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Bufab AB
Earnings Release • Oct 24, 2025
2898_10-q_2025-10-24_e8be7485-9a99-4a52-9481-54110fff8eb5.pdf
Earnings Release
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Strong quarter and important acquisition of novia Group
Third quarter of 2025
- Net sales increased by 2.0 percent to SEK 1,917 million (1,880). Organic growth was 1.4 percent, and order intake was in line with net sales.
- Adjusted operating profit (EBITA) amounted to SEK 272 million (239), corresponding to an operating margin of 14.2 percent (12.7).
- Operating profit (EBITA) totalled SEK 264 million (258), with an operating margin of 13.8 percent (13.7).
- Earnings per share were SEK 0.75 (0.77).
- Cash flow from operating activities amounted to SEK 293 million (322), corresponding to a cash conversion of 108 percent (121).
- Net debt/EBITDA, adjusted, was 2.3 (2.4).
January – September 2025
- Net sales decreased by 0.5 percent to SEK 6,140 million (6,171). Organic growth was 0.3 percent, and order intake was slightly below net sales.
- Adjusted operating profit (EBITA) amounted to SEK 818 million (759), corresponding to an operating margin of 13.3 percent (12.3).
- Operating profit (EBITA) totalled SEK 817 million (781), with an operating margin of 13.3 percent (12.7).
- Earnings per share were SEK 2.51 (2.32).
- A share split was carried out during the period, whereby each share was divided into five new shares (share split 5:1). 1
- Cash flow from operating activities amounted to SEK 701 million (974), corresponding to a cash conversion of 84 percent (119).
Key figures
| Q3 | ∆ | Jan-Sep | ∆ | LTM | Full-year | |||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 1,920 | 1,671 | 14.9 | 6,080 | 5,978 | 1.7 | 7,915 | 7,814 |
| Net sales | 1,917 | 1,880 | 2.0 | 6,140 | 6,171 | -0.5 | 8,003 | 8,035 |
| Gross profit | 627 | 575 | 8.9 | 1,924 | 1,839 | 4.6 | 2,478 | 2,389 |
| Gross margin (%) | 32.7 | 30.6 | 31.3 | 29.8 | 31.0 | 29.7 | ||
| Operating expenses | -363 | -317 | 14.3 | -1,108 | -1,058 | 4.8 | -1,484 | -1,429 |
| Share of net sales (%) | -18.9 | -16.8 | -18.0 | -17.1 | -18.6 | -17.8 | ||
| Operating profit (EBITA) | 264 | 258 | 2.2 | 817 | 781 | 4.6 | 995 | 959 |
| Operating margin EBITA (%) | 13.8 | 13.7 | 13.3 | 12.7 | 12.4 | 11.9 | ||
| Operating profit (EBITA), adjusted | 272 | 239 | 13.6 | 818 | 759 | 7.8 | 1,019 | 959 |
| Operating margin EBITA, (%) adjusted | 14.2 | 12.7 | 13.3 | 12.3 | 12.7 | 11.9 | ||
| Operating profit | 235 | 241 | -2.3 | 756 | 731 | 3.4 | 917 | 891 |
| Operating margin (%) | 12.3 | 12.8 | 12.3 | 11.8 | 11.5 | 11.1 | ||
| Profit after tax | 142 | 146 | -2.7 | 476 | 440 | 8.2 | 588 | 551 |
| Earnings per share, SEK¹ | 0.75 | 0.77 | -2.6 | 2.51 | 2.32 | 8.1 | 2.89 | 2.91 |
| Cash flow from operating activities | 293 | 322 | -9.1 | 701 | 974 -28.0 | 829 | 1,101 | |
| Net debt / EBITDA, adjusted | 2.3 | 2.4 | -3.9 | - | - | - | 2.8 |
2.0%
Sales growth
14.2%
Operating margin (EBITA), adjusted
CEO's overview
I am very pleased with our performance in the quarter. Throughout the year, we have continued to deliver on our strategy, with a strong focus on creating value for our customers, which continues to yield results. Altogether, this has led to eight consecutive quarters of gradually improving our gross margin and a very strong result in the third quarter.
We remain active in the market and, for the first time in two years, achieved positive organic growth. During the quarter, we secured several promising customer projects in key industries such as defence, infrastructure and in general industry. However, market conditions remain subdued, and we are focusing on what we can influence to put ourselves in a strong position once the market rebounds.
Strong results in an uncertain market
Net sales amounted to SEK 1,917 million, corresponding to organic growth of 1.4 percent compared to the same period last year. The organic growth was primarily driven by increased market shares but also by price increases driven by tariffs in the US. Market conditions remain uncertain, with significant variations depending on geography and customer segment. Among the larger segments, demand was strong in energy, agriculture and food, medical technology and pharmaceuticals, defence, and machinery manufacturing. Demand in the mobile home and trailer market and for electronics remained stable, while the market situation in construction, furniture and interior design, as well as the automotive industry, remained weak.
Both the gross margin and the adjusted operating margin increased compared to the same period last year and reached very high levels. Region Americas, in particular, delivered a strong result during the quarter, mainly due to general price adjustments, effects from the tariffs, and a lower cost base driven by the divestment of a small manufacturing unit within Component Solutions Group. The adjusted operating margin reached 14.2 percent (13.4), which is in line with our financial target for 2026. The underlying cost level was in line with last year, and we continue to maintain a strong focus on cost control throughout the organisation while also investing in growth.
New major defence contract
During the quarter, we secured several new customer contracts across key segments. I am especially pleased with the framework agreement signed with the international defence, aerospace, and security company Babcock in the UK. This agreement marks an important milestone for Bufab, not only because they chose us for our innovative logistics solutions and sustainability work, but also because Babcock is a major global defence company. We will integrate
our digital solutions on-site at Babcock and have also developed new customer-specific logistics solutions.
Creating value through sustainability
We continue to place strong emphasis on creating value through sustainability. We have developed a new sustainability offering that will be rolled out during the year. We have also invited customers to our Sustainability Days, where we exchange experiences and explore new perspectives on sustainability in the supply chain, an initiative that has been met with great interest. We are successfully gaining market share through our comprehensive offering and sustainability efforts, and we are therefore especially pleased to have recently been awarded the EcoVadis Platinum Rating, a strong recognition of our sustainability work.
Acquisition of novia Group
We are very pleased to have completed the acquisition of novia Group in early October. novia Group is a German provider of global sourcing solutions with annual net sales of approximately EUR 50 million. Like Bufab, novia Group offers its customers "peace of mind," but with a stronger downstream customer integration and expertise in areas such as assembly solutions. With its attractive position in the value chain and strong customer offering, novia Group brings important new capabilities to Bufab. Over the past year, it has demonstrated strong growth and operating margin. The acquisition aligns well with our strategy and may serve as a platform for future add-on acquisitions.
Outlook and priorities
We continue to face an uncertain global environment with significant variations across geographies and customer segments. However, this does not affect our priorities going forward. We will continue to execute on our strategy, focusing on the areas we can influence: gaining market share, gradually improving our gross margin and cost base, and delivering strong cash flow. This will put us in a strong position when the market turns. So, despite the great uncertainty in the world, we remain optimistic about the future and confident in our ability to create value for our customers and deliver continued profitable growth for our shareholders.
