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Alimak Group Interim / Quarterly Report 2025
2997_10-k_2026-02-10_0fe7ca22-8185-463c-b865-01d3ff38f436.pdf
Interim / Quarterly Report
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Interim report
Strong organic order intake growth and mixed profit performance
- ⎯ Order intake decreased by 2% to MSEK 1,808 (1,837), an organic increase of 6%
- ⎯ Revenue decreased by 7% to MSEK 1,692 (1,817), an organic increase of 1%
- ⎯ Adjusted EBITA margin decreased to 16.8% (17.6%)
- ⎯ Items Affecting Comparability of MSEK -40 related to the last significant legacy project in Facade Access
- ⎯ Cash flow from operations was MSEK 276 (506), and Net debt/EBITDA was 1.76 (1.79)
- ⎯ The Board of Directors proposes an ordinary dividend for 2025 of SEK 3.30 (3.00) per share
FOURTH QUARTER
- ⎯ Order intake decreased by 2% (6% organic increase) to MSEK 1,808 (1,837). Strong contributions from the Facade Access, Wind and Height Safety & Productivity Solutions divisions. The Construction division reported weak order intake.
- ⎯ Revenue decreased by 7% (1% organic increase) to MSEK 1,692 (1,817), with positive organic growth in the Height Safety & Productivity Solutions and Construction divisions, while revenue decreased in the Facade Access and Wind divisions.
- ⎯ Adjusted EBITA decreased to MSEK 284 (320), corresponding to a margin of 16.8% (17.6%), mainly due to weak margins in the Construction and Height Safety & Productivity Solutions divisions.
- ⎯ EBITA, as reported, amounted to MSEK 223 (314). Items Affecting Comparability of MSEK -61 (-6), whereof MSEK -40 related to the phasing out of one remaining legacy project and MSEK -20 related to restructuring costs, in the Facade Access division.
- ⎯ EBIT decreased to MSEK 187 (263).
- ⎯ Basic earnings per share decreased to SEK 0.98 (1.83) and diluted to SEK 0.97 (1.83).
- ⎯ Cash flow from operations was MSEK 276 (506).
JANUARY - DECEMBER
- ⎯ Order intake increased by 2% (8% organic increase) to MSEK 7,080 (6,947), driven by a strong performance in the Industrial, Wind and Facade Access divisions, while the Construction division reported low order intake.
- ⎯ Revenue decreased by 3% (2% organic increase) to MSEK 6,874 (7,099), with organic growth in the Industrial and Facade Access divisions, while revenue decreased in the Wind and Height Safety & Productivity Solutions divisions.
- ⎯ Adjusted EBITA amounted to MSEK 1,194 (1,221), growing organically by 3%. The margin was 17.4% (17.2%).
- ⎯ EBITA, as reported, amounted to MSEK 1,119 (1,198). Items Affecting Comparability was MSEK -74 (-23) and primarily related to the Facade Access division, including restructuring costs and the phasing out of one remaining legacy project, partially offset by the Mammendorf real estate sale.
- ⎯ EBIT amounted to MSEK 977 (998).
- ⎯ Basic earnings per share amounted to SEK 5.71 (5.89) and diluted to SEK 5.65 (5.87).
- ⎯ Cash flow from operations was MSEK 829 (1,148).
- ⎯ Net debt/EBITDA was 1.76 (1.79).
| KEY FIGURES, GROUP | Q4 2025 | Q4 2024 | ∆ | Jan-Dec 2025 | Jan-Dec 2024 | ∆ |
|---|---|---|---|---|---|---|
| Order intake*, MSEK | 1,808 | 1,837 | -1.6% | 7,080 | 6,947 | 1.9% |
| Revenue, MSEK | 1,692 | 1,817 | -6.9% | 6,874 | 7,099 | -3.2% |
| EBITA adj*, MSEK | 284 | 320 | -11.0% | 1,194 | 1,221 | -2.3% |
| EBITA adj*, margin, % | 16.8% | 17.6% | 17.4% | 17.2% | ||
| EBITA*, MSEK | 223 | 314 | -28.8% | 1,119 | 1,198 | -6.6% |
| EBITA* margin, % | 13.2% | 17.3% | 16.3% | 16.9% | ||
| EBIT, MSEK | 187 | 263 | -28.8% | 977 | 998 | -2.0% |
| EBIT margin, % | 11.1% | 14.5% | 14.2% | 14.1% | ||
| Result for the period, MSEK | 103 | 194 | -46.7% | 604 | 623 | -3.1% |
| Earnings per share, before dilution, SEK | 0.98 | 1.83 | -46.6% | 5.71 | 5.89 | -3.1% |
| Earnings per share, after dilution, SEK | 0.97 | 1.83 | -47.0% | 5.65 | 5.87 | -3.7% |
| Earnings per share adj., before dilution*, SEK | 1.64 | 2.21 | -25.8% | 7.17 | 7.45 | -3.8% |
| Cash flow from operations, MSEK | 276 | 506 | -45.4% | 829 | 1,148 | -27.8% |
| Net debt/EBITDA*, ratio | 1.76 | 1.79 | -1.6% | 1.76 | 1.79 | -1.6% |
*Alternative performance measure, see Definitions
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Alimak Group AB 2
Comments by the CEO
2025 was a demanding year, with several external headwinds affecting performance. Despite these challenges, I am satisfied that we delivered organic order intake growth of 8% and adjusted EBITA margin of 17.4% (17.2) for the full year, demonstrating the resilience of our business. A significant negative currency effect weighed on order intake, revenue and results. The US tariffs impacted demand and the global construction market remained subdued. Consequently, the year became one of consolidation, as we protected profitability, strengthened our market leading positions, and continued investing for accelerated profitable growth.
Mixed performance in the quarter across divisions
In the quarter, the currency effect had a negative impact on order intake of 9%, corresponding to MSEK 158. Adjusted for this, organic order intake increased by 6%. The adjusted EBITA margin declined to 16.8% (17.6), which is a disappointing level.
Cash flow from operations was at a good level, MSEK 276, demonstrating our operational discipline and effective working capital management.
Facade Access reported strong order intake and continues to develop well, with ongoing operational improvements. The quarter included MSEK -40 of Items Affecting Comparability related to the final phasing out of one significant legacy project. All loss-making legacy projects are now behind us.
The Construction division delivered a weak quarter. Investment in new machinery remains at a very low level for our customers in this challenging environment. In the quarter, the aftermarket was also affected as a significant share of the equipment fleet owned by our customers remained underutilised. Although the market remains very weak, we are continuing to invest into new segments, industries and products where we can find growth.
Karin Bååthe has been appointed EVP of the Construction division and will assume her role on 7 April 2026. Her broad industrial background and strong leadership experience will
1,000 4,000 1,200 1,500 1,800 2,100 2,400 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Order intake & Revenue Order intake Revenue Order intake R-12 Revenue R-12 MSEK MSEK be important to strengthen performance and drive profitable growth.
The HSPS transformation programme is continuing at full speed to secure growth going forward. Order intake developed well, while profitability was low due to low revenue, some one‑off costs and increased investments in product development, sales and marketing.
Industrial delivered a strong performance overall, while order intake growth was slightly lower than expected due to timing effects. The commercial dynamics continue to be positive across segments and most regions.
Wind reported strong order intake in the quarter. The US business showed a clear recovery, Europe continued to advance and APAC operated at a solid level with ongoing market share gains. Revenue and earnings were somewhat lower, reflecting softer order intake in previous quarters, but with improving momentum across key markets, the division is well positioned for continued success.
Looking ahead
We remain very positive regarding the market opportunities ahead. Geopolitical tensions will drive investments within infrastructure, defence, general industries and energy in the coming years, while we still expect a subdued construction market for at least the first half of this year. As we move forward, we will continue to execute with discipline on the New Heights agenda, which has served us well, focusing on profitable growth, operational excellence and long‑term value creation. Reflecting our strong financial position, and the
underlying performance in 2025, the Board of Directors proposes a dividend of SEK 3.30 (3.00) per share.
Finally, I want to thank our employees, customers, partners and shareholders for their continued strong support.
Ole Kristian Jødahl, President and CEO
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Group Performance
FOURTH QUARTER
Order intake in the period decreased by 2% (6% organic increase) to MSEK 1,808 (1,837). The Facade Access, Wind and Height Safety & Productivity Solutions divisions showed strong growth, while the Construction division reported weak order intake.
Revenue decreased by 7% (1% organic increase) to MSEK 1,692 (1,817), with positive organic growth from the Height Safety & Productivity Solutions and Construction divisions, while revenue decreased in the Facade Access and Wind divisions.
Adjusted EBITA decreased to MSEK 284 (320), corresponding to a margin of 16.8% (17.6%), mainly due to weak margins in the Construction and Height Safety & Productivity Solutions divisions.
