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Quarterly Report • Oct 21, 2025
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Quarterly Report
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INTERIM REPORT JANUARY – SEPTEMBER 2025
Improved demand and high EBITA margin
Third quarter 2025
• Order intake increased by 3% and amounted to SEK 7,735 million (7,537). For comparable units, the increase was 3%.
• Net sales decreased by 2% to SEK 7,846 million (7,973). For comparable units, the decrease was 1%.
• EBITA decreased by 3% to SEK 1,143 million (1,182), corresponding to an EBITA margin of 14.6% (14.8%).
• Profit for the quarter decreased by 4% to SEK 674 million (700) and earnings per share amounted to SEK 1.85 (1.92).
• Cash flow from operating activities amounted to SEK 1,016 million (1,019).
-2%
Sales growth
14.6%
EBITA margin
Financial overview and key figures
| Q3 | Q1-Q3 | |||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | ∆, % | 2025 | 2024 | ∆, % | R12 | 2024 |
| Order intake | 7,735 | 7,537 | 3% | 24,487 | 23,870 | 3% | 32,525 | 31,908 |
| Net sales | 7,846 | 7,973 | -2% | 24,003 | 24,208 | -1% | 32,339 | 32,544 |
| Book-to-bill, % | 99 | 95 | 102 | 99 | 101 | 98 | ||
| EBITA | 1,143 | 1,182 | -3% | 3,352 | 3,468 | -3% | 4,573 | 4,689 |
| EBITA margin, % | 14.6 | 14.8 | 14.0 | 14.3 | 14.1 | 14.4 | ||
| Operating profit | 974 | 1,015 | -4% | 2,851 | 2,982 | -4% | 3,902 | 4,033 |
| Profit before tax | 875 | 872 | 0% | 2,517 | 2,584 | -3% | 3,460 | 3,527 |
| Net profit for the period | 674 | 700 | -4% | 1,936 | 2,018 | -4% | 2,668 | 2,750 |
| Earnings per share before dilution, SEK | 1.85 | 1.92 | -4% | 5.31 | 5.53 | -4% | 7.32 | 7.55 |
| Return on capital employed, % | 19 | 19 | 19 | 19 | 19 | 19 | ||
| Cash flow from operating activities | 1,016 | 1,019 | 0% | 2,395 | 2,535 | -6% | 3,994 | 4,134 |
| Net debt/equity ratio, % | 48 | 56 | 48 | 56 | 48 | 49 | ||
| Net debt/EBITDA, times | 1.4 | 1.6 | -13% | 1.4 | 1.6 | -13% | 1.4 | 1.4 |
CEO's message
Third quarter
Demand during the third quarter was higher overall than in the corresponding period in the previous year. Order intake increased by 3% and amounted to SEK 7.7 billion (7.5). Organic order growth was 3%, with positive development in more than half of the companies. Companies with customers in medical technology and pharmaceuticals had the strongest growth. Development remained varied between different companies and segments, but demand improved overall in most of the larger customer segments. Four out of five business areas had organic order growth.
Net sales amounted to SEK 7.8 billion (8.0), corresponding to a decrease of 2%, of which 1% was organic. Performance was strongest in the Process, Energy & Water business area, where net sales increased for comparable units. Many companies had a strong development in the Life Science business area, but due to tough comparative figures with strong sales to the pharmaceutical sector in Denmark during the previous year, organic development was overall weaker.
EBITA amounted to SEK 1.1 billion (1.2), corresponding to a strong EBITA margin of 14.6% (14.8%). The margin was held back by the organic sales development, combined with slightly higher expense levels, partly offset by positive effects from newly acquired companies and divestments. The gross margin improved to 35.5% – Indutrade's highest third quarter figure ever. The EBITA margin increased in two out of five business areas, with Infrastructure & Construction showing the strongest development. The margin decreased slightly in the Industrial & Engineering and Process, Energy & Water business areas.
Cash flow from operating activities amounted to SEK 1,016 million (1,019), a continued high level in line with the previous year. Inventories and total working capital decreased organically compared with the previous year, and working capital efficiency improved further. Interest-bearing net debt decreased compared with both the end of the corresponding period in the previous year and the end of the second quarter. The Group's financial position remains strong.
Acquisitions
The acquisition pace was high in the third quarter and we welcomed six new companies to the Group. To date this year, we have acquired ten companies with combined annual sales totalling around SEK 1,050 million. For instance, we have strengthened our position in Italy by acquiring SLT, a technical trading company offering testing and safety control devices for the medical technology and healthcare sectors. The Dutch company Magistor, which offers cutting tools and blasting media, was acquired after the end of the third quarter.
Our business areas, business segments and local acquisition resources are working continuously and proactively to identify stable, well-managed companies, and alongside our strong financial position this lays a good foundation for more value-creating acquisitions.
"Organic order growth was 3%, with positive development in more than half of the companies."
Outlook
Demand has developed positively during the year, but the market generally is still subdued and some uncertainty remains. A somewhat stronger order book and higher acquisition pace, however, gives some confidence regarding the earnings development in the forthcoming quarter.
For the long term, we remain very positive and our business model stands firm. Many of our companies have strong positions and opportunities in industries with good prospects for structural growth. Combined with our strong culture and scalable platform, this lays a good foundation for longterm value creation.
Bo Annvik, President and CEO
"For the long term, we remain very positive and our business model stands firm."
1) Q3-2025 R12
Order intake and net sales
Sales bridge
| Q3 2025 | Q1-Q3 2025 | |||||
|---|---|---|---|---|---|---|
| Growth, % | Order intake | Net sales | Order intake | Net sales | ||
| Organic | 3 | -1 | 1 | -2 | ||
| Acquisitions | 3 | 3 | 4 | 4 | ||
| Divestments | -1 | -1 | -1 | -1 | ||
| Currency | -2 | -3 | -1 | -2 | ||
| Total | 3 | -2 | 3 | -1 |
Order intake
Demand improved in the third quarter and order intake amounted to SEK 7,735 million (7,537), an increase of 3% on the corresponding period in the previous year. Order intake improved in just over half of the companies and was up 3% for comparable units. Order intake was 1% lower than sales, mainly due to seasonal variation.
Demand again varied between companies and segments. In the largest customer segments, development was strongest in medical technology and pharmaceuticals, but was also strong in the process industry, infrastructure and construction, as well as engineering. Demand for companies with customers in the energy sector was high overall, although slightly lower than in the corresponding period the previous year, primarily due to a number of large projects in the previous year and strong comparative figures generally.
Order intake for comparable units during the quarter was higher than in the corresponding period the previous year in four out of five business areas; Life Science reported the strongest performance, closely followed by Technology & Systems Solutions. In the Process, Energy & Water business area, order intake for comparable units declined somewhat.
Net sales
Net sales in the third quarter amounted to SEK 7,846 million (7,973), a decrease of 2% compared with the corresponding period the previous year. Comparable units showed a decline of 1%, the weakest development being in the Life Science business area, due to strong comparative figures from large deliveries to the pharmaceuticals sector in Denmark in the previous year. In the Process, Energy & Water business area, net sales increased for comparable units compared with the corresponding period the previous year.
Profits and return
Profit bridge
| Q3 2025 | Q1-Q3 2025 | |
|---|---|---|
| Growth, % | EBITA | EBITA |
| Organic | -5 | -6 |
| Acquisitions | 3 | 4 |
| Divestments | 1 | 1 |
| Currency | -2 | -2 |
| Total | -3 | -3 |
Operating profit before amortisation of intangible assets attributable to acquisitions (EBITA) amounted to SEK 1,143 million for the third quarter, a decrease of 3% compared with the corresponding period in the previous year. The EBITA margin was 14.6% (14.8%).
The slightly lower EBITA margin is mainly explained by lower net sales for comparable units, combined with slightly higher expense levels. The gross margin remained strong and improved to 35.5% (34.0%). Acquisitions and divestments had a positive impact on the margin development.
