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Fasadgruppen Group
Earnings Release • Nov 11, 2025
3047_10-q_2025-11-11_bb1e0425-b20b-4c59-bb99-62cfe0cffa5a.pdf
Earnings Release
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"Organic growth and improved margins"
Third quarter highlights
- Net sales amounted to SEK 1,381.1 million (1,202.3) corresponding to an increase of 14.9 percent. The organic change was +2.2 percent in local currencies.
- EBITA increased to SEK 122.9 million (82.2) and the EBITA margin to 8.9 percent (6.8).
- Adjusted EBITA1 increased to SEK 136.4 million (92.8) and the adjusted EBITA margin to 9.9 percent (7.7).
- Profit for the period amounted to SEK 31.5 million (29.1). Earnings per share amounted to SEK 0.58 (0.61), basic, and SEK 0.57 (0.61), diluted.
- Operating cash flow totalled SEK 148.3 million (126.3).
- The order backlog increased to SEK 4,075.9 million (2,770.9), corresponding to an increase of 47.1 percent. The organic change was -0.6 percent in local currencies.
- The covenant level relating to the key debt ratio was increased temporarily during the third quarter.
Nine month highlights
- Net sales amounted to SEK 3,989.0 million (3,551.2) corresponding to an increase of 12.3 percent. The organic change was -4.5 percent in local currencies.
- EBITA increased to SEK 318.1 million (181.1) and the EBITA margin to 8.0 percent (5.1).
- Adjusted EBITA1 increased to SEK 345.2 million (194.4) and the adjusted EBITA margin to 8.7 percent (5.5).
- Profit for the period amounted to SEK 49.5 million (50.5). Earnings per share amounted to SEK 0.90 (1.05), basic, and SEK 0.90 (1.05), diluted.
- Operating cash flow totalled SEK 297.3 million (237.0).
Significant events during and after the end of the quarter
Following a strategic review, the decision was taken to divest the subsidiary Alnova Balkongsystem AB.
Key figures 1, 2
| 2025 | 2024 | 2025 | 2024 | 2025Q3 | 2024 | |||
|---|---|---|---|---|---|---|---|---|
| SEK millions | Jul–Sep | Jul–Sep | Δ | Jan–Sep | Jan–Sep | Δ | 12M | Jan–Dec |
| Net sales | 1,381.1 | 1,202.3 | 14.9% | 3,989.0 | 3,551.2 | 12.3% | 5,364.6 | 4,926.8 |
| EBITA | 122.9 | 82.2 | 49.5% | 318.1 | 181.1 | 75.6% | 368.0 | 231.1 |
| EBITA margin, % | 8.9 | 6.8 | 8.0 | 5.1 | 6.9 | 4.7 | ||
| Adjusted EBITA | 136.4 | 92.8 | 46.9% | 345.2 | 194.4 | 77.6% | 433.2 | 282.4 |
| Adjusted EBITA margin, % | 9.9 | 7.7 | 8.7 | 5.5 | 8.1 | 5.7 | ||
| Cash flow from operating activities | 148.3 | 126.3 | 17.4% | 297.3 | 237.0 | 25.5% | 481.9 | 421.6 |
| Cash conversion, % | 93.2 | 109.1 | 70.1 | 87.2 | 94.9 | 118.5 | ||
| Return on capital employed, % | 4.5 | 8.3 | 4.5 | 8.3 | 4.5 | 4.3 | ||
| Return on capital employed excluding goodwill etc., % |
57.9 | 51.0 | 57.9 | 51.0 | 57.9 | 83.9 | ||
| Return on equity, % | 0.0 | 5.7 | 0.0 | 5.7 | 0.0 | 0.0 | ||
| Net debt to equity ratio, % | 97.4 | 75.4 | 97.4 | 75.4 | 97.4 | 91.7 | ||
| Profit/loss before tax | 42.2 | 48.5 | -13.0% | 73.0 | 85.6 | -14.7% | 25.8 | 38.4 |
| Order backlog | 4,075.9 | 2,770.9 | 47.1% | 4,075.9 | 2,770.9 | 47.1% | 4,075.9 | 3,790.0 |
1For items affecting comparability in the respective period, see note 7.