EBITA, as reported, amounted to MSEK 223 (314). Items Affecting Comparability of MSEK -61 (-6), whereof MSEK -40 related to the phasing out of one remaining legacy project and MSEK -20 related to restructuring costs, in the Facade Access division.
| ORDER INTAKE* | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| ORDER INTARE | 2025 | 2024 | 2025 | 2024 |
| Orders, MSEK | 1,808 | 1,837 | 7,080 | 6,947 |
| Change, MSEK | -29 | 140 | 133 | -79 |
| Change, % | -1.6% | 8.3% | 1.9% | -1.1% |
| Whereof: | ||||
| Volume & price, % | 6.4% | 7.7% | 7.6% | -0.5% |
| Currency, % | -9.0% | 0.6% | -6.0% | -0.6% |
| Acquisition & divestment, % | 1.1% | 0.0% | 0.3% | 0.0% |
| REVENUE | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| KEVENOE | 2025 | 2024 | 2025 | 2024 |
| Revenue, MSEK | 1,692 | 1,817 | 6,874 | 7,099 |
| Change, MSEK | -125 | -22 | -226 | 2 |
| Change, % | -6.9% | -1.2% | -3.2% | 0.0% |
| Whereof: | ||||
| Volume & price, % | 0.8% | -1.8% | 2.0% | 0.6% |
| Currency, % | -8.8% | 0.6% | -5.6% | -0.5% |
| Acquisition & divestment, % | 1.2% | 0.0% | 0.5% | 0.0% |
| EBITA adj.* | Q | 4 | Jan-Dec | ||
|---|---|---|---|---|---|
| EBITA auj. | 2025 | 2024 | 2025 | 2024 | |
| EBITA adj., MSEK | 284 | 320 | 1,194 | 1,221 | |
| EBITA adj*, margin % | 16.8% | 17.6% | 17.4% | 17.2% | |
| Change, MSEK | -35 | 32 | -28 | 71 | |
| Change, % | -11.0% | 11.0% | -2.3% | 6.2% | |
| Whereof: | |||||
| Volume & price, % | -3.3% | 11.1% | 2.7% | 6.9% | |
| Currency, % | -8.0% | -0.1% | -5.3% | -0.7% | |
| Acquisition & divestment, % | 0.3% | 0.0% | 0.3% | 0.0% | |
| *Alternative performance measure, see | e Definitions |
Amortisation for the period amounted to MSEK 36 (51).
EBIT for the period was MSEK 187 (263).
The financial net amounted to MSEK -49 (-16), interest net was MSEK -24 (-33). The remainder was impacted by currency effects and a financial instrument valuation.
Tax expense for the period was MSEK 35 (53), corresponding to a tax rate of 25.3% (21.6%), reflecting the country mix.
Result for the period amounted to MSEK 103 (194).
Basic earnings per share was SEK 0.98 (1.83) and diluted was SEK 0.97 (1.83).
Cash flow from operations amounted to MSEK 276 (506). Working capital was significantly reduced in the quarter, but to a lesser extent than in the prior year.
Net investments in fixed assets for the period totalled MSEK 92 (64), of which MSEK 39 (34) was related to additions to the rental fleet and MSEK 31 to the acquisition of a facility in the US.
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JANUARY – DECEMBER
Order intake in the period increased by 2% (8% organic increase) to MSEK 7,080 (6,947). A strong performance was noted in the Industrial, Wind and Facade Access divisions, while the Construction division reported lower order intake.
Revenue decreased by 3% (2% organic increase) to MSEK 6,874 (7,099), with organic growth in the Industrial and Facade Access divisions while revenue decreased in the Wind and Height Safety & Productivity Solutions divisions.
Adjusted EBITA for the period was MSEK 1,194 (1,221), growing organically by 3%, and corresponding to a margin of 17.4% (17.2%).
EBITA, as reported, amounted to MSEK 1,119 (1,198). Items Affecting Comparability was MSEK -74 (-23) and primarily related to the Facade Access division, including restructuring costs and the phasing out of one remaining legacy project, partially offset by the Mammendorf real estate sale.
Amortisation for the period amounted to MSEK 142 (201).
EBIT for the period was MSEK 977 (998).
The financial net amounted to MSEK -168 (-188). Interest net was MSEK -106 (-186), impacted mainly by lower interest rates. The remainder primarily related to currency effects.
Tax expense for the period was MSEK 206 (187), corresponding to a tax rate of 25.4% (23.1%).
Result for the period amounted to MSEK 604 (623).
Basic earnings per share decreased to SEK 5.71 (5.89) and diluted to SEK 5.65 (5.87).
Cash flow from operations amounted to MSEK 829 (1,148).
Net investments in fixed assets for the period totalled MSEK 185 (126), of which MSEK 92 (70) was related to additions to the rental fleet and MSEK 31 to the acquisition of a facility in the US.
During the period, a dividend of MSEK 317 (265) was paid to the shareholders.
FINANCIAL POSITION
As of 31 December 2025, net debt totalled MSEK 2,374 (2,599).
The equity ratio was 53.6% (53.1) and the leverage ratio (net debt/EBITDA) was 1.76 (1.79).
EMPLOYEES
As of 31 December 2025, there were 2,956 (2,957) FTEs in the Group.
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Interim Report Q4 January – December 2025
SIGNIFICANT EVENTS DURING THE REPORTING PERIOD JANUARY – DECEMBER 2025
Organisational changes
As of 1 March 2025, José Maria Nevot was promoted to EVP of the Height Safety & Productivity Solutions division and Rafael Peña Guinaliu was promoted to EVP of the Wind division. On 1 August 2025, Hervé Ros was promoted to EVP of the Facade Access division replacing Philippe Gastineau, who decided to leave the Group.
Change in Board of Directors
Dr Annette Rinck was elected as a new member of the Board of Directors at the Annual General Meeting, on 30 April 2025.
Acquisitions
During the third quarter, Alimak Group acquired the permanent industrial elevator business of Century Elevators Inc., which has annual revenue of approximately MUSD 9.7. The acquisition brought several strategic benefits, including a strengthened market position in both the US and Canada through the distribution of high-quality industrial elevators and an expanded service footprint. It also added a team of highly skilled professionals, further enhancing the Group's capabilities and expertise.
During the fourth quarter, Alimak Group acquired the Swedish company Interlift which has annual revenue of MSEK 48. It is now part of the Height Safety & Productivity Solutions division and brings new products and a better access to the Nordic market.
For further details please see Note 5.
Actions to further improve Facade Access margins
To ensure the proper margin uplift for the division, we saw the need to adjust the division's fixed costs. This involved capacity reduction in Spain and cost savings in Luxembourg. The total restructuring cost for the year was MSEK 60, whereof MSEK 20 was recognised in the quarter. The restructuring programme has been completed and the expected annual savings are MSEK 30, starting in 2026.
FINANCIAL TARGETS AND POLICIES
Please refer to alimakgroup.com
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
Organisational changes
The Construction division is making a leadership change, where Karin Bååthe will take over the role of EVP as of 7 April 2026. Karin joins Alimak Group from Sandvik Mining where she is currently regional CEO for Ground Support EMEA. After more than five years as Executive Vice President, David Batson will assume a new role as Director of APAC for the Construction division, reporting to Karin Bååthe.
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Facade Access
Order intake increased by 6% (18% at constant currency) to MSEK 511 (480). The Middle East was supported by strong market momentum. The Netherlands delivered solid refurbishment order wins, and the UK started a rebound. North America continued on a positive trajectory, driven by a strong performance in Integrated Design Services, low‑complexity solutions and a significant variation order within the nuclear industry.
Revenue decreased by 15% (5% at constant currency) to MSEK 447 (526), reflecting the lower order intake in the previous quarters.
EBITA amounted to MSEK 68 (82), corresponding to a margin of 15.1% (15.7%). Profitability remained at a relatively high level despite lower fixed cost absorption from reduced revenue and a significant adverse currency effect. Key improvement drivers included better project execution and a structurally lower manufacturing cost base following the completion of the European transformation initiatives.
The quarter also included items affecting comparability related to the final phasing out of one significant legacy project. With this, all legacy loss-making projects are now behind us.
| ORDER INTAKE* | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Orders, MSEK | 511 | 480 | 1,837 | 1,720 |
| Change, MSEK | 31 | -32 | 117 | -95 |
| Change, % | 6.4% | -6.3% | 6.8% | -5.2% |
| Whereof: | ||||
| Volume & price, % | 17.8% | -7.2% | 14.0% | -4.7% |
| Currency, % | -11.4% | 0.9% | -7.1% | -0.5% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| REVENUE | Q4 | Jan-Dec | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Revenue, MSEK | 447 | 526 | 1,919 | 1,985 | |
| Change, MSEK | -79 | 21 | -67 | -6 | |
| Change, % | -15.0% | 4.1% | -3.4% | -0.3% | |
| Whereof: | |||||
| Volume & price, % | -5.2% | 2.7% | 3.3% | 0.1% | |
| Currency, % | -9.8% | 1.4% | -6.6% | -0.4% | |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITA* | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| EBITA, MSEK | 68 | 82 | 233 | 233 |
| EBITA, % | 15.1% | 15.7% | 12.2% | 11.7% |
| Change, MSEK | -15 | 53 | 0 | 108 |
| Change, % | -18.1% | 175.4% | 0.1% | 86.6% |
| Whereof: | ||||
| Volume & price, % | -8.3% | 182.4% | 9.0% | 91.5% |
| Currency, % | -9.8% | -7.0% | -8.9% | -4.8% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
*Alternative performance measure, see Definitions
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Construction
Order intake decreased by 36% (29% at constant currency) to MSEK 300 (468). Investment in new machinery remained at a very low level due to the challenging construction market. In the quarter, the aftermarket was also affected as a significant share of the equipment fleet owned by our customers remained underutilised.
Revenue decreased by 5% (5% increase at constant currency) to MSEK 380 (401). Revenue was supported by previously booked orders, including light equipment projects in the UK and the US.
