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Alimak Group
Interim Report • Jul 18, 2025
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Interim Report
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Alimak Group AB ALIG, SE0007158910 JANUARY – JUNE 2025
Interim report
Q2
Strong performance and continued margin improvement
- ⎯ Order intake decreased by 4% to MSEK 1,720 (1,789), an increase of 4% at constant currency
- ⎯ Revenue decreased by 1% MSEK to 1,791 (1,806), an increase of 7% at constant currency
- ⎯ Adjusted EBITA margin increased to 18.0% (17.0%)
- ⎯ Cash flow from operations of MSEK 182 (164), and Net debt/EBITDA was 1.74 (2.29)
SECOND QUARTER
- ⎯ Order intake decreased by 4% (4% increase at constant currency) to MSEK 1,720 (1,789). Strong performance in the Facade Access and Industrial divisions, while the Construction, Wind and Height Safety & Productivity Solutions divisions reported a lower order intake.
- ⎯ Revenue decreased by 1% (7% increase at constant currency) to MSEK 1,791 (1,806), with positive contributions from the Industrial and Facade Access divisions, while revenue decreased in the Height Safety & Productivity Solutions and Wind divisions.
- ⎯ Adjusted EBITA increased to MSEK 322 (307), corresponding to a margin of 18.0% (17.0%).
- ⎯ EBITA, as reported, amounted to MSEK 322 (296).
- ⎯ EBIT amounted to MSEK 288 (247).
- ⎯ Basic earnings per share increased to SEK 1.74 (1.35) and diluted to SEK 1.73 (1.34).
- ⎯ Cash flow from operations was MSEK 182 (164).
JANUARY - JUNE
- ⎯ Order intake increased by 6% (10% increase at constant currency) to MSEK 3,725 (3,518). Strong performance in the Facade Access and Industrial divisions, while the Construction division reported a lower order intake.
- ⎯ Revenue decreased by 1% (3% increase at constant currency) to MSEK 3,524 (3,541), with a positive contribution from the Construction division.
- ⎯ Adjusted EBITA increased to MSEK 622 (592), corresponding to a margin of 17.7% (16.7%).
- ⎯ EBITA, as reported, amounted to MSEK 650 (577), positively impacted by Items Affecting Comparability (IAC) of MSEK 28 (-15) related to the sale of the Mammendorf real estate.
- ⎯ EBIT amounted to MSEK 579 (475).
- ⎯ Basic earnings per share increased to SEK 3.48 (2.59) and diluted to SEK 3.46 (2.58).
- ⎯ Cash flow from operations was MSEK 356 (378).
- ⎯ Net debt/EBITDA was 1.74 (2.29).
| KEY FIGURES, GROUP | Q2 2025 | Q2 2024 | ∆ | Jan-Jun 2025 | Jan-Jun 2024 | ∆ |
|---|---|---|---|---|---|---|
| Order intake*, MSEK | 1,720 | 1,789 | -3.9% | 3,725 | 3,518 | 5.9% |
| Revenue, MSEK | 1,791 | 1,806 | -0.8% | 3,524 | 3,541 | -0.5% |
| EBITA adj*, MSEK | 322 | 307 | 4.8% | 622 | 592 | 5.0% |
| EBITA adj*, margin, % | 18.0% | 17.0% | 17.7% | 16.7% | ||
| EBITA*, MSEK | 322 | 296 | 8.7% | 650 | 577 | 12.6% |
| EBITA* margin, % | 18.0% | 16.4% | 18.4% | 16.3% | ||
| EBIT, MSEK | 288 | 247 | 16.3% | 579 | 475 | 22.0% |
| EBIT margin, % | 16.1% | 13.7% | 16.4% | 13.4% | ||
| Result for the period, MSEK | 184 | 143 | 28.3% | 368 | 275 | 34.0% |
| Earnings per share, before dilution, SEK | 1.74 | 1.35 | 28.5% | 3.48 | 2.59 | 34.3% |
| Earnings per share, after dilution, SEK | 1.73 | 1.34 | 28.8% | 3.46 | 2.58 | 34.0% |
| Earnings per share adj., before dilution*, SEK | 1.98 | 1.78 | 11.1% | 3.77 | 3.45 | 9.2% |
| Cash flow from operations, MSEK | 182 | 164 | 11.0% | 356 | 378 | -5.6% |
| Net debt/EBITDA*, ratio | 1.74 | 2.29 | -23.8% | 1.74 | 2.29 | -23.8% |
Comments by the CEO
We continued to build on the strong start to the year with a solid performance in the second quarter. Despite a quarter marked by tariffs and geopolitical instability, the Group delivered 4% order intake growth and 7% revenue growth at constant currencies. Adjusted EBITA margin reached 18%, up from 17% last year, continuing our profitable growth journey. The strengthening of the SEK impacted order intake and revenue negatively with 8% and adjusted EBITA negatively with 7% in the quarter.
Resilient order intake in a mixed market
The Facade Access division continued to face a soft building maintenance unit (BMU) market but reported a strong order intake supported by our focus on infrastructure projects, Integrated Design Services (IDS) as well as refurbishment, retrofit, and replacement orders (RRR). The Industrial division also reported strong order intake, driven by equipment orders in multiple segments.
The Construction division reported a low order intake, reflecting demand volatility between quarters and across regions. The weak construction market also affected the HSPS division's order intake. In the Wind division, order intake decreased primarily in the US, due to uncertainty related to tariffs. However, we remain confident about the long-term global fundamentals of the division.
Taking action to further improve Facade Access margins
As the market for BMUs remains soft and to secure the proper margin uplift for the division, we see the need to adjust the division's fixed costs. This primarily includes a planned capacity reduction in Spain. The estimated total restructuring cost is MSEK 60, with expected annual savings of MSEK 30 starting in 2026. The one-off costs would be recognised in the second half of 2025.
Acquiring industrial elevator business in North America
On July 8th we signed an agreement to acquire the permanent industrial elevator business of Century Elevators Inc from BrandSafway in the US, with an annual turnover of MUSD 9.7. This great team and business will become part of our Industrial division and closing is expected by end of July.
Our strong financial position now allows us to pursue this strategic lever with higher intensity.
Looking forward
Philippe Gastineau, EVP of the Facade Access division, has decided to leave the Group and Hervé Ros, currently Head of Facade Access in North America, will assume the role as EVP of the Facade Access division. I want to thank Philippe for his instrumental contribution to the successful integration of Tractel into the Group, and I am very happy to promote a great internal talent.
While the global market environment remains uncertain, we are continuing our profitable growth journey and have again demonstrated the resilience and effectiveness of our New Heights strategy with organic growth and a significant margin uplift. As a team we are committed to continuing this journey and we will give more details on our future plans in a Capital Market Day planned on 25 November.
Thank you to all our employees, customers, and partners for your continued trust and contribution.
Ole Kristian Jødahl, President and CEO
Group Performance
SECOND QUARTER
Order intake in the period decreased by 4% (4% increase at constant currency) to MSEK 1,720 (1,789). The Industrial and Facade Access divisions performed strongly, while the Construction, Wind and Height Safety & Productivity Solutions divisions reported a lower order intake.
Revenue decreased by 1% (7% increase at constant currency) to MSEK 1,791 (1,806), with positive contributions from the Industrial and Facade Access divisions, while revenue decreased in the Height Safety & Productivity Solutions and Wind divisions.
Adjusted EBITA increased to MSEK 322 (307), corresponding to a margin of 18.0% (17.0%).