Finally, I would like to thank all the fantastic employees at Bufab whose dedication and expertise truly make a difference for our customers.
Erik Lundén President and CEO
Third quarter
Order intake increased to SEK 1,920 million (1,671) and was in line with net sales. Net sales increased by 2.0 percent to SEK 1,917 million (1,880). Of the total change in sales, -4.4 percent was due to currency effects, 5.0 percent from acquisitions/divestment and 1.4 percent from organic growth.
The gross margin strengthened compared with the previous year and amounted to 32.7 percent (30.6).
The proportion of operating expenses in relation to net sales increased compared with the comparative period and amounted to 18.9 (16.8) percent. The increase is mainly explained by a number of non-recurring items during the quarter and during the same period last year, including capital gains from the divestment of a subsidiary.
Adjusted operating profit (EBITA) increased to SEK 272 million (239), corresponding to an adjusted operating margin of 14.2 percent (12.7). Operating profit (EBITA) increased to SEK 264 million (258), corresponding to an operating margin of 13.8 percent (13.7).
Earnings per share were SEK 0.75 (0.77).
January – September
Order intake increased to SEK 6,080 million (5,978) and was slightly below net sales. Net sales declined by -0.5 percent to SEK 6,140 million (6,171). Of the total growth, -2.8 percent was due to currency effects, 2.0 percent from acquisitions/divestment and 0.3 percent from organic growth.
The gross margin strengthened compared with the previous year and amounted to 31.3 percent (29.8).
The proportion of operating expenses increased to 18.0 (17.1) percent. The increase compared with the comparative period is mainly explained by a number of non-recurring items during January to September and during the same period last year, including capital gains from the divestment of a subsidiary.
Adjusted operating profit (EBITA) increased to SEK 818 million (759), corresponding to an adjusted operating margin of 13.3 percent (12.3). Operating profit (EBITA) increased to SEK 817 million (781), corresponding to an operating margin of 13.3 percent (12.7).
Earnings per share were SEK 2.51 (2.32).
| Americas | UK/Ireland | Asia-Pacific | |||
|---|---|---|---|---|---|
| 1.4 | 0.5 | 1.7 | 12.6 | -4.1 | 1.3 |
| -4.4 | -1.8 | -3.4 | -9.0 | -5.5 | -8.7 |
| 5.2 | - | 22.2 | - | - | - |
| -0.2 | -0.8 | - | - | - | - |
| 2.0 | -2.1 | 20.5 | 3.6 | -9.6 | -7.4 |
| Group Europe North & East | Europe West |
| Jan-Sep | ||||||
|---|---|---|---|---|---|---|
| 2025, % | Group Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | |
| Organic growth | 0.3 | 0.4 | -0.3 | 3.2 | -3.4 | 8.4 |
| Currency translation effects | -2.8 | -1.4 | -3.4 | -5.5 | -2.5 | -5.0 |
| Acquisitions | 5.5 | - | 24.3 | - | - | - |
| Divestments | -3.5 | -9.0 | - | - | - | - |
| Recognised growth | -0.5 | -10.0 | 20.6 | -2.3 | -5.9 | 3.4 |
Financial items and tax
The Group's net financial items amounted to SEK -37 million (-51) in the third quarter, of which currency exchange differences accounted for SEK 0 million (4) and interest expense for SEK -36 million (-47). For the nine-month period, net financial items totaled SEK -111 million (-155), of which currency exchange differences accounted for SEK 12 million (0) and interest expense for SEK -119 million (-144). The Group's profit after financial items was SEK 197 million (190) for the quarter and SEK 645 million (575) for the nine-month period.
The improved net financial income in the quarter and the nine-month period, compared with the comparative period, is explained partly by slightly lower indebtedness and partly by a lower average interest rate as well as exchange rate differences.
The tax expense for the quarter was SEK -56 million (-44), corresponding to an effective tax rate of 28.4 percent (23.2). For the nine-month period, the tax expense was SEK -169 million (-135), corresponding to an effective tax rate of 26.2 percent (23.5). The change in the effective tax rate compared with the comparative period is mainly explained by a shift in the proportion of taxation to countries outside Sweden, where the tax rate is higher, as well as changes in deferred tax.
Cash flow, working capital and financial position
Cash flow from operating activities amounted to SEK 293 million (322), corresponding to a cash conversion of 108 percent (121). For the nine-month period, cash flow from operating activities amounted to SEK 701 million (974), corresponding to a cash conversion of 84 percent (119).
Cash flow from operating activities was lower than in the comparative period, mainly due to the reduction in inventories not being as significant as in the comparative period. Inventory levels in the subsidiaries have normalised following the pandemic years, and some inventory build-up has taken place during the year in order to improve the service level to customers.
Working capital in relation to net sales amounted to 37.6 (34.4) percent. The deterioration is mainly explained by a slightly lower turnover on an annual basis and an increased capital tie-up in trade receivables compared with the same period last year.
The adjusted net debt as of 30 September 2025 amounted to SEK 2,330 million (2,367) and the debt/equity ratio was 74 percent (78).
The key ratio net debt/EBITDA, adjusted, was 2.3 (2.4) as of 30 September 2025.
Operating cash flow and cash conversion ratio
Net debt/EBITDA, adjusted
Region Europe North & East
35 %
Share of total sales
The region consists of Bufab's operations in Sweden, Finland, Norway, Denmark, Poland, Hungary, Romania, the Baltic States and Slovakia.
Third quarter
Sales growth amounted to -2.1 percent in the quarter and the organic growth was 0.5 percent. The difference in order intake in the quarter compared to the previous year is explained by the divestment of Bufab Lann and Hallborn Metall. Market conditions remain uncertain and vary by country and customer segment. An improved development was noted in East and Bufab Finland. The demand in general industry was stable, while the Furniture and kitchen sector where HT Bendix operates, and the demand for Pajo Bolte within the Nordic energy sector was weak.
The gross margin improved by 3.9 percentage points year-on-year. The strengthened gross margin was attributable to an improved customer and product mix, and
consolidations of purchasing volumes which, in turn, generated savings. In addition, currency effects had a positive impact on the gross margin.
Operating expenses increased by SEK 27 million compared to the previous year. The difference compared to the comparison period is mainly explained by a revaluation of earn-out and one-off effects in connection with the divestment of Bufab Lann and Hallborn Metall, but also inflation and negative currency effects.
The adjusted operating profit increased by SEK 1 million, resulting in an adjusted operating margin of 14.6 percent (14.2).
