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Fagerhult
Quarterly Report • Oct 27, 2025
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Quarterly Report
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Interim Report Q3 January – September 2025
1,952
Order intake, MSEK
Order intake was MSEK 1,952 (1,873), an increase of +4.2% adjusted to 0.0% for currency effects and acquisitions of MSEK 78.
2,027
Net sales, MSEK
Net sales were MSEK 2,027 (1,919), an increase of +5.6% adjusted to +1.0% for currency effects and acquisitions of MSEK 89.
147
Operating profit before IAC, MSEK
Operating profit before IAC was MSEK 147.1 (181.3), a decrease of -18.9% with an operating margin before IAC of 7.3% (9.4).
Operating profit was MSEK 150.5 (116.6), an increase of +29.1% with an operating margin of 7.4% (6.1).
0.47
Earnings per share before IAC, SEK
Earnings per share before IAC were SEK 0.47 (0.58).
Earnings per share were SEK 0.49 (0.31).
208
Operating cash flow, MSEK
Operating cash flow was MSEK 207.5 (213.7).
The third quarter
Order intake for the third quarter of MSEK 1,952 (1,873), shows an organic change of 0.0%. Order intake was higher in the first and last months of the quarter, while activity was somewhat lower in the middle of the period. At the same time, we observed signs of stabilisation in the overall trend.
The total order backlog increased to MSEK 1,865 (1,524).
The Collection and Infrastructure business areas reported growth in their organic order intake of +9.5% and +8.3%, respectively. Business area Professional also reported positive growth in order intake, thanks to the acquisition of Trato TLV.
Net sales for the quarter increased +5.6% to MSEK 2,027 (1,919). The gross margin before IAC decreased slightly to 39.0% (40.6). At the same time, selling and administrative expenses increased by +7.7% to MSEK 659 (612), primarily due to acquisition-related transaction costs totaling MSEK 19.2 that were expensed during the quarter, as well as operational expenses in the acquired companies. Trato TLV was consolidated in the Group throughout the entire quarter, while Capelon has been included as of August.
The operating margin before IAC was 7.3% (9.4).
In the quarter, IAC of MSEK 3.4 were reversed and pertained to restructuring costs in LED Linear, see table on page 18.
Cash flow from operating activities improved quarter-on-quarter and amounted to MSEK 208 (214) for the third quarter, and was mainly affected by the improved operating profit.
Net financial items improved MSEK 18.9 in the quarter to MSEK -22.4 (-41.3), mainly due to currency effects.
CEO comments
The Group reported net sales of MSEK 2,027 (1,919) for the quarter. Order intake totalled MSEK 1,952 (1,873), adjusted for currency effects, and was in line with the corresponding period last year. After two quarters with varying trends, order intake stabilised during the period. Compared with last year, lead times have increased between order and sale, mainly due to macroeconomic uncertainty. In parallel, the order backlog comprises quality-assured projects, providing a stable foundation for future deliveries.
The Group strengthened its position in professional lighting in the quarter through strategic partnerships, new initiatives and international awards, including iGuzzini's prestigious Compasso d'Oro award for the Agorà luminaire in Osaka. Moreover, a number of major projects were secured and delivered, thereby underlining the Group's breadth and capacity to deliver value in complex environments. These included an extensive smart lighting project at one of Europe's largest logistics facilities for Daimler in Germany.
Acquisitions
The phase-in of Trato TLV and Capelon progressed as planned with a focus on joint development and value creation. Swedish municipalities have shown widespread interest in Capelon's smart lighting solutions, at the same time as activity is increasing in other countries, including Finland, where the company recently signed a contract with the municipality of Mariehamn. Going forward, we will continue deepening collaboration between the companies. We create new opportunities together by intertwining local market knowledge with the Group's offering.
People and culture
Our decentralised organisational structure is one of our greatest strengths. At the same time, we see significant potential to further deepen collaboration and realise additional synergies within the Group—an area that remains high on our list of priorities.
Sustainability and innovation
We took new steps during the period on our journey toward net zero by 2045. Two years after the validation of our Group-wide climate targets by the Science Based Targets initiative, we have now deepened the transition plan, creating a higher level of detail and a clearer focus. The launch of Wrapped under our Fagerhult brand
comprises one tangible example of the Group's journey towards lower emissions and more circular products. Wrapped is the world's first cardboard pendant luminaire, made from solid board with up to 65 percent recycled paper. The product illustrates how we can realise our sustainability ambitions in the form of practical solutions that meet market demand for innovation and sustainability.
The long-term structural drivers also remain, providing favourable preconditions for future progress. We maintain a positive outlook, with strong trends supporting growth across our business areas. For example, the street lighting segment is expected to grow by over two percent per year, while connected street lighting is projected to increase by more than twenty percent annually up to 2027.
To conclude, I would like to express my appreciation to all employees and partners within the Fagerhult Group. Together we have made important advances. Our ongoing initiatives and investments are laying a strong foundation for the Group's continued development.
Bodil Sonesson President and CEO
January – September
6,084
Order intake, MSEK
Order intake was MSEK 6,084 (6,106), a decline of -0.4% adjusted to 0.0% for currency effects and acquisitions of MSEK 20.
5,815
Net sales, MSEK
Net sales were MSEK 5,815 (6,266), a decline of -7.2% adjusted to -7.1% for currency effects and acquisitions of MSEK 5.
412
Operating profit before IAC, MSEK
Operating profit before IAC was MSEK 412 (598), a decrease of -31.1% with an operating margin before IAC of 7.1% (9.5).
Operating profit was MSEK 395.0 (533.3), a decrease of -25.9% with an operating margin of 6.8% (8.5).
1.23
Earnings per share before IAC, SEK
Earnings per share before IAC were SEK 1.23 (1.99).
Earnings per share were SEK 1.16 (1.71).
395
Operating cash flow, MSEK Operating cash flow was MSEK 395.4 (607.5).
Market conditions, especially in new build construction remain challenging and unpredictable. The macroeconomic conditions remain challenging and results were also impacted by the IT incident at Whitecroft.
The incident has been fully resolved and is now behind us and, in June, operations were back to 100% capacity. Our decentralised model means that none of our other businesses were impacted and we have taken additional measures to improve IT security and risk awareness in all our subsidiaries.
