 | 53 | 1,906 | 1,930 | -168 | 415 | 2,313 |
| Operating margin excl. IAC*, % | 1.5 | 13.4 | 10.6 | -8.2 | 0.5 | 12.4 | 13.1 | -1.9 | 3.9 | 13.6 |
| Operating income, LTM* | 2,450 | 2,362 | 2,198 | 2,597 | 2,899 | 3,245 | 3,447 | 3,880 | 3,126 | 3,283 |
| Operating margin, LTM*, % | 5.1 | 4.9 | 4.5 | 5.4 | 6.0 | 6.6 | 6.8 | 7.3 | 5.7 | 5.8 |
| Operating income excl. IAC, LTM | 3,048 | 2,961 | 2,825 | 3,195 | 3,722 | 4,084 | 4,491 | 4,970 | 5,125 | 5,311 |
| Operating margin excl. IAC, LTM, % | 6.4 | 6.1 | 5.8 | 6.6 | 7.7 | 8.3 | 8.8 | 9.3 | 9.3 | 9.4 |
| Net income for the period | -10 | 1,579 | 971 | -1,116 | -153 | 1,273 | 1,322 | -1,011 | 125 | 1,411 |
| Husqvarna Forest & Garden | Q3 | Kv2 | Kv1 | Kv4 | Kv3 | Kv2 | Kv1 | Kv4 | Kv3 | Kv2 |
| Net sales | 5,594 | 8,701 | 8,768 | 5,332 | 5,825 | 8,722 | 8,272 | 5,257 | 6,123 | 9,722 |
| Net sales, LTM* | 28,395 | 28,626 | 28,647 | 28,152 | 28,077 | 28,374 | 29,375 | 31,759 | 33,295 | 34,933 |
| Operating income | 222 | 1,145 | 1,107 | -414 | 144 | 1,145 | 1,191 | -379 | 291 | 1,123 |
| Operating margin, % | 4.0 | 13.2 | 12.6 | -7.8 | 2.5 | 13.1 | 14.4 | -7.2 | 4.8 | 11.6 |
| Operating income excl. IAC* | 222 | 1,153 | 1,136 | -277 | 144 | 1,149 | 1,191 | -7 | 293 | 1,260 |
| Operating margin excl. IAC*, % | 4.0 | 13.3 | 13.0 | -5.2 | 2.5 | 13.2 | 14.4 | -0.1 | 4.8 | 13.0 |
| Operating income, LTM* | 2,060 | 1,981 | 1,982 | 2,065 | 2,101 | 2,249 | 2,226 | 2,706 | 1,833 | 2,101 |
| Operating margin, LTM*, % | 7.3 | 6.9 | 6.9 | 7.3 | 7.5 | 7.9 | 7.6 | 8.5 | 5.5 | 6.0 |
| Operating income excl. IAC, LTM | 2,235 | 2,157 | 2,153 | 2,208 | 2,478 | 2,626 | 2,737 | 3,236 | 3,516 | 3,779 |
| Operating margin excl. IAC, LTM, % | 7.9 | 7.5 | 7.5 | 7.8 | 8.8 | 9.3 | 9.3 | 10.2 | 10.6 | 10.8 |
| Gardena | Q3 | Kv2 | Kv1 | Kv4 | Kv3 | Kv2 | Kv1 | Kv4 | Kv3 | Kv2 |
| Net sales | 1,799 | 4,668 | 4,045 | 1,264 | 2,037 | 4,566 | 4,414 | 1,326 | 2,287 | 5,031 |
| Net sales, LTM* | 11,776 | 12,014 | 11,911 | 12,281 | 12,342 | 12,593 | 13,057 | 12,964 | 13,108 | 13,222 |
| Operating income | -161 | 816 | 451 | -467 | -156 | 691 | 673 | -407 | -46 | 818 |