EBITA, as reported, amounted to MSEK 322 (296). Items Affecting Comparability was MSEK 0 (-11) for the period.
| Q2 | Jan-Jun | ||||
|---|---|---|---|---|---|
| ORDER INTAKE* | 2025 | 2024 | 2025 | 2024 | |
| Orders, MSEK | 1,720 | 1,789 | 3,725 | 3,518 | |
| Change, MSEK | -69 | 7 | 206 | -134 | |
| Change, % | -3.9% | 0.4% | 5.9% | -3.7% | |
| Whereof: | |||||
| Volume & price, % | 3.8% | -0.2% | 9.7% | -3.7% | |
| Currency, % | -7.7% | 0.6% | -3.9% | 0.1% | |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| Jan-Jun | ||||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| 1,791 | 1,806 | 3,524 | 3,541 | |
| -15 | 22 | -18 | 12 | |
| -0.8% | 1.2% | -0.5% | 0.4% | |
| 6.6% | 0.7% | 3.1% | 0.1% | |
| -7.5% | 0.5% | -3.6% | 0.2% | |
| 0.0% | 0.0% | 0.0% | 0.0% | |
| Q2 |
| EBITA adj.* | Q2 | Jan-Jun | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| EBITA adj., MSEK | 322 | 307 | 622 | 592 | |
| Change, MSEK | 15 | 13 | 30 | 8 | |
| Change, % | 4.8% | 4.3% | 5.1% | 1.4% | |
| Whereof: | |||||
| Volume & price, % | 12.2% | 3.7% | 8.7% | 1.0% | |
| Currency, % | -7.4% | 0.5% | -3.7% | 0.4% | |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% | |
*Alternative performance measure, see Definitions
Amortisation for the period amounted to MSEK 35 (49).
EBIT for the period was MSEK 288 (247).
The financial net amounted to MSEK -40 (-61), interest net was MSEK -27 (-53) and the remaining change related to currency impacts.
Tax expense for the period was MSEK 64 (43), corresponding to a tax rate of 25.7% (23.1%).
Result for the period amounted to MSEK 184 (143).
Basic earnings per share was SEK 1.74 (1.35) and diluted was SEK 1.73 (1.34).
Cash flow from operations amounted to MSEK 182 (164).
Net investments in fixed assets for the period totalled MSEK 30 (30), of which MSEK 22 (20) was related to additions to the rental fleet.
Interim Report Q2 January - June 2025
JANUARY - JUNE
Order intake in the period increased by 6% (10% increase at constant currency) to MSEK 3,725 (3,518). Strong performance in the Facade Access and Industrial divisions, while the construction division reported lower order intake.
Revenue decreased by 1% (3% increase at constant currency) to MSEK 3,524 (3,541), with positive contribution from the Construction division, offset by a decrease in the HSPS and Wind divisions.
Adjusted EBITA for the period was MSEK 622 (592), corresponding to a margin of 17.7% (16.7%).
EBITA, as reported, amounted to MSEK 650 (577). Items Affecting Comparability was MSEK 28 (-15) and related to the sale of the Mammendorf real estate in Germany.
Amortisation for the period amounted to MSEK 70 (102).
EBIT for the period was MSEK 579 (475), positively affected by Items Affecting Comparability.
The financial net amounted to MSEK -85 (-111), interest net was MSEK -58 (-103) and the remaining change related to currency impacts.
Tax expense for the period was MSEK 127 (89), corresponding to a tax rate of 25.6% (24.6%).
Result for the period improved to MSEK 368 (275).
Basic earnings per share increased to SEK 3.48 (2.59) and diluted to SEK 3.46 (2.58).
Cash generation continued to be strong. Cash flow from operations amounted to MSEK 356 (378).
Net investments in fixed assets for the period totalled MSEK 77 (49), of which MSEK 47 (29) was related to additions to the rental fleet.
During the period, a dividend of MSEK 317 (265) was paid to the shareholders.
Order intake by region
FINANCIAL POSITION
As of 30 June 2025, net debt totalled MSEK 2,648 (3,203).
The equity ratio was 52.8% (50.6) and the leverage ratio (net debt/EBITDA) was 1.74 (2.29).
EMPLOYEES
As of 30 June 2025, there were 2,956 (2,959) FTEs in the Group.
Revenue by region
SIGNIFICANT EVENTS DURING THE REPORTING PERIOD JANUARY - JUNE 2025
Organisational change
As of 1 March 2025, Philippe Gastineau focused fully on his role as Senior EVP of the Facade Access division, while José Maria Nevot, then EVP of the Wind division, took over as EVP for the Height Safety & Productivity Solutions division. Rafael Peña Guinaliu, who had previously served as COO of the Wind division, assumed the role of EVP for the Wind division.
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.
FINANCIAL TARGETS AND POLICIES
Please refer to alimakgroup.com
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
Acquiring industrial elevator business in the US On 8 July 2025, Alimak Group signed an agreement to acquire the permanent industrial elevator business of Century Elevators Inc., which has an annual turnover of approximately MUSD 9.7. The acquisition brings several strategic benefits, including a strengthened market position in both the US and Canada through the distribution of highquality industrial elevators and an expanded service footprint. It also adds a team of highly skilled professionals, further enhancing the Group's capabilities and expertise. The acquisition is expected to be completed by the end of July 2025.
Organisational change
Philippe Gastineau, EVP of the Facade Access division, has decided to leave the Group and Hervé Ros, currently Head of Facade Access in North America, will assume the role as EVP of the Facade Access division.
Taking action to further improve Facade Access margins
As the market for BMUs remains soft and to secure the proper margin uplift for the division, we see the need to adjust the division's fixed costs. This primarily includes a planned capacity reduction in Spain. The estimated total restructuring cost is MSEK 60, with expected annual savings of MSEK 30 starting in 2026. The one-off costs would be recognised in the second half of 2025.
Facade Access
Order intake increased by 24% (35% increase at constant currency) to MSEK 451 (364), supported by strong demand in North America, where infrastructure projects (including nuclear energy) as well as refurbishment, retrofit, and replacement (RRR) orders offset the soft building maintenance unit (BMU) market. Europe also contributed positively.
Revenue increased by 1% (9% increase at constant currency) to MSEK 500 (496), with organic growth across all regions.
EBITA increased to MSEK 56 (50), corresponding to a margin of 11.2% (10.0).
As the market for BMUs remains soft and to secure the proper margin uplift for the division, we see the need to adjust the division's fixed costs. This primarily includes a planned capacity reduction in Spain. The estimated total restructuring cost is MSEK 60, with expected annual savings of MSEK 30 starting in 2026. The one-off costs would be recognised in the second half of 2025.
Philippe Gastineau, EVP of the Facade Access division, has decided to leave the Group and Hervé Ros, currently Head of Facade Access in North America, will assume the role as EVP of the Facade Access division.
| ORDER INTAKE* | Q2 | Jan-Jun | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Orders, MSEK | 451 | 364 | 948 | 787 | |
| Change, MSEK | 87 | -69 | 160 | -139 | |
| Change, % | 23.9% | -15.9% | 20.4% | -15.0% | |
| Whereof: | |||||
| Volume & price, % | 34.9% | -16.7% | 24.8% | -15.2% | |
| Currency, % | -11.0% | 0.7% | -4.4% | 0.2% | |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% | |
| REVENUE | Q2 | Jan-Jun | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Revenue, MSEK | 500 | 496 | 982 | 981 | |
| Change, MSEK | 4 | 1 | 1 | 1 | |
| Change, % | 0.8% | 0.3% | 0.1% | 0.1% | |
| Whereof: | |||||
| Volume & price, % | 9.2% | -0.3% | 4.1% | -0.1% | |
| Currency, % | -8.5% | 0.6% | -4.1% | 0.2% | |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITA* | Q2 | Jan-Jun | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| EBITA, MSEK | 56 | 50 | 102 | 95 |
| EBITA, % | 11.2% | 10.0% | 10.4% | 9.7% |
| Change, MSEK | 7 | 23 | 7 | 40 |
| Change, % | 13.2% | 88.7% | 6.8% | 72.6% |
| Whereof: | ||||
| Volume & price, % | 25.5% | 90.5% | 13.5% | 72.9% |
| Currency, % | -12.3% | -1.8% | -6.7% | -0.3% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
Construction
Order intake decreased by 28% (21% decrease at constant currency) to MSEK 327 (454), reflecting volatility in demand between quarters and across regions. The decline was primarily driven by a weaker rental order intake in Germany, Benelux and Australia, compared to a strong second quarter in 2024. North America also reported lower used equipment orders compared to the same period last year. Order intake for mast climbing work platforms contributed positively, driven by our strong commercial focus.