Organic order intake is 'flat' compared with last year. The order backlog has increased MSEK 332 since the start of the year, with a strong contribution from Trato TLV. In addition, WE-EF has started deliveries for the significant King Salman Park project in Saudi Arabia.
The gross margin improved and was up 40 basis points for the January – September period, and the focus on reducing fixed costs across the Group is having a positive impact.
The Group's order intake of MSEK 6,084 (6,106) for the January – September period was down -0.4%, or 0.0% adjusted for currency effects and acquisitions of MSEK 20.
The Group's net sales of MSEK 5,815 (6,266) for the January – September period were down -7.2%, or -7.1% adjusted for currency effects and acquisitions of MSEK 5.
The Group's operating profit before IAC of MSEK 412 (598) for the January – September period resulted in an operating margin of 7.1% (9.5).
Operating cash flow was MSEK 395 (608) for the period, down year-on-year. The year-on-year difference of MSEK 213 was mainly due to the MSEK 138 decrease in operating profit.
Net financial items of MSEK -95.2 (-104.8) were attributable to interest expenses of MSEK -69.6 (-86.2), currency effects and IFRS 16 impacts.
The tax expense of MSEK 95.6 (127.5) for the period resulted in a tax rate of 31.9% (29.8).
Business areas
Net sales and operating profit by business area
| Net sales | Operating profit before IAC | Operating margin before IAC % | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q3 | Q1-3 | Q3 | Q1-3 | Q3 | Q1-3 | |||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Collection | 889.6 | 854.0 | 2,664.0 | 2,876.8 | 86.3 | 64.1 | 240.3 | 291.9 | 9.7 | 7.5 | 9.0 | 10.1 |
| Premium | 603.4 | 668.5 | 1,956.3 | 2,169.4 | 90.2 | 114.3 | 283.6 | 322.2 | 14.9 | 17.1 | 14.5 | 14.9 |
| Professional | 409.5 | 255.7 | 811.2 | 793.3 | 30.7 | 13.0 | 11.2 | 55.9 | 7.5 | 5.1 | 1.4 | 7.0 |
| Infrastructure | 179.6 | 205.2 | 548.4 | 631.6 | 6.1 | 24.4 | 28.2 | 58.0 | 3.4 | 11.9 | 5.1 | 9.2 |
| Smart Solutions 1) | 9.1 | 2.3 | 15.1 | 11.1 | -22.6 | -26.1 | -67.5 | -74.5 | - | - | - | - |
| Eliminations | -64.7 | -66.8 | -180.3 | -216.7 | - | - | - | - | - | - | - | - |
| Results by business area | 2,026.5 1,918.9 5,814.7 6,265.5 | 190.7 | 189.7 | 495.8 | 653.5 | 9.4 | 9.9 | 8.5 | 10.4 | |||
| IFRS 16 | - | - | - | - | 4.2 | 3.7 | 13.4 | 11.9 | - | - | - | - |
| Unallocated cost | - | - | - | - | -47.8 | -12.1 | -97.4 | -67.4 | - | - | - | - |
| Operating profit before IAC | - | - | - | - | 147.1 | 181.3 | 411.8 | 598.0 | 7.3 | 9.4 | 7.1 | 9.5 |
| Items affecting comparability | - | - | - | - | 3.4 | -64.7 | -16.8 | -64.7 | - | - | - | - |
| Financial items | - | - | - | - | -22.4 | -41.3 | -95.2 | -104.8 | - | - | - | - |
| Profit before tax | - | - | - | - | 128.1 | 75.3 | 299.8 | 428.5 | - | - | - | - |
1) From Q4 2024, Smart Solutions shows the investments in Seneco-Citygrid and Organic Response. Previously, the investments were consolidated in business areas Collection and Premium. Historical comparisons have been restated. The net sales value for smart lighting has been included in the relevant business area results.
Net sales per business area, MSEK Sales share per business area, %
Operating profit before IAC per BA, MSEK
Collection
Collection is home to our brands with a global market footprint. All have an international product portfolio and are well-renowned in the lighting designer and architect communities globally. They offer a wide product range with a focus on indoor and outdoor architectural applications.
Brands include ateljé Lyktan, iGuzzini, LED Linear and WE-EF, with product development and manufacturing facilities in Sweden, Italy, Canada, China, Germany and Thailand.
The third quarter order intake of MSEK 816 (777) showed an organic growth of +9.5%. The order intake for the January – September period of MSEK 2,722 entailed an increase of +7.7% in organic growth.
Net sales for the quarter totalled MSEK 890 (854), corresponding to organic growth of +8.4% and operating profit before IAC increased to MSEK 86.3 (64.1).
During the quarter, IAC of MSEK 3.4 in LED Linear were reversed down to MSEK 8.9, compared to MSEK 12.2 as of the second quarter year to date. The restructuring of the cost base has a payback period of approximately ten months.
During the quarter, several of our brands received recognition for leading design and sustainable innovation, with iGuzzini winning the internationally prestigious Compasso d'Oro award for the Agorà luminaire in Osaka. At the German Lighting Design Award 2025, LED Linear won three awards for projects in culture, hospitality and education. In addition, WE-EF LIGHTING Australia/New Zealand won the Kingston Sustainable Business Awards 2025. Collectively, these awards confirm the strength of our international position in sustainable architectural lighting.
Moreover, we secured several new projects and customers during the period, which further strengthens our positions in key markets and confirms the demand for our solutions. Our subsidiary, ateljé Lyktan, executed one of these projects, developing a bespoke luminaire to meet high requirements for energy efficiency in a net-zero-certified building.
| Collection | Q3, 2025 | Q3, 2024 | Q1-3, 2025 | Q1-3, 2024 |
|---|---|---|---|---|
| Net sales | 889.6 | 854.0 | 2,664.0 | 2,876.8 |
| (of which, intercompany sales) | (29.2) | (29.3) | (88.6) | (94.4) |
| Operating profit before IAC | 86.3 | 64.1 | 240.3 | 291.9 |
| Operating margin before IAC, % | 9.7 | 7.5 | 9.0 | 10.1 |
| Sales growth, % | 4.2 | -2.4 | -7.4 | 1.8 |
| Sales growth, adjusted for exchange rate differences , % |
8.4 | 0.5 | -4.5 | 2.4 |
| Growth in operating profit before IAC, % | 34.6 | -19.1 | -17.7 | 15.1 |
890
Net sales, MSEK
86
Operating profit before IAC, MSEK
9.7
Premium
Premium focuses on the European market and European-based global customers. Our Premium brands work closely with specifiers and partners to deliver premium projects, often with bespoke solutions. The majority of sales are related to indoor applications, there is also an outdoor offering for specific markets.