The Infrastructure & Construction and Life Science business areas reported the strongest improvement in EBITA margin compared with the corresponding period in the previous year, while in Industrial & Engineering and Process, Energy & Water the EBITA margin decreased slightly.
EBITA was slightly reduced during the quarter by non-operational nonrecurring items of SEK -3 million (4) net. Contingent consideration remeasurement had a positive impact of SEK 79 million on EBITA, while goodwill impairment had a negative impact of SEK 82 million. The nonrecurring items are recognised as Group items outside the business areas.
Net financial items during the third quarter amounted to SEK -99 million (-143). Tax on profit for the quarter totalled SEK -201 million (-172), corresponding to a tax charge of 23% (20%). Profit for the quarter decreased by 4% to SEK 674 million (700). Earnings per share before dilution decreased by 4% to SEK 1.85 (1.92).
Return
Return on capital employed was in line with the previous year and amounted to 19% (19%). Return on equity amounted to 16% (18%).
Balance sheet and cash flow
Balance sheet
Capital employed at the end of the quarter was approximately in line with the corresponding period in the previous year and amounted to SEK 24,901 million (24,547). Acquisitions increased the capital employed, but this was largely offset by reductions in working capital, divestments and currency movements. At the end of the third quarter, inventories and total working capital for comparable units were 3% and 1% lower respectively than in the corresponding period the previous year. Working capital efficiency was higher than in the corresponding period the previous year.
Equity amounted to SEK 16,801 million (15,704) and the equity ratio was 50% (48%). Cash and cash equivalents totalled SEK 1,891 million (1,546). In addition, there were unutilised credit facilities of SEK 6,291 million (6,291).
Interest-bearing net debt decreased compared with both the corresponding period in the previous year and the end of the second quarter, and amounted to SEK 8,100 million (8,843) at the end of the quarter.
Cash flow and investments
Cash flow from operating activities for the quarter was in line with the corresponding period in the previous year and amounted to SEK 1,016 million (1,019). Investments in property, plant and equipment during the quarter amounted to SEK 123 million (80). Acquisitions had an impact of SEK -401 million (-208) on cash flow.
Financial position
The financial position remains strong and the net debt/equity ratio at the end of the quarter was 48% (56%). Net debt/EBITDA was 1.4x (1.6x). At the end of the quarter, the Parent Company's short-term borrowing amounted to SEK 1,785 million and unutilised long-term credit facilities were SEK 5,500 million.
Net debt
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| MSEK | Q3 | Q4 | Q3 |
| Borrowings | 7,462 | 8,489 | 7,672 |
| Cash and cash equivalents | -1,891 | -3,054 | -1,546 |
| Financial net debt | 5,571 | 5,435 | 6,126 |
| Lease liabilities | 1,481 | 1,643 | 1,654 |
| Contingent consideration | 731 | 816 | 760 |
| Pension obligation | 317 | 312 | 303 |
| Interest-bearing net debt | 8,100 | 8,206 | 8,843 |
| Financial net debt/EBITDA¹, times | 1.0 | 1.0 | 1.1 |
| Interest-bearing net debt/EBITDA¹, times | 1.4 | 1.4 | 1.6 |
1) Rolling 12 months
1) Pertains to the Parent Company, which is responsible for most of the Group's financing. Excluding leasing according to IFRS 16.
Acquisitions
Acquisitions announced during the quarter
On 8 July, all shares in Utodas B.V., the Netherlands, with annual sales of SEK 35 million, were acquired. Utodas is a supplier of remote online level monitoring solutions for dry and liquid bulk goods.
On 30 July, Optimed Pro-Office, Poland, with annual sales of SEK 35 million, was acquired. Optimed is a technical trading company offering disposables and medical equipment to hospitals and care providers in Poland.
On 31 July, an agreement was signed to acquire all shares in SLT srl, Italy, with annual sales of SEK 85 million. SLT is a technical trading company offering testing and safety control devices for the medical technology and healthcare sectors.
On 29 August, all shares in Crane Group Holdings Ltd., UK, with annual sales of SEK 105 million, were acquired. Crane Electronics develops, manufactures and sells torque management and control solutions.
On 25 September, all shares in Aldax AB, Sweden, with annual sales of SEK 50 million, were acquired. Aldax is a technical trading company offering miniature fluidic components and instrumentation to the life science sector.
On 30 September, all shares in Scan Auto & Dybbroe Group A/S, Denmark, with annual sales of SEK 185 million, were acquired. ScanDybbroe is a technical trading company offering original equipment and spare parts for Italian and French vehicle brands to the Danish market.
Acquisitions 2025
| Month | Business area | Number of | ||
|---|---|---|---|---|
| acquired | Acquisitions | Net sales, MSEK¹ | employees¹ | |
| January | ECOROLL Holding GmbH | Industrial & Engineering | 150 | 65 |
| April | Ideus Sweden AB | Industrial & Engineering | 55 | 8 |
| June | IPP Industrial Production Processes IRL Ltd Life Science | 185 | 29 | |
| July | Utodas B.V. | Technology & Systems Solutions | 35 | 8 |
| July | Optimed Pro-Office | Life Science | 35 | 7 |
| – ² | SLT srl | Life Science | 85 | 19 |
| August | Crane Group Holdings Ltd | Technology & Systems Solutions | 105 | 72 |
| September | Aldax AB | Life Science | 50 | 8 |
| September | Scan Auto & Dybbroe Group A/S | Industrial & Engineering | 185 | 22 |
| October | Magistor B.V. | Industrial & Engineering | 165 | 17 |
| Total | 1,050 | 255 |
1) Estimated annual sales and number of employees at the time of acquisition.
2) Completion is expected to take place during Q4 2025.
Business areas
The Indutrade Group is organised under five business areas: Industrial & Engineering, Infrastructure & Construction, Life Science, Process, Energy & Water and Technology & Systems Solutions. For more information about each business area, please visit: www.indutrade.com
Industrial & Engineering
| Q3 | Q1-Q3 | |||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | ∆, % | 2025 | 2024 | ∆, % | R12 | 2024 |
| Order intake | 1,891 | 1,767 | 7% | 6,120 | 5,895 | 4% | 7,983 | 7,758 |
| Net sales | 1,918 | 1,891 | 1% | 5,958 | 5,899 | 1% | 7,861 | 7,802 |
| EBITA | 281 | 280 | 0% | 827 | 865 | -4% | 1,085 | 1,123 |
| EBITA margin, % | 14.7 | 14.8 | 13.9 | 14.7 | 13.8 | 14.4 |
| Q3 2025 | Q1-Q3 2025 | ||||||
|---|---|---|---|---|---|---|---|
| Growth % | Order intake | Net sales | EBITA | Order intake | Net sales | EBITA | |
| Organic | 2 | -2 | -3 | -1 | -2 | -8 | |
| Acquisitions | 7 | 5 | 5 | 6 | 5 | 5 | |
| Currency | -2 | -2 | -2 | -1 | -2 | -1 | |
| Total | 7 | 1 | 0 | 4 | 1 | -4 |
The order intake for comparable units during the quarter was higher than in the corresponding period the previous year and increased for the majority of the companies and most customer segments. Order intake was 1% lower than sales. Among the larger countries, sales developed most strongly in Finland and the Netherlands, and most weakly in the UK and Germany.
The slightly lower EBITA margin is explained by the lower net sales for comparable units.