Revenue decreased by 4% (3% increase in constant currency) to MSEK 407 (426), with lower revenue in hoists and rental in North America due to project delays. This was offset by increased sales of mast climbing work platforms in Australia and Europe.
EBITA decreased to MSEK 68 (71), corresponding to a margin of 16.7% (16.6).
| Q2 | Jan-Jun | ||
|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 |
| 327 | 454 | 817 | 938 |
| -127 | -22 | -121 | -7 |
| -27.9% | -4.7% | -12.9% | -0.7% |
| -20.8% | -5.1% | -9.3% | -0.6% |
| -7.1% | 0.4% | -3.6% | -0.1% |
| 0.0% | 0.0% | 0.0% | 0.0% |
| Q2 | Jan-Jun | ||
| 2025 | 2024 | 2025 | 2024 |
| 407 | 426 | 820 | 797 |
| -19 | 23 | 23 | -72 |
| -4.4% | 5.8% | 2.8% | -8.3% |
| 3.3% | 5.4% | 6.8% | -8.5% |
| EBITA* | Q2 | Jan-Jun | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| EBITA, MSEK | 68 | 71 | 134 | 110 |
| EBITA, % | 16.7% | 16.6% | 16.4% | 13.7% |
| Change, MSEK | -3 | 0 | 25 | -47 |
| Change, % | -4.1% | 0.5% | 22.7% | -30.1% |
| Whereof: | ||||
| Volume & price, % | 2.9% | 0.3% | 27.6% | -30.0% |
| Currency, % | -7.0% | 0.2% | -5.0% | -0.1% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
Currency, % -7.7% 0.5% -4.0% 0.2% Acquisition & divestment, % 0.0% 0.0% 0.0% 0.0%
Height Safety & Productivity Solutions
Order intake decreased by 10% (4% decrease at constant currency) to MSEK 316 (352), reflecting weaker demand in the construction sector, particularly in Central and Southern Europe. This was partially offset by a growing market share in the elevator segment in the Middle East and the US.
Revenue in the quarter decreased by 9% (3% decrease at constant currency) to MSEK 321 (354), following a similar trend to order intake due to short lead times.
EBITA decreased to MSEK 55 (69), corresponding to a margin of 17.2% (19.5%), impacted by the lower revenue in the quarter.
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| ORDER INTAKE* | 2025 | 2024 | 2025 | 2024 |
| Orders, MSEK | 316 | 352 | 698 | 689 |
| Change, MSEK | -36 | 3 | 9 | -11 |
| Change, % | -10.3% | 0.8% | 1.3% | -1.5% |
| Whereof: | ||||
| Volume & price, % | -4.2% | 0.2% | 4.3% | -2.1% |
| Currency, % | -6.2% | 0.6% | -3.0% | 0.6% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| REVENUE | Q2 Jan-Jun |
|||
| 2025 | 2024 | 2025 | 2024 | |
| Revenue, MSEK | 321 | 354 | 671 | 708 |
| Change, MSEK | -33 | -19 | -37 | -27 |
| Change, % | -9.3% | -5.0% | -5.3% | -3.6% |
| Volume & price, % | -3.0% | -5.7% | -2.4% | -4.2% |
|---|---|---|---|---|
| Currency, % | -6.4% | 0.7% | -2.9% | 0.6% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITA* | Q2 | Jan-Jun | ||
| 2025 | 2024 | 2025 | 2024 | |
| EBITA, MSEK | 55 | 69 | 125 | 130 |
| EBITA, % | 17.2% | 19.5% | 18.6% | 18.4% |
| Change, MSEK | -14 | -10 | -5 | -24 |
| Change, % |
Volume & price, % -14.9% -13.9% -1.7% -16.3% Currency, % -5.1% 1.4% -2.4% 0.9% Acquisition & divestment, % 0.0% 0.0% 0.0% 0.0%
*Alternative performance measure, see Definitions
Whereof:
Whereof:
Industrial
Order intake increased by 9% (16% increase at constant currency) to MSEK 481 (442). The strong performance was driven by new equipment orders within the Oil & Gas, Government & Public and Other Heavy Industry segments. The aftermarket business declined in the quarter, primarily due to lower refurbishment sales.
Revenue increased by 10% (17% increase at constant currency) to MSEK 399 (362), mainly driven by increased equipment deliveries. The aftermarket business showed a good performance.
EBITA increased to MSEK 105 (82), with a corresponding margin of 26.3% (22.7). We continue to invest in sales resources and product development in order to drive profitable growth.
| ORDER INTAKE* | Q2 | Jan-Jun | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Orders, MSEK | 481 | 442 | 913 | 770 |
| Change, MSEK | 39 | 69 | 143 | 25 |
| Change, % | 8.9% | 18.5% | 18.6% | 3.4% |
| Whereof: | ||||
| Volume & price, % | 15.6% | 17.6% | 22.5% | 3.5% |
| Currency, % | -6.7% | 0.8% | -4.0% | -0.1% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| Q2 | Jan-Jun |
| REVENUE | 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|---|
| Revenue, MSEK | 399 | 362 | 754 | 759 | |
| Change, MSEK | 37 | 23 | -6 | 109 | |
| Change, % | 10.1% | 6.8% | -0.8% | 16.7% | |
| Whereof: | |||||
| Volume & price, % | 17.2% | 6.4% | 2.1% | 16.7% | |
| Currency, % | -7.1% | 0.5% | -2.9% | 0.0% | |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITA* | Q2 | Jan-Jun | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| EBITA, MSEK | 105 | 82 | 195 | 188 | |
| EBITA, % | 26.3% | 22.7% | 25.8% | 24.7% | |
| Change, MSEK | 23 | 1 | 7 | 33 | |
| Change, % | 27.8% | 1.2% | 3.7% | 21.3% | |
| Whereof: | |||||
| Volume & price, % | 34.0% | 0.8% | 5.8% | 21.1% | |
| Currency, % | -6.2% | 0.4% | -2.2% | 0.2% | |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% | |
Wind
Order intake decreased by 22% (15% decrease at constant currency) to MSEK 158 (202), as the US market remained weak due to continued uncertainty surrounding the imposed tariffs. In China, the decline was a result of a strong performance in the same quarter last year and volatility between quarters.
Revenue declined by 8% (2% decrease at constant currency) to MSEK 179 (194), mainly due to lower equipment sales in the Americas and Southern Europe. However, a solid performance in service, training, and safety offerings offset some of the decline, contributing to operational resilience.