Key figures
| Q3 | ∆ | Jan-Sep | ∆ | LTM | Full-year | |||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 667 | 468 42.4 | 2,135 | 2,193 | -2.7 | 2,829 | 2,888 | |
| Net sales | 654 | 668 | -2.1 | 2,163 | 2,403 -10.0 | 2,864 | 3,103 | |
| Gross profit | 218 | 197 | 10.6 | 686 | 678 | 1.1 | 895 | 888 |
| Gross margin (%) | 33.3 | 29.4 | 31.7 | 28.2 | 31.2 | 28.6 | ||
| Operating expenses | -121 | -94 28.7 | -366 | -383 | -4.4 | -503 | -519 | |
| Share of net sales (%) | -18.6 | -14.1 | -16.9 | -15.9 | -17.6 | -16.7 | ||
| Operating profit (EBITA) | 96 | 102 | -6.2 | 320 | 296 | 8.1 | 392 | 368 |
| Operating margin EBITA (%) | 14.7 | 15.3 | 14.8 | 12.4 | 13.7 | 11.9 | ||
| Operating profit (EBITA), adjusted | 96 | 95 | 0.3 | 309 | 288 | 7.3 | 382 | 362 |
| Operating margin EBITA, (%) adjusted | 14.6 | 14.2 | 14.3 | 12.0 | 13.3 | 11.7 |
-2.1%
Sales growth (incl. divestments)
14.6 %
Operating margin (EBITA), adjusted
Region Europe West
28 %
The region consists of Bufab's operations in France, the Netherlands, Germany, the Czech Republic, Austria, Spain, Türkiye and Italy.
Share of total sales
Third quarter
Sales growth amounted to 20.5 percent in the quarter and the organic growth was 1.7 percent. Of the total growth, 22.2 percent was attributable to the acquisition of VITAL. The organic growth was driven by a strong development in Spain and the Czech Republic explained by increased market shares. Demand in energy, defence and infrastructure was good, while the automotive and construction industries continued to record low activity levels.
The gross margin increased by 0.3 percentage points year-on-year, driven by price adjustments.
Operating expenses increased by SEK 18 million year-on-year, mainly related to VITAL but also investments in growth.
The adjusted operating profit increased by SEK 7 million, resulting in an adjusted operating margin of 12.7 percent (13.7).
Key figures
| Q3 | ∆ | Jan-Sep | ∆ | LTM | Full-year | |||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 523 | 445 | 17.5 | 1,670 | 1,414 | 18.1 | 2,134 | 1,878 |
| Net sales | 533 | 443 20.5 | 1,690 | 1,401 20.6 | 2,150 | 1,861 | ||
| Gross profit | 138 | 113 21.7 | 430 | 355 20.4 | 542 | 467 | ||
| Gross margin (%) | 25.9 | 25.6 | 25.4 | 25.3 | 25.2 | 25.0 | ||
| Operating expenses | -71 | -53 | 34.1 | -218 | -172 28.0 | -280 | -234 | |
| Share of net sales (%) | -13.3 | -12.0 | -12.9 | -12.3 | -13.0 | -12.6 | ||
| Operating profit (EBITA) | 67 | 61 | 10.9 | 212 | 183 | 15.7 | 262 | 233 |
| Operating margin EBITA (%) | 12.6 | 13.7 | 12.5 | 13.1 | 12.2 | 12.5 | ||
| Operating profit (EBITA), adjusted | 68 | 61 | 12.3 | 214 | 183 | 17.0 | 266 | 234 |
| Operating margin EBITA, (%) adjusted | 12.7 | 13.7 | 12.7 | 13.1 | 12.4 | 12.6 |
20.5%
Sales growth (incl. acquisitions)
12.7 %
Operating margin (EBITA), adjusted
Region Americas
13 %
The region comprises Bufab's operations in the US and Mexico.
Share of total sales
Third quarter
Sales growth amounted to 3.6 percent in the quarter and the organic growth was 12.6 percent, driven by tariff revenue. Of the total change, -9.0 percent was attributable to currency. Demand was stable but still on a low level for the key mobile home and trailer market. These segments are important for American Bolt and Screw. Low demand was still noted in the automotive industry, affecting Components Solutions Group in particular. All manufacturers are trying to navigate the US tariffs, which are causing some customer plants to slow down production and increases the uncertainty on the market.
During the quarter, a small manufacturing unit within Component Solutions Group in the USA was divested through an asset transfer, which is expected to have a positive impact on the profitability in the region Americas going forward.
The gross margin increased by 6.2 percentage points year-on-year, mainly due to general price adjustments and the effects of tariffs. The gross margin strengthened particularly for American Bolt and Screw.
Operating expenses increased by SEK 1 million compared to the previous year, but adjusted for the divestment within Component Solutions Group, operating expenses decreased. During the quarter, the region continued to maintain good cost control.
The adjusted operating profit increased by SEK 26 million, resulting in an adjusted operating margin of 22.2 percent (12.5).
Key figures
| Q3 | ∆ | Jan-Sep | ∆ | LTM | Full-year | |||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 259 | 213 21.6 | 760 | 783 | -3.1 | 980 | 1,004 | |
| Net sales | 257 | 248 | 3.6 | 786 | 804 | -2.3 | 1,009 | 1,028 |
| Gross profit | 106 | 87 21.7 | 304 | 286 | 6.5 | 379 | 360 | |
| Gross margin (%) | 41.4 | 35.2 | 38.7 | 35.5 | 37.5 | 35.0 | ||
| Operating expenses | -57 | -56 | 1.4 | -171 | -186 | -8.0 | -231 | -246 |
| Share of net sales (%) | -22.2 | -22.7 | -21.8 | -23.2 | -22.9 | -23.9 | ||
| Operating profit (EBITA) | 49 | 31 58.5 | 133 | 99 | 33.8 | 148 | 114 | |
| Operating margin EBITA (%) | 19.2 | 12.5 | 16.9 | 12.3 | 14.6 | 11.1 | ||
| Operating profit (EBITA), adjusted | 57 | 31 | 83.5 | 141 | 99 | 41.7 | 158 | 116 |
| Operating margin EBITA, (%) adjusted | 22.2 | 12.5 | 17.9 | 12.3 | 15.6 | 11.3 |
3.6%
Sales growth
22.2%
Operating margin (EBITA), adjusted
Region UK/Ireland
19 %
The region comprises Bufab's operations in the UK and Ireland.
Share of total sales
Third quarter
Sales growth amounted to -9.6 percent in the quarter and the organic growth was -4.1 percent. The decline was attributable to low demand in the manufacturing industry impacting both Apex Stainless Fasteners and Bufab UK combined with lower market prices, which impacted Apex Stainless Fasteners.
The gross margin increased by 0.2 percentage points from last year, mainly driven by sourcing savings.
Operating expenses was in line with last year but increased as a share of net sales due to a one-time cost benefit in the third quarter 2024.
The adjusted operating profit decreased by SEK 11 million, resulting in an adjusted operating margin of 10.7 percent (12.5).