Fasadgruppen Group AB (publ) acquires and develops entrepreneurial specialist companies that care for and create sustainable properties. The Group's subsidiaries possess expertise in all aspects of building envelopes, such as façades, windows, balconies and roofs.
2Measures defined in accordance with IFRS are Net Sales and Profit/loss before tax. Other measures are Alternative performance measures. For definitions, see page 20.
CEO comment
uring the third quarter, Fasadgruppen reported positive organic growth, of 2.2 percent, for the first time since the second quarter of 2023. This is a clear and important indication that the measures we have implemented over the past year, where the chairs of the boards have played a key role in establishing agile leadership and faster decision-making, are having the desired effect. This is especially true in Sweden, which is performing particularly well compared with the preceding year. This is particularly pleasing, as it is where our journey began. D
The divestment of Alnova during the fourth quarter is an example of the proactive steps we are now taking with our new governance model to focus on those parts of the Group that make the greatest contribution to profitable growth and, as a result, long-term shareholder value.
Good profitability and strong cash flow
At the end of the third quarter, the total order backlog was just over SEK 4 billion. The organic order backlog remained relatively unchanged at -0.6 percent. Adjusted EBITA for the quarter increased by 46.9 percent to SEK 136.4 million (92.8), corresponding to a margin of 9.9 percent (7.7).
Good operational discipline combined with a continued focus on efficiency, quality and customer satisfaction have been our priority areas. Together with wellimplemented projects, this has contributed to strong operating cash flow of SEK 148.3 million (126.3).
Leverage
The quarter has also presented financial challenges in terms of debt levels and we have held a constructive dialogue with our banking syndicate – SEB, Nordea and SEK – during the period on our financial covenants and our future capital structure. We agreed a temporary increase in the covenant level for the key debt ratio for the third quarter. This arrangement does not affect our operating activities, and our common focus remains on gradually reducing the debt ratio and strengthening the balance sheet in line with our financial targets.
Segment overview
Total Solutions
Demand continued to strengthen in Sweden, with a clear recovery within renovation. We are seeing continued signs of increasing willingness to invest among both private and public property owners. Profitability levels, on the other hand, are under
"During the third quarter, Fasadgruppen reported positive organic growth for the first time since the second quarter of 2023."
continued pressure within the segment, mainly driven by the Norwegian businesses, which are operating on a market that remains weak.
Specialist Solutions
Our Specialist Solutions companies continue to grow and strengthen both margins and competitive advantages on a challenging market, driven primarily by a combination of well-positioned and technically unique businesses in Denmark and Finland.
Clear Line
Demand for our services in the UK remains strong. However, Clear Line, like other operators on the UK market, continues to be affected by regulatory delays at the Building Safety Regulator (BSR). The situation is considered to be temporary and manageable – no projects or orders have been cancelled, while the order backlog is at a record high and margins are being maintained. The impact on profit (EBITA) of the delays for Clear Line are estimated in the region of SEK 20–30 million for the third quarter.
The way forward
By creating value for our customers every day, we are establishing the foundation for the future of Fasadgruppen.
Martin Jacobsson Group President and CEO
Group development
Third quarter
Net sales
Net sales for the third quarter of 2025 increased to SEK 1,381.1 million (1,202.3), a total increase of +14.9 percent compared with the same period in the previous year. The increase consists of an organic change of +2.2 percent in local currencies, exchange rate changes of -1.9 percent and acquisitive growth of +14.6 percent. In local currencies, the quarter saw positive growth on all of the Group's geographical markets, with the exception of Norway. Clear Line is not yet included in the calculation of organic growth. See also note 3.