Brands include Fagerhult and LTS, with product development and manufacturing facilities in Sweden, Germany and China.
Business area order intake for the quarter of MSEK 551 (636), entailed an organic decline of -11.1% and the order intake of MSEK 1,914 for the January – September period showed an organic decline of -7.0%.
Net sales for the quarter totalled MSEK 603 (669) and operating profit before IAC of MSEK 90.2 (114.3) resulted in a decrease in the operating margin before IAC of 14.9% (17.1).
We continued to support our customers' sustainability journeys by replacing legacy fluorescent technology with LEDs, thereby helping them to save energy and comply with current regulations. In addition, we are experiencing increasing numbers of customers choosing to use SMART technology in their renovation projects to, thereby, achieve greater energy savings and leverage the technology's benefits. One example comprises a project at a Swedish university. Here, Fagerhult replaced all of the fluorescent luminaires in two buildings with luminaires equipped with technology from our innovation company Organic Response.
The quarter also saw the launch of Fagerhult's product Wrapped – a pendant luminaire designed with focus on the future. Wrapped unites sustainability, innovation and aesthetics in a solution that makes top quality lighting accessible to more people. With a frame made from solid board, comprising up to 65% recycled cardboard, and which folds together with high precision cut-outs and manufactured in our Swedish factory, Wrapped is our most sustainable pendant luminaire to date. Each detail has been carefully thought through, from the choice of materials to the design, to create a luminaire that embodies smart design and genuine responsibility.
| Premium | Q3, 2025 | Q3, 2024 | Q1-3, 2025 | Q1-3, 2024 |
|---|---|---|---|---|
| Net sales | 603.4 | 668.5 | 1,956.3 | 2,169.4 |
| (of which, intercompany sales) | (12.9) | (17.2) | (33.0) | (47.9) |
| Operating profit before IAC | 90.2 | 114.3 | 283.6 | 322.2 |
| Operating margin before IAC, % | 14.9 | 17.1 | 14.5 | 14.9 |
| Sales growth, % | -9.7 | -8.2 | -9.8 | -3.8 |
| Sales growth, adjusted for exchange rate differences , % |
-7.6 | -6.4 | -8.2 | -3.7 |
| Growth in operating profit before IAC, % | -21.1 | -7.9 | -12.0 | -10.5 |
603
Net sales, MSEK
90
Operating profit before IAC, MSEK
14.9
Professional
Professional focuses mainly on indoor applications for local and neighbouring markets. The brands work closely together with local partners on project specifications to deliver full and complete solutions. Local production and product development allows for tailored solutions with bespoke products delivered within short lead times.
Brands include Arlight, Eagle and Whitecroft, with product development and manufacturing facilities in Türkiye, Australia and the UK.
Business area order intake for the quarter increased to MSEK 357 (247), mainly through acquisitions. Business area order intake for the January – September period of MSEK 866 (749) entailed organic growth of +0.7%. The order backlog remains much improved at MSEK 492 (272).
Net sales for the quarter totalled MSEK 410 (256), up 60.1%, of which 6.3% was an organic increase, and operating profit before IAC amounted to MSEK 31 (13).
During the quarter, we welcomed new colleagues from Trato TLV. Integration of the company is progressing as planned and we have started exploring commercial synergies with the Group's other companies.
We are also pleased to welcome Altuğ Bilgiç as Arlight's new Managing Director. With Altuğ on board, our team is now complete.
We strengthened our position in Australia and launched several important products during the year. Our new Aureled Twindriver made the finals for Most Innovative Product at the Lighting Council Australia Excellence Awards 2025.
Moreover, Whitecroft has made a full recovery from the IT incident that took place in the second quarter. Everyone's strong commitment and determination has been crucial in enabling us to quickly restore full capacity and service to our customers.
| Professional | Q3, 2025 | Q3, 2024 | Q1-3, 2025 | Q1-3, 2024 |
|---|---|---|---|---|
| Net sales | 409.5 | 255.7 | 811.2 | 793.3 |
| (of which, intercompany sales) | (15.6) | (11.1) | (38.4) | (48.6) |
| Operating profit before IAC | 30.7 | 13.0 | 11.2 | 55.9 |
| Operating margin before IAC, % | 7.5 | 5.1 | 1.4 | 7.0 |
| Sales growth, % | 60.1 | -14.0 | 2.3 | -0.8 |
| Sales growth, adjusted for exchange rate differences , % |
70.2 | -10.6 | 8.2 | 3.7 |
| Growth in operating profit before IAC, % | 136.2 | -64.3 | -80.0 | -15.0 |
410
Net sales, MSEK
31
Operating profit before IAC, MSEK
7.5
Infrastructure
Infrastructure provides lighting solutions for environments with specific requirements for installation, durability and robustness. The companies are worldleading in their areas and highly experienced in finding the best solutions for every project and customer.
Brands include Designplan, i-Valo and Veko, with product development and manufacturing facilities in the UK, Finland and the Netherlands.
Business area order intake for the quarter totalled MSEK 223 (213), corresponding to an organic increase of 8.3%. For the January – September period, the order intake decreased to -11.8%.
Net sales for the quarter totalled MSEK 180 (205) , an organic decline of -9.3% and operating profit before IAC was MSEK 6 (24).
Infrastructure made clear advances in the quarter. Veko increased its order intake to its highest level for over a year, while concurrently delivering a smart lighting project at one of Europe's largest logistics centres for Daimler in Germany.
In addition, Designplan strengthened its position in Germany's transport segment, while i-Valo expanded its presence in the Nordic region through a strategic project in Sweden.
Infrastructure Q3, 2025 Q3, 2024 Q1-3, 2025 Q1-3, 2024 Net sales 179.6 205.2 548.4 631.6 (of which, intercompany sales) (4.3) (8.0) (14.7) (20.1) Operating profit before IAC 6.1 24.4 28.2 58.0 Operating margin before IAC, % 3.4 11.9 5.1 9.2 Sales growth, % -12.5 -19.6 -13.2 -21.5 Sales growth, adjusted for exchange rate differences , % -9.3 -17.8 -10.8 -21.6 Growth in operating profit before IAC, % -75.0 -35.6 -51.4 -52.7
180
Net sales, MSEK
6.1
Operating profit before IAC, MSEK
3.4
Financial position
The Group's equity to assets ratio at the end of the reporting period was 50.7% (55.5) and consolidated equity amounted to MSEK 7,092 (7,305).