Infrastructure & Construction
| Q3 | Q1-Q3 | |||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | ∆, % | 2025 | 2024 | ∆, % | R12 | 2024 |
| Order intake | 1,133 | 1,173 | -3% | 3,669 | 3,778 | -3% | 4,906 | 5,015 |
| Net sales | 1,137 | 1,216 | -6% | 3,623 | 3,731 | -3% | 4,918 | 5,026 |
| EBITA | 141 | 131 | 8% | 394 | 397 | -1% | 548 | 551 |
| EBITA margin, % | 12.4 | 10.8 | 10.9 | 10.6 | 11.1 | 11.0 |
| Q3 2025 | Q1-Q3 2025 | |||||
|---|---|---|---|---|---|---|
| Growth % | Order intake | Net sales | EBITA | Order intake | Net sales | EBITA |
| Organic | 2 | -2 | -6 | -1 | -2 | -10 |
| Acquisitions | 2 | 2 | 5 | 3 | 4 | 6 |
| Divestments | -5 | -4 | 12 | -3 | -3 | 5 |
| Currency | -2 | -2 | -3 | -2 | -2 | -2 |
| Total | -3 | -6 | 8 | -3 | -3 | -1 |
The order intake for comparable units during the quarter was higher than in the corresponding period the previous year and increased for just over half of the companies and most segments. Order intake was in line with sales. Among the larger countries, sales developed most strongly in the UK, while development was weaker primarily in the Nordics and the Netherlands. During the quarter, all shares in Plooijer Zaandam B.V., with annual sales of approximately SEK 93 million, were divested.
The improvement in EBITA margin is mainly explained by the positive effects of divestments and acquisitions.
Life Science
| Q3 | Q1-Q3 | |||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | ∆, % | 2025 | 2024 | ∆, % | R12 | 2024 |
| Order intake | 1,795 | 1,676 | 7% | 5,467 | 5,167 | 6% | 7,447 | 7,147 |
| Net sales | 1,837 | 1,921 | -4% | 5,552 | 5,483 | 1% | 7,491 | 7,422 |
| EBITA | 329 | 333 | -1% | 942 | 930 | 1% | 1,244 | 1,232 |
| EBITA margin, % | 17.9 | 17.3 | 17.0 | 17.0 | 16.6 | 16.6 |
| Q3 2025 | Q1-Q3 2025 | |||||
|---|---|---|---|---|---|---|
| Growth % | Order intake | Net sales | EBITA | Order intake | Net sales | EBITA |
| Organic | 6 | -5 | -1 | 3 | -1 | -1 |
| Acquisitions | 3 | 3 | 3 | 4 | 4 | 5 |
| Currency | -2 | -2 | -3 | -1 | -2 | -3 |
| Total | 7 | -4 | -1 | 6 | 1 | 1 |
The order intake for comparable units during the quarter was higher than in the corresponding period the previous year and increased in the majority of the companies. Order intake was 2% lower than sales. Sales development was negatively affected by very strong comparative figures linked to high delivery volumes to customers in the pharmaceutical sector in the previous year.
The higher EBITA margin is mainly explained by a higher gross margin in many companies.
Process, Energy & Water
| Q3 | Q1-Q3 | |||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | ∆, % | 2025 | 2024 | ∆, % | R12 | 2024 |
| Order intake | 1,840 | 1,873 | -2% | 5,801 | 5,653 | 3% | 7,569 | 7,421 |
| Net sales | 1,842 | 1,808 | 2% | 5,513 | 5,560 | -1% | 7,476 | 7,523 |
| EBITA | 295 | 292 | 1% | 821 | 912 | -10% | 1,141 | 1,232 |
| EBITA margin, % | 16.0 | 16.2 | 14.9 | 16.4 | 15.3 | 16.4 |
| Q3 2025 | Q1-Q3 2025 | |||||
|---|---|---|---|---|---|---|
| Growth % | Order intake | Net sales | EBITA | Order intake | Net sales | EBITA |
| Organic | -1 | 3 | 2 | 2 | -1 | -10 |
| Acquisitions | 2 | 2 | 1 | 3 | 2 | 2 |
| Currency | -3 | -3 | -2 | -2 | -2 | -2 |
| Total | -2 | 2 | 1 | 3 | -1 | -10 |
The order intake for comparable units during the quarter was slightly lower overall than in the corresponding period in the previous year and declined for just over half of the companies. Order intake was in line with sales. The development was strongest for companies with customers in the process industry, while demand from customers in the energy sector had weaker development overall, largely owing to strong comparative figures.
The somewhat lower EBITA margin is primarily explained by a lower gross margin in some companies.
Technology & Systems Solutions
| Q3 | Q1-Q3 | |||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | ∆, % | 2025 | 2024 | ∆, % | R12 | 2024 |
| Order intake | 1,093 | 1,064 | 3% | 3,480 | 3,423 | 2% | 4,687 | 4,630 |
| Net sales | 1,126 | 1,152 | -2% | 3,405 | 3,581 | -5% | 4,655 | 4,831 |
| EBITA | 179 | 183 | -2% | 510 | 575 | -11% | 727 | 792 |
| EBITA margin, % | 15.9 | 15.9 | 15.0 | 16.1 | 15.6 | 16.4 |
| Q3 2025 | Q1-Q3 2025 | |||||
|---|---|---|---|---|---|---|
| Growth % | Order intake | Net sales | EBITA | Order intake | Net sales | EBITA |
| Organic | 5 | 0 | 1 | 3 | -4 | -11 |
| Acquisitions | 2 | 1 | 1 | 2 | 1 | 2 |
| Currency | -4 | -3 | -4 | -3 | -2 | -2 |
| Total | 3 | -2 | -2 | 2 | -5 | -11 |
The order intake for comparable units during the quarter was higher than in the corresponding period the previous year and increased in just over half of the companies. However, the order intake was 3% lower than sales. Geographically, sales developed most strongly primarily in Sweden, while development in the Netherlands and North America was weak.
The EBITA margin was in line with the previous year.
January – September in brief
Order intake
Order intake during the period January – September amounted to SEK 24,487 million (23,870), an increase of 3%. Comparable units increased by 1%, acquisitions contributed 4%, and divestments and currency movements each had a negative impact of 1%.
Net sales
Net sales in the period January – September amounted to SEK 24,003 million (24,208), a decrease of 1%. Comparable units declined by 2%, acquisitions contributed 4%, and divestments and currency movements had a negative impact of 1% and 2% respectively.
Earnings
EBITA in the period January – September amounted to SEK 3,352 million (3,468), a decrease of 3%. Comparable units declined by 6%, acquisitions contributed 4%, divestments contributed 1%, and currency movements had a negative impact of 2%. The EBITA margin was 14.0% (14.3%). The lower EBITA margin is explained by lower net sales for comparable units, combined with slightly higher expense levels, partly offset by positive effects from newly acquired companies and divestments.
Net financial items for the period January – September amounted to SEK -334 million (-398). Tax on profit for
the period amounted to SEK -581 million (-566), corresponding to a tax charge of 23% (22%). Profit for the period decreased by 4% and amounted to SEK 1,936 million (2,018). Earnings per share before dilution decreased by 4% to SEK 5.31 (5.53).
Cash flow
Cash flow from operating activities during the period January – September amounted to SEK 2,395 million (2,535).
The Group's net investments in non-current assets, excluding company acquisitions, totalled SEK 382 million (335).
Free operating cash flow amounted to SEK 2,013 million (2,200).
Investments in company acquisitions amounted to SEK 812 million (1,207). In addition, consideration pertaining to previous years' acquisitions totalled SEK 113 million (266). Divestments amounted to SEK 18 million (3). The dividend for the year affected cash flow by SEK 1,092 million (1,042).
Acquisitions
The company carried out nine acquisitions, with total annual sales of SEK 885 million, during the period January – September.
Other information
Events after the end of the reporting period
Magistor B.V. was acquired on 1 October. For more information, see page 24.
Change to Group Management
Per Lidström has been appointed Senior Vice President and Head of Business Area Process, Energy & Water. He will assume his new position no later than 1 April 2026 and will report to President and CEO Bo Annvik, and be part of the Group Management team. Per Lidström succeeds Per-Olow Jansson, who has decided to retire after 30 years with the Group.
The Parent Company
The main functions of Indutrade AB are to take responsibility for business development, HR development, sustainability, acquisitions, financing, business control, analysis and communication. The Parent Company's net sales, which consist entirely of internal invoicing of services, amounted to SEK 15 million (14) during the period January – September. The Parent Company's financial assets consist mainly of shares in subsidiaries. The Parent Company acquired shares in three companies during the period January – September. The Parent Company has not made any large investments in intangible assets or property, plant and equipment. The number of employees at 30 September was 25 (24).