Earnings
Adjusted EBITA for the current quarter increased to SEK 136.4 million (92.8). Total items affecting comparability for the guarter amounted to SEK -13.4 million (-10.6). See also note 7. The adjusted EBITA margin was 9.9 percent (7.7). The margin trend during the quarter was affected by an improved market in Sweden, while business in Norway suffered from increased competition. Demand for our services in the UK is strong. However, Clear Line continues to be affected by regulatory delays, resulting in postponed project starts. Other operating income/expenses were affected by contingent consideration remeasurement during the current period, which amounted to SEK -12.1 million (-2.9) on a net basis, with the items being treated as affecting comparability. See also notes 6 and 7. Net financial items for the quarter amounted to SEK -40.5 million (-33.8). Net interest expenses on loans from credit institutions amounted to SEK -35.6 million (-31.3). Profit for the period amounted to SEK 31.5 million (29.1), corresponding to earnings per share of SEK 0.58 (0.61), basic, and SEK 0.57 (0.61), diluted. The effective tax rate was 25.3 percent and was affected by the add-back of non-deductible items into the tax calculation, as well as differences in foreign tax rates.
January-September
Net sales
Net sales for January–September 2025 amounted to SEK 3,989.0 million (3,551.2), a total increase of +12.3 percent compared with the same period in the previous year. The increase consists of an organic change of -4.5% percent in local currencies, exchange rate changes of -1.5 percent and acquisitive growth of +18.3 percent. In local currencies, there was negative organic growth in Sweden and Norway in the first three quarters of the year. See also note 3. During the period January–September, Fasadgruppen closed the acquisition of one company. For more information on acquisitions, see page 8 and note 8.
Earnings
Adjusted EBITA for the period January-September 2025 increased to SEK 345.2 million (194.4). Total items affecting comparability for the period amounted to SEK -27.1 million (-13.2). See also note 7. The adjusted EBITA margin was 8.7 percent (5.5). The strong profit and margin trend between the periods is mainly linked to the acquisition of Clear Line in October 2024. Other operating income/expenses were affected by contingent consideration remeasurement during the current period, which amounted to SEK -22.0 million (-3.1) on a net basis, with the items being treated as affecting comparability. See also notes 6 and 7. Net financial items for the period January-September 2025 amounted to SEK -123.6 million (-95.4). Net interest expenses on loans from credit institutions amounted to SEK -106.0 million (-82.9). Profit for the period amounted to SEK 49.5 million (50.5), corresponding to earnings per share of SEK 0.90 (1.05), basic and diluted. The effective tax rate was 32.2 percent. The high effective tax is mainly due to the add-back of non-deductible items into the tax calculation, differences in foreign tax rates and tax attributable to prior years.
Segments
Sales come from external customers, with no individual customer accounting for 10 percent or more of sales. Group Management identifies business operations as the three operating segments of Total Solutions, Specialist Solutions and Clear Line, which is the division used by Fasadgruppen in its internal reporting. The operating segments are monitored by the Group's chief operating decision-maker and strategic decisions are made on the basis of the operating profit for the segments. The Group applies the percentage of completion method.