The net debt at the end of the period was MSEK 3,223 (2,460). Cash and bank balances at the end of the period were MSEK 1,167 (1,258). Adjusting for cash and bank balances the gross debt was MSEK 4,389 (3,718). The gross debt includes MSEK 700 (747) relating to IFRS 16 accounting. Operating cash flow for the quarter was MSEK 208 (214).
Pledged assets and contingent liabilities amounted to MSEK 19.3 (17.5) and MSEK 17.3 (37.2) respectively.
Investments
The Group's net investments in non-current assets was MSEK 158 (150). The figure does not include investments in subsidiaries, which were MSEK 999 (0).
Employees
The average number of employees during the period was 4,094 (4,050).
Parent Company
Fagerhult Group AB operations comprise Group Management, financing, sustainability, legal, communication, HR and strategy. Profit after financial items was MSEK 180.9 (204.1). The number of employees during the period was 17 (18).
Accounting policies
The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The information for the interim period on pages 1–22 is an integral part of this financial report. The Parent Company's interim report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Corporate Reporting Board's recommendation RFR 2.
Applied accounting policies are unchanged in comparison with those described in Fagerhult Group's annual report for the financial year 2024.
Risks and uncertainties
The Group's significant risks and uncertainties consist primarily of business risks, and financial risks associated with currencies and interest rates. Through the company's international operations, the Fagerhult Group is subject to financial exposure arising from currency fluctuations as well as the regionalised uncertainty of political situations.
The most prominent risks, however, are currency risks arising from export sales and imports of raw materials and components. This exposure is reduced by hedging the flow of sensitive currencies, based on individual assessment. Currency risk also arises in the translation of foreign net assets and earnings.
For more information about the company's risks, refer to the 2024 Annual Report and the section on risks on Fagerhult Group's website.
Nomination Committee
Fagerhult Group AB has a Nomination Committee comprising a representative of each of the four largest shareholders or owners in terms of number of votes plus the Chairman of the Board, although this position is without the right to vote.
The Nomination Committee is to be formed after the Chairman of the Board has identified the four largest shareholders in the Company in terms of the number of votes that are to make up the Nomination Committee along with the Chairman. The identity of these shareholders is to be based on the shareholders' register and list of nominees maintained by Euroclear Sweden AB and refer to shareholders registered under their own names or as members of an owner group as per 31 August 2025.
It shall not be necessary to change the composition of the Nomination Committee if only marginal changes in the ownership of shares occur after this control date. If one of the four largest shareholders waives their right to appoint a representative, this right is then transferred to the next shareholder that has the largest shareholding of the shareholders not identified as one of the four largest shareholders on the same date. The mandate period of the Nomination Committee is until a new Nomination Committee is appointed.
Largest shareholders as per 31 August 2025
| Share capital and | ||
|---|---|---|
| Name | No. of shares | voting rights,% |
| Investment AB Latour & Douglas family | 85,708,480 | 48.4% |
| Fourth Swedish National Pension Fund | 15,080,993 | 8.5% |
| Nordea funds | 11,486,997 | 6.5% |
| Third Swedish National Pension Fund | 5,672,827 | 3.2% |
| Handelsbanken funds | 4,340,797 | 2.4% |
| Alcur funds | 4,278,600 | 2.4% |
| Carnegie funds | 4,227,249 | 2.4% |
| Palmstierna family | 3,891,892 | 2.2% |
The Nomination Committee consists of the following individuals together with the names of the shareholders they represent: Jan Svensson as Chairman of the Board of Fagerhult Group AB; Anders Mörck, Investment AB Latour; Jan Särlvik, Fourth Swedish National Pension Fund; Björn Henriksson, Nordea Funds; and Sussi Kvart, Handelsbanken Funds.
Questions regarding the Nomination Committee shall be addressed to the Group's CFO Oscar Wallstén, [email protected]
Habo, 27 October 2025 Fagerhult Group AB 556110-6203
Bodil Sonesson President and CEO
An investor webcast following the interim report for the third quarter of 2025 will be held on 27 October 2025 at 09:30 CET. A link to the webcast and management presentation will be available on http://www.fagerhultgroup.com/investors
In 2026, interim reports will be submitted on 17 February (Q4 2025), 21 April (Q1), 21 July (Q2), and 21 October (Q3). The Annual General Meeting will be held on 21 April.