Key figures
| Q3 | ∆ | Jan-Sep | ∆ | LTM | Full-year | |||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 373 | 410 | -9.0 | 1,179 | 1,211 | -2.7 | 1,529 | 1,561 |
| Net sales | 370 | 409 | -9.6 | 1,149 | 1,222 | -5.9 | 1,513 | 1,586 |
| Gross profit | 123 | 135 | -9.0 | 376 | 404 | -7.0 | 487 | 516 |
| Gross margin (%) | 33.3 | 33.1 | 32.7 | 33.1 | 32.2 | 32.5 | ||
| Operating expenses | -84 | -84 | -0.6 | -259 | -248 | 4.4 | -341 | -330 |
| Share of net sales (%) | -22.6 | -20.6 | -22.5 | -20.3 | -22.5 | -20.8 | ||
| Operating profit (EBITA) | 40 | 51 -22.8 | 117 | 156 -25.0 | 147 | 186 | ||
| Operating margin EBITA (%) | 10.7 | 12.5 | 10.2 | 12.8 | 9.7 | 11.7 | ||
| Operating profit (EBITA), adjusted | 40 | 51 -22.8 | 118 | 153 -22.6 | 152 | 185 | ||
| Operating margin EBITA, (%) adjusted | 10.7 | 12.5 | 10.3 | 12.5 | 10.0 | 11.7 |
-9.6%
Sales growth
10.7 %
Operating margin (EBITA), adjusted
Operating expenses decreased by SEK 7 million year-on-year, primarily due to positive
The adjusted operating profit increased by SEK 5 million, resulting in an adjusted
Region Asia-Pacific
6 %
The region consists of Bufab's operations in China, India, Singapore and other countries in Southeast Asia.
Share of total sales
currency effects.
operating margin of 14.3 percent (9.0).
Third quarter
Sales growth amounted to -7.4 percent in the quarter and organic growth was 1.3 percent. Bufab Shanghai and Bufab India showed strong organic growth during the quarter in areas such as electronics, marine, rail and energy, while Bufab Singapore noted a negative development.
The gross margin strengthened by 0.8 percentage points year-on-year, due to purchasing savings and continuous active work with value-based pricing.
Key figures
| Q3 | ∆ | Jan-Sep | ∆ | LTM | Full-year | |||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | % | 2025 | 2024 | % | 24/25 | 2024 |
| Order intake | 99 | 134 -26.1 | 337 | 376 -10.4 | 443 | 482 | ||
| Net sales | 102 | 110 | -7.4 | 352 | 340 | 3.4 | 468 | 457 |
| Gross profit | 32 | 34 | -4.8 | 114 | 105 | 8.4 | 151 | 142 |
| Gross margin (%) | 31.4 | 30.6 | 32.3 | 30.8 | 32.3 | 31.2 | ||
| Operating expenses | -17 | -24 -26.4 | -61 | -62 | -0.8 | -80 | -80 | |
| Share of net sales (%) | -17.1 | -21.6 | -17.4 | -18.2 | -17.0 | -17.6 | ||
| Operating profit (EBITA) | 15 | 10 47.2 | 52 | 43 21.6 | 71 | 62 | ||
| Operating margin EBITA (%) | 14.3 | 9.0 | 14.8 | 12.6 | 15.2 | 13.6 | ||
| Operating profit (EBITA), adjusted | 15 | 10 47.2 | 52 | 43 21.6 | 71 | 62 | ||
| Operating margin EBITA, (%) adjusted | 14.3 | 9.0 | 14.8 | 12.6 | 15.2 | 13.6 |
14.3% Operating margin (EBITA), adjusted
Financial statements
Condensed Consolidated Income Statement Statement of Comprehensive Income
| Q3 | Jan-Sep | ||||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | |
| Net sales | 1,917 | 1,880 | 6,140 | 6,171 | |
| Costs of goods sold | -1,290 | -1,305 | -4,216 | -4,333 | |
| Gross profit | 627 | 575 | 1,924 | 1,839 | |
| Distribution costs | -250 | -235 | -747 | -735 | |
| Administative expenses | -140 | -139 | -444 | -433 | |
| Other operating income and operating expenses | -2 | 40 | 22 | 60 | |
| Operating profit | 235 | 241 | 756 | 731 | |
| Profit/loss from financial items | |||||
| Interest income and similar profit/loss items | 4 | 6 | 20 | 7 | |
| Interest expenses and similar profit/loss items | -41 | -57 | -131 | -162 | |
| Profit after financial items | 197 | 190 | 645 | 575 | |
| Tax on net profit for the period | -56 | -44 | -169 | -135 | |
| Profit after tax | 142 | 146 | 476 | 440 |
| Q3 | Jan-Sep | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Profit after tax | 142 | 146 | 476 | 440 |
| Other comprehensive income | ||||
| Items that will not be reclassified in profit or loss | ||||
| Actuarial loss / profit on pension obligations, net after tax | - | - | - | - |
| Items that may be reclassified subsequently to profit or loss | ||||
| Translation differences / Currency hedging net after tax | -37 | -41 | -236 | 49 |
| Other comprehensive income after tax | -37 | -41 | -236 | 49 |
| Total comprehensive income | 105 | 105 | 240 | 489 |
| Total comprehensive income attributable to: | ||||
| Parent Company shareholders | 105 | 105 | 240 | 489 |
Earnings per share
| Q3 | Jan-Sep | |||
|---|---|---|---|---|
| SEK | 2025 | 2024 | 2025 | 2024 |
| Earnings per share | 0.75 | 0.77 | 2.51 | 2.32 |
| Weighted number of shares outstanding before dilution, thousands¹ | 189,563 | 189,370 | 189,533 | 189,360 |
| Diluted earnings per share, SEK | 0.75 | 0.77 | 2.50 | 2.31 |
| Weighted number of shares outstanding after dilution, thousands¹ | 190,448 | 190,180 | 190,245 | 190,255 |
1) The numbers of shares have been recalculated to reflect the share split (5:1) carried out in May 2025.