Distribution of net sales
| 2025 | 2024 | 2025 | 2024 | 2025Q3 | 2024 | |||
|---|---|---|---|---|---|---|---|---|
| SEK millions | Jul–Sep | Jul–Sep | Δ | Jan–Sep | Jan–Sep | Δ | 12M | Jan–Dec |
| Total Solutions | 730.9 | 750.7 | -2.6% | 2,027.9 | 2,177.0 | -6.8% | 2,781.3 | 2,930.4 |
| Specialist Solutions | 508.3 | 451.6 | 12.6% | 1,483.0 | 1,374.3 | 7.9% | 1,979.0 | 1,870.2 |
| Clear Line | 141.8 | 0.0 | - | 478.1 | 0.0 | - | 604.3 | 126.2 |
| Total | 1,381.1 | 1,202.3 | 14.9% | 3,989.0 | 3,551.2 | 12.3% | 5,364.6 | 4,926.8 |
Distribution of adjusted EBITA 0.00 0.00
| 2025 | 2024 | 2025 | 2024 | 2025Q3 | 2024 | |||
|---|---|---|---|---|---|---|---|---|
| SEK millions | Jul–Sep | Jul–Sep | Δ | Jan–Sep | Jan–Sep | Δ | 12M | Jan–Dec |
| Total Solutions | ||||||||
| EBITA | 50.5 | 77.9 | -35.1% | 121.1 | 175.3 | -30.9% | 158.4 | 212.6 |
| EBITA % | 6.9% | 10.4% | 6.0% | 8.1% | 5.7% | 7.3% | ||
| Specialist Solutions | ||||||||
| EBITA | 60.5 | 28.2 | 114.7% | 125.4 | 66.4 | 89.0% | 133.3 | 74.2 |
| EBITA % | 11.9% | 6.2% | 8.5% | 4.8% | 6.7% | 4.0% | ||
| Clear Line | ||||||||
| EBITA | 47.2 | - | - | 156.0 | - | - | 213.1 | 57.1 |
| EBITA % | 33.3% | 32.6% | 35.3% | 45.3% | ||||
| Group | -21.8 | -13.3 | 64.0% | -57.2 | -47.3 | 21.0% | -71.6 | -61.6 |
| Total | 136.4 | 92.8 | 47.0% | 345.2 | 194.4 | 77.6% | 433.2 | 282.4 |
| Adjusted EBITA | 9.9% | 7.7% | 8.7% | 5.5% | 8.1% | 5.7% | ||
| Profit/loss after financial items |
42.2 | 48.5 | 73.0 | 85.6 | 25.8 | 38.4 |
Distribution of order backlog
| 2025 | 2024 | 2025 | 2024 | 2025Q3 | 2024 | |||
|---|---|---|---|---|---|---|---|---|
| SEK millions | Jul–Sep | Jul–Sep | Δ | Jul–Sep | Jul–Sep | Δ | 12M | Jan–Dec |
| Total Solutions | 1,649.3 | 1,785.6 | -7.6% | 1,649.3 | 1,785.6 | -7.6% | 1,649.3 | 1,731.6 |
| Specialist Solutions | 1,138.0 | 985.3 | 15.5% | 1,138.0 | 985.3 | 15.5% | 1,138.0 | 1,023.0 |
| Clear Line | 1,288.7 | - | - | 1,288.7 | - | - | 1,288.7 | 1,035.4 |
| Total | 4,075.9 | 2,770.9 | 47.1% | 4,075.9 | 2,770.9 | 47.1% | 4,075.9 | 3,790.0 |
Total Solutions
Third quarter
Net sales for the third quarter of 2025 amounted to SEK 730.9 million (750.7), a decline of -2.6 percent compared with the same quarter in the previous year. The decline consists of an organic change of -5.5 percent in SEK and acquisitive growth of +2.9 percent. Adjusted EBITA amounted to SEK 50.5 million (77.9), corresponding to an adjusted EBITA margin of 6.9 percent (10.4). The order backlog at the end of September 2025 amounted to SEK 1,649.3 million (1,785.6), a decline of -7.6 percent, distributed as
follows: organic decline -10.4 percent and acquisitive growth +2.8 percent.
January-September
Net sales for January–September 2025 amounted to SEK 2,027.9 million (2,177.0), a decline of -6.8 percent compared with the same period in the previous year. The decline consists of an organic change of -10.4 percent in SEK and acquisitive growth of +3.5 percent. Adjusted EBITA amounted to SEK 121.1 million (175.3), corresponding to an adjusted EBITA margin of 6.0 percent (8.1).