Employees
The number of employees at the end of the period was 9,777, compared with 9,699 at the beginning of the year.
Risks and uncertainties
The Indutrade Group conducts business in some 30 countries, on six continents, through more than 215 companies. This spread, together with a large number of customers in different industries and a large number of suppliers, mitigates the business and financial risks. Besides the risks and uncertainties described in the Indutrade Annual Report for 2024, no additional significant risks or uncertainties are deemed to have arisen or been removed.
The trade tariffs announced by the US government could affect the Group's companies and financial position. Indutrade has only limited direct exposure to the US, but considerable uncertainty remains as to the eventual outcome – and the impact on the global economy. It is hard to predict any indirect impact due to the complexity of the situation. Within the framework of the decentralised governance model, each company is
working proactively on appropriate measures, such as reviewing trade flows and commercial agreements.
As the Parent Company is responsible for the Group's financing, it is exposed to financing risk. The Parent Company's other activities are not exposed to risks other than indirectly through subsidiaries. A more detailed account of risks that affect the Group and Parent Company can be found in the 2024 Annual Report.
Related party transactions
There were no transactions between Indutrade and related parties that significantly affected the Company's financial position and earnings during the period.
Accounting principles
Indutrade reports in accordance with International Financial Reporting Standards (IFRS). This interim report has been prepared in accordance with IAS 34 and RFR 1. Disclosures in accordance with IAS 34.16A are presented not only in the financial statements and the accompanying notes, but also in other parts of this interim report. The Parent Company applies RFR 2. The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the Swedish Annual Accounts Act. In preparing this interim report, the same accounting principles and calculation methods have been applied for the Group and the Parent Company as in the most recent annual report. There are no new IFRSs or IFRIC interpretations adopted by the EU that are applicable to Indutrade or have a significant impact on the Group's earnings and financial position in 2025.
Nomination Committee
The following persons have been appointed as members of the Nomination Committee ahead of the 2026 Annual General Meeting: Claes Boustedt, L E Lundbergföretagen AB (Committee Chair); Katarina Martinson, Chair of Indutrade AB; Dick Bergqvist, AMF Tjänstepension & AMF Fonder; Camilla Wirth, Alecta Tjänstepension Ömsesidigt; and Monica Åsmyr, Swedbank Robur Fonder. Indutrade's Annual General Meeting will be held in Stockholm on 1 April 2026. Shareholders who wish to submit nominations to the Nomination Committee can do so by e-mailing [email protected] or writing to Indutrade's postal address. For the Nomination Committee to be able to consider submitted nominations in a constructive manner, these should be in the committee's possession by 31 December 2025 at the latest. For more information, please visit: https://www.indutrade.com/aboutindutrade/corporate-governance/nominationcommittee/.
Financial calendar
• 29 January 2026:
Year-end report 1 January – 31 December 2025
• 1 April 2026:
AGM in Stockholm
• 24 April 2026:
Interim report 1 January – 31 March 2026
• 16 July 2026:
Interim report 1 January – 30 June 2026
• 23 October 2026:
Interim report 1 January – 30 September 2026
Capital Markets Day 4 November 2025
Indutrade will hold a Capital Markets Day on 4 November 2025 to present an update of the Company's strategy and priorities for continued, sustainable profitable growth. Participants will include Indutrade President and CEO Bo Annvik, CFO Patrik Johnson and other employees. In addition to the presentations, attendees will also have an opportunity to meet selected MDs from Indutrade's subsidiaries, who will be showing some of their products.
The Capital Markets Day will be an in-person event held at Operaterrassen in central Stockholm, and will also be available as a live webcast. For more information, please visit: https://www.indutrade.com/investors- media/reports--presentations/capital-markets-day-20222/.
Stockholm, 21 October 2025
Indutrade AB (publ)
Bo Annvik President and CEO
This is an unofficial translation of the original Swedish text. In the event of any discrepancy between the English translation and the Swedish original, the Swedish version shall govern.
Note
This information is such information that Indutrade AB is obliged to make public in accordance with the EU Market Abuse Regulation. The information was released for publication by the contact persons below on 21 October 2025 at 7.30 a.m. CEST.
Totals and rounding
Totals given in tables and calculations are not always the exact sum of the different parts due to rounding differences. The aim is for each figure to correspond to the source and rounding differences may therefore occur.
Further information
For further information, please contact: Bo Annvik, President and CEO, tel. +46 (0)8 703 03 00, Patrik Johnson, CFO, tel. +46 (0)70 397 50 30.
This report will be commented upon as follows:
A webcast of the report will be presented on 21 October at 9.30 a.m. CEST via the following link:
https://indutrade.events.inderes.com/q3-report-2025/register
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Review report
To the Board of Directors of Indutrade AB (publ.)
Corp. id. 556017-9367
Introduction
We have reviewed the condensed interim financial information (interim report) of Indutrade AB (publ.) as of 30 September 2025 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Stockholm 21 October 2025
KPMG AB
Joakim Thilstedt
Authorized Public Accountant
Condensed consolidated income statement
| Q3 | Q1-Q3 | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | R12 | 2024 |
| Net sales | 7,846 | 7,973 | 24,003 | 24,208 | 32,339 | 32,544 |
| Cost of goods sold | -5,064 | -5,262 | -15,512 | -15,777 | -20,875 | -21,140 |
| Gross profit | 2,782 | 2,711 | 8,491 | 8,431 | 11,464 | 11,404 |
| Development costs | -88 | -98 | -279 | -306 | -379 | -406 |
| Selling costs | -1,218 | -1,178 | -3,787 | -3,696 | -5,093 | -5,002 |
| Administrative expenses | -500 | -509 | -1,590 | -1,549 | -2,151 | -2,110 |
| Other operating income and expenses | -2 | 89 | 16 | 102 | 61 | 147 |
| Operating profit | 974 | 1,015 | 2,851 | 2,982 | 3,902 | 4,033 |
| Net financial items | -99 | -143 | -334 | -398 | -442 | -506 |
| Profit before tax | 875 | 872 | 2,517 | 2,584 | 3,460 | 3,527 |
| Income tax | -201 | -172 | -581 | -566 | -792 | -777 |
| Net profit for the period | 674 | 700 | 1,936 | 2,018 | 2,668 | 2,750 |
| Net profit attributable to: | ||||||
| Owners of the parent | 674 | 700 | 1,935 | 2,016 | 2,668 | 2,749 |
| Non-controlling interests | 0 | 0 | 1 | 2 | 0 | 1 |
| 674 | 700 | 1,936 | 2,018 | 2,668 | 2,750 | |
| EBITA | 1,143 | 1,182 | 3,352 | 3,468 | 4,573 | 4,689 |
| Operating profit includes: | ||||||