EBITA amounted to MSEK 38 (39), corresponding to a margin of 21.4% (19.8). The strong contribution from the aftermarket business in the quarter supported the EBITA margin, which reached its highest level ever in the Wind division. The impact of the US tariffs was fully mitigated, with no adverse effect on margins.
| Q2 | Jan-Jun | ||||
|---|---|---|---|---|---|
| ORDER INTAKE* | 2025 2024 |
2025 | 2024 | ||
| Orders, MSEK | 158 | 202 | 375 | 377 | |
| Change, MSEK | -44 | 15 | -2 | -18 | |
| Change, % | -21.7% | 7.8% | -0.4% | -4.6% | |
| Whereof: | |||||
| Volume & price, % | -15.0% | 7.8% | 3.7% | -4.5% | |
| Currency, % | -6.6% | 0.0% | -4.1% | -0.1% | |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% | |
| Q2 | Jan-Jun | ||||
| REVENUE |
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| Revenue, MSEK | 179 | 194 | 331 | 347 |
| Change, MSEK | -15 | 6 | -16 | 8 |
| Change, % | -8.0% | 3.2% | -4.6% | 2.3% |
| Whereof: | ||||
| Volume & price, % | -1.6% | 3.1% | -0.9% | 2.2% |
| Currency, % | -6.4% | 0.1% | -3.7% | 0.1% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITA* | Q2 | Jan-Jun | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| EBITA, MSEK | 38 | 39 | 66 | 69 | |
| EBITA, % | 21.4% | 19.8% | 19.9% | 19.8% | |
| Change, MSEK | 0 | 1 | -3 | 6 | |
| Change, % | -0.8% | 1.5% | -4.1% | 9.4% | |
| Whereof: | |||||
| Volume & price, % | 6.2% | 1.2% | 0.3% | 8.5% | |
| Currency, % | -7.0% | 0.3% | -4.4% | 1.0% | |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% | |
Interim Report Q2 January - June 2025
DECLARATION
The Board of Directors and CEO declare that the interim report presents a true and fair view of the operations, financial position and results of the Parent Company and Group and describes the significant risks and uncertainties facing the Parent Company and the companies forming part of the Group.
The content of this interim report was decided on 17 July 2025
Stockholm, 18 July 2025
Alimak Group AB (publ) corporate identity number 556714-1857
Johan Hjertonsson Chairman of the Board Petra Einarsson Board member
Helena Nordman-Knutson Board member
Tomas Carlsson Board member
Sven Törnkvist Board member Heléne Mellquist Board member
Annette Rinck Board member Urban Granström Employee representative Örjan Fredriksson Employee representative
Ole Kristian Jødahl Board Member President and CEO
This interim report has not been reviewed by the company's auditors.
Condensed consolidated statement of comprehensive income
| Amounts in MSEK | Note | Q2 2025 | Q2 2024 | Jan-Jun 2025 | Jan-Jun 2024 |
|---|---|---|---|---|---|
| Revenue | 2 | 1,791 | 1,806 | 3,524 | 3,541 |
| Cost of sales | -1,045 | -1,066 | -2,048 | -2,104 | |
| Gross profit | 746 | 739 | 1,475 | 1,437 | |
| Operating expenses | -459 | -492 | -896 | -962 | |
| Participations in the results of associated companies | 0 | 0 | 0 | 0 | |
| Operating profit (EBIT) | 288 | 247 | 579 | 475 | |
| Financial net | -41 | -61 | -85 | -111 | |
| Profit before tax (EBT) | 247 | 186 | 495 | 364 | |
| Income tax | -64 | -43 | -127 | -89 | |
| Net profit | 184 | 143 | 368 | 275 | |
| Attributable to owners of the parent company | 184 | 143 | 368 | 275 | |
| Earnings per share, basic, SEK | 1.74 | 1.35 | 3.48 | 2.59 | |
| Earnings per share, diluted, SEK | 1.73 | 1.34 | 3.46 | 2.58 | |
| OTHER COMPREHENSIVE INCOME | |||||
| Items that will not be reclassified to net profit for the period | |||||
| Remeasurements of defined benefit pension plans | -3 | -2 | 6 | -32 | |
| Income tax relating to remeasurements of pension plans | 1 | 2 | -2 | 10 | |
| Total | -2 | -1 | 5 | -22 | |
| Items that may be reclassified to net profit for the period | |||||
| Foreign exchange translation differences | -98 | -75 | -472 | 216 | |
| Change in fair value of cash flow hedges | 1 | 1 | 11 | -7 | |
| Income tax relating to change in fair value of cash flow hedges | -1 | -1 | -3 | 1 | |
| Total | -97 | -74 | -464 | 211 | |
| Other comprehensive income | -99 | -74 | -459 | 189 | |
| Total comprehensive income | 85 | 69 | -91 | 463 | |
| Attributable to owners of the parent company | 85 | 69 | -91 | 463 | |
Condensed consolidated statement of financial position
| Amounts in MSEK | Note | 30 Jun 2025 | 30 Jun 2024 | 31 Dec 2024 |
|---|---|---|---|---|
| ASSETS | ||||
| Goodwill and Intangible assets | 8,059 | 8,538 | 8,545 | |
| Property, plant and equipment | 621 | 649 | 680 | |
| Right-of-use assets | 332 | 305 | 299 | |
| Deferred tax assets | 129 | 177 | 148 | |
| Financial and other non-current assets | 4 | 224 | 228 | 252 |
| Total non-current assets | 9,365 | 9,897 | 9,923 | |
| Inventories | 1,257 | 1,257 | 1,249 | |
| Contract assets | 310 | 365 | 321 | |
| Trade receivables | 4 | 1,281 | 1,471 | 1,341 |
| Other receivables | 4 | 254 | 234 | 210 |
| Prepaid expenses and accrued income | 4 | 137 | 146 | 133 |
| Short-term investments | 4 | 26 | 24 | 45 |
| Cash and cash equivalents | 4 | 993 | 755 | 1,095 |
| Total current assets | 4,257 | 4,251 | 4,394 | |
| TOTAL ASSETS | 13,623 | 14,148 | 14,317 | |
| EQUITY AND LIABILITIES | ||||
| Shareholders equity | 7,192 | 7,162 | 7,600 | |
| Long-term borrowings | 4 | 3,320 | 3,660 | 3,428 |
| Lease liabilities | 4 | 230 | 199 | 197 |
| Deferred tax liabilities | 795 | 861 | 849 | |
| Other long term liabilities | 4 | 273 | 289 | 303 |
| Total non-current liabilities | 4,619 | 5,009 | 4,777 | |
| Short-term borrowings | 4 | 0 | 15 | 0 |
| Lease liabilities | 4 | 115 | 103 | 113 |
| Contract liabilities | 295 | 313 | 311 | |
| Trade payables | 4 | 384 | 492 | 444 |
| Other current liabilities | 4 | 1,018 | 1,055 | 1,073 |
| Total current liabilities | 1,811 | 1,977 | 1,940 | |
| TOTAL EQUITY AND LIABILITIES | 13,623 | 14,148 | 14,317 |
Condensed consolidated statement of changes in equity
| Amounts in MSEK | Share capital |
Other paid-in capital |
Translation reserve |
Hedging reserve |
Retained earnings |
Total equity |
|---|---|---|---|---|---|---|
| Opening balance, 1 Jan 2024 | 2 | 5,277 | 324 | -11 | 1,363 | 6,955 |