For more information contact:
Bodil Sonesson, CEO +46 722 23 76 02
Oscar Wallstén, CFO +46 767 62 24 90
Niklas Willstrand, Head of Communications +46 767 65 16 35
Review report
Fagerhult Group AB Corp. id. 556110-6203
Introduction
We have reviewed the condensed interim financial information (interim report) of Fagerhult Group AB as of 30 September 2025 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Stockholm 27 October 2025
KPMG AB KPMG AB
Mathias Arvidsson Anna Harju
Authorized Public Accountant Authorized Public Accountant
Auditor in charge
Group
Condensed financial statements
Income statement
| 2025 | 2024 | 2025 | 2024 | 2024/2025 | 2024 | |
|---|---|---|---|---|---|---|
| Q3 | Q3 | Q1-3 | Q1-3 | Oct-Sep | Jan-Dec | |
| 3 months | 3 months | 9 months | 9 months | 12 months | 12 months | |
| Net sales | 2,026.5 | 1,918.9 | 5,814.7 | 6,265.5 | 7,854.5 | 8,305.3 |
| Cost of goods sold | -1,236.1 | -1,139.0 | -3,506.2 | -3,762.5 | -4,751.5 | -5,007.8 |
| Gross profit before IAC | 790.4 | 779.9 | 2,308.5 | 2,503.0 | 3,103.0 | 3,297.5 |
| Items affecting comparability | 2.0 | -46.0 | -3.8 | -46.0 | -3.8 | -46.0 |
| Gross profit | 792.4 | 733.9 | 2,304.7 | 2,457.0 | 3,099.2 | 3,251.5 |
| Selling expenses | -422.4 | -450.1 | -1,298.7 | -1,349.6 | -1,790.4 | -1,841.3 |
| Administrative expenses | -236.2 | -161.7 | -643.0 | -608.6 | -828.1 | -793.7 |
| Other operating income | 15.3 | 13.2 | 45.0 | 53.2 | 70.4 | 78.6 |
| Operating profit before IAC | 147.1 | 181.3 | 411.8 | 598.0 | 554.9 | 741.1 |
| Items affecting comparability | 1.4 | -18.7 | -13.0 | -18.7 | -18.9 | -24.6 |
| Operating profit | 150.5 | 116.6 | 395.0 | 533.3 | 532.2 | 670.5 |
| Financial items | -22.4 | -41.3 | -95.2 | -104.8 | -128.5 | -138.1 |
| Profit before tax | 128.1 | 75.3 | 299.8 | 428.5 | 403.7 | 532.4 |
| Tax | -42.5 | -21.3 | -95.6 | -127.6 | -146.1 | -178.1 |
| Net profit for the period | 85.6 | 54.0 | 204.2 | 300.9 | 257.6 | 354.3 |
| Net profit for the period attributable to shareholders of the Parent Company | 85.6 | 54.0 | 204.2 | 301.0 | 257.5 | 354.3 |
| Net profit for the period attributable to Non-controlling interests | 0.0 | 0.0 | 0.0 | -0.1 | 0.1 | 0.0 |
| Sum | 85.6 | 54.0 | 204.2 | 300.9 | 257.6 | 354.3 |
| Earnings per share, based on net profit for the period attributable to the | ||||||
| shareholders of the Parent Company | ||||||
| Earnings per share before dilution, SEK | 0.49 | 0.31 | 1.16 | 1.71 | 1.46 | 2.01 |
| Earnings per share after dilution, SEK | 0.49 | 0.31 | 1.16 | 1.71 | 1.46 | 2.01 |
| Average number of outstanding shares before dilution, thousands | 176,332 | 176,332 | 176,332 | 176,228 | 176,332 | 176,254 |
| Average number of outstanding shares after dilution, thousands | 176,332 | 176,332 | 176,332 | 176,228 | 176,332 | 176,254 |
| Number of outstanding shares, thousands | 176,332 | 176,332 | 176,332 | 176,332 | 176,332 | 176,332 |
| STATEMENT OF COMPREHENSIVE INCOME | ||||||
| Net profit for the period | 85.6 | 54.0 | 204.2 | 300.9 | 257.6 | 354.3 |
| Other comprehensive income | ||||||
| Items which may not be reclassified in the income statement: | ||||||
| Revaluation of pension plans | -0.4 | -0.7 | 0.2 | -0.2 | 0.7 | 0.3 |
| Items which may be reclassified in the income statement: | ||||||
| Translation differences | -65.4 | -17.8 | -324.3 | 141.2 | -223.2 | 242.3 |
| Other comprehensive income for the period, net after tax | -65.8 | -18.5 | -324.1 | 141.0 | -222.5 | 242.6 |
| Total comprehensive income for the period | 19.8 | 35.5 | -119.9 | 441.9 | 35.1 | 596.9 |
| Total comprehensive income attributable to shareholders of the Parent | ||||||
| Company | 19.8 | 35.5 | -119.9 | 442.0 | 35.0 | 596.9 |
| Total comprehensive income attributable to Non-controlling interests Sum |
0.0 19.8 |
0.0 35.5 |
0.0 -119.9 |
-0.1 441.9 |
0.1 35.1 |
0.0 596.9 |
Balance Sheet
| 30 Sep 2025 |
30 Sep 2024 |
31 dec 2024 |
|
|---|---|---|---|
| Intangible assets | 7,016.8 | 6,201.4 | 6,294.4 |
| Tangible fixed assets | 2,359.1 | 2,428.9 | 2,468.4 |
| Other non-current assets | 245.3 | 241.0 | 237.6 |
| Inventories | 1,372.5 | 1,273.1 | 1,190.4 |
| Accounts receivable - trade | 1,550.5 | 1,485.6 | 1,396.7 |
| Other non-interest-bearing current assets | 281.1 | 278.2 | 246.1 |
| Cash and cash equivalents | 1,166.9 | 1,257.7 | 1,878.9 |
| Total assets | 13,992.2 | 13,165.9 | 13,712.5 |
| Equity | 7,092.3 | 7,305.0 | 7,458.9 |
| Long-term interest-bearing liabilities | 4,161.7 | 3,459.8 | 3,907.1 |
| Long-term non-interest-bearing liabilities | 770.2 | 560.7 | 577.2 |
| Short-term interest-bearing liabilities | 228.3 | 257.4 | 233.1 |
| Short-term non-interest-bearing liabilities | 1,739.7 | 1,583.0 | 1,536.2 |
| Total equity and liabilities | 13,992.2 | 13,165.9 | 13,712.5 |
Cash-Flow Statement
| 2025 | 2024 | 2025 | 2024 | 2024/2025 | 2024 | |
|---|---|---|---|---|---|---|
| Q3 | Q3 | Q1-3 | Q1-3 | Oct-Sep | Jan-Dec | |
| 3 months | 3 months | 9 months | 9 months | 12 months | 12 months | |
| Operating profit | 150.5 | 116.5 | 395.0 | 533.3 | 532.2 | 670.5 |
| Adjustments for non-cash items | 113.4 | 90.8 | 261.7 | 351.2 | 401.3 | 490.8 |