| Amortisation of intangible assets¹ | -179 | -180 | -533 | -523 | -716 | -706 |
| of which attributable to acquisitions | -169 | -167 | -501 | -486 | -671 | -656 |
| Depreciation of property, plant and equipment | -253 | -247 | -748 | -726 | -1,003 | -981 |
| Earnings per share before dilution, SEK | 1.85 | 1.92 | 5.31 | 5.53 | 7.32 | 7.55 |
| Earnings per share after dilution, SEK | 1.85 | 1.92 | 5.31 | 5.53 | 7.32 | 7.54 |
¹Excluding impairment losses
Consolidated statement of comprehensive income
| Q3 | Q1-Q3 | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | R12 | 2024 |
| Net profit for the period | 674 | 700 | 1,936 | 2,018 | 2,668 | 2,750 |
| Other comprehensive income | ||||||
| Items that may be reclassified subsequently to profit or loss | ||||||
| Fair value adjustment of hedging instruments | -4 | 2 | -1 | 15 | -10 | 6 |
| Tax attributable to fair value adjustments | 1 | -1 | 0 | -3 | 2 | -1 |
| Exchange differences | -173 | -75 | -668 | 230 | -443 | 455 |
| Items that may not be reclassified to profit or loss | ||||||
| Actuarial gains/losses | - | - | - | - | -10 | -10 |
| Tax on actuarial gains/losses | - | - | - | - | 2 | 2 |
| Other comprehensive income for the period, net of tax | -176 | -74 | -669 | 242 | -459 | 452 |
| Total comprehensive income for the period | 498 | 626 | 1,267 | 2,260 | 2,209 | 3,202 |
| Comprehensive income attributable to: | ||||||
| Owners of the parent | 498 | 626 | 1,266 | 2,258 | 2,209 | 3,201 |
| Non-controlling interests | 0 | 0 | 1 | 2 | 0 | 1 |
Condensed consolidated balance sheet
| 30 Sep | 31 Dec | ||
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Goodwill | 9,707 | 9,181 | 9,715 |
| Other intangible assets | 4,777 | 4,782 | 4,989 |
| Property, plant and equipment | 4,469 | 4,634 | 4,695 |
| Financial assets | 245 | 246 | 243 |
| Inventories | 5,182 | 5,378 | 5,411 |
| Trade receivables | 5,194 | 5,297 | 4,761 |
| Other receivables | 1,948 | 1,720 | 1,553 |
| Cash and cash equivalents | 1,891 | 1,546 | 3,054 |
| Total assets | 33,413 | 32,784 | 34,421 |
| Equity | 16,801 | 15,704 | 16,653 |
| Non-current interest-bearing liabilities and pension liabilities | 7,307 | 7,706 | 8,811 |
| Other non-current liabilities and provisions | 1,423 | 1,415 | 1,468 |
| Current interest-bearing liabilities | 2,684 | 2,683 | 2,449 |
| Trade payables | 2,016 | 2,010 | 1,997 |
| Other current liabilities | 3,182 | 3,266 | 3,043 |
| Total equity and liabilities | 33,413 | 32,784 | 34,421 |
Condensed consolidated statement of changes in equity
| Attributable to owners of the parent | 30 Sep | 31 Dec | |
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Opening equity | 16,642 | 14,475 | 14,475 |
| Total comprehensive income for the period | 1,266 | 2,258 | 3,201 |
| Dividends to shareholders¹ | -1,091 | -1,036 | -1,036 |
| Hedging of incentive programme | 1 | -49 | -49 |
| Share-based payments | -22 | 41 | 53 |
| Acquisition of non-controlling interests | - | - | -2 |
| Closing equity | 16,796 | 15,689 | 16,642 |
| ¹ Dividend per share for 2024 (2023) was SEK 3.00 (2.85) | |||
| Equity, attributable to: | |||
| Owners of the parent | 16,796 | 15,689 | 16,642 |
| Non-controlling interests | 5 | 15 | 11 |
| 16,801 | 15,704 | 16,653 |
Condensed consolidated statement of cash flows
| Q3 | Q1-Q3 | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | R12 | 2024 |
| Operating profit | 974 | 1,015 | 2,851 | 2,982 | 3,902 | 4,033 |
| Non-cash items | 441 | 356 | 1,252 | 1,195 | 1,611 | 1,554 |
| Interests and other financial items, net | -102 | -160 | -283 | -326 | -389 | -432 |
| Paid tax | -222 | -177 | -854 | -863 | -1,116 | -1,125 |
| Change in working capital | -75 | -15 | -571 | -453 | -14 | 104 |
| Cash flow from operating activities | 1,016 | 1,019 | 2,395 | 2,535 | 3,994 | 4,134 |
| Net capital expenditures in non-current assets | -123 | -80 | -382 | -335 | -504 | -457 |
| Company acquisitions and divestments | -426 | -208 | -907 | -1,470 | -1,500 | -2,063 |
| Change in other financial assets | 1 | 12 | 1 | 18 | 1 | 18 |
| Cash flow from investing activities | -548 | -276 | -1,288 | -1,787 | -2,003 | -2,502 |
| Borrowings/repayment of borrowings, net | 4 | -755 | -705 | -795 | 40 | -50 |
| Repayment of lease liabilities | -135 | -136 | -410 | -400 | -550 | -540 |
| Dividend paid | - | - | -1,092 | -1,042 | -1,092 | -1,042 |
| Cash flow from financing activities | -131 | -891 | -2,207 | -2,237 | -1,602 | -1,632 |
| Cash flow for the period | 337 | -148 | -1,100 | -1,489 | 389 | 0 |
| Cash and cash equivalents at beginning of the period | 1,568 | 1,697 | 3,054 | 3,012 | 1,546 | 3,012 |
| Exchange differences | -14 | -3 | -63 | 23 | -44 | 42 |
| Cash and cash equivalents at end of the period | 1,891 | 1,546 | 1,891 | 1,546 | 1,891 | 3,054 |
| Free operating cash flow | ||||||
| Cash flow from operating activities | 1,016 | 1,019 | 2,395 | 2,535 | 3,994 | 4,134 |
| Net capital expenditures in non-current assets | -123 | -80 | -382 | -335 | -504 | -457 |
| Free operating cash flow | 893 | 939 | 2,013 | 2,200 | 3,490 | 3,677 |
Key figures
| 2025 | 2024 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| Rolling 12 months | Q3 | Q4 | Q3 | Q4 | Q4 |
| Net sales, MSEK | 32,339 | 32,544 | 32,029 | 31,835 | 27,016 |
| Sales growth, % | 1 | 2 | 3 | 18 | 24 |
| Operating profit, MSEK | 3,902 | 4,033 | 3,969 | 4,158 | 3,620 |
| EBITDA, MSEK | 5,621 | 5,720 | 5,627 | 5,723 | 4,878 |
| EBITA, MSEK | 4,573 | 4,689 | 4,609 | 4,769 | 4,098 |
| EBITA margin, % | 14.1 | 14.4 | 14.4 | 15.0 | 15.2 |
| Net profit for the period, MSEK | 2,668 | 2,750 | 2,728 | 2,866 | 2,681 |
| Capital employed at end of period, MSEK | 24,901 | 24,859 | 24,547 | 22,236 | 21,353 |
| Capital employed, average, MSEK | 24,670 | 24,166 | 23,861 | 23,102 | 18,111 |
| Return on capital employed, % ¹ | 19 | 19 | 19 | 21 | 23 |
| Equity, average, MSEK | 16,363 | 15,466 | 15,016 | 13,759 | 11,272 |
| Return on equity, %¹ | 16 | 18 | 18 | 21 | 24 |
| Interest-bearing net debt at end of period, MSEK | 8,100 | 8,206 | 8,843 | 7,747 | 8,580 |
| Net debt/equity ratio, % | 48 | 49 | 56 | 53 | 67 |
| Net debt/EBITDA, times | 1.4 | 1.4 | 1.6 | 1.4 | 1.8 |
| Equity ratio, % | 50 | 48 | 48 | 46 | 44 |
| Average number of employees | 9,735 | 9,563 | 9,474 | 9,262 | 8,483 |
| Number of employees at end of period | 9,777 | 9,699 | 9,647 | 9,301 | 9,128 |
| Attributable to owners of the parent | |||||
| Key ratios per share | |||||
| Earnings per share before dilution, SEK | 7.32 | 7.55 | 7.48 | 7.86 | 7.36 |
| Earnings per share after dilution, SEK | 7.32 | 7.54 | 7.48 | 7.86 | 7.36 |
| Equity per share, SEK | 46.10 | 45.68 | 43.06 | 39.73 | 35.02 |
| Cash flow from operating activities per share, SEK | 10.96 | 11.35 | 11.13 | 12.33 | 6.51 |
| Free operating cash flow per share, SEK | 9.58 | 10.09 | 9.73 | 10.84 | 5.14 |
| Average number of shares before dilution, '000 | 364,323 | 364,323 | 364,323 | 364,323 | 364,270 |
| Average number of shares after dilution, '000 | 364,425 | 364,443 | 364,443 | 364,323 | 364,303 |
| Number of shares at end of the period, '000 | 364,323 | 364,323 | 364,323 | 364,323 | 364,323 |
1) Calculated on average capital and equity.