Operations
The Total Solutions segment comprises companies that operate in Sweden, Denmark and Norway. These companies are usually responsible for entire projects, unlike Specialist Solutions, which principally operate as subcontractors. Operations are run with the assistance of experienced board chairs who have thorough knowledge of the industry and act with agility to respond quickly to customer demand.
| Total Calutions CEV williams | 2025 | 2024 | 2025 | 2024 | 2025Q3 | 2024 | ||
|---|---|---|---|---|---|---|---|---|
| Total Solutions, SEK millions | Jul-Sep | Jul-Sep | Δ | Jan–Sep | Jan-Sep | Δ | 12M | Jan-Dec |
| Net sales | 730.9 | 750.7 | -2.6% | 2,027.9 | 2,177.0 | -6.8% | 2,781.3 | 2,930.4 |
| Adjusted EBITA | 50.5 | 77.9 | -35.1% | 121.1 | 175.3 | -30.9% | 158.4 | 212.6 |
| Adjusted EBITA margin, % | 6.9% | 10.4% | 6.0% | 8.1% | 5.7% | 7.3% | ||
| Order backlog | 1.649.3 | 1.785.6 | -7.6% | 1,649.3 | 1,785.6 | -7.6% | 1.649.3 | 1,731.6 |
Specialist Solutions
Third quarter
Net sales for the third quarter of 2025 increased to SEK 508.3 million (451.6), a total increase of +12.6 percent compared with the same quarter in the previous year. The increase consists of an organic change of +9.9 percent in SEK and acquisitive growth of +2.7 percent. Adjusted EBITA for the quarter amounted to SEK 60.5 million (28.2), corresponding to an adjusted EBITA margin of 11.9 percent (6.2). The order backlog at the end of September 2025 amounted to SEK 1,138.0 million (985.3), an increase of +15.5 percent,
distributed as follows: organic growth +13.1 percent and acquisitive growth +2.4 percent.
January-September
Net sales for January–September 2025 amounted to SEK 1,483.0 million (1,374.3), an increase of +7.9 percent compared with the same period in the previous year. The increase consists of an organic change of +1.1 percent in SEK and acquisitive growth of +6.8 percent. Adjusted EBITA amounted to SEK 125.4 million (66.4), corresponding to an adjusted EBITA margin of 8.5 percent (4.8).
Operations
The Specialist Solutions segment comprises companies operating as niche service providers for the building envelope, such as masonry, plastering, roofing, sheet metal, windows, balconies, industrial façade systems, forging, façade cleaning and scaffolding in Sweden, Denmark, Norway and Finland. These companies are specialists in their respective niches and operate mainly as subcontractors. Specialist Solutions companies are often smaller than their counterparts in Total Solutions. We also have experienced board chairs in this segment, who work closely with the companies to actively strengthen their development and competitiveness.
| Specialist Solutions, SEK | 2025 | 2024 | 2025 | 2024 | 2025Q3 | 2024 | ||
|---|---|---|---|---|---|---|---|---|
| millions | Jul-Sep | Jul-Sep | Δ | Jan–Sep | Jan–Sep | Δ | 12M | Jan-Dec |
| Net sales | 508.3 | 451.6 | 12.6% | 1,483.0 | 1,374.3 | 7.9% | 1,979.0 | 1,870.2 |
| Adjusted EBITA | 60.5 | 28.2 | 114.7% | 125.4 | 66.4 | 89.0% | 133.3 | 74.2 |
| Adjusted EBITA margin, % | 11.9% | 6.2% | 8.5% | 4.8% | 6.7% | 4.0% | ||
| Order backlog | 1,138.0 | 985.3 | 15.5% | 1,138.0 | 985.3 | 15.5% | 1,138.0 | 1,023.0 |
Clear Line
Third quarter
Net sales for the third quarter of 2025 amounted to SEK 141.8 million. Adjusted EBITA for the quarter amounted to SEK 47.2 million, which corresponds to an adjusted EBITA margin of 33.3 percent. The order backlog at the end of September 2025 amounted to SEK 1,288.7 million.
January–September
Net sales for January–September 2025 amounted to SEK 478.1 million. Adjusted EBITA was SEK 156.0 million, corresponding to an adjusted EBITA margin of 32.6 percent.