| Financial items | -32.4 | -34.4 | -91.4 | -104.2 | -128.4 | -141.2 |
| Tax paid | -44.1 | -59.6 | -111.2 | -178.1 | -138.8 | -205.7 |
| Funds contributed from operating activities before change in working | 187.4 | 113.3 | 454.1 | 602.2 | 666.3 | 814.4 |
| capital | ||||||
| Change in working capital | 20.1 | 100.4 | -58.7 | 5.3 | 85.5 | 149.5 |
| Cash flow from operating activities | 207.5 | 213.7 | 395.4 | 607.5 | 751.8 | 963.9 |
| Cash flow from investing activities | -956.1 | -61.6 | -1,043.6 | -176.1 | -1,127.2 | -259.7 |
| Cash flow from financing activities | 729.3 | -63.0 | 17.4 | -473.6 | 348.3 | -142.7 |
| Cash flow for the period | -19.3 | 89.1 | -630.8 | -42.2 | -27.1 | 561.5 |
| Cash and cash equivalents at beginning of period | 1,201.3 | 1,168.6 | 1,878.9 | 1,272.2 | 1,257.7 | 1,272.2 |
| Translation differences in cash and cash equivalents | -15.1 | - | -81.2 | 27.7 | -63.7 | 45.2 |
| Cash and cash equivalents at end of period | 1,166.9 | 1,257.7 | 1,166.9 | 1,257.7 | 1,166.9 | 1,878.9 |
Key performance indicators and data per share
| 2025 | 2024 | 2025 | 2024 | 2024/2025 | 2024 | |
|---|---|---|---|---|---|---|
| Q3 | Q3 | Q1-3 | Q1-3 | Oct-Sep | Jan-Dec | |
| 3 Months | 3 Months | 9 months | 9 months | 12 months | 12 months | |
| Sales growth, % | 5.6 | -7.7 | -7.2 | -2.9 | -6.2 | -3.0 |
| Growth in operating profit, % | 29.1 | -51.3 | -25.9 | -22.2 | -29.0 | -25.6 |
| Growth in profit before tax, % | 70.1 | -65.4 | -30.0 | -27.8 | -31.7 | -29.6 |
| Operating margin before IAC, % | 7.3 | 9.4 | 7.1 | 9.5 | 7.1 | 8.9 |
| Operating margin, % | 7.4 | 6.1 | 6.8 | 8.5 | 6.8 | 8.1 |
| Profit margin, % | 6.3 | 3.9 | 5.2 | 6.8 | 5.1 | 6.4 |
| Cash liquidity, % | 59.3 | 68.3 | 59.3 | 68.3 | 59.3 | 106.2 |
| EBITDA | 272 | 235 | 738 | 881 | 986 | 1,130 |
| Net debt/EBITDA ratio | 2.96 | 2.62 | 3.28 | 2.09 | 3.27 | 2.00 |
| Equity/assets ratio, % | 50.7 | 55.5 | 50.7 | 55.5 | 50.7 | 54.4 |
| Capital employed, MSEK | 11,482 | 11,022 | 11,482 | 11,022 | 11,482 | 11,599 |
| Return on capital employed, % | 5.8 | 4.4 | 5.3 | 7.0 | 5.5 | 6.5 |
| Return on equity, % | 4.8 | 3.0 | 3.7 | 5.5 | 3.6 | 4.8 |
| Net debt, MSEK | 3,223 | 2,460 | 3,223 | 2,460 | 3,223 | 2,261 |
| Gross investment in non-current assets, MSEK | 38.2 | 44.5 | 158.1 | 150.3 | 220.7 | 212.9 |
| Net investment in non-current assets, MSEK | 38.2 | 44.5 | 158.1 | 150.3 | 220.7 | 212.9 |
| Depreciation/amortisation/impairment of non-current assets, MSEK | 121.4 | 118.0 | 342.6 | 347.6 | 454.2 | 459.2 |
| Number of employees | 3,976 | 4,060 | 4,094 | 4,050 | 3,940 | 4,007 |
| Equity per share, SEK | 40.22 | 41.43 | 40.22 | 41.43 | 40.22 | 42.30 |
| Number of outstanding shares, thousands | 176,332 | 176,332 | 176,332 | 176,332 | 176,332 | 176,332 |
For more information about the KPIs and the definitions applied, please refer to Fagerhult Group AB's website under "Investors/Financials/Definitions." The website also includes the definition of any alternative performance measures (APMs) as well as the motivation for their use.
Changes in equity
Attributable to shareholders of the Parent Company
| Share capital | Other contributed capital |
Reserves | Retained earnings |
Non controlling interest 0.1 -0.1 - -0.1 - - 0.0 0.1 0.0 - 0.0 - |
Total equity | |
|---|---|---|---|---|---|---|
| Equity at 1 January 2024 | 100.2 | 3,194.6 | 21.9 | 3,867.3 | 7,184.1 | |
| Net profit for the period | 301.0 | 300.9 | ||||
| Other comprehensive income for the period | 141.2 | -0.2 | 141.0 | |||
| Total comprehensive income for the period | 141.2 | 300.8 | 441.9 | |||
| Performance share plan | -4.1 | -4.1 | ||||
| Dividend paid | -317.0 | -317.0 | ||||
| Equity at 30 September 2024 | 100.2 | 3,194.6 | 163.1 | 3,847.0 | 7,305.0 | |
| Equity at 1 January 2025 | 100.2 | 3,194.6 | 264.2 | 3,899.8 | 7,458.9 | |
| Net profit for the period | 204.2 | 204.2 | ||||
| Other comprehensive income for the period | -324.3 | 0.2 | -324.1 | |||
| Total comprehensive income for the period | -324.3 | 204.4 | -119.9 | |||
| Performance share plan | 0.2 | 0.2 | ||||
| Dividend paid | -246.9 | - | -246.9 | |||
| Equity at 30 September 2025 | 100.2 | 3,194.6 | -60.1 | 3,857.5 | 0.1 | 7,092.3 |
Parent Company
Condensed financial statements
Income statement
| 2025 Q3 |
2024 Q3 |
2025 Q1-3 |
2024 Q1-3 |
2024/2025 Oct-Sep |
2024 Jan-Dec |
|
|---|---|---|---|---|---|---|
| 3 Months | 3 Months | 9 months | 9 months | 12 months | 12 months | |
| Net sales | 12.0 | 13.5 | 35.9 | 40.4 | 51.8 | 56.3 |
| Administrative expenses | -28.6 | -17.5 | -78.4 | -72.8 | -106.2 | -100.6 |
| Operating profit | -16.6 | -4.0 | -42.5 | -32.4 | -54.4 | -44.3 |
| Income from shares in subsidiaries | - | - | 222.6 | 162.2 | 222.3 | 161.9 |
| Financial items | 8.1 | 11.2 | 0.8 | 74.3 | 33.3 | 106.8 |
| Profit before appropriations and tax | -8.5 | 7.2 | 180.9 | 204.1 | 201.2 | 224.4 |
| Group contributions received | - | - | - | - | 205.0 | 205.0 |
| Tax | -6.5 | -0.4 | -0.2 | -8.6 | -47.9 | -56.3 |
| Net profit | -15.0 | 6.8 | 180.7 | 195.5 | 358.3 | 373.1 |
Balance Sheet