EBITA amounted to MSEK 36 (44), corresponding to a margin of 9.4% (11.1%). The decline was primarily driven by the lower revenue and its impact on cost absorption, as well as an adverse mix effect.
| ORDER INTAKE* | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Orders, MSEK | 300 | 468 | 1,478 | 1,756 |
| Change, MSEK | -168 | 149 | -278 | 3 |
| Change, % | -35.8% | 46.9% | -15.8% | 0.2% |
| Whereof: | ||||
| Volume & price, % | -28.9% | 46.1% | -10.3% | 0.8% |
| Currency, % | -6.9% | 0.8% | -5.5% | -0.6% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| REVENUE | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue, MSEK | 380 | 401 | 1,533 | 1,626 |
| Change, MSEK | -21 | -39 | -93 | -123 |
| Change, % | -5.2% | -8.8% | -5.7% | -7.0% |
| Whereof: | ||||
| Volume & price, % | 4.6% | -9.5% | 0.3% | -6.6% |
| Currency, % | -9.8% | 0.7% | -6.0% | -0.4% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITA* | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| EBITA, MSEK | 36 | 44 | 215 | 228 |
| EBITA, % | 9.4% | 11.1% | 14.0% | 14.0% |
| Change, MSEK | -9 | -31 | -14 | -86 |
| Change, % | -19.2% | -41.4% | -6.0% | -27.5% |
| Whereof: | ||||
| Volume & price, % | -8.0% | -42.0% | -0.1% | -27.1% |
| Currency, % | -11.2% | 0.6% | -5.9% | -0.4% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
*Alternative performance measure, see Definitions
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Height Safety & Productivity Solutions
Order intake increased by 6% (14% organic increase) to MSEK 358 (336), supported by strong activity in the Middle East and India elevator segment, and in the North American market. Growth was partly offset by continued weak construction end-markets in several European countries.
Revenue decreased by 2% (6% organic increase) to MSEK 312 (317), mainly reflecting softer order intake in Q3 and early Q4.
EBITA amounted to MSEK 47 (56), corresponding to a margin of 15.0% (17.5%). The decline was driven by an unfavourable product mix, increased investments in product development, marketing and sales, and some oneoffs.
| ORDER INTAKE* | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Orders, MSEK | 358 | 336 | 1,360 | 1,337 |
| Change, MSEK | 21 | -21 | 23 | -70 |
| Change, % | 6.4% | -5.9% | 1.7% | -5.0% |
| Whereof: | ||||
| Volume & price, % | 13.6% | -6.2% | 6.2% | -4.7% |
| Currency, % | -7.9% | 0.3% | -4.6% | -0.3% |
| Acquisition & divestment, % | 0.7% | 0.0% | 0.2% | 0.0% |
| REVENUE | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue, MSEK | 312 | 317 | 1,292 | 1,360 |
| Change, MSEK | -5 | -32 | -67 | -50 |
| Change, % | -1.6% | -9.3% | -5.0% | -3.5% |
| Whereof: | ||||
| Volume & price, % | 5.8% | -9.6% | -0.5% | -3.1% |
| Currency, % | -8.1% | 0.3% | -4.6% | -0.4% |
| Acquisition & divestment, % | 0.7% | 0.0% | 0.2% | 0.0% |
| EBITA* | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| EBITA, MSEK | 47 | 56 | 229 | 250 |
| EBITA, % | 15.0% | 17.5% | 17.7% | 18.4% |
| Change, MSEK | -9 | -8 | -21 | -18 |
| Change, % | -15.8% | -12.9% | -8.4% | -6.9% |
| Whereof: | ||||
| Volume & price, % | -9.5% | -13.7% | -4.4% | -6.8% |
| Currency, % | -6.5% | 0.8% | -4.0% | -0.1% |
| Acquisition & divestment, % | 0.3% | 0.0% | 0.1% | 0.0% |
*Alternative performance measure, see Definitions
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Industrial
Order intake increased by 1% (4% organic increase) to MSEK 439 (436), driven by strong equipment orders in the Americas and Asia Pacific, partly offset by timing effects in Europe. Several important projects were won within the power, mining and oil & gas segments. The aftermarket business performed in line year-over-year.
Revenue decreased by 2% (1% organic increase) to MSEK 415 (422). The division delivered solid equipment volumes despite some project delays. Aftermarket revenue was stable but was affected by technician availability.
EBITA amounted to MSEK 106 (108), corresponding to a margin of 25.5% (25.7%). The slight margin dilution was driven primarily by lower revenue and the impact from the Century acquisition.
| ORDER INTAKE* | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Orders, MSEK | 439 | 436 | 1,707 | 1,548 |
| Change, MSEK | 3 | 52 | 159 | 91 |
| Change, % | 0.6% | 13.5% | 10.3% | 6.3% |
| Whereof: | ||||
| Volume & price, % | 4.2% | 13.1% | 14.7% | 7.1% |
| Currency, % | -7.7% | 0.4% | -5.7% | -0.8% |
| Acquisition & divestment, % | 4.1% | 0.0% | 1.2% | 0.0% |
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| REVENUE | 2025 | 2024 | 2025 | 2024 | |
| Revenue, MSEK | 415 | 422 | 1,544 | 1,535 | |
| Change, MSEK | -6 | 17 | 9 | 149 | |
| Change, % | -1.5% | 4.3% | 0.6% | 10.8% | |
| Whereof: | |||||
| Volume & price, % | 1.3% | 4.1% | 3.5% | 11.5% | |
| Currency, % | -7.3% | 0.1% | -4.8% | -0.8% | |
| Acquisition & divestment, % | 4.5% | 0.0% | 2.0% | 0.0% |
| EBITA* | Q4 | Jan-Dec | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| EBITA, MSEK | 106 | 108 | 393 | 378 | |
| EBITA, % | 25.5% | 25.7% | 25.4% | 24.6% | |
| Change, MSEK | -2 | 14 | 15 | 56 | |
| Change, % | -2.3% | 14.5% | 4.0% | 17.3% | |
| Whereof: | |||||
| Volume & price, % | 2.4% | 14.5% | 6.6% | 17.8% | |
| Currency, % | -5.5% | 0.0% | -3.5% | -0.5% | |
| Acquisition & divestment, % | 0.8% | 0.0% | 0.9% | 0.0% |
*Alternative performance measure, see Definitions
{9}------------------------------------------------
Wind
Order intake increased by 59% (72% at constant currency) to MSEK 209 (132). The quarter showed a strong recovery in the US and continued solid progress in Europe. APAC maintained its high performance, supported by ongoing market share gains. Furthermore, we booked some orders earlier than initially projected, providing additional support to the quarter.
Revenue decreased by 10% (2% at constant currency) to MSEK 150 (166), reflecting the lower order flow recorded in previous quarters, particularly in Southern Europe and the Americas.
EBITA amounted to MSEK 28 (29), corresponding to a margin of 18.7% (17.4%). Despite lower sales volumes and increased R&D investments in new product development, margin remained resilient, supported by disciplined price management and operational efficiency.