Condensed Consolidated Balance Sheet
| 30 S | ер | 31 Dec | ||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 | |
| Assets | ||||
| Fixed assets | ||||
| Intangible fixed assets | 3,436 | 3,315 | 3,724 | |
| Property plant and equipment | 765 | 664 | 783 | |
| Financial assets | 46 | 35 | 43 | |
| Total non-current assets | 4,247 | 4,014 | 4,551 | |
| Current assets | ||||
| Inventories | 2,586 | 2,522 | 2,803 | |
| Current receivables | 1,702 | 1,552 | 1,627 | |
| Cash and cash equivalents | 220 | 208 | 211 | |
| Total current assets | 4,508 | 4,282 | 4,640 | |
| Total assets | 8,754 | 8,297 | 9,191 |
| 30 S€ | эp | 31 Dec | |
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Equity and liabilities | |||
| Equity | 3,947 | 3,707 | 3,899 |
| Non-current liabilities | |||
| Non-current liabilities, interest bearing | 2,877 | 2,758 | 3,265 |
| Non-current liabilities, non-interest bearing | 302 | 160 | 368 |
| Total non-current liabilities | 3,179 | 2,918 | 3,633 |
| Current liabilities | |||
| Current liabilities, interest bearing | 271 | 331 | 315 |
| Current liabilities, non-interest bearing | 1,358 | 1,340 | 1,345 |
| Total current liabilities | 1,629 | 1,671 | 1,659 |
| Total equity and liabilities | 8,754 | 8,297 | 9,191 |
Consolidated Statement of Changes in Equity
| 30 Se | ер | |
|---|---|---|
| MSEK | 2025 | 2024 |
| Equity at beginning of year | 3 899 | 3 418 |
| Comprehensive income | ||
| Profit after tax | 476 | 440 |
| Other comprehensive income | ||
| Items that will not be reclassified in profit or loss | ||
| Actuarial loss / profit on pension obligations, net after tax | - | - |
| Items that may be reclassified in profit or loss | ||
| Translation differences / Currency hedging net after tax | -236 | 49 |
| Total comprehensive income | 240 | 489 |
| Transactions with shareholders | ||
| Share savings programme | 2 | - |
| Issued call options | - | - |
| Redemption call options | 5 | 6 |
| Repurchase of own shares | - | -17 |
| Dividend to shareholders | -199 | -189 |
| Total transactions with shareholders | -192 | -200 |
| Equity at end of period | 3 947 | 3 707 |
Consolidated Cash Flow Statement
| Q3 | Jan-S | ер | ||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Operating activities | ||||
| Profit before financial items | 235 | 241 | 756 | 731 |
| Depreciation and amortization | 83 | 66 | 230 | 211 |
| Interest and other finance income | 15 | -1 | 20 | 1 |
| Interest and other finance expenses | -41 | -53 | -131 | -162 |
| Other non-cash items | -1 | -24 | -15 | -24 |
| Income tax paid | -64 | -40 | -178 | -150 |
| Cash flow from operations | 226 | 189 | 681 | 607 |
| Changes in working capital | ||||
| Increase (-)/decrease (+) in inventories | -5 | 29 | 61 | 394 |
| Increase (-)/decrease (+) in operating receivables | 95 | 185 | -156 | -114 |
| Increase (+)/decrease (-) in operating liabilities | -23 | -81 | 116 | 87 |
| Cash flow from operating activities | 293 | 322 | 701 | 974 |
| Investing activities | ||||
| Purchase of intangible assets | -2 | -3 | -10 | -8 |
| Acquisition of property, plant and equipment | -22 | -21 | -57 | -52 |
| Company acquisitions including additional purchase considerations | -1 | -23 | -37 | -168 |
| Divestment of subsidaries | - | 110 | - | 110 |
| Cash flow from (-used in) investing activities | -25 | 63 | -105 | -118 |
| Financing activities | ||||
| Dividend paid | _ | - | -199 | -189 |
| Option programme | 2 | 1 | 5 | -11 |
| Increase (+)/decrease (-) in borrowings | -251 | -387 | -369 | -670 |
| Cash flow from financing activities | -249 | -386 | -564 | -869 |
| Cash flow for (-used in) the period | 19 | -1 | 33 | -13 |
| Cash and cash equivalents at the beginning of the period | 205 | 212 | 211 | 218 |
| Translation differences | -4 | -3 | -24 | 3 |
| Cash and cash equivalents at the end of the period | 220 | 208 | 220 | 208 |
The Group's Segment Reporting
| Europe North & East | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 |
| Net sales | 760 | 800 | 868 | 867 | 668 | 701 | 772 | 737 | 654 |
| Gross profit | 204 | 218 | 236 | 246 | 197 | 209 | 238 | 230 | 218 |
| Gross margin (%) | 26.8 | 27.2 | 27.2 | 28.4 | 29.4 | 29.9 | 30.8 | 31.2 | 33.3 |
| Operating profit (EBITA) | 88 | 103 | 92 | 101 | 102 | 73 | 121 | 103 | 96 |
| Operating margin EBITA (%) | 11.5 | 12.8 | 10.6 | 11.7 | 15.3 | 10.4 | 15.6 | 14.0 | 14.7 |
| Operating profit (EBITA), adjusted | 88 | 103 | 92 | 101 | 95 | 74 | 110 | 103 | 96 |
| Operating margin EBITA, (%) adjusted | 11.5 | 12.8 | 10.6 | 11.7 | 14.2 | 10.5 | 14.2 | 14.0 | 14.6 |
| Europe West MSEK |
|||||||||
| Net sales | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 |
| 475 | 429 | 490 | 469 | 443 | 460 | 601 | 556 | 533 | |
| Gross profit | 117 | 103 | 123 | 119 | 113 | 112 | 152 | 140 | 138 |
| Gross margin (%) | 24.6 | 23.9 | 25.1 | 25.3 | 25.6 | 24.3 | 25.3 | 25.2 | 25.9 |
| Operating profit (EBITA) | 60 | 46 | 64 | 58 | 61 | 50 | 80 | 65 | 67 |
| Operating margin EBITA (%) | 12.7 | 10.7 | 13.1 | 12.4 | 13.7 | 10.9 | 13.3 | 11.7 | 12.6 |
| Operating profit (EBITA), adjusted | 60 | 46 | 64 | 58 | 61 | 51 | 81 | 66 | 68 |
| Operating margin EBITA, (%) adjusted | 12.7 | 10.7 | 13.1 | 12.4 | 13.7 | 11.1 | 13.4 | 11.8 | 12.7 |
| Americas | |||||||||
| MSEK | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 |
| Net sales | 295 | 258 | 278 | 278 | 248 | 223 | 274 | 255 | 257 |
| Gross profit | 101 | 91 | 98 | 100 | 87 | 74 | 94 | 104 | 106 |
| Gross margin (%) | 34.2 | 35.1 | 35.2 | 36.1 | 35.2 | 33.3 | 34.2 | 40.8 | 41.4 |
| Operating profit (EBITA) | 40 | 28 | 36 | 32 | 31 | 15 | 34 | 49 | 49 |
| Operating margin EBITA (%) | 13.4 | 11.0 | 12.9 | 11.6 | 12.5 | 6.7 | 12.5 | 19.3 | 19.2 |
| Operating profit (EBITA), adjusted | 40 | 28 | 36 | 32 | 31 | 17 | 34 | 49 | 57 |
| Operating margin EBITA, (%) adjusted | 13.4 | 11.0 | 12.9 | 11.6 | 12.5 | 7.6 | 12.5 | 19.3 | 22.2 |
| Other | |||||||||
| MSEK | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 |
| Net sales | -0 | -1 | 0 | -0 | 1 | -1 | -0 | 0 | -0 |
| Gross profit | 3 | 4 | 1 | 2 | 8 | 5 | 5 | 5 | 4 |
| Operating profit (EBITA) | 0 | -10 | 0 | -3 | -8 | -6 | -7 | -13 | -3 |
| UK/Ireland | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 |
| Net sales | 441 | 366 | 398 | 415 | 409 | 364 | 400 | 380 | 370 |