| Result for the period | - | - | - | - | 275 | 275 |
| Changes of fair value | - | - | - | -7 | - | -7 |
| Revaluation of pension plans | - | - | - | - | -32 | -32 |
| Tax attributable to revaluations | - | - | - | 1 | 10 | 11 |
| Translation difference | - | - | 216 | - | - | 216 |
| Total comprehensive income | - | - | 216 | -5 | 252 | 463 |
| Dividend | - | - | - | - | -265 | -265 |
| Issued call options | - | 9 | - | - | - | 9 |
| Closing balance, 30 Jun 2024 | 2 | 5,286 | 540 | -16 | 1,351 | 7,162 |
| Result for the period | - | - | - | - | 348 | 348 |
| Changes of fair value | - | - | - | 2 | - | 2 |
| Revaluation of pension plans | - | - | - | - | -3 | -3 |
| Tax attributable to revaluations | - | - | - | 0 | 9 | 9 |
| Translation difference | - | - | 82 | - | - | 82 |
| Total comprehensive income | - | - | 82 | 1 | 355 | 438 |
| Closing balance, 31 Dec 2024 | 2 | 5,286 | 623 | -15 | 1,705 | 7,600 |
| Opening balance, 1 Jan 2025 | 2 | 5,286 | 623 | -15 | 1,705 | 7,600 |
| Result for the period | - | - | - | - | 368 | 368 |
| Changes of fair value | - | - | - | 11 | - | 11 |
| Revaluation of pension plans | - | - | - | - | 6 | 6 |
| Tax attributable to revaluations | - | - | - | -3 | -2 | -4 |
| Translation difference | - | - | -472 | - | - | -472 |
| Total comprehensive income | - | - | -472 | 8 | 373 | -91 |
| Dividend | - | - | - | - | -317 | -317 |
| Exercised call options | - | 0 | - | - | - | 0 |
| Issued call options | - | 8 | - | - | - | 8 |
| Repurchase call options | - | -8 | - | - | - | -8 |
| Closing balance, 30 Jun 2025 | 2 | 5,286 | 151 | -6 | 1,760 | 7,192 |
Condensed consolidated statement of cash flow
| Amounts in MSEK | Q2 2025 | Q2 2024 | Jan-Jun 2025 | Jan-Jun 2024 |
|---|---|---|---|---|
| Operating activities | ||||
| Profit before tax | 247 | 186 | 495 | 364 |
| Depreciation, amortisation, impairment | 96 | 119 | 192 | 230 |
| Other non-cash items | -1 | -29 | -6 | -2 |
| Income taxes paid | -64 | -52 | -108 | -94 |
| Cash flow before change in working capital | 277 | 225 | 573 | 498 |
| Change in working capital Change in inventory |
-36 | -34 | -93 | -34 |
| -38 | -9 | -20 | -12 | |
| Change in contract assets Change in current receivables |
-2 | -50 | -86 | -114 |
| Change in current liabilities | -20 | 32 | -18 | 40 |
| Cash flow from change in working capital | -96 | -61 | -216 | -121 |
| Cash flow from operating activities | 182 | 164 | 356 | 378 |
| Investing activities | ||||
| Acquisition of subsidiaries, net of cash acquired* | - | - | -28 | - |
| Purchase of intangible assets | -2 | -1 | -5 | -1 |
| Purchase of property, plant and equipment | -28 | -29 | -72 | -48 |
| Disposal of property, plant and equipment | - | - | 77 | - |
| Net change in short term financial investments | 39 | 7 | 16 | 9 |
| Cash flow from investing activities | 9 | -23 | -12 | -41 |
| Financing activities | ||||
| Proceeds from borrowings | - | 200 | - | 200 |
| Repayment of borrowings | - | -15 | - | -217 |
| Repayment of lease liability | -28 | -31 | -61 | -62 |
| Exercised call options | 0 | - | 0 | - |
| Issued call options | 8 | 8 | 8 | 8 |
| Repurchase of call options | -8 | - | -8 | - |
| Dividends paid | -317 | -265 | -317 | -265 |
| Cash flow from financing activities | -346 | -103 | -378 | -336 |
| Net change in cash and cash equivalents | -155 | 38 | -34 | 1 |
| Cash & cash equivalents at beginning of period | 1,114 | 728 | 1,095 | 739 |
| Exchange rate differences in cash and cash equivalents | 34 | -11 | -68 | 16 |
| Cash & cash equivalents at end of period | 993 | 755 | 993 | 755 |
*Relates to contingent considerations for previous acquisition
Key figures
| 2025 2024 |
||||||
|---|---|---|---|---|---|---|
| KEY FIGURES MSEK | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| INCOME STATEMENT ITEMS (MSEK) | ||||||
| Order intake* | 1,720 | 2,005 | 1,837 | 1,592 | 1,789 | 1,729 |
| Revenue | 1,791 | 1,732 | 1,817 | 1,742 | 1,806 | 1,736 |
| EBITDA* | 383 | 389 | 375 | 372 | 366 | 339 |
| EBITA adj* | 322 | 300 | 320 | 310 | 307 | 285 |
| EBITA adj %* | 18.0% | 17.3% | 17.6% | 17.8% | 17.0% | 16.4% |
| EBITA* | 322 | 328 | 314 | 308 | 296 | 281 |
| EBIT | 288 | 292 | 263 | 261 | 247 | 228 |
| Result for the period | 184 | 184 | 194 | 155 | 143 | 131 |
| Items affecting comparability* | - | 28 | -6 | -2 | -11 | -4 |
| Total comprehensive income, MSEK | 85 | -286 | 409 | 29 | 69 | 394 |
| BALANCE SHEET ITEMS (MSEK) | ||||||
| Total assets | 13,623 | 13,653 | 14,317 | 13,935 | 14,148 | 14,208 |
| Capital employed* | 9,840 | 9,692 | 10,200 | 10,153 | 10,361 | 10,443 |
| Equity | 7,192 | 7,314 | 7,600 | 7,191 | 7,162 | 7,349 |
| Net debt* | 2,648 | 2,378 | 2,599 | 2,963 | 3,198 | 3,094 |
| Goodwill and intangible assets | 8,059 | 8,034 | 8,545 | 8,387 | 8,538 | 8,674 |
| Capital employed, excluding goodwill* | 4,046 | 3,917 | 4,091 | 4,200 | 4,326 | 4,353 |
| Working capital* | 1,791 | 1,702 | 1,581 | 1,718 | 1,736 | 1,815 |
| Cash and cash equivalents | 993 | 1,114 | 1,095 | 805 | 755 | 728 |
| CASH FLOW ITEMS (MSEK) | ||||||
| Cash flow from working capital | -96 | -120 | 256 | -36 | -61 | -60 |
| Cash flow from operating activities | 182 | 175 | 506 | 265 | 164 | 214 |
| Cash flow for the period | -155 | 121 | 270 | 62 | 38 | -37 |
| Depreciation | -61 | -61 | -61 | -63 | -69 | -58 |
| Amortisation | -35 | -36 | -51 | -48 | -49 | -53 |
| Purchase of intangible fixed assets | -2 | -3 | -4 | 0 | -1 | -1 |
| Purchase of property, plant and equipment | -28 | -44 | -60 | -12 | -29 | -19 |
| Rolling 12 Months | ||||||
| Order intake* | 7,153 | 7,223 | 6,947 | 6,807 | 6,893 | 6,886 |
| Revenue | 7,082 | 7,096 | 7,099 | 7,121 | 7,110 | 7,088 |
| EBITDA* | 1,517 | 1,501 | 1,451 | 1,397 | 1,395 | 1,372 |
| EBITA adj* | 1,251 | 1,236 | 1,221 | 1,190 | 1,159 | 1,146 |
| EBITA adj %* | 17.7% | 17.4% | 17.2% | 16.7% | 16.3% | 16.2% |
| EBITA* | 1,271 | 1,245 | 1,198 | 1,143 | 1,148 | 1,140 |
| EBIT | 1,102 | 1,062 | 998 | 939 | 935 | 924 |