| ORDER INTAKE* | Q4 | Jan-Dec | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Orders, MSEK | 209 | 132 | 741 | 670 | |
| Change, MSEK | 77 | -10 | 72 | -19 | |
| Change, % | 58.5% | -6.9% | 10.7% | -2.8% | |
| Whereof: | |||||
| Volume & price, % | 71.5% | -6.7% | 16.8% | -1.8% | |
| Currency, % | -13.0% | -0.1% | -6.1% | -1.0% | |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| REVENUE | Q4 | Jan-Dec | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Revenue, MSEK | 150 | 166 | 641 | 693 | |
| Change, MSEK | -16 | -1 | -52 | 19 | |
| Change, % | -9.5% | -0.3% | -7.5% | 2.8% | |
| Whereof: | |||||
| Volume & price, % | -1.8% | 0.0% | -2.4% | 3.7% | |
| Currency, % | -7.7% | -0.3% | -5.1% | -1.0% | |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| Q4 | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| EBITA* | 2025 | 2024 | 2025 | 2024 | ||
| EBITA, MSEK | 28 | 29 | 124 | 133 | ||
| EBITA, % | 18.7% | 17.4% | 19.3% | 19.1% | ||
| Change, MSEK | -1 | 4 | -9 | 12 | ||
| Change, % | -2.8% | 16.6% | -6.6% | 10.1% | ||
| Whereof: | ||||||
| Volume & price, % | 6.7% | 18.5% | -1.1% | 11.1% | ||
| Currency, % | -9.5% | -1.9% | -5.5% | -1.0% | ||
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
*Alternative performance measure, see Definitions
{10}------------------------------------------------
Condensed consolidated statement of comprehensive income
| Amounts in MSEK | Note | Q4 2025 | Q4 2024 | Jan-Dec 2025 | Jan-Dec 2024 |
|---|---|---|---|---|---|
| Revenue | 2 | 1,692 | 1,817 | 6,874 | 7,099 |
| Cost of sales | -1,043 | -1,099 | -4,114 | -4,248 | |
| Gross profit | 648 | 718 | 2,759 | 2,852 | |
| Operating expenses | -461 | -455 | -1,782 | -1,854 | |
| Participations in the results of associated companies | 0 | 0 | 0 | 0 | |
| Operating profit (EBIT) | 187 | 263 | 977 | 998 | |
| Financial net | -49 | -16 | -168 | -188 | |
| Profit before tax (EBT) | 138 | 248 | 810 | 810 | |
| Income tax | -35 | -53 | -206 | -187 | |
| Net profit | 103 | 194 | 604 | 623 | |
| Attributable to owners of the parent company | 103 | 194 | 604 | 623 | |
| Earnings per share, basic, SEK | 0.98 | 1.83 | 5.71 | 5.89 | |
| Earnings per share, diluted, SEK | 0.97 | 1.83 | 5.65 | 5.87 | |
| OTHER COMPREHENSIVE INCOME | |||||
| Items that will not be reclassified to net profit for the period | |||||
| Remeasurements of defined benefit pension plans | -11 | 9 | -1 | -35 | |
| Income tax relating to remeasurements of pension plans | 2 | 6 | -1 | 19 | |
| Total | -9 | 15 | -2 | -16 | |
| Items that may be reclassified to net profit for the period | |||||
| Foreign exchange translation differences | -138 | 200 | -673 | 298 | |
| Change in fair value of cash flow hedges | 9 | 0 | 17 | -5 | |
| Income tax relating to change in fair value of cash flow hedges | 0 | 0 | -2 | 1 | |
| Total | -129 | 199 | -657 | 294 | |
| Other comprehensive income | -139 | 215 | -659 | 278 | |
| Total comprehensive income | -36 | 409 | -55 | 901 | |
| Attributable to owners of the parent company | -36 | 409 | -55 | 901 | |
{11}------------------------------------------------
Condensed consolidated statement of financial position
| Amounts in MSEK | Note | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|---|
| ASSETS | |||
| Goodwill and Intangible assets | 7,892 | 8,545 | |
| Property, plant and equipment | 664 | 680 | |
| Right-of-use assets | 319 | 299 | |
| Deferred tax assets | 133 | 148 | |
| Financial and other non-current assets* | 1, 4 | 168 | 211 |
| Total non-current assets* | 9,177 | 9,882 | |
| Inventories | 1,193 | 1,249 | |
| Contract assets | 238 | 321 | |
| Trade receivables | 4 | 1,261 | 1,341 |
| Other receivables | 4 | 229 | 210 |
| Prepaid expenses and accrued income | 4 | 133 | 133 |
| Short-term investments | 4 | 33 | 45 |
| Cash and cash equivalents | 4 | 1,159 | 1,095 |
| Total current assets | 4,245 | 4,394 | |
| TOTAL ASSETS* | 13,422 | 14,276 | |
| EQUITY AND LIABILITIES | |||
| Shareholders equity* | 1 | 7,195 | 7,569 |
| Long-term borrowings | 4 | 3,235 | 3,428 |
| Lease liabilities | 4 | 201 | 197 |
| Deferred tax liabilities* | 1 | 745 | 839 |
| Other long term liabilities | 4 | 263 | 303 |
| Total non-current liabilities* | 4,444 | 4,767 | |
| Short-term borrowings | 4 | 1 | 0 |
| Lease liabilities | 4 | 129 | 113 |
| Contract liabilities | 236 | 311 | |
| Trade payables | 4 | 373 | 444 |
| Other current liabilities | 4 | 1,045 | 1,073 |
| Total current liabilities | 1,783 | 1,940 | |
| TOTAL EQUITY AND LIABILITIES* | 13,422 | 14,276 |
*Restated in the comparison period, see note 1
{12}------------------------------------------------
Condensed consolidated statement of changes in equity
| Share | Other paid-in | Translation | Hedging | Retained | Total | |
|---|---|---|---|---|---|---|
| Amounts in MSEK | capital | capital | reserve | reserve | earnings | equity |
| Opening balance, 1 Jan 2024 | 2 | 5,277 | 324 | -11 | 1,363 | 6,955 |
| Adjustment on correction of error (net of tax) (note 1) | - | - | - | - | -31 | -31 |
| Opening balance, 1 Jan 2024 (restated) | 2 | 5,277 | 324 | -11 | 1,331 | 6,924 |
| Result for the period | - | - | - | - | 623 | 623 |
| Changes of fair value | - | - | - | -5 | - | -5 |
| Revaluation of pension plans | - | - | - | - | -35 | -35 |
| Tax attributable to revaluations | - | - | - | 1 | 19 | 20 |
| Translation difference | - | - | 298 | - | - | 298 |
| Total comprehensive income | - | - | 298 | -4 | 607 | 901 |
| Dividend | - | - | - | - | -265 | -265 |
| Issued call options | - | 9 | - | - | - | 9 |
| Closing balance, 31 Dec 2024 | 2 | 5,286 | 623 | -15 | 1,673 | 7,569 |
| Opening balance, 1 Jan 2025 | 2 | 5,286 | 623 | -15 | 1,673 | 7,569 |
| Result for the period | - | - | - | - | 604 | 604 |
| Changes of fair value | - | - | - | 17 | - | 17 |
| Revaluation of pension plans | - | - | - | - | -1 | -1 |
| Tax attributable to revaluations | - | - | - | -2 | -1 | -3 |
| Translation difference | - | - | -673 | - | - | -673 |
| Total comprehensive income | - | - | -673 | 16 | 601 | -55 |
| Dividend | - | - | - | - | -317 | -317 |
| Exercised call options | - | 0 | - | - | - | 0 |
| Issued call options | - | 8 | - | - | - | 8 |
| Repurchase call options | - | -10 | - | - | - | -10 |
| Closing balance, 31 Dec 2025 | 2 | 5,286 | -50 | 0 | 1,956 | 7,195 |
{13}------------------------------------------------
*Includes contingent considerations for previous acquisition
Condensed consolidated statements of cash flow
| Amounts in MSEK | Q4 2025 | Q4 2024 | Jan-Dec 2025 | Jan-Dec 2024 |
|---|---|---|---|---|
| Operating activities | ||||
| Profit before tax | 138 | 248 | 810 | 810 |
| Depreciation, amortisation, impairment | 94 | 112 | 372 | 453 |
| Other non-cash items | -22 | -46 | -53 | -36 |
| Income taxes paid | -52 | -63 | -210 | -177 |
| Cash flow before change in working capital | 159 | 250 | 920 | 1,050 |
| Change in working capital | ||||
| Change in inventory | 65 | 50 | -54 | -10 |
| Change in contract assets | 55 | 62 | 69 | 37 |
| Change in current receivables | 4 | 94 | -56 | 75 |
| Change in current liabilities | -7 | 50 | -50 | -4 |
| Cash flow from change in working capital | 117 | 256 | -91 | 99 |
| Cash flow from operating activities | 276 | 506 | 829 | 1,148 |
| Investing activities | ||||
| Acquisition of business combinations, net of cash acquired* | -16 | - | -144 | - |
| Purchase of intangible assets | -3 | -4 | -9 | -6 |
| Purchase of property, plant and equipment | -89 | -60 | -176 | -120 |
| Disposal of property, plant and equipment | - | - | 77 | - |
| Net change in short term financial investments | 1 | -11 | 11 | -4 |
| Cash flow from investing activities | -107 | -75 | -242 | -130 |
| Financing activities | ||||
| Proceeds from borrowings | - | 0 | - | 250 |
| Repayment of borrowings | 0 | -128 | 0 | -552 |