Business area performance
| Q3 | Q1-Q3 | |||||
|---|---|---|---|---|---|---|
| Net sales, MSEK | 2025 | 2024 | 2025 | 2024 | R12 | 2024 |
| Industrial & Engineering | 1,918 | 1,891 | 5,958 | 5,899 | 7,861 | 7,802 |
| Infrastructure & Construction | 1,137 | 1,216 | 3,623 | 3,731 | 4,918 | 5,026 |
| Life Science | 1,837 | 1,921 | 5,552 | 5,483 | 7,491 | 7,422 |
| Process, Energy & Water | 1,842 | 1,808 | 5,513 | 5,560 | 7,476 | 7,523 |
| Technology & Systems Solutions | 1,126 | 1,152 | 3,405 | 3,581 | 4,655 | 4,831 |
| Parent company and Group items | -14 | -15 | -48 | -46 | -62 | -60 |
| Total | 7,846 | 7,973 | 24,003 | 24,208 | 32,339 | 32,544 |
| Q3 | Q1-Q3 | |||||
|---|---|---|---|---|---|---|
| EBITA, MSEK | 2025 | 2024 | 2025 | 2024 | R12 | 2024 |
| Industrial & Engineering | 281 | 280 | 827 | 865 | 1,085 | 1,123 |
| Infrastructure & Construction | 141 | 131 | 394 | 397 | 548 | 551 |
| Life Science | 329 | 333 | 942 | 930 | 1,244 | 1,232 |
| Process, Energy & Water | 295 | 292 | 821 | 912 | 1,141 | 1,232 |
| Technology & Systems Solutions | 179 | 183 | 510 | 575 | 727 | 792 |
| Parent company and Group items | -82 | -37 | -142 | -211 | -172 | -241 |
| Total | 1,143 | 1,182 | 3,352 | 3,468 | 4,573 | 4,689 |
| Q3 | Q1-Q3 | |||||
|---|---|---|---|---|---|---|
| EBITA margin, % | 2025 | 2024 | 2025 | 2024 | R12 | 2024 |
| Industrial & Engineering | 14.7 | 14.8 | 13.9 | 14.7 | 13.8 | 14.4 |
| Infrastructure & Construction | 12.4 | 10.8 | 10.9 | 10.6 | 11.1 | 11.0 |
| Life Science | 17.9 | 17.3 | 17.0 | 17.0 | 16.6 | 16.6 |
| Process, Energy & Water | 16.0 | 16.2 | 14.9 | 16.4 | 15.3 | 16.4 |
| Technology & Systems Solutions | 15.9 | 15.9 | 15.0 | 16.1 | 15.6 | 16.4 |
| 14.6 | 14.8 | 14.0 | 14.3 | 14.1 | 14.4 |
Business area performance per quarter
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Net sales, MSEK | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Industrial & Engineering | 1,918 | 2,010 | 2,030 | 1,903 | 1,891 | 2,045 | 1,963 |
| Infrastructure & Construction | 1,137 | 1,275 | 1,211 | 1,295 | 1,216 | 1,333 | 1,182 |
| Life Science | 1,837 | 1,842 | 1,873 | 1,939 | 1,921 | 1,918 | 1,644 |
| Process, Energy & Water | 1,842 | 1,880 | 1,791 | 1,963 | 1,808 | 1,960 | 1,792 |
| Technology & Systems Solutions | 1,126 | 1,131 | 1,148 | 1,250 | 1,152 | 1,251 | 1,178 |
| Parent company and Group items | -14 | -17 | -17 | -14 | -15 | -16 | -15 |
| Total | 7,846 | 8,121 | 8,036 | 8,336 | 7,973 | 8,491 | 7,744 |
| 2025 | |||||||
|---|---|---|---|---|---|---|---|
| EBITA, MSEK | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Industrial & Engineering | 281 | 274 | 272 | 258 | 280 | 302 | 283 |
| Infrastructure & Construction | 141 | 131 | 122 | 154 | 131 | 155 | 111 |
| Life Science | 329 | 308 | 305 | 302 | 333 | 349 | 248 |
| Process, Energy & Water | 295 | 284 | 242 | 320 | 292 | 341 | 279 |
| Technology & Systems Solutions | 179 | 163 | 168 | 217 | 183 | 205 | 187 |
| Parent company and Group items | -82 | -45 | -15 | -30 | -37 | -99 | -75 |
| Total | 1,143 | 1,115 | 1,094 | 1,221 | 1,182 | 1,253 | 1,033 |
| 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| EBITA margin, % | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Industrial & Engineering | 14.7 | 13.6 | 13.4 | 13.6 | 14.8 | 14.8 | 14.4 | |
| Infrastructure & Construction | 12.4 | 10.3 | 10.1 | 11.9 | 10.8 | 11.6 | 9.4 | |
| Life Science | 17.9 | 16.7 | 16.3 | 15.6 | 17.3 | 18.2 | 15.1 | |
| Process, Energy & Water | 16.0 | 15.1 | 13.5 | 16.3 | 16.2 | 17.4 | 15.6 | |
| Technology & Systems Solutions | 15.9 | 14.4 | 14.6 | 17.4 | 15.9 | 16.4 | 15.9 | |
| 14.6 | 13.7 | 13.6 | 14.6 | 14.8 | 14.8 | 13.3 |
Disaggregation of revenue
Net sales per geographic market
| 2025 | Industrial & | Infrastructure & | Process, Energy & | Technology & | |||
|---|---|---|---|---|---|---|---|
| Q3, MSEK | Engineering | Construction | Life Science | Water | Systems Solutions | Elim¹ | Total |
| Nordic countries | 1,024 | 529 | 779 | 992 | 250 | -5 | 3,569 |
| Other Europe | 782 | 572 | 941 | 660 | 496 | -7 | 3,444 |
| Americas | 60 | 17 | 51 | 48 | 222 | -1 | 397 |
| Asia | 40 | 11 | 55 | 114 | 129 | -1 | 348 |
| Other | 12 | 8 | 11 | 28 | 29 | - | 88 |
| 1,918 | 1,137 | 1,837 | 1,842 | 1,126 | -14 | 7,846 |
| Timing of | Industrial & | Infrastructure & | Process, Energy & | Technology & | |||
|---|---|---|---|---|---|---|---|
| revenue recognition | Engineering | Construction | Life Science | Water | Systems Solutions | Elim¹ | Total |
| Over time | - | 75 | 79 | 9 | 51 | -2 | 212 |
| Point in time | 1,918 | 1,062 | 1,758 | 1,833 | 1,075 | -12 | 7,634 |
| 1,918 | 1,137 | 1,837 | 1,842 | 1,126 | -14 | 7,846 |
| 2024 | Industrial & | Infrastructure & | Process, Energy & | Technology & | |||
|---|---|---|---|---|---|---|---|
| Q3, MSEK | Engineering | Construction | Life Science | Water | Systems Solutions | Elim¹ | Total |
| Nordic countries | 1,005 | 567 | 930 | 955 | 231 | -5 | 3,683 |
| Other Europe | 770 | 603 | 866 | 650 | 510 | -5 | 3,394 |
| Americas | 56 | 22 | 58 | 106 | 267 | -2 | 507 |
| Asia | 48 | 14 | 55 | 74 | 126 | -2 | 315 |
| Other | 12 | 10 | 12 | 23 | 18 | -1 | 74 |
| 1,891 | 1,216 | 1,921 | 1,808 | 1,152 | -15 | 7,973 |
| Timing of | Industrial & | Infrastructure & | Process, Energy & | Technology & | |||
|---|---|---|---|---|---|---|---|
| revenue recognition | Engineering | Construction | Life Science | Water | Systems Solutions | Elim¹ | Total |
| Over time | 0 | 76 | 132 | 0 | 93 | 0 | 301 |
| Point in time | 1,891 | 1,140 | 1,789 | 1,808 | 1,059 | -15 | 7,672 |
| 1,891 | 1,216 | 1,921 | 1,808 | 1,152 | -15 | 7,973 |
¹Parent company and Group items
Disaggregation of revenue – continued
Net sales per geographic market
| 2025 | Industrial & | Infrastructure & | Process, Energy & | Technology & | |||