| Result for the period | 717 | 676 | 623 | 550 | 536 | 522 |
| Items affecting comparability* | 20 | 9 | -23 | -47 | -11 | -6 |
| Total comprehensive income | 236 | 259 | 901 | 231 | 234 | 625 |
| Cash flow from operating activities | 1,127 | 1,110 | 1,149 | 1,006 | 1,131 | 1,173 |
| Cash flow for the period | 297 | 490 | 332 | 143 | 68 | -13 |
Key figures (cont)
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| GROWTH (Year-Over-Year) | ||||||
| Order intake*, total % | -3.9% | 15.9% | 8.3% | -5.1% | 0.4% | -7.5% |
| Order intake*, organic % | 3.8% | 15.7% | 7.7% | -1.8% | -0.2% | -7.1% |
| Order intake*, acquisitions % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Revenue, total % | -0.8% | -0.2% | -1.2% | 0.7% | 1.2% | -0.5% |
| Revenue, organic % | 6.6% | -0.4% | -1.8% | 4.1% | 0.7% | -0.4% |
| Revenue, acquisitions % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| FINANCIAL RATIOS | ||||||
| Gross margin % | 41.7% | 42.1% | 39.5% | 40.0% | 40.9% | 40.2% |
| EBITDA margin* % | 21.4% | 22.4% | 20.8% | 21.3% | 20.3% | 19.4% |
| EBITA margin* % | 18.0% | 18.9% | 17.4% | 17.7% | 16.4% | 16.2% |
| Operating expenses % of revenue | 25.6% | 25.2% | 25.0% | 25.1% | 27.3% | 27.1% |
| Depreciation and amortisation % of revenue | 5.3% | 5.6% | 6.2% | 6.4% | 6.6% | 6.4% |
| Investments % of revenue | 1.7% | 2.7% | 3.1% | 0.7% | 1.7% | 1.1% |
| Equity ratio* % | 52.8% | 53.6% | 53.1% | 51.6% | 50.6% | 51.7% |
| Return on equity* % | 10.0% | 9.2% | 8.2% | 7.6% | 7.4% | 7.3% |
| Return on capital employed* % | 11.0% | 10.4% | 9.7% | 9.1% | 8.9% | 8.8% |
| Return on capital employed, excluding goodwill* % | 26.8% | 25.4% | 23.6% | 21.7% | 21.0% | 20.5% |
| Net debt/EBITDA, ratio* | 1.74 | 1.58 | 1.79 | 2.12 | 2.29 | 2.25 |
| Interest coverage ratio*, times | 7.7 | 6.8 | 5.6 | 4.3 | 3.5 | 3.4 |
| SHARE RATIOS (SEK) | ||||||
| Basic average shares outstanding, thousands | 105,831 | 105,831 | 105,831 | 105,831 | 105,831 | 105,831 |
| Diluted average shares outstanding, thousands | 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 | 1.74 | 1.74 | 1.83 | 1.46 | 1.35 | 1.24 |
| Earnings per share, after dilution, SEK | 1.73 | 1.73 | 1.83 | 1.46 | 1.34 | 1.24 |
| Earnings per share adj*, before dilution, SEK | 1.98 | 1.79 | 2.21 | 1.79 | 1.78 | 1.66 |
| Earnings per share adj*, after dilution, SEK | 1.97 | 1.78 | 2.20 | 1.79 | 1.77 | 1.66 |
| Equity per share* | 67.95 | 69.11 | 70.65 | 66.85 | 66.58 | 68.32 |
| Cash flow per share* | -1.46 | 1.14 | 2.51 | 0.57 | 0.35 | -0.34 |
| OTHER Number of Employees - Full Time Equivalent |
2,956 | 2,928 | 2,956 | 2,968 | 2,959 | 2,954 |
Historical quarterly data 2023 – 2025
| 2025 | 2024 | 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Amounts in MSEK | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Order Intake* | ||||||||||
| Facade Access | 451 | 496 | 480 | 453 | 364 | 423 | 512 | 376 | 433 | 493 |
| Construction | 327 | 490 | 468 | 350 | 454 | 484 | 319 | 489 | 476 | 469 |
| Height Safety & Productivity Solutions | 316 | 382 | 336 | 312 | 352 | 336 | 357 | 351 | 350 | 350 |
| Industrial | 481 | 432 | 436 | 342 | 442 | 328 | 384 | 328 | 373 | 372 |
| Wind | 158 | 217 | 132 | 161 | 202 | 175 | 141 | 152 | 187 | 208 |
| Interdivision elimination | -14 | -12 | -16 | -26 | -24 | -18 | -18 | -18 | -37 | -21 |
| Total | 1,720 | 2,005 | 1,837 | 1,592 | 1,789 | 1,729 | 1,696 | 1,678 | 1,782 | 1,870 |
| Revenue | ||||||||||
| Facade Access | 500 | 482 | 526 | 479 | 496 | 485 | 505 | 507 | 495 | 485 |
| Construction | 407 | 413 | 401 | 427 | 426 | 371 | 440 | 440 | 402 | 467 |
| Height Safety & Productivity Solutions | 321 | 349 | 317 | 335 | 354 | 354 | 349 | 326 | 373 | 362 |
| Industrial | 399 | 354 | 422 | 354 | 362 | 397 | 404 | 331 | 339 | 311 |
| Wind | 179 | 153 | 166 | 180 | 194 | 153 | 166 | 169 | 188 | 151 |
| Interdivision elimination | -15 | -18 | -14 | -34 | -27 | -24 | -26 | -42 | -13 | -32 |
| Total | 1,791 | 1,732 | 1,817 | 1,742 | 1,806 | 1,736 | 1,838 | 1,730 | 1,784 | 1,745 |
| EBITA* | ||||||||||
| Facade Access | 56 | 46 | 82 | 55 | 50 | 46 | 30 | 40 | 26 | 29 |
| Construction | 68 | 66 | 44 | 74 | 71 | 39 | 76 | 82 | 71 | 86 |
| Height Safety & Productivity Solutions | 55 | 70 | 56 | 64 | 69 | 61 | 64 | 51 | 79 | 75 |
| Industrial | 105 | 90 | 108 | 81 | 82 | 106 | 95 | 73 | 81 | 74 |
| Wind | 38 | 28 | 29 | 35 | 39 | 30 | 25 | 33 | 38 | 25 |
| Items affecting comparability | - | 28 | -6 | -2 | -11 | -4 | -31 | 34 | -6 | -3 |
| Total | 322 | 328 | 314 | 308 | 296 | 281 | 258 | 312 | 288 | 286 |
| EBIT | ||||||||||
| Facade Access | 47 | 36 | 60 | 35 | 28 | 22 | 8 | 18 | 7 | 18 |
| Construction | 62 | 60 | 38 | 68 | 64 | 32 | 69 | 75 | 63 | 80 |
| Height Safety & Productivity Solutions | 48 | 51 | 36 | 44 | 49 | 42 | 46 | 31 | 58 | 61 |
| Industrial | 105 | 89 | 108 | 81 | 82 | 105 | 94 | 72 | 81 | 73 |
| Wind | 37 | 27 | 28 | 34 | 37 | 27 | 18 | 26 | 32 | 19 |
| Items affecting comparability* | -11 | 28 | -6 | -2 | -11 | -4 | -31 | 34 | -4 | -3 |
| Total | 288 | 292 | 263 | 260 | 247 | 228 | 205 | 256 | 236 | 248 |
Alternative performance measures Bridge
| In MSEK | Q2 2025 | Q2 2024 | Jan-Jun 2025 | Jan-Jun 2024 |
|---|---|---|---|---|
| EBIT | 288 | 247 | 579 | 475 |
| Add back: | ||||
| Amortisation | 35 | 49 | 70 | 102 |
| EBITA* | 322 | 296 | 650 | 577 |
| Add back: | ||||
| Depreciation | 61 | 69 | 122 | 127 |
| EBITDA* | 383 | 366 | 772 | 704 |
| EBITA* | 322 | 296 | 650 | 577 |
| Add back: | ||||
| Items affecting comparability | - | 11 | -28 | 15 |
| EBITA adj* | 322 | 307 | 622 | 592 |
EBITA*, EBITDA* and EBITA adj*
Earnings per share adjusted*
| In MSEK | Q2 2025 | Q2 2024 | Jan-Jun 2025 | Jan-Jun 2024 |
|---|---|---|---|---|
| Net profit | 184 | 143 | 368 | 275 |
| Add back: | ||||
| Items affecting comparability | - | 11 | -28 | 15 |
| Acquisition related amortisation | 33 | 49 | 67 | 102 |
| Tax effect | -8 | -14 | -8 | -24 |
| Net profit adj. | 209 | 189 | 399 | 368 |
| Basic average shares outstanding, thousands | 105,831 | 105,831 | 105,831 | 105,831 |