| Gross profit | 144 | 126 | 131 | 138 | 135 | 112 | 129 | 123 | 123 |
| Gross margin (%) | 32.8 | 34.5 | 32.8 | 33.2 | 33.1 | 30.7 | 32.3 | 32.5 | 33.3 |
| Operating profit (EBITA) | 20 | -5 | 48 | 56 | 51 | 30 | 36 | 41 | 40 |
| Operating margin EBITA (%) | 4.6 | -1.3 | 12.2 | 13.6 | 12.5 | 8.1 | 9.1 | 10.8 | 10.7 |
| Operating profit (EBITA), adjusted | 60 | 43 | 48 | 53 | 51 | 33 | 38 | 41 | 40 |
| Operating margin EBITA, (%) adjusted | 13.7 | 11.8 | 12.2 | 12.7 | 12.5 | 9.0 | 9.5 | 10.8 | 10.7 |
| Asia-Pacific | |||||||||
| MSEK | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 |
| Net sales | 100 | 90 | 116 | 114 | 110 | 116 | 138 | 112 | 102 |
| Gross profit | 31 | 28 | 37 | 34 | 34 | 38 | 44 | 37 | 32 |
| Gross margin (%) | 31.3 | 30.9 | 31.5 | 30.2 | 30.6 | 32.2 | 32.1 | 33.3 | 31.4 |
| Operating profit (EBITA) | 13 | 10 | 19 | 14 | 10 | 19 | 22 | 15 | 15 |
| Operating margin EBITA (%) | 12.6 | 11.2 | 16.0 | 12.6 | 9.0 | 16.5 | 16.1 | 13.7 | 14.3 |
| Operating profit (EBITA), adjusted | 13 | 10 | 19 | 14 | 10 | 19 | 22 | 15 | 15 |
| Operating margin EBITA, (%) adjusted | 12.6 | 11.2 | 16.0 | 12.6 | 9.0 | 16.5 | 16.1 | 13.7 | 14.3 |
| Group | |||||||||
| MSEK | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 |
| Net sales | 2,071 | 1,943 | 2,149 | 2,142 | 1,880 | 1,863 | 2,184 | 2,039 | 1,917 |
| Gross profit | 601 | 569 | 625 | 639 | 575 | 554 | 662 | 635 | 627 |
| Gross margin (%) | 29.0 | 29.3 | 29.1 | 29.8 | 30.6 | 29.7 | 30.3 | 31.1 | 32.7 |
| Operating profit (EBITA) | 220 | 181 | 259 | 263 | 258 | 179 | 286 | 267 | 264 |
| Operating margin EBITA (%) | 10.6 | 9.3 | 12.1 | 12.3 | 13.7 | 9.6 | 13.1 | 13.1 | 13.8 |
| Operating profit (EBITA), adjusted | 260 | 229 | 259 | 261 | 239 | 201 | 278 | 268 | 272 |
| Operating margin EBITA, (%) adjusted | 12.6 | 11.8 | 12.1 | 12.2 | 12.7 | 10.8 | 12.7 | 13.1 | 14.2 |
Consolidated Key Figures
| Q3 | ∆ | Jan-Sep | ∆ | LTM | Full-year | |||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | 24/25 | 2024 | ||
| Order intake | 1,920 | 1,671 | 15% | 6,080 | 5,978 | 2% | 7,915 | 7,814 |
| Net sales | 1,917 | 1,880 | 2% | 6,140 | 6,171 | -1% | 8,003 | 8,035 |
| Gross profit | 627 | 575 | 9% | 1,924 | 1,839 | 5% | 2,478 | 2,389 |
| EBITDA | 319 | 307 | 4% | 985 | 941 | 5% | 1,214 | 1,170 |
| EBITDA, adjusted | 271 | 267 | 2% | 839 | 818 | 3% | 1,023 | 1,002 |
| Operating profit (EBITA) | 264 | 258 | 2% | 817 | 781 | 5% | 995 | 959 |
| Operating profit (EBITA), adjusted | 272 | 239 | 14% | 818 | 759 | 8% | 1,019 | 959 |
| Operating profit | 235 | 241 | -2% | 756 | 731 | 3% | 917 | 891 |
| Profit after tax | 142 | 146 | -3% | 476 | 440 | 8% | 588 | 551 |
| Gross margin | 32.7% | 30.6% | 31.3% | 29.8% | 31.0% | 29.7% | ||
| Operating margin EBITA | 13.8% | 13.7% | 13.3% | 12.7% | 12.4% | 11.9% | ||
| Operating margin EBITA, adjusted | 14.2% | 12.7% | 13.3% | 12.3% | 12.7% | 11.9% | ||
| Operating margin | 12.3% | 12.8% | 12.3% | 11.8% | 11.5% | 11.1% | ||
| Net margin | 7.4% | 7.8% | 7.7% | 7.1% | 7.4% | 6.9% | ||
| Net debt, SEK million | 2,927 | 2,881 | 2% | |||||
| Net debt, adjusted, SEK million | 2,330 | 2,367 | -2% | |||||
| Debt/equity ratio, (%) | 74 | 78 | -5% | |||||
| Net debt / EBITDA, adjusted | 2.3 | 2.4 | -4% | |||||
| Working capital, SEK million | 3,011 | 2,793 | 8% | |||||
| Working capital in relation to net sales, | 37.6 | 34.4 | ||||||
| (%) | ||||||||
| Solidity (%) | 45 | 45 | ||||||
| Return on capital employed (%) | 13.0 | 12.8 | ||||||
| Cash flow from operating activities | 293 | 322 | -9% | |||||
| Earnings per share, SEK | 0.75 | 0.77 | -3% | 2.51 | 2.32 | 8% |
Condensed Parent Company Income Statement
| Q3 | Jan-Sep | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Administative expenses | -7 | -7 | -25 | -18 |
| Other operating revenue | 2 | 3 | 3 | 8 |
| Operating profit | -5 | -5 | -22 | -10 |
| Profit/loss from financial items | _ | - | 250 | 190 |
| Interest income and similar profit/loss items | 1 | 1 | 3 | -0 |
| Interest expenses and similar profit/loss items | - | -4 | - | -4 |
| Profit after financial items | -4 | -8 | 231 | 176 |
| Appropriations | _ | - | - | _ |
| Tax on net profit for the period | - | - | - | - |
| Profit after tax | -4 | -8 | 231 | 176 |
Condensed Parent Company Balance Sheet
| 30 Se | 31 Dec | ||
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Assets | |||
| Fixed assets | |||
| Financial assets | |||
| Investments in group companies | 845 | 845 | 845 |
| Other assets | |||
| Other non-current receivables | 4 | 2 | 2 |
| Total non-current assets | 849 | 847 | 847 |
| Current assets | |||
| Receivables from Group companies | 378 | 334 | 354 |
| Other current receivables | 35 | 20 | 19 |
| Cash and cash equivalents | - | - | |
| Total current assets | 413 | 350 | 373 |
| Total assets | 1,262 | 1,201 | 1,220 |
| 30 Se | 30 Sep | ||
| MSEK | 2025 | 2024 | 2024 |
| Equity and liabilities | |||
| Equity | 1,161 | 1,092 | 1,123 |
| Untaxed reserves | 82 | 97 | 82 |
| Non-current liabilities | |||
| Other non-current liabilities | 3 | 1 | 2 |
| Total non-current liabilities | 3 | 1 | 2 2 |
| Current liabilities | |||
| Trade payables | 1 | 1 | 1 |
| Other current liabilities | 15 | 10 | 12 |
| Total current liabilities | 16 | 11 | 13 |
| Total equity and liabilities | 1,262 | 1,201 | 1,220 |
Other information
Accounting policies
This interim report has been prepared pursuant to IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company's financial statements were prepared in accordance with the Swedish Annual Accounts Act, Chapter 9 and the Swedish Financial Reporting Board's recommendation RFR 2. The accounting policies applied correspond to the accounting policies and measurement principles presented in the 2024 Annual Report. The 2024 Annual Report is available at www.bufabgroup.com
Risks and risk management
Exposure to risk is a natural part of business activity, and this is reflected in Bufab's approach to risk management. Risk management aims to identify and prevent risks and to limit any loss or damage from these risks. The main risks to which the Group is exposed relate to the impact of the economy on demand. For further information regarding risks and risk management, see Note 3 of the 2024 Annual Report.