| Operating margin, % | -9.0 | 17.5 | 11.1 | -36.9 | -7.6 | 15.1 | 15.3 | -30.7 | -2.0 | 16.3 |
| Operating income excl. IAC* | -161 | 816 | 451 | -388 | -156 | 693 | 673 | -264 | -41 | 857 |
| Operating margin excl. IAC*, % | -9.0 | 17.5 | 11.1 | -30.7 | -7.6 | 15.2 | 15.3 | -19.9 | -1.8 | 17.0 |
| Operating income, LTM* | 639 | 645 | 520 | 742 | 802 | 912 | 1,039 | 950 | 889 | 842 |
| Operating margin, LTM*, % | 5.4 | 5.4 | 4.4 | 6.0 | 6.5 | 7.2 | 8.0 | 7.3 | 6.8 | 6.4 |
| Operating income excl. IAC, LTM | 718 | 724 | 600 | 823 | 946 | 1,061 | 1,225 | 1,136 | 1,086 | 1,085 |
| Operating margin excl. IAC, LTM, % | 6.1 | 6.0 | 5.0 | 6.7 | 7.7 | 8.4 | 9.4 | 8.8 | 8.3 | 8.2 |
| Husqvarna Construction | Q3 | Kv2 | Kv1 | Kv4 | Kv3 | Kv2 | Kv1 | Kv4 | Kv3 | Kv2 |
| Net sales | 1,773 | 1,871 | 1,857 | 1,820 | 1,832 | 2,105 | 2,008 | 1,968 | 2,061 | 2,192 |
| Net sales, LTM* | 7,321 | 7,381 | 7,615 | 7,766 | 7,915 | 8,143 | 8,230 | 8,398 | 8,500 | 8,463 |
| Operating income | 205 | 237 | 135 | -239 | 150 | 204 | 203 | -4 | 225 | 272 |
| Operating margin, % | 11.5 | 12.7 | 7.3 | -13.1 | 8.2 | 9.7 | 10.1 | -0.2 | 10.9 | 12.4 |
| Operating income excl. IAC* | 205 | 237 | 135 | 91 | 150 | 205 | 203 | 180 | 225 | 308 |
| Operating margin excl. IAC*, % | 11.5 | 12.7 | 7.3 | 5.0 | 8.2 | 9.7 | 10.1 | 9.1 | 10.9 | 14.1 |
| Operating income, LTM* | 337 | 282 | 249 | 318 | 553 | 628 | 696 | 755 | 839 | 796 |
| Operating margin, LTM*, % | 4.6 | 3.8 | 3.3 | 4.1 | 7.0 | 7.7 | 8.5 | 9.0 | 9.9 | 9.4 |
| Operating income excl. IAC, LTM | 667 | 613 | 581 | 649 | 738 | 813 | 916 | 1,002 | 948 | 905 |
| Operating margin excl. IAC, LTM, % | 9.1 | 8.3 | 7.6 | 8.4 | 9.3 | 10.0 | 11.1 | 11.9 | 11.2 | 10.7 |
| Group Common | Q3 | Kv2 | Kv1 | Kv4 | Kv3 | Kv2 | Kv1 | Kv4 | Kv3 | Kv2 |
| Net sales | ||||||||||
| 38 | 36 | 34 | 47 | 44 | 38 | 24 | 54 | 41 | 31 | |
| Operating income | -125 | -135 | -161 | -165 | -86 | -141 | -137 | -193 | -72 | -112 |
The majority of net sales are recognized at a certain point in time.
*Alternative Performance Measure, refer to "Definitions".