| Diluted average shares outstanding, thousands | 106,409 | 106,228 | 106,486 | 106,158 |
| Earnings per share adj*, before dilution, SEK | 1.98 | 1.78 | 3.77 | 3.45 |
| Earnings per share adj*, after dilution, SEK | 1.97 | 1.77 | 3.74 | 3.44 |
Net debt* and Capital Employed*
| In MSEK | 30 Jun 2025 | 30 Jun 2024 | 31 Dec 2024 |
|---|---|---|---|
| Non-current interest bearing debts | 3,321 | 3,661 | 3,430 |
| Current interest bearing debts | 0 | 15 | 0 |
| Non-current lease liability | 230 | 199 | 197 |
| Current lease liability | 115 | 103 | 113 |
| Deduct: | |||
| Long term interest bearing receivables | 0 | 0 | 0 |
| Short term interest bearing receivables | 26 | 24 | 45 |
| Cash and cash equivalents | 993 | 755 | 1,095 |
| Net debt* | 2,648 | 3,198 | 2,599 |
| Add: | |||
| Shareholders equity | 7,192 | 7,162 | 7,600 |
| Capital Employed* | 9,840 | 10,360 | 10,199 |
Parent company condensed income statement
| Amounts in MSEK | Q2 2025 | Q2 2024 | Jan-Jun 2025 | Jan-Jun 2024 |
|---|---|---|---|---|
| Revenue | 4 | 4 | 8 | 5 |
| Operating expenses | -11 | -8 | -26 | -13 |
| Operating profit/loss (EBIT) | -7 | -4 | -18 | -9 |
| Financial Net | -1 | 17 | 8 | 33 |
| Profit/loss before tax (EBT) | -8 | 13 | -10 | 25 |
| Income tax | 3 | -1 | 3 | -4 |
| Result for the period | -5 | 12 | -7 | 21 |
Parent company condensed balance sheet
| Amounts in MSEK | 30 Jun 2025 | 30 Jun 2024 | 31 Dec 2024 |
|---|---|---|---|
| Non-current assets | |||
| Shares in group companies | 5,199 | 5,198 | 5,198 |
| Non-current receivables from group companies | 3,335 | 3,408 | 3,446 |
| Other non-current assets | 37 | 41 | 41 |
| Total non-current assets | 8,571 | 8,647 | 8,686 |
| Current assets | |||
| Receivables from group companies | 68 | 870 | 287 |
| Other short term receivables | 41 | 14 | 28 |
| Cash and cash equivalents | 260 | 22 | 398 |
| Total current assets | 369 | 905 | 714 |
| TOTAL ASSETS | 8,941 | 9,552 | 9,399 |
| EQUITY AND LIABILITIES | |||
| Restricted Equity | 202 | 202 | 202 |
| Unrestricted Equity | 5,242 | 5,584 | 5,567 |
| Untaxed reserves | 104 | 101 | 104 |
| Non-current liabilities, interest bearing | 3,335 | 3,608 | 3,446 |
| Liabilities to group companies | 7 | - | 18 |
| Other current liabilities | 50 | 57 | 63 |
| TOTAL EQUITY AND LIABILITIES | 8,941 | 9,552 | 9,399 |
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 19 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. Historic periods have been adjusted accordingly.
Interim Report Q2 January - June 2025
NOTE 2. REVENUE SPLIT
| Amounts in MSEK | Q2 2025 | Q2 2024 | Jan-Jun 2025 | Jan-Jun 2024 |
|---|---|---|---|---|
| Regions | ||||
| EMEA | 856 | 862 | 1,701 | 1,750 |
| APAC | 392 | 328 | 693 | 613 |
| Americas | 543 | 615 | 1,130 | 1,178 |
| Total | 1,791 | 1,806 | 3,524 | 3,541 |
| Equipment | ||||
| Facade Access | 299 | 306 | 597 | 604 |
| Construction | 254 | 272 | 522 | 495 |
| Height Safety & Productivity Solutions | 273 | 292 | 577 | 608 |
| Industrial | 177 | 150 | 313 | 340 |
| Wind | 107 | 137 | 205 | 240 |
| Interdivision elimination | -12 | -16 | -26 | -34 |
| Total Equipment | 1,097 | 1,140 | 2,187 | 2,254 |
| Service | ||||
| Facade Access | 201 | 191 | 385 | 377 |
| Construction | 153 | 154 | 298 | 302 |
| Height Safety & Productivity Solutions | 48 | 62 | 93 | 100 |
| Industrial | 222 | 213 | 440 | 420 |
| Wind | 72 | 57 | 127 | 107 |
| Interdivision elimination | -3 | -10 | -7 | -18 |
| Total Service | 694 | 666 | 1,336 | 1,288 |
| Total | 1,791 | 1,806 | 3,524 | 3,541 |
| Over time | ||||
| Facade Access | 299 | 306 | 597 | 604 |
| Construction | 67 | 82 | 137 | 159 |
| Height Safety & Productivity Solutions | - | - | - | - |
| Industrial | 21 | 24 | 24 | 48 |
| Wind | - | - | - | - |
| Total over time | 387 | 412 | 757 | 811 |
| Point in time | ||||
| Facade Access | 201 | 191 | 385 | 377 |
| Construction | 340 | 344 | 683 | 638 |
| Height Safety & Productivity Solutions | 321 | 354 | 671 | 708 |
| Industrial | 378 | 338 | 730 | 711 |
| Wind | 179 | 194 | 331 | 347 |
| Interdivision elimination | -15 | -27 | -33 | -51 |
| Total point in time | 1,404 | 1,394 | 2,766 | 2,731 |
| Total | 1,791 | 1,806 | 3,524 | 3,541 |
Interim Report Q2 January - June 2025
NOTE 3. SEGMENT REPORTING
| Q2 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Amounts in MSEK | Facade Access |
Construction | HS&PS | Industrial | Wind | Elimination and Other |
Total, Group |
| Revenue, External | 500 | 407 | 308 | 399 | 178 | - | 1,791 |
| Revenue, Inter-Division | 0 | 1 | 14 | 0 | 0 | -15 | - |
| Total revenue | 500 | 407 | 321 | 399 | 179 | -15 | 1,791 |
| EBITA* | 56 | 68 | 55 | 105 | 38 | 0 | 322 |
| EBITA* % | 11.2% | 16.7% | 17.2% | 26.3% | 21.4% | - | 18.0% |
| Amortisation | -9 | -6 | -18 | 0 | -1 | 0 | -35 |
| Operating profit (EBIT) | 47 | 62 | 37 | 105 | 37 | 0 | 288 |
| Financial Net | - | - | - | - | - | -40 | -40 |
| Profit before Tax (EBT) | 47 | 62 | 37 | 105 | 37 | -41 | 247 |
| Trade receivables | 383 | 250 | 251 | 246 | 151 | 0 | 1,281 |
| Inventories & Contract Assets | 455 | 476 | 342 | 198 | 97 | - | 1,567 |
| Trade payables | -101 | -99 | -63 | -66 | -42 | -12 | -384 |
| Other receivables/liabilities | -393 | -90 | -82 | -90 | -39 | 22 | -673 |
| Working capital | 343 | 536 | 448 | 287 | 166 | 10 | 1,791 |
| Investments | 3 | 19 | 3 | 4 | 1 | 0 | 30 |
Q2 2024
| Amounts in MSEK | Facade Access |
Construction | HS&PS | Industrial | Wind | Elimination and Other |
Total, Group |
|---|---|---|---|---|---|---|---|
| Revenue, External | 494 | 424 | 331 | 362 | 194 | - | 1,806 |
| Revenue, Inter-Division | 2 | 2 | 23 | 0 | - | -27 | - |
| Total revenue | 496 | 426 | 354 | 362 | 194 | -27 | 1,806 |
| EBITA* | 50 | 71 | 69 | 82 | 39 | -14 | 296 |
| EBITA* % | 10.0% | 16.6% | 19.5% | 22.7% | 19.8% | - | 16.4% |
| Amortisation | -21 | -7 | -20 | -1 | -1 | - | -49 |
| Operating profit (EBIT) | 28 | 64 | 49 | 82 | 37 | -14 | 247 |
| Financial Net | - | - | - | - | - | -61 | -61 |