Seasonal variations
Bufab has no significant seasonal variation in its sales, but sales over the year vary based on the number of production days in each quarter for customers.
Related-party transactions
No related-party transactions occurred during the year, except for the payment of the fee to the Board of Directors, remuneration of the President and senior executives, and new subscription for call options within the framework of the long-term share-based incentive programme adopted at the Annual General Meeting under the terms outlined in more detail below. Further, the redemption of the long-term share-based incentive programme adopted at the 2021 Annual General Meeting was implemented on the terms contained in the 2024 Annual Report.
Acquisitions
| Final acquisition analysis VITAL S.p.A | Fair value |
|---|---|
| Intangible fixed assets | 174 |
| Other assets | 47 |
| Inventories | 140 |
| Other current assets | 208 |
| Cash and cash equivalents | 20 |
| Deferred tax asset | -42 |
| Other liabilities | -120 |
| Acquired net assets | 428 |
| Goodwill | 165 |
| Total purchase consideration | 593 |
| Less: cash and cash equivalents in acquried operations | -20 |
| Less: deferred purchase price | -128 |
| Less: contingent purchase consideration | -74 |
| Effect on the Group's cash and cash equivalents | 371 |
During the nine-month period, new information was obtained regarding identified customer relationships, which led to an updated assessment of the existing purchase price allocation. A reallocation has been made from goodwill to intangible assets in the form of customer relationships amounting to SEK 165 million. The customer relationships have been valued at the discounted value of future cash flows and are amortised on a straight-line basis over a period of 10 years. The amortisation for the period amounts to SEK 12 million and is included in the result for the nine-month period. The new information regarding conditions as of the acquisition date has also affected the initial valuation of the contingent purchase consideration.
Divestments
Bufab Lann AB and Hallborn Metall AB was divested the third of July 2024.
Contingent purchase considerations
The Group's liabilities for contingent purchase considerations related to acquisitions are measured at fair value. These items are recognised at fair value in the balance sheet, with changes in value recognised in profit or loss. As of 30 September 2025, total recognised liabilities for contingent purchase considerations amounted to SEK 231 million (72), of which SEK 150 million (43) was recognised as Non-current liabilities, non-interest-bearing and SEK 81 million (29) was recognised as Current liabilities, noninterest-bearing in the consolidated balance sheet. In accordance with the Group's
definition, the recognised contingent purchase considerations are included in the amounts for "net debt" and "net debt, adjusted" from the time they are finally determined until the contingent considerations are fully settled.
Significant events during the quarter
Bufab has appointed Marcus Söderberg as Chief Financial Officer (CFO). He will assume his position no later than March 2026. Helena Häger, Finance Director for Region Europe North & East, will serve as acting CFO until Marcus takes office.
Significant events after the quarter
In October, Bufab acquired novia Group, a German specialist supplier of global sourcing solutions with an annual net sale of approximately EUR 50 million in 2024. The company operates in Germany, Switzerland, China and Vietnam. The purchase price is based on an enterprise value of EUR 60 million on a cash- and debt-free basis. novia Group will be reported within Bufab's region Europe West and is expected to contribute positively to the Bufab Group's operating margin and results. The acquisition will result in transaction costs of approximately SEK 10 million during the fourth quarter of 2025.
Employees
The number of employees in the Group on 30 September 2025 amounted to 1,697 (1,649).
Contingent liabilities and collaterals
No additional significant changes were made to the company's contingent liabilities during the quarter.
Audit review
This interim report has been reviewed by the company's auditors.
Auditors' review report
To the Board of directors in Bufab AB (publ), Corp. Reg. No. 556685-6240
This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
Introduction
We have conducted a limited review of the condensed interim financial information (interim report) for Bufab AB (publ) as of September 30, 2025, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review.
The focus and scope of the limited review
We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has.
Conclusion
Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared 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.
Gothenburg, 24 October 2025
Öhrlings PricewaterhouseCoopers AB
Johan Rippe Frida Wengbrand Authorised Public Accountant Authorised Public Accountant Auditor in Charge
Definitions of key figures
Gross margin, %
Gross profit as a percentage of net sales for the period
EBITDA
Operating profit before depreciation, amortisation and impairment
EBITDA, adjusted
Operating profit before depreciation, amortisation and impairment, less amortisation on right-of-use assets according to IFRS 16 Leases. This key figure is intended to present a comparable EBITDA as though IAS 17 continued to be applied.
Operating profit (EBITA)
Gross profit less operating expenses.
Net debt
Interest-bearing liabilities, less cash and cash equivalents and interest-bearing assets, calculated at the end of the period
Net debt, adjusted
Interest-bearing liabilities, excluding lease liabilities according to IFRS 16, less cash and cash equivalents and interest-bearing assets, calculated at the end of the period
Debt/equity ratio, %
Net debt divided by equity, calculated at the end of the period
Net debt/EBITDA, adjusted
Net debt, adjusted, at the end of the period divided by EBITDA, adjusted, in the last twelve months
Operating expenses
Total distribution costs, administrative expenses, other operating income/expenses excluding depreciation, amortisation and impairment of acquisition-related intangible assets
Working capital
Total current assets less cash and cash equivalents less current non-interest-bearing liabilities, calculated at the end of the perio
Working capital in relation to net sales, %
Working capital as a percentage of net sales in the last twelve months
Equity/assets ratio, %
Equity as a percentage of total assets, calculated at the end of the period.
Return on capital employed (ROCE), %
Profit after financial items plus interest expenses as a percentage of average equity and average interest-bearing liabilities.
Cash conversion
Cash flow from operating activities divided by EBITDA, adjusted
Earnings per share
Profit after tax for the period divided by the average number of common shares
Performance measures not defined in accordance with IFRS
Bufab uses certain performance measures not defined in the rules for financial reporting adopted by Bufab. The purpose of these performance measures is to provide a better understanding of the performance of the operations. It should be pointed out that these alternative performance measures, as they are defined, are not fully comparable with other companies' performance measures with the same name.
Organic growth
Bufab has operations in many countries with different currencies, it is therefore essential to provide an understanding of the company's performance without currency effects when translating foreign subsidiaries. In addition, Bufab has an important strategic objective in carrying out value-generating acquisitions. For these reasons, growth is also recognised excluding currency effects when translating foreign subsidiaries and excluding acquired operations within the term Organic growth. This performance measure is expressed in percentage points of last year's net sales.
| Q3 | |||||||
|---|---|---|---|---|---|---|---|
| 2025, % | Group Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | ||
| Organic growth | 1.4 | 0.5 | 1.7 | 12.6 | -4.1 | 1.3 | |
| Currency translation effects | -4.4 | -1.8 | -3.4 | -9.0 | -5.5 | -8.7 | |
| Acquisitions | 5.2 | - | 22.2 | - | - | - | |
| Divestments | -0.2 | -0.8 | - | - | - | - | |
| Recognised growth | 2.0 | -2.1 | 20.5 | 3.6 | -9.6 | -7.4 |
| Jan-Sep | ||||||
|---|---|---|---|---|---|---|
| 2025, % | Group Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | |
| Organic growth | 0.3 | 0.4 | -0.3 | 3.2 | -3.4 | 8.4 |
| Currency translation effects | -2.8 | -1.4 | -3.4 | -5.5 | -2.5 | -5.0 |
| Acquisitions | 5.5 | - | 24.3 | - | - | - |
| Divestments | -3.5 | -9.0 | - | - | - | - |
| Recognised growth | -0.5 | -10.0 | 20.6 | -2.3 | -5.9 | 3.4 |
EBITDA
EBITDA is an expression of operating profit before depreciation, amortisation and impairment. The performance measure is defined below.