| Repayment of lease liability | -35 | -34 | -135 | -128 |
| Exercised call options | - | - | 0 | - |
| Issued call options | - | - | 8 | 9 |
| Repurchase of call options | - | - | -10 | - |
| Dividends paid | - | - | -317 | -265 |
| Cash flow from financing activities | -35 | -161 | -454 | -686 |
| Net change in cash and cash equivalents | 134 | 270 | 133 | 332 |
| Cash & cash equivalents at beginning of period | 1,023 | 805 | 1,095 | 739 |
| Exchange rate differences in cash and cash equivalents | 2 | 20 | -70 | 24 |
| Cash & cash equivalents at end of period | 1,159 | 1,095 | 1,159 | 1,095 |
{14}------------------------------------------------
Key figures
| 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| KEY FIGURES MSEK | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| INCOME STATEMENT ITEMS (MSEK) | ||||||||
| Order intake* | 1,808 | 1,547 | 1,720 | 2,005 | 1,837 | 1,592 | 1,789 | 1,729 |
| Revenue | 1,692 | 1,658 | 1,791 | 1,732 | 1,817 | 1,742 | 1,806 | 1,736 |
| EBITDA* | 282 | 297 | 383 | 389 | 375 | 372 | 366 | 339 |
| EBITA adj* | 284 | 287 | 322 | 300 | 320 | 310 | 307 | 285 |
| EBITA adj %* | 16.8% | 17.3% | 18.0% | 17.3% | 17.6% | 17.8% | 17.0% | 16.4% |
| EBITA* | 223 | 246 | 322 | 328 | 314 | 308 | 296 | 281 |
| EBIT | 187 | 211 | 288 | 292 | 263 | 261 | 247 | 228 |
| Result for the period | 103 | 133 | 184 | 184 | 194 | 155 | 143 | 131 |
| Items affecting comparability* | -61 | -41 | - | 28 | -6 | -2 | -11 | -4 |
| Total comprehensive income, MSEK | -21 | 67 | 85 | -286 | 409 | 29 | 69 | 394 |
| BALANCE SHEET ITEMS (MSEK) | ||||||||
| Total assets (1) | 13,422 | 13,606 | 13,582 | 13,612 | 14,276 | 13,894 | 14,107 | 14,167 |
| Capital employed* (1) | 9,569 | 9,814 | 9,809 | 9,661 | 10,168 | 10,122 | 10,330 | 10,412 |
| Equity (1) | 7,195 | 7,229 | 7,161 | 7,283 | 7,569 | 7,160 | 7,131 | 7,318 |
| Net debt* | 2,374 | 2,585 | 2,648 | 2,378 | 2,599 | 2,963 | 3,198 | 3,094 |
| Goodwill and intangible assets | 7,892 | 8,024 | 8,059 | 8,034 | 8,545 | 8,387 | 8,538 | 8,674 |
| Capital employed, excluding goodwill* (1) | 3,837 | 4,023 | 4,015 | 3,886 | 4,060 | 4,169 | 4,295 | 4,322 |
| Working capital* | 1,601 | 1,826 | 1,791 | 1,702 | 1,581 | 1,718 | 1,736 | 1,815 |
| Cash and cash equivalents | 1,159 | 1,023 | 993 | 1,114 | 1,095 | 805 | 755 | 728 |
| CASH FLOW ITEMS (MSEK) | ||||||||
| Cash flow from working capital | 117 | 9 | -96 | -120 | 256 | -36 | -61 | -60 |
| Cash flow from operating activities | 276 | 196 | 182 | 175 | 506 | 265 | 164 | 214 |
| Cash flow for the period | 134 | 34 | -155 | 121 | 270 | 62 | 38 | -37 |
| Depreciation | -58 | -50 | -61 | -61 | -61 | -63 | -69 | -58 |
| Amortisation | -36 | -36 | -35 | -36 | -51 | -48 | -49 | -53 |
| Purchase of intangible fixed assets | -3 | -1 | -2 | -3 | -4 | 0 | -1 | -1 |
| Purchase of property, plant and equipment | -89 | -15 | -28 | -44 | -60 | -12 | -29 | -19 |
| Rolling 12 Months | ||||||||
| Order intake* | 7,080 | 7,109 | 7,153 | 7,223 | 6,947 | 6,807 | 6,893 | 6,886 |
| Revenue | 6,874 | 6,998 | 7,082 | 7,096 | 7,099 | 7,121 | 7,110 | 7,088 |
| EBITDA* | 1,350 | 1,443 | 1,517 | 1,501 | 1,451 | 1,397 | 1,395 | 1,372 |
| EBITA adj* | 1,194 | 1,229 | 1,251 | 1,236 | 1,221 | 1,190 | 1,159 | 1,146 |
| EBITA adj %* | 17.4% | 17.6% | 17.7% | 17.4% | 17.2% | 16.7% | 16.3% | 16.2% |
| EBITA* | 1,119 | 1,210 | 1,271 | 1,245 | 1,198 | 1,143 | 1,148 | 1,140 |
| EBIT | 977 | 1,053 | 1,102 | 1,062 | 998 | 939 | 935 | 924 |
| Result for the period | 604 | 695 | 717 | 676 | 623 | 550 | 536 | 522 |
| Items affecting comparability* | -74 | -19 | 20 | 9 | -23 | -47 | -11 | -6 |
| Total comprehensive income | 274 | 274 | 236 | 259 | 901 | 231 | 234 | 625 |
| Cash flow from operating activities | 829 | 1,059 | 1,127 | 1,110 | 1,149 | 1,006 | 1,131 | 1,173 |
| Cash flow for the period | 133 | 269 | 297 | 490 | 332 | 143 | 68 | -13 |
*Alternative performance measure, see Definitions
(1) Restated in the comparison periods, see note 1
{15}------------------------------------------------
Key figures (cont)
| 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| GROWTH (Year-Over-Year) | ||||||||
| Order intake*, total % | -1.6% | -2.8% | -3.9% | 15.9% | 8.3% | -5.1% | 0.4% | -7.5% |
| Order intake*, organic % | 6.4% | 4.1% | 3.8% | 15.7% | 7.7% | -1.8% | -0.2% | -7.1% |
| Order intake*, acquisitions % | 1.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Revenue, total % | -6.9% | -4.8% | -0.8% | -0.2% | -1.2% | 0.7% | 1.2% | -0.5% |
| Revenue, organic % | 0.8% | 1.1% | 6.6% | -0.4% | -1.8% | 4.1% | 0.7% | -0.4% |
| Revenue, acquisitions % | 1.2% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| FINANCIAL RATIOS | ||||||||
| Gross margin % | 38.3% | 38.3% | 41.7% | 42.1% | 39.5% | 40.0% | 40.9% | 40.2% |
| EBITDA margin* % | 16.6% | 17.9% | 21.4% | 22.4% | 20.8% | 21.3% | 20.3% | 19.4% |
| EBITA margin* % | 13.2% | 14.9% | 18.0% | 18.9% | 17.4% | 17.7% | 16.4% | 16.2% |
| Operating expenses % of revenue | 27.3% | 25.6% | 25.6% | 25.2% | 25.0% | 25.1% | 27.3% | 27.1% |
| Depreciation and amortisation % of revenue | 5.6% | 5.2% | 5.3% | 5.6% | 6.2% | 6.4% | 6.6% | 6.4% |
| Investments % of revenue | 5.4% | 1.0% | 1.7% | 2.7% | 3.1% | 0.7% | 1.7% | 1.1% |
| Equity ratio* (1) % | 53.6% | 53.1% | 52.7% | 53.5% | 53.0% | 51.5% | 50.5% | 51.7% |
| Return on equity* (1) % | 8.4% | 9.6% | 10.0% | 9.3% | 8.2% | 7.7% | 7.5% | 7.3% |
| Return on capital employed* (1) % | 10.0% | 10.6% | 11.0% | 10.5% | 9.8% | 9.1% | 8.9% | 8.8% |
| Return on capital employed, excluding goodwill* (1) % | 24.7% | 26.1% | 27.0% | 25.6% | 23.8% | 21.8% | 21.1% | 20.6% |
| Net debt/EBITDA, ratio* | 1.76 | 1.79 | 1.74 | 1.58 | 1.79 | 2.12 | 2.29 | 2.25 |
| Interest coverage ratio*, times | 5.2 | 5.8 | 7.7 | 6.8 | 5.6 | 4.3 | 3.5 | 3.4 |
| SHARE RATIOS (SEK) | ||||||||
| Basic average shares outstanding, thousands | 105,833 | 105,833 | 105,831 | 105,831 | 105,831 | 105,831 | 105,831 | 105,831 |
| Diluted average shares outstanding, thousands | 106,513 | 106,526 | 106,409 | 106,393 | 106,300 | 106,249 | 106,228 | 106,089 |
| Dividend per share | - | - | 3.00 | - | - | - | 2.50 | - |
| Earnings per share, before dilution, SEK | 0.98 | 1.25 | 1.74 | 1.74 | 1.83 | 1.46 | 1.35 | 1.24 |
| Earnings per share, after dilution, SEK | 0.97 | 1.24 | 1.73 | 1.73 | 1.83 | 1.46 | 1.34 | 1.24 |
| Earnings per share adj*, before dilution, SEK | 1.64 | 1.78 | 1.98 | 1.79 | 2.21 | 1.79 | 1.78 | 1.66 |
| Earnings per share adj*, after dilution, SEK | 1.63 | 1.77 | 1.97 | 1.78 | 2.20 | 1.79 | 1.77 | 1.66 |
| Equity per share* (1) | 67.98 | 68.30 | 67.66 | 68.82 | 71.52 | 67.66 | 67.38 | 69.15 |
| Cash flow per share* | 1.26 | 0.32 | -1.46 | 1.14 | 2.51 | 0.57 | 0.35 | -0.34 |
| OTHER | ||||||||
| Number of Employees - Full Time Equivalent | 2,956 | 2,993 | 2,956 | 2,928 | 2,957 | 2,968 | 2,959 | 2,954 |
*Alternative performance measure, see Definitions
(1) Restated in the comparison periods, see note 1
{16}------------------------------------------------
Historical quarterly data 2023 – 2025
| Amounts in MSEK | 2025 | 2024 | 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Order Intake* | ||||||||||||
| Facade Access | 511 | 379 | 451 | 496 | 480 | 453 | 364 | 423 | 512 | 376 | 433 | 493 |
| Construction | 300 | 361 | 327 | 490 | 468 | 350 | 454 | 484 | 319 | 489 | 476 | 469 |
| Height Safety & Productivity Solutions | 358 | 305 | 316 | 382 | 336 | 312 | 352 | 336 | 357 | 351 | 350 | 350 |
| Industrial | 439 | 356 | 481 | 432 | 436 | 342 | 442 | 328 | 384 | 328 | 373 | 372 |
| Wind | 209 | 157 | 158 | 217 | 132 | 161 | 202 | 175 | 141 | 152 | 187 | 208 |
| Interdivision elimination | -8 | -10 | -14 | -12 | -16 | -26 | -24 | -18 | -18 | -18 | -37 | -21 |
| Total | 1,808 1,547 1,720 | 2,005 | 1,837 | 1,592 | 1,789 | 1,729 | 1,696 | 1,678 | 1,782 | 1,870 | ||