| 30 Sep | 30 Sep | 31 dec | |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Other non-current assets | 8,897.3 | 7,794.5 | 8,331.5 |
| Other non-interest-bearing receivables | 179.9 | 128.5 | 280.7 |
| Cash & Bank | 638.5 | 758.6 | 891.8 |
| Total assets | 9,715.7 | 8,681.6 | 9,504.0 |
| Equity | 5,560.1 | 5,448.7 | 5,626.1 |
| Long-term interest bearing liabilities | 3,387.8 | 2,614.4 | 3,057.5 |
| Long-term non interest bearing liabilities | 69.6 | 15.1 | 17.2 |
| Short-term interest bearing liabilities | 627.0 | 576.3 | 775.7 |
| Short-term non interest bearing liabilities | 71.2 | 27.1 | 27.5 |
| Total Equity and Liabilities | 9,715.7 | 8,681.6 | 9,504.0 |
Changes in equity
| Share | Statutory | Retained | ||
|---|---|---|---|---|
| capital | reserve | earnings Total equity | ||
| Equity at 1 January 2024 | 100.2 | 159.4 | 5,311.4 | 5,571.0 |
| Net profit for the period | 195.5 | 195.5 | ||
| Performance share program | -0.8 | -0.8 | ||
| Dividend paid | -317.0 | -317.0 | ||
| Equity at 30 September 2024 | 100.2 | 159.4 | 5,189.1 | 5,448.7 |
| Equity at 1 January 2025 | 100.2 | 159.4 | 5,366.5 | 5,626.1 |
| Net profit for the period | 180.7 | 180.7 | ||
| Performance share plan | 0.2 | 0.2 | ||
| Dividend paid | -246.9 | -246.9 | ||
| Equity at 30 September 2025 | 100.2 | 159.4 | 5,300.5 | 5,560.1 |
Net sales, MSEK Operating profit before IAC, MSEK
Operating margin before IAC, % Earnings per share before IAC, SEK
Operating cash flow, MSEK Net debt and Net debt/EBITDA ratio
Key performance indicators and data per share
| 2024/2025 Oct-Sep |
|||||
|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | 12 months | |
| Net sales, MSEK | 7,087.5 | 8,269.6 | 8,560.4 | 8,305.3 | 7,854.5 |
| Operating profit, MSEK | 706.4 | 833.3 | 901.2 | 670.5 | 532.2 |
| Operating profit before IAC, MSEK | 706.4 | 833.3 | 901.2 | 741.1 | 554.9 |
| Profit before tax, MSEK | 622.3 | 791.0 | 756.2 | 532.4 | 403.7 |
| Earnings per share, SEK | 2.64 | 3.27 | 3.09 | 2.01 | 1.46 |
| Earnings per share before IAC, SEK | 2.64 | 3.27 | 3.09 | 2.31 | 1.56 |
| Sales growth, % | 4.0 | 16.7 | 3.5 | -3.0 | -6.2 |
| Growth in operating profit, % | 112.5 | 18.0 | 8.1 | -25.6 | -29.0 |
| Growth in profit before tax, % | 187.2 | 27.1 | -4.4 | -29.6 | -31.7 |
| Operating margin, % | 10.0 | 10.1 | 10.5 | 8.1 | 6.8 |
| Operating margin before IAC, % | 10.0 | 10.1 | 10.5 | 8.9 | 7.1 |
| EBITDA | 1,147 | 1,257 | 1,341 | 1,130 | 986 |
| Net debt/EBITDA ratio | 2.27 | 2.36 | 1.80 | 2.00 | 3.27 |
| Equity/assets ratio, % | 49.1 | 51.6 | 55.2 | 54.4 | 50.7 |
| Capital employed, MSEK | 10,563 | 11,144 | 10,870 | 11,599 | 11,482 |
| Return on capital employed, % | 6.9 | 8.1 | 8.6 | 6.5 | 5.5 |
| Return on equity, % | 7.8 | 8.8 | 7.7 | 4.8 | 3.6 |
| Net debt, MSEK | 2,603 | 2,971 | 2,414 | 2,261 | 3,223 |
| Net investment in non-current assets, MSEK | 149.5 | 179.6 | 242.6 | 212.9 | 220.7 |
| Depreciation/amortisation/impairment of non-current assets, MSEK | 440.9 | 423.5 | 440.0 | 459.2 | 454.2 |
| Number of employees | 4,237 | 4,059 | 4,080 | 4,007 | 3,940 |
Sales and operating profit, MSEK Rolling 12 months and quarterly order intake, MSEK
Notes
Note 1 – Items affecting comparability (IAC)
| Q3 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Collection | Premium | Professional | Infrastructure | Sum | ||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Function | ||||||||||
| Cost of goods sold | 2.0 | - | - | -6.0 | - | - | - | -40.0 | 2.0 | -46.0 |
| Selling expenses | 0.8 | - | - | -3.3 | - | - | - | -2.6 | 0.8 | -5.9 |
| Administrative expenses | 0.6 | - | - | - | - | -3.7 | - | -9.1 | 0.6 | -12.8 |
| Sum | 3.4 | - | - | -9.3 | - | -3.7 | - | -51.7 | 3.4 | -64.7 |
| Nature of expense | ||||||||||
| Restructuring expenses | 3.4 | - | - | -9.3 | - | -3.7 | - | -51.7 | 3.4 | -64.7 |
| Sum | 3.4 | - | - | -9.3 | - | -3.7 | - | -51.7 | 3.4 | -64.7 |
| Tax | -1.0 | 15.8 |
| Q1-3 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Collection | Premium | Professional | Infrastructure | Sum | ||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Function | ||||||||||
| Cost of goods sold | -1.7 | - | - | -6.0 | -2.1 | - | - | -40.0 | -3.8 | -46.0 |
| Selling expenses | -5.3 | - | -3.4 | -3.3 | -0.5 | - | - | -2.6 | -9.2 | -5.9 |
| Administrative expenses | -1.8 | - | -2.0 | - | - | -3.7 | - | -9.1 | -3.8 | -12.8 |
| Sum | -8.8 | - | -5.4 | -9.3 | -2.6 | -3.7 | - | -51.7 | -16.8 | -64.7 |
| Nature of expense | ||||||||||
| Restructuring expenses | -8.8 | - | -5.4 | -9.3 | -2.6 | -3.7 | - | -51.7 | -16.8 | -64.7 |
| Sum | -8.8 | - | -5.4 | -9.3 | -2.6 | -3.7 | - | -51.7 | -16.8 | -64.7 |
| Tax | 4.4 | 15.8 |
Note 2 – Acquisition of Trato TLV Group
On 2 July 2025, Fagerhult Group completed the acquisition of 100% of the shares and votes in Trato SAS and thereby obtained control of the company and its three wholly owned subsidiaries Trato Industries SAS, TLV SAS and Biolume SAS (together forming the Trato TLV Group). The acquisition supports the Group's strategic direction and strengthens our position in the French and international lighting markets. In 2024, Trato TLV Group reported net sales of MEUR 56 and had 230 employees.