| Profit before Tax (EBT) | 28 | 64 | 49 | 82 | 37 | -75 | 186 |
| Trade receivables | 477 | 316 | 261 | 258 | 158 | - | 1,471 |
| Inventories & Contract Assets | 474 | 491 | 316 | 235 | 110 | -4 | 1,621 |
| Trade payables | -154 | -105 | -76 | -73 | -78 | -6 | -492 |
| Other receivables/liabilities | -639 | -109 | 4 | -111 | -29 | 21 | -864 |
| Working capital | 158 | 592 | 504 | 309 | 162 | 11 | 1,736 |
| Investments | 4 | 21 | 3 | 1 | 2 | 0 | 30 |
*Alternative performance measure, see Definitions
23
Interim Report Q2 January - June 2025
| Jan-Jun 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Amounts in MSEK | Facade Access |
Construction | HS&PS | Industrial | Wind | Elimination and Other |
Total, Group |
| Revenue, External | 976 | 818 | 645 | 753 | 331 | 0 | 3,524 |
| Revenue, Inter-Division | 5 | 1 | 26 | 0 | 0 | -33 | - |
| Total revenue | 982 | 820 | 671 | 754 | 331 | -33 | 3,524 |
| EBITA* | 102 | 134 | 125 | 195 | 66 | 28 | 650 |
| EBITA* % | 10.4% | 16.4% | 18.6% | 25.8% | 19.9% | - | 18.4% |
| Amortisation | -19 | -12 | -37 | -1 | -2 | 0 | -70 |
| Operating profit (EBIT) | 83 | 122 | 88 | 194 | 64 | 28 | 579 |
| Financial Net | - | - | - | - | - | -85 | -85 |
| Profit before Tax (EBT) | 83 | 122 | 88 | 194 | 64 | -57 | 495 |
| Trade receivables | 383 | 250 | 251 | 246 | 151 | 0 | 1,281 |
| Inventories & Contract Assets | 455 | 476 | 342 | 198 | 97 | - | 1,567 |
| Trade payables | -101 | -99 | -63 | -66 | -42 | -12 | -384 |
| Other receivables/liabilities | -393 | -90 | -82 | -90 | -39 | 22 | -673 |
| Working capital | 343 | 536 | 448 | 287 | 166 | 10 | 1,791 |
| Investments | 7 | 56 | 6 | 6 | 2 | - | 77 |
| Jan-Jun 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Amounts in MSEK | Facade Access |
Construction | HS&PS | Industrial | Wind | Elimination and Other |
Total, Group |
| Revenue, External | 977 | 792 | 666 | 759 | 347 | - | 3,541 |
| Revenue, Inter-Division | 4 | 5 | 42 | 0 | 0 | -51 | - |
| Total revenue | 981 | 797 | 708 | 759 | 347 | -51 | 3,541 |
| EBITA* | 95 | 110 | 130 | 188 | 69 | -15 | 577 |
| EBITA* % | 9.7% | 13.7% | 18.4% | 24.7% | 19.8% | - | 16.3% |
| Amortisation | -45 | -13 | -39 | -1 | -4 | - | -102 |
| Operating profit (EBIT) | 50 | 96 | 91 | 187 | 65 | -15 | 475 |
| Financial Net | - | - | - | - | - | -111 | -111 |
| Profit before Tax (EBT) | 50 | 96 | 91 | 187 | 65 | -127 | 363 |
| Trade receivables | 477 | 316 | 261 | 258 | 158 | - | 1,471 |
| Inventories & Contract Assets | 474 | 491 | 316 | 235 | 110 | -4 | 1,621 |
| Trade payables | -154 | -105 | -76 | -73 | -78 | -6 | -492 |
| Other receivables/liabilities | -639 | -109 | 4 | -111 | -29 | 21 | -864 |
| Working capital | 158 | 592 | 504 | 309 | 162 | 11 | 1,736 |
| Investments | 5 | 31 | 4 | 2 | 2 | 4 | 49 |
Interim Report Q2 January - June 2025
NOTE 4. FINANCIAL INSTRUMENTS
| Amounts in MSEK | Total carrying amount | ||||
|---|---|---|---|---|---|
| 30 Jun 2025 | 30 Jun 2024 | 31 Dec 2024 | |||
| FINANCIAL ASSETS | |||||
| Derivative financial instruments | 16 | 12 | 4 | ||
| Other financial receivables | 1,634 | 1,832 | 1,709 | ||
| Cash and cash equivalents | 993 | 755 | 1,095 | ||
| Total | 2,643 | 2,600 | 2,807 | ||
| FINANCIAL LIABILITIES | |||||
| Derivative financial instruments | 7 | 6 | 8 | ||
| Interest bearing debts | 3,321 | 3,676 | 3,430 | ||
| Other financial liabilities | 1,131 | 1,270 | 1,229 | ||
| Total | 4,459 | 4,951 | 4,667 |
The interest rates on interest-bearing liabilities are in line with market terms at June 30, 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 | |||
|---|---|---|---|
| 30 Jun 2025 | Level 2 | Level 3 | |
| Financial assets | |||
| Other financial receivables | - | 11 | |
| Currency derivatives | 16 | - | |
| Total | 16 | 11 | |
| Financial liabilities | |||
| Currency derivatives | 7 | - | |
| Total | 7 | - | |
| 30 Jun 2024 | Level 2 | Level 3 | |
| Financial assets | |||
| Currency derivatives | 12 | - | |
| Total | 12 | - | |
| Financial liabilities | |||
| Currency derivatives | 6 | - | |
| Other short term liabilities | - | 39 | |
| Total | 6 | 39 |
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 are related to investment in financial instrument and was calculated according to fair value.
The financial liability for Tall Crane earnout was paid in the first quarter of 2025.
There were no transfers between Level 2 and Level 3 fair value measurements during the period.
NOTE 5. ACQUISITIONS
No material acquisitions have been carried out in the first half of 2025. See significant events after the reporting period on page 5 for details on acquisition agreed on July 8th but not yet completed.
NOTE 6. ASSETS PLEDGED AND CONTINGENT LIABILITIES
As of 30 June 2025, the maximum potential future payments Alimak Group could be required to make under issued financial guarantees totalled MSEK 600 (30 June 2024, MSEK 700) of which MSEK 600 (30 June 2024, MSEK 699) refers to indemnity bonds for commitments to customers. Assets pledged totalled MSEK 39 (30 June 2024, MSEK 40).
Interim Report Q2 January - June 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 amortization, net of tax.
Earnings per share adj
Net profit excluding items affecting comparability and acquisition related amortization, 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 July, 30 September, 31 December, 31 March and 30 June.
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
Interim Report Q2 January - June 2025
FINANCIAL CALENDAR
- ⎯ The Interim Report for the third quarter of 2025 will be published on 23 October 2025
- ⎯ A Capital Markets Day will be arranged on 25 November 2025
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 CEST on 18 July. 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://alimak-group.events.inderes.com/q2-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/q2-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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CEST on 18 July 2025.
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/