| Revenue | ||||||||||||
| Facade Access | 447 | 491 | 500 | 482 | 526 | 479 | 496 | 485 | 505 | 507 | 495 | 485 |
| Construction | 380 | 333 | 407 | 413 | 401 | 427 | 426 | 371 | 440 | 440 | 402 | 467 |
| Height Safety & Productivity Solutions | 312 | 310 | 321 | 349 | 317 | 335 | 354 | 354 | 349 | 326 | 373 | 362 |
| Industrial | 415 | 376 | 399 | 354 | 422 | 354 | 362 | 397 | 404 | 331 | 339 | 311 |
| Wind | 150 | 160 | 179 | 153 | 166 | 180 | 194 | 153 | 166 | 169 | 188 | 151 |
| Interdivision elimination | -12 | -11 | -15 | -18 | -14 | -34 | -27 | -24 | -26 | -42 | -13 | -32 |
| Total | 1,692 1,658 1,791 | 1,732 | 1,817 | 1,742 | 1,806 | 1,736 | 1,838 | 1,730 | 1,784 | 1,745 | ||
| EBITA* | ||||||||||||
| Facade Access | 68 | 64 | 56 | 46 | 82 | 55 | 50 | 46 | 30 | 40 | 26 | 29 |
| Construction | 36 | 44 | 68 | 66 | 44 | 74 | 71 | 39 | 76 | 82 | 71 | 86 |
| Height Safety & Productivity Solutions | 47 | 57 | 55 | 70 | 56 | 64 | 69 | 61 | 64 | 51 | 79 | 75 |
| Industrial | 106 | 92 | 105 | 90 | 108 | 81 | 82 | 106 | 95 | 73 | 81 | 74 |
| Wind | 28 | 30 | 38 | 28 | 29 | 35 | 39 | 30 | 25 | 33 | 38 | 25 |
| Items affecting comparability | -61 | -41 | - | 28 | -6 | -2 | -11 | -4 | -31 | 34 | -6 | -3 |
| Total | 223 | 246 | 322 | 328 | 314 | 308 | 296 | 281 | 258 | 312 | 288 | 286 |
| EBIT | ||||||||||||
| Facade Access | 58 | 54 | 47 | 36 | 60 | 35 | 28 | 22 | 8 | 18 | 7 | 18 |
| Construction | 30 | 38 | 62 | 60 | 38 | 68 | 64 | 32 | 69 | 75 | 63 | 80 |
| Height Safety & Productivity Solutions | 29 | 39 | 37 | 51 | 36 | 44 | 49 | 42 | 46 | 31 | 58 | 61 |
| Industrial | 105 | 92 | 105 | 89 | 108 | 81 | 82 | 105 | 94 | 72 | 81 | 73 |
| Wind | 27 | 29 | 37 | 27 | 28 | 34 | 37 | 27 | 18 | 26 | 32 | 19 |
| Items affecting comparability* | -61 | -41 | - | 28 | -6 | -2 | -11 | -4 | -31 | 34 | -4 | -3 |
| Total | 187 | 211 | 288 | 292 | 263 | 260 | 247 | 228 | 205 | 256 | 236 | 248 |
*Alternative performance measure, see Definitions
{17}------------------------------------------------
Alternative performance measures Bridge
EBITA*, EBITDA* and EBITA adj*
| In MSEK | Q4 2025 | Q4 2024 | Jan-Dec 2025 | Jan-Dec 2024 |
|---|---|---|---|---|
| EBIT | 187 | 263 | 977 | 998 |
| Add back: | ||||
| Amortisation | 36 | 51 | 142 | 201 |
| EBITA* | 223 | 314 | 1 119 | 1 198 |
| Add back: | ||||
| Depreciation | 58 | 61 | 230 | 252 |
| EBITDA* | 282 | 375 | 1 350 | 1 451 |
| EBITA* | 223 | 314 | 1 119 | 1 198 |
| Add back: | ||||
| Items affecting comparability | 61 | 6 | 74 | 23 |
| EBITA adj* | 284 | 320 | 1 194 | 1 221 |
Earnings per share adjusted*
| In MSEK | Q4 2025 | Q4 2024 Jan-Dec 2025 |
Jan-Dec 2024 | |
|---|---|---|---|---|
| Net profit | 103 | 194 | 604 | 624 |
| Add back: | ||||
| Items affecting comparability | 61 | 6 | 74 | 23 |
| Acquisition related amortisation | 34 | 45 | 134 | 147 |
| Tax effect | -24 | -12 | -53 | -38 |
| Net profit adj. | 174 | 233 | 759 | 756 |
| Basic average shares outstanding, thousands | 105 833 | 105 831 | 105 832 | 105 831 |
| Diluted average shares outstanding, thousands | 106 513 | 106 393 | 106 823 | 106 223 |
| Earnings per share adj*, before dilution, SEK | 1,64 | 2,21 | 7,17 | 7,45 |
| Earnings per share adj*, after dilution, SEK | 1,63 | 1,79 | 7,11 | 7,42 |
Net debt* and Capital Employed*
| In MSEK | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| Non-current interest bearing debts | 3,235 | 3,430 |
| Current interest bearing debts | 1 | 0 |
| Non-current lease liability | 201 | 197 |
| Current lease liability | 129 | 113 |
| Deduct: | ||
| Long term interest bearing receivables | 0 | 0 |
| Short term interest bearing receivables | 33 | 45 |
| Cash and cash equivalents | 1,159 | 1,095 |
| Net debt* | 2,374 | 2,599 |
| Add: | ||
| Shareholders equity (1) | 7,195 | 7,569 |
| Capital Employed* | 9,569 | 10,168 |
*Alternative performance measure, see Definitions
(1) Restated in the comparison period, see note 1
{18}------------------------------------------------
Parent company condensed income statement
| Amounts in MSEK | Q4 2025 | Q4 2024 | Jan-Dec 2025 | Jan-Dec 2024 |
|---|---|---|---|---|
| Revenue | 3 | 3 | 14 | 9 |
| Operating expenses | -13 | -22 | -50 | -42 |
| Operating profit/loss (EBIT) | -10 | -19 | -36 | -33 |
| Financial Net | 0 | 3 | 8 | 44 |
| Profit/loss after financial items | -10 | -16 | -28 | 11 |
| Change in untaxed reserves | 47 | -3 | 47 | -3 |
| Profit/loss before tax (EBT) | 37 | -18 | 19 | 8 |
| Income tax | -8 | 2 | -5 | -1 |
| Result for the period | 29 | -16 | 15 | 7 |
| Total comprehensive income | 29 | -16 | 15 | 7 |
Parent company condensed balance sheet
| Amounts in MSEK | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| Non-current assets | ||
| Shares in group companies | 5,199 | 5,198 |
| Non-current receivables from group companies | 3,245 | 3,446 |
| Other non-current assets | 33 | 41 |
| Total non-current assets | 8,477 | 8,686 |
| Current assets | ||
| Receivables from group companies | 10 | 287 |
| Other short term receivables | 12 | 28 |
| Cash and cash equivalents | 473 | 398 |
| Total current assets | 495 | 714 |
| TOTAL ASSETS | 8,973 | 9,399 |
| EQUITY AND LIABILITIES | ||
| Restricted Equity | 202 | 202 |
| Unrestricted Equity | 5,263 | 5,567 |
| Untaxed reserves | 57 | 104 |
| Non-current liabilities, interest bearing | 3,245 | 3,446 |
| Liabilities to group companies | 155 | 18 |
| Other current liabilities | 50 | 63 |
| TOTAL EQUITY AND LIABILITIES | 8,973 | 9,399 |
{19}------------------------------------------------
Alimak Group AB 20
Interim Report Q4 January – December 2025
Notes
NOTE 1. ACCOUNTING POLICIES
This interim report was prepared in accordance with IAS 34, Interim Financial Reporting. The same accounting and valuation policies were applied as in the most recent annual report except for new and revised standards and interpretations effective from 1 January 2025. Non-IFRS measures are also presented in the report since they are considered to be important supplemental measures of the Alimak Group's performance. The definition of these can be found on page 26 of this report and a bridge from IFRS measures into non-IFRS measures is found on page 18 of this report.
Alimak Group AB is the Parent Company of Alimak Group. The Interim Report for the parent company has been prepared in accordance with the Annual Accounts Act and with the standard RFR 2 Accounting for Legal Entities, issued by the Swedish Corporate Reporting Board. The same accounting policies and calculation methods are applied in the interim financial statements as in the most recent Annual Report.
A detailed description of the Group's risks and uncertainties can be found in the Annual Report. There are no significant changes in risks since the Annual Report for 2024 was published on 21 March 2025.
All items are stated in MSEK without decimals and, therefore, rounding differences can occur.
Correction of an error
A legal review of a pension plan identified that incorrect input parameters were used in calculating the pension liability. Consequently, the historical net pension asset and the consolidated statements of comprehensive income for periods prior to 2024 have been corrected.
The error has been corrected by restating each of the affected financial statement line items for the prior periods as follows:
| Impact on equity (MSEK) | 31 Dec 2024 | 1 Jan 2024 |
|---|---|---|
| Financial and other non-current assets | -41 | -41 |
| Total non-current assets | -41 | -41 |
| TOTAL ASSETS | -41 | -41 |
| Deferred tax liabilities | -10 | -10 |
| Total non-current liabilities | -10 | -10 |
| Net impact on equity | -31 | -31 |
| TOTAL EQUITY AND LIABILITIES | -41 | -41 |
Related key figures and ratios have also been restated for the comparison periods.