The third quarter interim report includes the earnings of Trato TLV Group from the acquisition date, and the earnings are also consolidated in the Professional business area. The transaction has been accounted for as a business combination pursuant to IFRS 3.
Acquisition effects 2025
The tables below detail the financial effect of the acquisition for the total consideration as well as the assets and liabilities arising and the net change in consolidated cash and cash equivalents. This analysis constitutes the preliminary purchase price allocation (PPA), and may be adjusted pursuant to IFRS 3 accounting policies. All values are presented in MSEK.
The consideration consists of the following componets:
| Cash paid | 841.0 |
|---|---|
| Earn-out | 84.0 |
| Total consideration | 925.0 |
| Net assets acquired | 481.6 |
| Goodwill | 443.4 |
Identifiable assets and liabilities included in the acquisition
| Fair value | |
|---|---|
| Cash and cash equivalents | 65.2 |
| Property, plant and equipment | 107.4 |
| Financial assets | 0.2 |
| Intangible assets | 327.1 |
| Inventories | 141.4 |
| Receivables | 115.6 |
| Liabilities | -182.6 |
| Deferred tax liabilities | -92.7 |
| Net assets | 481.6 |
| Non-controlling interests | - |
| Net assets acquired | 481.6 |
| Cash purchase consideration | -841.0 |
| Cash and cash equivalents in the acquired company | 65.2 |
| Change in consolidated cash and cash equivalents on acquisition | -775.8 |
Goodwill
Goodwill of MSEK 443.4 has been recognised and pertains mainly to synergies expected from the coordination of operations, staff know-how and future growth opportunities.
Impact on the Group's performance
From the acquisition date until 30 September 2025, Trato TLV Group has contributed net sales of MSEK 163.3 to the Group and MSEK 19.1 to profit after tax. Management estimates that if the acquisition had taken place on 1 January 2025, the Group's net sales and profit after tax would have amounted to MSEK 6,148.7 and MSEK 237.9, respectively.
Acquisition-related costs
Acquisition-related transaction costs of MSEK 18.1 were expensed during the period and are included in administrative expenses. These costs pertained mainly to external advisors and due diligence work ahead of the acquisition.
Contingent consideration
The share purchase agreement includes a contingent consideration (earnout) of up to MEUR 15, conditional on reaching certain performance targets. As of 30 September 2025, the fair value of the contingent consideration amounted to MEUR 7.5 (MSEK 84).
Note 3 – Acquisition of Capelon
On 4 August 2025, Fagerhult Group completed the acquisition of 100% of the shares and votes in Capelon AB and thereby obtained control of the company and its wholly owned Finnish subsidiary Capelon Oy (together "Capelon").
With over 20 years of experience in power line communications and more than a decade specialising in smart street lighting, the company combines strong technological innovation with a solid market presence and close customer relationships. Capelon's expertise in smart street lighting together with its open, scalable IoT platform will enable Fagerhult Group to offer solutions that support energy-efficient and connected cities. The acquisition strengthens Fagerhult Group's ability to drive innovation and sustainability in the lighting market and aligns with the Group's ambition that by 2030, every luminaire sold will be equipped with technology that enables connectivity and smart decision-making.
Acquisition effects 2025
The tables below detail the financial effect of the acquisition for the total consideration as well as the assets and liabilities arising and the net change in consolidated cash and cash equivalents. This analysis constitutes the preliminary purchase price allocation (PPA), and may be adjusted pursuant to IFRS 3 accounting policies. All values are presented in MSEK.
The consideration consists of the following componets:
| Cash paid | 157.6 |
|---|---|
| Earn-out | 89.0 |
| Total consideration | 246.6 |
| Net assets acquired | 56.0 |
| Goodwill | 190.6 |
Identifiable assets and liabilities included in the acquisition
| Fair value | |
|---|---|
| Cash and cash equivalents | 21.2 |
| Property, plant and equipment | 1.1 |
| Financial assets | - |
| Intangible assets | 45.2 |
| Inventories | 3.7 |
| Receivables | 9.5 |
| Liabilities | -14.9 |
| Deferred tax liabilities | -9.8 |
| Net assets | 56.0 |
| Non-controlling interests | - |
| Net assets acquired | 56.0 |
| Cash purchase consideration | -157.6 |
| Cash and cash equivalents in the acquired company | 21.2 |
| Change in consolidated cash and cash equivalents on acquisition | -136.4 |
Goodwill
Goodwill of MSEK 190.6 has been recognised and pertains mainly to synergies expected from the coordination of operations, staff know-how and future growth opportunities.
Impact on the Group's performance
From the acquisition date until 30 September 2025, Capelon has contributed net sales of MSEK 4.8 to the Group and MSEK 0.5 to profit after tax. Management estimates that if the acquisition had taken place on 1 January 2025, the Group's net sales and profit after tax would have amounted to MSEK 5,853.8 and MSEK 216.0 respectively (excluding the effects from the acquisition of Trato TLV).
Acquisition-related costs
Acquisition-related transaction costs of MSEK 1.1 were expensed during the period and are included in administrative expenses. These costs pertained mainly to external advisors and due diligence work ahead of the acquisition.
Contingent consideration
The share purchase agreement includes a contingent consideration (earnout) of up to MSEK 89, conditional on reaching certain performance targets. As of 30 September 2025, the fair value of the contingent consideration amounted to MSEK 89.