| Q3 | Jan-Sep | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Operating profit | 235 | 241 | 756 | 731 |
| Depreciation and amortization | 83 | 66 | 230 | 211 |
| EBITDA | 319 | 307 | 985 | 941 |
EBITDA, adjusted
The performance measure EBITDA, adjusted, is an expression of operating profit before depreciation, amortisation and impairment, less amortisation on right-of-use assets and interest expenses on lease liabilities according to IFRS 16. The performance measure is defined below.
| Q3 | Jan-Sep | ||||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | |
| Operating profit | 235 | 241 | 756 | 731 | |
| Depreciation and amortization | 83 | 66 | 230 | 211 | |
| Less: amortisation on right-of-use assets according to IFRS 16 |
-42 | -36 | -127 | -110 | |
| Less: interest expenses on lease liabilities according to IFRS 16 |
-6 | -5 | -19 | -14 | |
| EBITDA, adjusted | 271 | 267 | 839 | 818 |
EBITA
Bufab's growth strategy includes the acquisition of companies. For the purpose of illustrating the underlying operation's performance, management has chosen to monitor EBITA (operating profit before depreciation, amortisation and impairment of acquired intangible assets). The performance measure is defined below.
| Q3 | Jan-Sep | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Operating profit | 235 | 241 | 756 | 731 |
| Depreciation and amortisation of | ||||
| acquired intangible assets | 28 | 17 | 61 | 51 |
| EBITA | 264 | 258 | 817 | 782 |
EBITA, adjusted
The key figure Operating profit (EBITA) adjusted is an expression of the operating profit excluding items affecting comparability, which include but are not limited to restructuring costs, remeasurement of additional purchase considerations, and gains and losses in conjunction with divestment of operations.
| Q3 | Jan-Sep | ||||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | |
| EBITA | 264 | 258 | 817 | 782 | |
| Remeasurement of additional | 0 | -8 | -11 | -11 | |
| purchase Restructuring costs |
8 | - | 11 | - | |
| Transaction costs relating to | |||||
| acquisitions and divestments | - | -11 | - | -11 | |
| EBITA, adjusted | 272 | 239 | 818 | 759 |
Operating expenses
Operating expenses is an expression of operating expenses before depreciation, amortisation and impairment of acquired intangible assets. The performance measure is defined below.
| Q3 | Jan-Sep | ||||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | |
| Distribution costs | -250 | -235 | -747 | -735 | |
| Administative expenses | -140 | -139 | -444 | -433 | |
| Other operating income and operating | |||||
| expenses | -2 | 40 | 22 | 60 | |
| Depreciation and amortisation of | |||||
| acquired intangible assets | 28 | 17 | 61 | 51 | |
| Operating expenses | -363 | -317 | -1,107 | -1,057 |
Working capital
Because Bufab is a trading company, working capital represents a large share of the balance sheet's value. In order to optimise the company's cash generation, management focuses on the local company's development, and thereby the entire Group's development, of working capital as it is defined below.
| 30 Sep | |||
|---|---|---|---|
| MSEK | 2025 | 2024 | |
| Current assets | 4,508 | 4,282 | |
| Less: cash and cash equivalents | -220 | -208 | |
| Less: current non-interest-bearing liabilities excluding | |||
| liabilities for additional purchase prices | -1,277 | -1,282 | |
| Working capital on the balance-sheet date | 3,011 | 2,793 |
Net debt
Net debt is an expression of how large the financial borrowing is in the company in absolute figures after deductions for cash and cash equivalents. The performance measure is defined below.
| 30 Sep | ||
|---|---|---|
| MSEK | 2025 | 2024 |
| Non-current liabilities, interest bearing | 2,877 | 2,758 |
| Current liabilities, interest bearing | 271 | 331 |
| Less: cash and cash equivalents | -220 | -208 |
| Less: other interest-bearing receivables | - | - |
| Net debt on balance-sheet date | 2,927 | 2,881 |
Net debt, adjusted
Net debt, adjusted, is an expression of how large the financial borrowing is in the company in absolute figures after deductions for lease liabilities according to IFRS 16 and cash and cash equivalents. The performance measure is defined below.
| 30 Sep | ||
|---|---|---|
| MSEK | 2025 | 2024 |
| Non-current liabilities, interest bearing | 2,877 | 2,758 |
| Current liabilities, interest bearing | 271 | 331 |
| Less: lease liabilities according to IFRS 16 | -597 | -515 |
| Less: cash and cash equivalents | -220 | -208 |
| Less: other interest-bearing receivables | - | - |
| Net debt, adjusted, on the balance-sheet date | 2,330 | 2,367 |
Return on capital employed
Return on capital employed is an expression of profitability after taking into account the amount of capital utilised. The performance measure is defined below.
| 30 Sep | ||
|---|---|---|
| MSEK | 2025 | 2024 |
| Result after financial items L12M | 764 | 670 |
| Interest expense | -177 | -234 |
| Average shareholder´s equity | 3,882 | 3,602 |
| Average interest-bearing liabilities | 3,370 | 3,433 |
| Return on capital employed | 13.0% | 12.8% |
Information and addresses
Conference call
A conference call will be held on 24 October 2025 at 10:00 a.m. CEST. Erik Lundén, President and CEO, and Helena Häger, acting CFO, will present the results. Analysts and investors who wish to ask questions are asked to connect to the presentation via the following Teams link: Click here to join the meeting and use the "Raise Your Hand" function during the Q&A session.
Calendar
Year-end report 2025: 5 February 2026 Interim Report Q1 2026: 23 April 2026 Annual General Meeting 2026: 23 April 2026 Interim Report Q2, 2026: 14 July 2026 Interim Report Q3, 2026: 23 October 2026
Contact
Erik Lundén President and CEO +46 370 69 69 00 [email protected]
Bufab AB (publ) Box 2266 SE-331 02, Värnamo, Sweden Corp. Reg. No. 556685-6240 Phone: +46 370 69 69 00 www.bufabgroup.com
This information is information that Bufab AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 24 October 2025 at 7:30 a.m. CEST.
29 Countries 52 Sister companies 1,700 Employees
About Bufab
Bufab is a trading company that offers its customers a fullservice solution as a Supply Chain Partner for sourcing, quality control, sustainability and logistics for C-Parts.
Bufab was founded in 1977 in Småland, Sweden, and is an international Group that currently consists of more than 50 companies. The Group has about 1,700 employees in 29 countries and annual sales in 2024 amounted to SEK 8.0 billion. The share has been listed on Nasdaq Stockholm since 2014. Please visit www.bufabgroup.com for more information.