{20}------------------------------------------------
NOTE 2. REVENUE SPLIT
| Amounts in MSEK | Q4 2025 | Q4 2024 | Jan-Dec 2025 | Jan-Dec 2024 |
|---|---|---|---|---|
| Regions | ||||
| EMEA | 840 | 859 | 3,314 | 3,478 |
| APAC | 339 | 400 | 1,421 | 1,327 |
| Americas | 513 | 557 | 2,139 | 2,295 |
| Total | 1,692 | 1,817 | 6,874 | 7,099 |
| Equipment | ||||
| Facade Access | 240 | 288 | 1,122 | 1,178 |
| Construction | 250 | 250 | 952 | 1,016 |
| Height Safety & Productivity Solutions | 269 | 255 | 1,115 | 1,143 |
| Industrial | 195 | 200 | 672 | 695 |
| Wind | 88 | 110 | 396 | 472 |
| Interdivision elimination | -8 | -11 | -42 | -69 |
| Total Equipment | 1,034 | 1,091 | 4,216 | 4,435 |
| Service | ||||
| Facade Access | 207 | 237 | 797 | 807 |
| Construction | 131 | 151 | 580 | 610 |
| Height Safety & Productivity Solutions | 43 | 62 | 177 | 217 |
| Industrial | 220 | 222 | 872 | 840 |
| Wind | 62 | 55 | 245 | 221 |
| Interdivision elimination | -5 | -2 | -14 | -30 |
| Total Service | 658 | 726 | 2,657 | 2,664 |
| Total | 1,692 | 1,817 | 6,874 | 7,099 |
| Over time | ||||
| Facade Access | 240 | 288 | 1,122 | 1,178 |
| Construction | 69 | 78 | 273 | 324 |
| Height Safety & Productivity Solutions | - | - | - | - |
| Industrial | 22 | 11 | 75 | 94 |
| Wind | - | - | - | - |
| Total over time | 331 | 378 | 1,471 | 1,595 |
| Point in time | ||||
| Facade Access | 207 | 237 | 797 | 807 |
| Construction | 312 | 323 | 1,260 | 1,302 |
| Height Safety & Productivity Solutions | 312 | 317 | 1,292 | 1,360 |
| Industrial | 393 | 410 | 1,469 | 1,441 |
| Wind | 150 | 166 | 641 | 693 |
| Interdivision elimination | -12 | -14 | -56 | -99 |
| Total point in time | 1,361 | 1,439 | 5,403 | 5,504 |
| Total | 1,692 | 1,817 | 6,874 | 7,099 |
{21}------------------------------------------------
NOTE 3. SEGMENT REPORTING
| Q4 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Amounts in MSEK | Facade Access |
Construction | HS&PS | Industrial | Wind | Elimination and Other | Total, Group |
| Revenue, External | 446 | 379 | 303 | 413 | 150 | - | 1,692 |
| Revenue, Inter-Division | 1 | 1 | 8 | 2 | 0 | -12 | - |
| Total revenue | 447 | 380 | 312 | 415 | 150 | -12 | 1,692 |
| EBITA* | 68 | 36 | 47 | 106 | 28 | -61 | 223 |
| EBITA* % | 15.1% | 9.4% | 15.0% | 25.5% | 18.7% | - | 13.2% |
| Amortisation | -10 | -6 | -18 | -1 | -1 | 0 | -36 |
| Operating profit (EBIT) | 58 | 30 | 29 | 105 | 27 | -61 | 187 |
| Financial Net | - | - | - | - | - | -49 | -49 |
| Profit before Tax (EBT) | 58 | 30 | 29 | 105 | 27 | -110 | 138 |
| Trade receivables | 365 | 262 | 226 | 276 | 131 | 0 | 1,261 |
| Inventories & Contract Assets | 360 | 426 | 342 | 205 | 98 | - | 1,431 |
| Trade payables | -112 | -90 | -56 | -67 | -41 | -8 | -373 |
| Other receivables/liabilities | -365 | -129 | -62 | -121 | -41 | 0 | -718 |
| Working capital | 248 | 470 | 450 | 293 | 147 | -8 | 1,601 |
| Investments | 7 | 50 | 5 | 28 | 2 | 0 | 92 |
Q4 2024
| Amounts in MSEK | Facade Access |
Construction | HS&PS | Industrial | Wind | Elimination and Other | Total, Group |
|---|---|---|---|---|---|---|---|
| Revenue, External | 525 | 403 | 301 | 421 | 166 | _ | 1,817 |
| Revenue, Inter-Division | 0 | -2 | 16 | 0 | - | -14 | - |
| Total revenue | 526 | 401 | 317 | 422 | 166 | -14 | 1,817 |
| EBITA* | 82 | 44 | 56 | 108 | 29 | -6 | 314 |
| EBITA* % | 15.7% | 11.1% | 17.5% | 25.7% | 17.4% | - | 17.3% |
| Amortisation | -22 | -7 | -20 | -1 | -1 | - | -51 |
| Operating profit (EBIT) | 60 | 38 | 36 | 108 | 28 | -6 | 263 |
| Financial Net | - | - | - | - | - | -15 | -15 |
| Profit before Tax (EBT) | 60 | 38 | 36 | 108 | 28 | -22 | 248 |
| Trade receivables | 421 | 252 | 227 | 288 | 154 | - | 1,341 |
| Inventories & Contract Assets | 441 | 503 | 321 | 206 | 98 | - | 1,570 |
| Trade payables | -162 | -93 | -67 | -59 | -55 | -8 | -444 |
| Other receivables/liabilities | -381 | -202 | -125 | -138 | -20 | -21 | -887 |
| Working capital | 320 | 460 | 357 | 297 | 177 | -29 | 1,581 |
| Investments | 9 | 68 | 7 | 5 | -24 | 0 | 64 |
| *Alternative performance measure, se | ee Definitions |
{22}------------------------------------------------
| Jan-Dec 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Amounts in MSEK | Facade Access |
Construction | HS&PS | Industrial | Wind | Elimination and Other | Total, Group |
| Revenue, External | 1,912 | 1,530 | 1,249 | 1,542 | 640 | - | 6,874 |
| Revenue, Inter-Division | 7 | 3 | 44 | 2 | 1 | -56 | - |
| Total revenue | 1,919 | 1,533 | 1,292 | 1,544 | 641 | -56 | 6,874 |
| EBITA* | 233 | 215 | 229 | 393 | 124 | -74 | 1,119 |
| EBITA* % | 12.2% | 14.0% | 17.7% | 25.4% | 19.3% | - | 16.3% |
| Amortisation | -38 | -24 | -74 | -2 | -4 | 0 | -142 |
| Operating profit (EBIT) | 195 | 191 | 155 | 391 | 120 | -74 | 977 |
| Financial Net | - | - | - | - | - | -168 | -168 |
| Profit before Tax (EBT) | 195 | 191 | 155 | 391 | 120 | -242 | 810 |
| Trade receivables | 365 | 262 | 226 | 276 | 131 | 0 | 1,261 |
| Inventories & Contract Assets | 360 | 426 | 342 | 205 | 98 | - | 1,431 |
| Trade payables | -112 | -90 | -56 | -67 | -41 | -8 | -373 |
| Other receivables/liabilities | -365 | -129 | -62 | -121 | -41 | 0 | -718 |
| Working capital | 248 | 470 | 450 | 293 | 147 | -8 | 1,601 |
| Investments | 16 | 115 | 14 | 36 | 5 | - | 187 |
| Jan-Dec 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Amounts in MSEK | Facade Access |
Construction | HS&PS | Industrial | Wind | Elimination and Other | Total, Group |
| Revenue, External | 1,978 | 1,617 | 1,276 | 1,535 | 693 | - | 7,099 |
| Revenue, Inter-Division | 7 | 8 | 84 | 0 | 0 | -99 | - |
| Total revenue | 1,985 | 1,626 | 1,360 | 1,535 | 693 | -99 | 7,099 |
| EBITA* | 233 | 228 | 250 | 378 | 133 | -23 | 1,198 |
| EBITA* % | 11.7% | 14.0% | 18.4% | 24.6% | 19.1% | - | 16.9% |
| Amortisation | -87 | -26 | -79 | -2 | -6 | - | -201 |
| Operating profit (EBIT) | 146 | 202 | 172 | 375 | 127 | -23 | 998 |
| Financial Net | - | - | - | - | - | -187 | -187 |
| Profit before Tax (EBT) | 146 | 202 | 172 | 375 | 127 | -211 | 810 |
| Trade receivables | 421 | 252 | 227 | 288 | 154 | - | 1,341 |
| Inventories & Contract Assets | 441 | 503 | 321 | 206 | 98 | - | 1,570 |
| Trade payables | -162 | -93 | -67 | -59 | -55 | -8 | -444 |
| Other receivables/liabilities | -381 | -202 | -125 | -138 | -20 | -21 | -887 |
| Working capital | 320 | 460 | 357 | 297 | 177 | -29 | 1,581 |
| Investments | 15 | 80 | 14 | 8 | 6 | 4 | 126 |
*Alternative performance measure, see Definitions
{23}------------------------------------------------
NOTE 4. FINANCIAL INSTRUMENTS
| Amounts in MSEK | Total carrying amount | |
|---|---|---|
| 31 Dec 2025 | 31 Dec 2024 | |
| FINANCIAL ASSETS | ||
| Derivative financial instruments | 11 | 4 |
| Other financial receivables | 1,541 | 1,709 |
| Cash and cash equivalents | 1,159 | 1,095 |
| Total | 2,711 | 2,807 |
| FINANCIAL LIABILITIES | ||
| Derivative financial instruments | 2 | 8 |
| Interest bearing debts | 3,236 | 3,430 |
| Other financial liabilities | 1,103 | 1,229 |
| Total | 4,341 | 4,667 |
The interest rates on interest-bearing liabilities are in line with market terms at 31 December, 2025, and the fair value at the end of the reporting period therefore in all material aspects corresponds to the carrying amount.
| FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE | ||||||
|---|---|---|---|---|---|---|
| 31 Dec 2025 | Level 2 | Level 3 | ||||
| Financial assets | ||||||
| Other financial receivables | - | 0 | ||||
| Currency derivatives | 11 | - | ||||
| Total | 11 | - | ||||
| Financial liabilities | ||||||
| Currency derivatives | 2 | - | ||||
| Other long term liabilities | - | 5 | ||||
| Total | 2 | 5 | ||||
| 31 Dec 2024 | Level 2 | Level 3 | ||||
| Financial assets | ||||||
| Other financial receivables | - | 11 | ||||
| Currency derivatives | 4 | - | ||||
| Total | 4 | 11 | ||||
| Financial liabilities | ||||||
| Currency derivatives | 8 | - | ||||
| Other short term liabilities | - | 29 | ||||
| Total | 8 | 29 |
Level 1 - quoted prices in active markets for identical financial instruments
Level 2 - inputs other than quoted prices included in level 1 that are observable for the financial instrument, either directly (i.e., as prices) or indirectly (i.e., derived from prices)
Level 3 – inputs for the financial instrument that are not based on observable market data (unobservable inputs)
Currency derivatives are valued at fair value by discounting the difference between the contracted forward rate and the rate that can be subscribed for on the balance sheet date for the remaining contract term.