Operations
Clear Line is a UK façade contractor founded in 1997 with a strong position within design, renovation and work on façades and building envelopes. The company offers a full-service solution, from design to execution and documentation, and has built up a strong reputation among consultants, property managers and developers. The company operates on a growing market for façade renovations, where demand is driven primarily by fire prevention measures for apartment buildings. There is strong demand for energy efficiency projects, but more acute fire prevention measures have taken priority over these in recent years. Clear Line was acquired by Fasadgruppen in October 2024 and has since continued to strengthen its market position through the successful implementation of technically complex projects.
Regulatory delays
Since the introduction of the Building Safety Regulator (BSR) in the UK, the approval processes for fire prevention measures in higher-risk buildings have become considerably longer. This has led to the postponement of project starts and approvals throughout the industry, including for Clear Line. The BSR is working to improve building safety, but the new processes have created temporary bottlenecks due to the strong level of demand. The situation is considered a temporary one and permit processes are expected to normalise once the regulator has achieved full capacity. Demand for Clear Line's services remains strong, with a record order backlog.
| 2025 | 2024 | 2025 | 2024 | 2025Q3 | 2024 | |||
|---|---|---|---|---|---|---|---|---|
| Clear Line, SEK millions | Jul–Sep | Jul–Sep | Δ | Jan–Sep | Jan–Sep | Δ | 12M* | Jan–Dec* |
| Net sales | 141.8 | - | - | 478.1 | - | - | 604.3 | 126.2 |
| Adjusted EBITA | 47.2 | - | - | 156.0 | - | - | 213.1 | 57.1 |
| Adjusted EBITA margin, % | 33.3% | - | 32.6% | - | 35.3% | 45.3% | ||
| Order backlog | 1,288.7 | - | - | 1,288.7 | - | - | 1,288.7 | 1,035.4 |
*Clear Line's results included from November 2024.
Order backlog
At the end of September 2025, the order backlog amounted to SEK 4,075.9 million (2,770.9), an increase of +47.1 percent. The increase is distributed as follows: negative organic growth -0.6 percent, exchange rate changes -1.1 percent and acquisitive growth +48.8 percent. In local currencies and from a geographic perspective, the order backlog trend was negative on all markets except for Sweden, which once again achieved organic growth.
Financial position and financing
At the end of the period, equity amounted to SEK 2,257.6 million (2,159.3). Changes in equity between the period ends are primarily attributable to offset share issues of SEK +898.4 million, valuation of options on subsidiary company shares of SEK -708.9 million and dividends of SEK -45.7 million. The rest of the change in equity is mainly attributable to comprehensive income for the period. Interestbearing net debt on 30 September 2025 amounted to SEK 2,199.8 million (1,628.8). Interest-bearing net debt includes lease liabilities amounting to SEK 242.5 million (190.9). It does not include acquisition-related financial liabilities, which, on 30 September 2025, comprised contingent consideration of SEK 139.5 million (168.7) and the valuation of options on subsidiary company shares of SEK 708.9 million (0.0). The fixed interest period for interest-bearing liabilities varies between 1 and 3 months and the average interest expense paid for the period January–September 2025 was approximately 5.8 percent (6.0). Fasadgruppen's interest-bearing net debt to adjusted EBITDA ratio, 12M, not pro forma, was 3.8x (3.7) at the end of the period. See also the Risks and Uncertainties section on page 9 for a more in-depth view of the company's financing and covenants. The Group's cash and cash equivalents and other short-term investments amounted to SEK 395.0 million (382.5) on 30 September 2025. In addition to cash and cash equivalents and other short-term investments, there were unutilised credit facilities of around SEK 78 million at the end of the period.
Cash flow and investments
The negative change of SEK -39.3 million (56.4) in working capital for the period January–September 2025 is mainly due to the payment of consideration of GBP 5.7 million related to the acquisition of Clear Line in 2024. The negative change in working capital contributed to a weaker cash conversion, which amounted to 70.1 percent (87.2). The Group's net investments in property, plant and equipment for the period January–September 2025 fell to SEK - 87.4 million (-91.3), mainly due to ongoing capital efficiency measures under the debt reduction programme. Depreciation, amortisation and impairment of non-current assets amounted to SEK -
227.4 million (-90.8). This included amortisation of acquired intangible assets, such as customer relationships, of SEK -121.4 million (-0.1). Investments in company acquisitions for the period January–September 2025 amounted to SEK - 33.3 million (-156.9). The amount of contingent consideration paid during the same period in relation to acquisitions in previous years was SEK 53.4 million. See also note 6.