|---|---|---|---|---|---|---|---|
| Q1-Q3, MSEK | Engineering | Construction | Life Science | Water | Systems Solutions | Elim¹ | Total |
| Nordic countries | 3,218 | 1,744 | 2,420 | 2,999 | 807 | -21 | 11,167 |
| Other Europe | 2,404 | 1,765 | 2,791 | 1,832 | 1,497 | -19 | 10,270 |
| Americas | 179 | 57 | 145 | 271 | 660 | -4 | 1,308 |
| Asia | 130 | 35 | 166 | 325 | 352 | -3 | 1,005 |
| Other | 27 | 22 | 30 | 86 | 89 | -1 | 253 |
| 5,958 | 3,623 | 5,552 | 5,513 | 3,405 | -48 | 24,003 |
| Timing of | Industrial & | Infrastructure & | Process, Energy & Technology & |
||||
|---|---|---|---|---|---|---|---|
| revenue recognition | Engineering | Construction | Life Science | Water | Systems Solutions | Elim¹ | Total |
| Over time | - | 247 | 238 | 56 | 190 | -2 | 729 |
| Point in time | 5,958 | 3,376 | 5,314 | 5,457 | 3,215 | -46 | 23,274 |
| 5,958 | 3,623 | 5,552 | 5,513 | 3,405 | -48 | 24,003 |
| 2024 | Industrial & | Infrastructure & | Process, Energy & | Technology & | |||
|---|---|---|---|---|---|---|---|
| Q1-Q3, MSEK | Engineering | Construction | Life Science | Water | Systems Solutions | Elim¹ | Total |
| Nordic countries | 3,187 | 1,770 | 2,580 | 3,070 | 820 | -21 | 11,406 |
| Other Europe | 2,380 | 1,845 | 2,553 | 1,836 | 1,510 | -16 | 10,108 |
| Americas | 174 | 61 | 144 | 326 | 788 | -4 | 1,489 |
| Asia | 133 | 36 | 175 | 244 | 374 | -3 | 959 |
| Other | 25 | 19 | 31 | 84 | 89 | -2 | 246 |
| 5,899 | 3,731 | 5,483 | 5,560 | 3,581 | -46 | 24,208 |
| Timing of | Industrial & | Infrastructure & | Life Science Process, Energy & | Technology & | |||
|---|---|---|---|---|---|---|---|
| revenue recognition | Engineering | Construction | Water | Systems Solutions | Elim¹ | Total | |
| Over time | 0 | 238 | 310 | 0 | 268 | -1 | 815 |
| Point in time | 5,899 | 3,493 | 5,173 | 5,560 | 3,313 | -45 | 23,393 |
| 5,899 | 3,731 | 5,483 | 5,560 | 3,581 | -46 | 24,208 |
¹Parent company and Group items
Acquisitions 2025
Assets and liabilities acquired in 2025
Preliminary purchase price allocations
MSEK
Purchase price, incl. contingent consideration totalling SEK 179 million
1,170
| Acquired assets and liabilities | Carrying amount | Fair value adjustment | Fair value |
|---|---|---|---|
| Goodwill | 452 | 452 | |
| Agencies, trademarks, customer relationships, licences etc. | 53 | 434 | 487 |
| Property, plant and equipment | 67 | 12 | 79 |
| Financial assets | 2 | 2 | |
| Inventories | 138 | 138 | |
| Other current assets¹ | 149 | 149 | |
| Cash and cash equivalents | 162 | 162 | |
| Deferred tax liability | -8 | -102 | -110 |
| Provisions incl. pension obligations | -4 | -4 | |
| Other operating liabilities | -193 | -193 | |
| Non-controlling interests | 8 | 8 | |
| 374 | 796 | 1,170 |
¹Mainly trade receivables
Agencies, customer relationships, licences etc. are amortised over a period of 5 to 20 years. For trademarks, an assessment is made as to whether or not the useful life is indefinite. Trademarks are included at a value of SEK 10 million (0).
Indutrade typically uses an acquisition structure with a base consideration and a contingent consideration. Contingent consideration is initially measured at the present value of the likely outcome, which for the acquisitions made during the year amounts to SEK 179 million (423). The assessment is reviewed on an ongoing basis. The contingent consideration payments are due within three years and could amount to a maximum of SEK 243 million (606). If the conditions are not met, the outcome could be in the range of SEK 0–243 million.
Transaction costs during the year amount to SEK 15 million (11) and are included in Other income and expenses in the income statement. Remeasurement of contingent consideration amounts to SEK 149 million (150). Of the remeasurement, SEK 139 million (142) is recognised under Other income and expenses and SEK 10 million (8) under Net financial items.
The acquisition calculation for Miclev Medical Products AB, which was acquired in the third quarter of 2024, has now been finalised. No material adjustments have been made to the calculation. For other acquisitions, the calculations are preliminary. Indutrade considers acquisition calculations to be preliminary while there is uncertainty with regards to, for example, the outcome of guarantees concerning inventories and trade receivables in the acquisition agreements.
Cash flow impact of acquisitions
| MSEK | |
|---|---|
| Purchase price, incl. contingent consideration | 1,170 |
| Purchase price not paid | -196 |
| Cash and cash equivalents in acquired companies | -162 |
| Payments pertaining to previous years' acquisitions | 113 |
| Total cash flow impact | 925 |
Effects of acquisitions carried out in 2024 and 2025
| MSEK | Net sales | EBITA | ||||
|---|---|---|---|---|---|---|
| Business area | Q3 | Q1-Q3 | Q3 | Q1-Q3 | ||
| Industrial & Engineering | 97 | 305 | 15 | 46 | ||
| Infrastructure & Construction | 28 | 134 | 7 | 24 | ||
| Life Science | 52 | 232 | 9 | 42 | ||
| Process, Energy & Water | 30 | 128 | 4 | 19 | ||
| Technology & Systems Solutions | 13 | 50 | 1 | 9 | ||
| Effect on Group | 220 | 849 | 36 | 140 | ||
| Acquisitions carried out in 2024 | 109 | 622 | 21 | 114 | ||
| Acquisitions carried out in 2025 | 111 | 227 | 15 | 26 | ||
| Effect on Group | 220 | 849 | 36 | 140 |
If all acquired units had been consolidated from 1 January 2025, net sales for the year up to 30 September would have amounted to SEK 24,412 million, and EBITA would have amounted to SEK 3,417 million.
Events after the end of the reporting period
On 1 October, Magistor B.V. of the Netherlands was acquired, with annual sales of SEK 165 million. Magistor is a technical trading company that offers premium cutting tools and blasting media.