The item Other financial receivables is related to investment in financial instruments and was calculated according to fair value. In Q4 2025, the financial instrument was valued at MSEK 0 with an impact of MSEK -11 in the consolidated statement of comprehensive income for both the year 2025 and the fourth quarter 2025.
The financial liability for the Tall Crane earnout was paid in the first quarter of 2025. In fourth quarter 2025, an earnout for the Interlift acquisition was recognised.
There were no transfers between Level 2 and Level 3 fair value measurements during the period.
NOTE 5. ACQUISITIONS
Interlift AB
Alimak Group acquired Interlift AB on 1 December 2025. The acquired company is a distributor of height safety and productivity solutions and is part of the Height Safety and Productivity Solutions division. The acquisition offers several strategic advantages, including an increased footprint in the Nordics for the division. Additionally, the transaction brings on board a team of highly skilled professionals, further enhancing the Group's expertise. The assumed Goodwill arising from the acquisition is attributable to future customers, market position and assembled workforce.
The annual revenue of the acquired business in 2024 amounted to MSEK 48 and the company has 10 employees. The purchase price was MSEK 22, subject to closing working capital adjustments. Acquisition-related costs of less than MSEK 1 were recorded as an operating expense in the Condensed Consolidated Statement of Comprehensive Income.
{24}------------------------------------------------
Alimak Group AB 25
Interim Report Q4 January – December 2025
The net revenue contributed by the acquired business combination included in the Condensed Consolidated Statement of Comprehensive Income, since the acquisition date has amounted to MSEK 2. The business also contributed with positive operating income during this period.
Century Elevators Inc.
Alimak Group acquired one division of Century Elevators Inc. on 31 July 2025. The acquired division sells and services permanent industrial rack-and-pinion elevators and is part of the Alimak Group Industrial division. The acquisition offers several strategic advantages, including a strengthened market position in both the US and Canada through the distribution of high-quality industrial elevators and a robust service presence. Additionally, the transaction brings on board a team of highly skilled professionals, further enhancing the Group's expertise. The assumed Goodwill arising from the acquisition is attributable to future customers, market position and assembled workforce. The annual revenue of the acquired business in 2024 amounted to MSEK 102 (MUSD 9.7) and it has 10 employees. The purchase price was MSEK 99 (MUSD 10.5), subject to closing working capital adjustments. Acquisition-related costs of MSEK 1 were recorded as an operating expense in the Condensed Consolidated Statement of Comprehensive Income.
The net revenue contributed by the acquired business combination included in the Condensed Consolidated Statement of Comprehensive Income, since the acquisition date has amounted to MSEK 30. The business also contributed with positive operating income during this period.
NOTE 6. ASSETS PLEDGED AND CONTINGENT LIABILITIES
As of 31 December 2025, the maximum potential future payments Alimak Group could be required to make under issued financial guarantees totalled MSEK 601 (31 December 2024, MSEK 734) of which MSEK 601 (31 December 2024, MSEK 733) refers to indemnity bonds for commitments to customers. Assets pledged totalled MSEK 38 (31 December 2024, MSEK 42).
{25}------------------------------------------------
Interim Report Q4 January – December 2025
DEFINITIONS
Alimak Group presents certain financial measures that are not defined in the interim report in accordance with IFRS. Alimak Group believes that these measures provide useful supplemental information to investors and the company's management when they allow evaluation of trends and the company's performance. As not all companies calculate the financial measures in the same way, these are not always comparable to measures used by other companies. These financial measures should not be seen as a substitute for measures defined under IFRS.
Rolling 12-month (R12M)
Numbers for the last 12 months measured backwards from the reporting period.
Average number of shares
Weighted average number of shares outstanding during the period, plus potential additional shares.
Earnings per share
Earnings after tax in relation to the average number of shares basic and diluted in accordance with IAS33.
EBITA
Operating profit before amortisation of intangible assets.
EBITA adj
Operating profit before amortisation of intangible assets. Items affecting comparability are added back.
EBITA adj %
EBITA adj in relation to net revenue.
EBITDA
Operating profit before depreciation and amortisation of property, plant and equipment and intangible assets.
Equity/assets ratio
Shareholders' equity as a percentage of total assets.
Equity per share
Shareholders' equity in relation to the number of basic shares outstanding at the end of the period.
Net debt
Interest bearing liabilities minus cash and cash equivalents.
Interest coverage ratio
EBIT in relation to interest expenses.
Items affecting comparability (IAC)
Items of a non-recurring character such as acquisition-related costs, restructuring costs and other items that have a major impact on the financial statements and are of significance to an understanding of the earnings trend. Adjusting for items affecting comparability between periods provides a better understanding of the company's underlying operating activities.
Net profit adj
Net profit excluding items affecting comparability and acquisition related amortisation, net of tax.
Earnings per share adj
Net profit excluding items affecting comparability and acquisitionrelated amortisation, net of tax, in relation to the average number of shares before dilution in accordance with IAS33.
Net debt/EBITDA ratio
Interest-bearing liabilities net (excluding shareholder loans) and assets, plus cash and cash equivalents.
Net debt/equity ratio
Net debt in relation to shareholders' equity.
Organic growth
Growth adjusted for acquisitions/divestments and currency effects.
Operating margin (EBIT %)
Operating profit (EBIT), as a percentage of revenue during the period.
Operating profit (EBIT)
Profit before financial items and tax.
Order intake
All orders where contracts have been signed and confirmed during the relevant accounting period. Order intake generally cannot be used to accurately predict future revenues or operating performance. Orders can be cancelled, delayed or modified by the customer. Cancelled orders affect the reported order intake if cancellation takes place during the year in which the order was booked.
Return on capital employed
Operating profit (EBIT), rolling 12-month amount, as a percentage of average capital employed. Capital employed is the sum of net debt plus shareholders' equity plus shareholder loans. Average capital employed is calculated as the average of the balances at 1 January, 31 March, 30 June and 30 September and 31 December.
Return on equity
Profit after tax for the period, rolling 12-month amount, as a percentage of the average shareholders' equity excluding non controlling interest shares
{26}------------------------------------------------
Stockholm, 10 February 2026
Alimak Group AB (publ) corporate identity number 556714-1857
Ole Kristian Jødahl
Board Member
President and CEO
This interim report has not been reviewed by the company's auditors.
FINANCIAL CALENDAR
- ⎯ The Annual and Sustainability Report 2025 will be published on 17 March 2026
- ⎯ The Interim Report for the first quarter of 2026 will be published on 28 April 2026
- ⎯ The Annual General Meeting will be held on 6 May 2026
- ⎯ The Interim Report for the second quarter of 2026 will be published on 17 July 2026
- ⎯ The Interim Report for the third quarter of 2026 will be published on 23 October 2026
Alimak Group's financial calendar is available athttps://corporate.alimakgroup.com/en/investors/
TELEPHONE CONFERENCE/PRESENTATION
A conference for investors, analysts and financial media will be held at 10.00 CET on 10 February. CEO Ole Kristian Jødahl and CFO Sylvain Grange will present and comment on the report. The presentation, held in English, can also be followed via webcast.
If you wish to participate via webcast, please use the link below. Via the webcast you will be able to ask written questions.
https://events.inderes.com/alimak-group/q4-report-2025
If you wish to participate via teleconference, please register on the link below. After registration you will be provided with phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://events.inderes.com/alimak-group/q4-report-2025/dial-in
For further information, please contact:
Sylvain Grange, CFO
Email: [email protected] or [email protected]
This information is information that Alimak Group AB 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 08.00 CET on 10 February 2026.
About Alimak Group
Alimak Group is a global provider of sustainable vertical access and working at height solutions, listed on Nasdaq Stockholm. With presence in more than 120 countries, the Group develops, manufactures, sells and services vertical access and working at height solutions with focus on adding customer value through enhanced safety, higher productivity and improved cost efficiency. The Group has a large installed base of elevators, service lifts, temporary and permanent hoists and platforms and building maintenance units around the world. The solutions portfolio also comprises of height safety protective equipment, load measurement & control, lifting & handling, and a global after-sales business model, with recurring revenue from spare parts and services such as inspection, certification, maintenance, refurbishments, replacements and training. Founded in Sweden 1948, the Group has its headquarters in Stockholm, 26 production and assembly facilities in 15 countries and approximately 3,000 employees.
https://corporate.alimakgroup.com/en/