Items affecting comparability
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full year | |
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | 2024 |
| Restructuring costs | |||||
| Write-down/reversal of non-current assets | - | - | - | - | 152 |
| Write-down of inventory | - | -156 | - | -156 | -410 |
| Other | 1 | 155 | -7 | 149 | -355 |
| Non-recurring costs relating to Russia | |||||
| Other | - | - | - | - | 14 |
| Total items affecting comparability | 1 | -1 | -7 | -7 | -598 |
Classification in the income statement
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full year | |
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | 2024 |
| Cost of goods sold | 1 | -156 | -54 | -156 | -415 |
| Selling expenses | - | - | - | - | -114 |
| Administrative expenses | - | 11 | 30 | 4 | -215 |
| Other operating income/expenses | - | 144 | 17 | 144 | 146 |
| Total items affecting comparability | 1 | -1 | -7 | -7 | -598 |
Net assets by division¹
| Assets | Liabilities | Net Assets | |||||
|---|---|---|---|---|---|---|---|
| SEKm | Sep 30 2025 |
Sep 30 2024 |
Sep 30 2025 |
Sep 30 2024 |
Sep 30 2025 |
Sep 30 2024 |
|
| Husqvarna Forest & Garden | 21,659 | 22,454 | 6,491 | 5,765 | 15,168 | 16,689 | |
| Gardena | 15,794 | 17,040 | 3,179 | 3,051 | 12,615 | 13,989 | |
| Husqvarna Construction | 7,756 | 8,405 | 1,357 | 1,255 | 6,400 | 7,150 | |
| Other² | 3,528 | 2,891 | 3,156 | 3,187 | 372 | -296 | |
| Total | 48,738 | 50,790 | 14,183 | 13,258 | 34,555 | 37,531 |
¹ Liquid assets, other interest-bearing assets, interest-bearing liabilities and equity are not included in the table above.
² Other include unallocated items, mostly tax and associated companies.
Parent Company
Condensed income statement
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full year | |
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | 2024 |
| Net sales | 4,798 | 4,316 | 19,244 | 17,597 | 22,427 |
| Cost of goods sold | -4,152 | -3,692 | -15,321 | -13,210 | -19,404 |
| Gross income | 646 | 624 | 3,923 | 4,386 | 3,023 |
| Selling expenses | -517 | -442 | -1,653 | -1,453 | -1,863 |
| Administrative expenses | -388 | -449 | -1,554 | -1,550 | -2,122 |
| Operating income | -259 | -267 | 716 | 1,383 | -962 |
| Financial items, net | 500 | 407 | 2,675 | -440 | -1,897 |
| Income after financial items | 241 | 139 | 3,392 | 943 | -2,859 |
| Appropriations | -28 | -14 | -111 | -44 | 5 |
| Income before taxes | 213 | 125 | 3,280 | 900 | -2,854 |
| Tax on profit for the year | 92 | -26 | -423 | -60 | 721 |
| Income for the period | 305 | 99 | 2,858 | 839 | -2,133 |
Condensed balance sheet
| Sep 30 | Sep 30 | Dec 31 | |
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| Non-current assets | 52,976 | 52,430 | 53,355 |
| Current assets | 11,893 | 11,908 | 10,122 |
| Total assets | 64,869 | 64,338 | 63,477 |
| Equity | 30,295 | 31,034 | 28,042 |
| Untaxed reserves | 1,424 | 1,424 | 1,424 |
| Provisions | 751 | 628 | 668 |
| Non-current liabilities | 9,749 | 8,657 | 10,240 |
| Current liabilities | 22,650 | 22,595 | 23,102 |
| Total equity and liabilities | 64,869 | 64,338 | 63,477 |
Number of shares
| Outstanding A-shares |
Outstanding B-shares |
Repurchased B-shares ¹ |
Total | |
|---|---|---|---|---|
| Number of shares as of December 31, 2024 | 107,825,205 | 463,871,712 | 4,646,861 | 576,343,778 |
| Conversion of shares | - | |||
| Shares allocated to LTI-program | 69,712 | -69,712 | - | |
| Number of shares as of September 30, 2025 | 107,825,205 | 463,941,424 | 4,577,149 | 576,343,778 |
¹ All repurchased B-shares are included in a third party share swap agreement.
Definitions
This report includes financial measures as required by the financial reporting framework applicable to Husqvarna Group, which is based on IFRS. In addition, there are other measures (Alternative Performance Measures) used by management and other stakeholders to analyze trends and performance of the Group's operations that cannot be directly read or derived from the financial statements. Husqvarna stakeholders should not consider these as substitutes, but rather as additions to the financial reporting measures prepared in accordance with IFRS. Please note that the Alternative Performance Measures as defined, may not be comparable to similarly titled measures used by other companies. Refer below for a list of definitions of all measures and indicators used, referred to and presented in this report.
Computation of average amounts
The computation of key ratios is based on averages of affected balance sheet items the last 12 months.
Roundings
All items are stated in SEKm and, accordingly, rounding differences can occur.