Personnel
The Group had 2,218 employees (2,136) on 30 September 2025, of whom 125 were women (105). The average number of employees for the period January–September 2025 was 2,145 (2,049). The change from the comparative period is primarily attributable to the acquisitions of Clear Line in the UK and LIAB in Sweden.
Parent Company
Fasadgruppen Group AB acts as a holding company for the Group and provides head office functions such as Group-wide management, administration and a finance department. Income comprises management fees from Group companies for Group-wide services and costs covered by the Parent Company. Net financial items mainly comprise dividends and interest income from Group companies, as well as interest expenses from external financing. Profit for the period January–September amounted to SEK 27.9 million (87.7). Assets, which consist mainly of investments in and receivables from Group company Fasadgruppen Norden AB, amounted to SEK 3,025.7 million (3,283.3) at the end of the period. Equity amounted to SEK 1,744.6 million (1,522.8) on the reporting date. The number of employees at the Parent Company at the end of the period was 2 (2).
Acquisitions
Fasadgruppen acquired two new businesses in the period October 2024 to September 2025. Acquisitions are part of the Group's strategy and are carefully chosen based on selected criteria linked to, among other things, niche, profitability and management.
During the period October 2024 to September 2025, the Group has acquired an estimated SEK 753 million in annual sales and added around 106 new employees to the workforce, bringing new know-how and working capacity to the Group.
Goodwill totalling SEK 4,210.6 million within the Group is a result of continuous and consciously targeted acquisitions over a number of years. Accumulated goodwill primarily relates to growth expectations, expected future profitability, the significant knowledge and expertise possessed by subsidiary company personnel and expected synergies on the costs side.
The acquisitions closed during the period October 2024 to September 2025 are British façade contractor Clear Line and Swedish forging and sheet metal contractor LIAB Plåtbyggarna. See also note 8 for acquisitions during 2025.
Company acquisitions
Fasadgruppen has closed the following acquisitions over the last twelve months and in the period between the end of the reporting period and the publication of this year-end report.
| Closing | Acquisitions | Country | Estimated annual sales on acquisition, SEK million |
No. of employees |
|---|---|---|---|---|
| January 2025 | LIAB Plåtbyggarna AB | Sweden | 80 | 46 |
| October 2024 | Clear Line Holdings Ltd | United Kingdom |
673 | 60 |
| 753 | 106 |
Fasadgruppen's priorities 2025–2028
Fasadgruppen aims to achieve SEK 10 billion in sales, with an EBITA margin of at least 10 percent, by 2028. This will be achieved by prioritising profitability through improvements at subsidiaries and greater efficiency, leverage, with a net debt to EBITDA ratio lower than 2.5x, and growth through organic opportunities and continued consolidation of niche markets.
In 2025, Fasadgruppen's main focus will be on strengthening the profitability of existing subsidiaries, which, combined with a more restrained acquisition agenda, will reduce the Group's net debt to EBITDA ratio. With a stronger balance sheet, the Group will then re-prioritise acquisitions as a key component of its strategy.
Other information
Risks and uncertainties
Fasadgruppen's business is affected by a number of risks whose effects on earnings and financial position can be managed to varying degrees. When assessing the Group's future development, it is important to consider the risk factors in addition to possible opportunities for earnings growth. The Group is exposed to different types of risk in its business and these are categorised as operational risks, financial risks and external risks. External risks are primarily related to factors outside Fasadgruppen's own businesses, such as macroeconomic growth in the Group's main markets. Operational risks are related to day-to-day operations such as tendering, capacity utilisation, percentage of completion and price risks. The financial risks include liquidity and loan financing risks. Risk management is clearly defined in the Fasadgruppen management system, which is designed to prevent and reduce the Group's risk exposure. Risk management in the Group aims to identify, measure, control and limit risks in the business.