Financial assets and liabilities
| Interest rate swaps and currency forward contracts in hedge |
Amortised | Holdings of shares and interests in unlisted |
Contingent consider |
Financial liabilities measured at |
Total carrying |
||
|---|---|---|---|---|---|---|---|
| 30 Sep 2025, MSEK | accounting | cost | companies | ation | amortised cost | amount | Fair value |
| Measurement classification Other shares and interests |
Level 2 | Level 3 15 |
Level 3 | 15 | 15 | ||
| Trade receivables | - | - | - | - | |||
| - | 5,194 | - | - | - | 5,194 | 5,194 | |
| Other receivables | 15 | 43 | - | - | - | 58 | 58 |
| Cash and cash equivalents | - | 1,891 | - | - | - | 1,891 | 1,891 |
| Total | 15 | 7,128 | 15 | - | - | 7,158 | 7,158 |
| Non-current interest-bearing liabilities | - | - | - | 432 | 6,558 | 6,990 | 7,058 |
| Current interest-bearing liabilities | - | - | - | 299 | 2,385 | 2,684 | 2,692 |
| Trade payables | - | - | - | - | 2,016 | 2,016 | 2,016 |
| Other liabilities | 16 | - | - | - | - | 16 | 16 |
| Total | 16 | - | - | 731 | 10,959 | 11,706 | 11,782 |
| Interest rate swaps and currency forward contracts in hedge |
Amortised cost |
Holdings of shares and interests in unlisted |
Contingent consider ation |
Financial liabilities measured at amortised cost |
Total carrying amount |
Fair value | |
| 31 Dec 2024, MSEK Measurement classification |
accounting Level 2 |
companies Level 3 |
Level 3 | ||||
| Other shares and interests | - | - | 14 | - | - | 14 | 14 |
| Trade receivables | - | 4,761 | - | - | - | 4,761 | 4,761 |
| Other receivables | 4 | 29 | - | - | - | 33 | 33 |
| Cash and cash equivalents | - | 3,054 | - | - | - | 3,054 | 3,054 |
| Total | 4 | 7,844 | 14 | - | - | 7,862 | 7,862 |
| Non-current interest-bearing liabilities | - | - | - | 530 | 7,969 | 8,499 | 8,597 |
| Current interest-bearing liabilities | - | - | - | 286 | 2,163 | 2,449 | 2,461 |
| Trade payables | - | - | - | - | 1,997 | 1,997 | 1,997 |
| Other liabilities | 13 | - | - | - | - | 13 | 13 |
Financial instruments are measured at fair value, based on the classification of the fair value hierarchy: inputs other than quoted prices that are observable for assets or liabilities [level 2], unobservable inputs [level 3]. There were no transfers between levels 2 and 3 during the period. Contingent consideration has been discounted to present value using an interest rate that is considered a fair reflection of the acquisition-date market rate. Adjustments are not made on an ongoing basis for changes in the market interest rate, as their effects are considered immaterial.
| Contingent consideration | 30 Sep | 31 Dec |
|---|---|---|
| MSEK | 2025 | 2024 |
| Opening carrying amount | 816 | 721 |
| Acquisitions during the year | 179 | 512 |
| Consideration paid | -104 | -269 |
| Reclassified via income statement | -140 | -186 |
| Interest expenses | 12 | 18 |
| Exchange differences | -32 | 20 |
| Closing carrying amount | 731 | 816 |
Parent Company condensed income statement
| Q3 | Q1-Q3 | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | R12 | 2024 |
| Net sales | - | 14 | 15 | 14 | 15 | 14 |
| Gross profit | - | 14 | 15 | 14 | 15 | 14 |
| Administrative expenses | -34 | -29 | -119 | -123 | -158 | -162 |
| Other operating income and expenses | 1 | - | -28 | - | -28 | 0 |
| Operating profit | -33 | -15 | -132 | -109 | -171 | -148 |
| Finance income/costs | 11 | 31 | 34 | 98 | 78 | 142 |
| Profit from investments in Group companies | - | - | 1,420 | 1,187 | 1,051 | 818 |
| Profit after financial items | -22 | 16 | 1,322 | 1,176 | 958 | 812 |
| Appropriations | - | - | - | - | 716 | 716 |
| Income tax | 1 | -3 | 5 | 1 | -152 | -156 |
| Net profit for the period | -21 | 13 | 1,327 | 1,177 | 1,522 | 1,372 |
| Amortisation/depreciation of intangible assets and property, plant and equipment |
0 | 0 | -1 | -1 | -1 | -1 |
Parent Company condensed balance sheet
| 30 Sep | 31 Dec | ||
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Intangible assets | 1 | 1 | 1 |
| Property, plant and equipment | 3 | 3 | 3 |
| Financial assets | 19,777 | 12,489 | 12,548 |
| Current receivables | 3,539 | 9,574 | 10,922 |
| Cash and cash equivalents | 942 | 789 | 2,135 |
| Total assets | 24,262 | 22,856 | 25,609 |
| Equity | 11,547 | 11,051 | 11,313 |
| Untaxed reserves | 1,046 | 966 | 1,046 |
| Non-current interest-bearing liabilities and pension liabilities | 5,752 | 6,075 | 7,182 |
| Other non-current liabilities and provisions | 1 | 1 | 1 |
| Current interest-bearing liabilities | 5,787 | 4,671 | 5,518 |
| Current non-interest-bearing liabilities | 129 | 92 | 549 |
| Total equity and liabilities | 24,262 | 22,856 | 25,609 |
Definitions
Alternative performance measures
In this interim report, Indutrade presents alternative performance measures (APMs) that complement the key financial ratios defined under IFRS. The Company believes that these alternative performance measures provide valuable information to stakeholders, as they enable evaluation of the Company's performance, trends and ability to repay debt and invest in new business opportunities, and reflect the Group's acquisition-intensive business model.
As not all companies calculate these APMs in the same way, they are not always comparable. They should therefore not be regarded as a substitute for the key figures defined under IFRS. Definitions of key figures are presented below, most of which are APMs. Reconciliations of the APMs to the financial statements are available on the Company's website.
Book-to-bill
Order intake divided by net sales.
Capital employed
Equity plus interest-bearing net debt.
Earnings per share after dilution
Net profit for the period attributable to owners of the parent divided by the average number of shares outstanding after dilution.
Earnings per share before dilution
Net profit for the period attributable to owners of the parent divided by the average number of shares outstanding. Definition according to IFRS.
EBITA
Operating profit before amortisation of intangible assets arising in connection with company acquisitions (Earnings Before Interest, Taxes and Amortisation). EBITA is the principal measure of the Group's earnings.
EBITA margin
EBITA divided by net sales.
EBITDA
Operating profit before depreciation and amortisation (Earnings Before Interest, Taxes, Depreciation and Amortisation).
Equity per share
Equity attributable to owners of the parent divided by the number of shares outstanding.
Equity ratio
Equity divided by total assets.
Free operating cash flow
Cash flow from operating activities after net investments in intangible assets and property, plant and equipment, excluding business combinations.
Gross margin
Gross profit divided by net sales.
Interest-bearing net debt
Interest-bearing liabilities including pension liability and estimated contingent consideration for acquisitions, less cash and cash equivalents.
Net debt/EBITDA
Interest-bearing net debt at the end of the period divided by EBITDA on a rolling 12-month basis.
Net debt/equity ratio
Interest-bearing net debt divided by equity.
Net investments
Purchases less sales of intangible assets and property, plant and equipment, excluding those included in acquisitions and divestments of subsidiaries and operations.
Return on capital employed
EBITA calculated on a rolling 12-month basis divided by average capital employed per month.
Return on equity
Net profit for the period on a rolling 12-month basis divided by average equity per month.
Working capital efficiency
Working capital in relation to sales on a rolling 12 month basis for comparable units.
Indutrade in brief
Indutrade is an international technology and industrial Group currently consisting of more than 215 companies in some 30 countries, mainly in Europe. We work to generate sustainable, profitable growth in a decentralised way by developing and acquiring successful companies managed by passionate entrepreneurs. Our companies develop, manufacture, and sell components, systems and services with significant technical content in selected niches. Our value-based culture, where people make the difference, has been the foundation of our success since the start in 1978.
Customers can be found in a wide range of industries, including medical technology and pharmaceuticals, infrastructure and construction, engineering, energy, water/wastewater and food.
Financial targets
Sales growth
Average sales growth shall amount to a minimum of 10% per year over a business cycle. Growth is to be achieved organically as well as through acquisitions.
EBITA margin
The EBITA margin shall amount to a minimum of 14% per year over a business cycle.
Return on capital employed
The return on capital employed shall be a minimum of 20% per year on average over a business cycle.
Dividend payout ratio
The dividend payout ratio shall range from 30% to 50% of net profit.