Last twelve months (LTM)
Last twelve months rolling has been included to assist stakeholders in their analysis of the seasonality that Husqvarna Group's business is exposed to.
Earnings per share, after dilution
Earnings per share is expressed as net income attributable to equity holders of the Parent Company divided by the average number of shares outstanding (net of treasury shares), after dilution. Earnings per share is a good measure of the company's profitability and is used to determine the value of the company's outstanding shares.
Growth measures
Net sales growth
Change in net sales compared to previous period in percent.
Organic growth
Change in net sales, adjusted for material acquisitions, divestments, planned exits and currency translation effects. The measure is important in order to understand the underlying performance of the operations and increases the comparability between periods.
Profitability measures
EBITDA
EBITDA is a measure of earnings before interest, taxes, depreciation, amortization and impairment charges. EBITDA measures Husqvarna Group's operating performance and the ability to generate cash from operations, without considering the capital structure of the Group or its fiscal environment. For a reconciliation of EBITDA refer to section Key Performance Indicators.
EBITDA margin
EBITDA as a percentage of net sales.
Gross margin
Gross income as a percentage of net sales.
Operating margin
Operating income as a percentage of net sales.
Return on capital employed
Operating income during the last twelve months as a percentage of average capital employed. A central ratio for measuring return on capital tied up in operations.
Return on equity
Net income attributable to equity holders of the Parent Company last twelve months as a percentage of average equity attributable to equity holders of the Parent Company. The indicator shows how share holders' capital yields interest during the period.
Share-based measures
Equity per share, after dilution
Equity attributable to equity holders of the Parent Company divided by the average number of shares outstanding (net of treasury shares), after dilution. A measure of the amount of equity that exists per outstanding share and is used for measuring the share against the share price.
Capital indicators
Capital employed
Total equity and liabilities less non-interest-bearing debt including deferred tax liabilities. This measure shows the amount of capital that is used in the operations and is an important component for measuring the return from operations.
Capital expenditure
Investments in property, plant and equipment, right of use assets and intangible assets.
Interest bearing liabilities
Long-term and short-term borrowings, net pension liability and fair value derivative liabilities.
Liquid funds
Cash and cash equivalents, short-term investments and fair value derivative assets.
Net assets
Total assets excluding liquid funds and interest-bearing assets less operating liabilities, non-interest-bearing provisions and deferred tax liabilities.
Net debt
Net debt describes the Group's gearing and its ability to repay its debts from cash generated from the Group´s ordinary business, if they were all due today. It is also used to analyze how future net interest costs will impact earnings. Net debt is defined as total interest-bearing liabilities plus dividend payable, less liquid funds and interest-bearing assets.
Operating working capital
Inventories and trade receivables less trade payables. This measure shows how much working capital is tied up in the operations and can be put in relation to sales to understand how efficient working capital is managed.
Capital measures
Equity/assets ratio
Equity attributable to equity holders of the Parent Company as a percentage of total assets. A measure for showing financial risk, expressing the percentage of total assets that is financed by the owners.
Capital turnover rate
Net sales last twelve months divided with average net assets. Shows how effectively capital is managed and is a key measure for monitoring value creation.
Net debt/EBITDA excl. items affecting comparability
Average net debt in relation to EBITDA last twelve months, excluding items affecting comparability. Shows the company's capacity to repay its debt, adjusted for the impact of items affecting comparability.
Net debt/equity ratio
Net debt in relation to total equity. Shows financial risk and is a useful measure to monitor the level of the company's indebtedness.
Operating working capital/net sales
Average operating working capital as a percentage of net sales last twelve months. This measure is an important indicator for how efficient working capital is managed.
Other measures
Direct operating cash flow
EBITDA, excluding items affecting comparability, adjusted for change in trade payables, inventory and trade receivables and investments in property, plant and equipment and intangible assets. For a reconciliation of direct operating cash flow refer to the table below the cash flow statement. Direct operating cash flow provides a measure of the cash generated by the Groups operating business.
Items affecting comparability (IAC)
Within Items affecting comparability, Husqvarna includes items like restructuring costs and significant one-time expenses or income to enhance comparability between periods and provide a better understanding of the company's underlying operating activities.