An employee lost their life in the course of their work at one of our subsidiaries this year. It is a tragic loss that has affected the entire organisation. Our thoughts are with the deceased's family, friends and colleagues. We are continuing our safety efforts with the goal that nothing similar can ever happen again.
The macroeconomic challenges, combined with global geopolitical tensions, are contributing to continued uncertainty on the market during 2025. Although Fasadgruppen does not have any direct exposure to the troublespots, the business is affected by the general economic situation, just like everyone else. In the first nine months of the year, we have seen inflation continue to stabilise at lower levels, with a level of economic activity that has not generally shown any clear signs of an ongoing recovery, which has meant a higher level of competition. The longer-term consequences of lower interest rate levels, which are mostly considered to be of a cyclical nature, remain hard to predict.
Financing and covenants
The external interest-bearing financing is subject to two covenants requiring that the key debt ratio (external interest-bearing net debt in relation to adjusted EBITDA) for a rolling 12-month period does not exceed a multiple of 4.25x on a pro forma basis and that the interest coverage ratio for a rolling 12-month period does not fall below a multiple of 3.0x for the third quarter of 2025. The covenant outcome for the third quarter is a key debt ratio of 3.76x and an interest coverage ratio of 4.05x. With a restrained acquisition agenda and based on
historical seasonal patterns for cash flow and net debt with the current portfolio companies, the assessment is that the key debt ratio and the interest coverage ratio will be able to show positive trends for the fourth quarter of 2025 and for all of 2026. Under the current financing agreement and a specific agreement with the banking syndicate during the third quarter of 2025, the covenant for the key debt ratio gradually reduces from 4.25x in the third quarter of 2025 to 3.25x in the fourth quarter of 2025 and further to 3.0x in the first quarter of 2026, subsequently levelling off at the lower level. If Fasadgruppen breaches covenants, this could have an impact on the Group's loan financing.
The Group monitors developments closely as part of its ongoing risk management work, making adjustments when necessary.
No additional risks and uncertainties, beyond those presented, are deemed to have arisen during the period. For further information on the Group's risks, please see the 2024 Annual Report.
Seasonal variations
Fasadgruppen's activities and markets are affected by seasonal variations to a certain degree. As a rule, the first quarter of the year is weaker than the remaining nine-month period as the winter conditions can make roof work and other outdoor services, for example, more difficult. Low temperatures make it more difficult for rendering and masonry work to be cured to the expected compressive strength and therefore larger projects involving rendering and masonry are avoided during winter months. New construction projects are generally less seasonal than renovation projects, with the latter often starting up in spring. The Group's diversified structure, with regard to both market offering and geographic presence, limits exposure to seasonal variations to a certain extent, however.
Future projections
The Nordic market is expected to continue to have stable underlying renovation requirements in the future. Driving forces, such as urbanisation, ageing properties and increased focus on improving energy efficiency in buildings, with new demands from both a regulatory and a financing perspective, are considered to lead to a continuing willingness to invest among the Group's customer groups, which points to long-term growth potential for Fasadgruppen. The new construction market is also expected to gradually recover over the coming years, albeit from low levels, given improved macroeconomic conditions. In the UK market, major investments are expected in remedial measures for flammable façades for a long time to come, together
with similar driving forces for renovation in the Nordic markets. In both the Nordic region and the UK, there are large numbers of companies that focus on building exteriors, which provides long-term conditions for continued consolidation.
For more information about both driving forces and risks, please see the 2024 Annual Report, in particular the sections on Risk management and on Risks and uncertainties in the Board of Directors' Report.
Incentive programmes
The Annual General Meetings of 2023, 2024 and 2025 resolved to implement long-term incentive programmes for employees in the Group, consisting of warrants. Each warrant entitles the holder to subscribe for one new share in the company at a predetermined price and within a specified subscription period. The subscription price corresponds to 125 percent of the volumeweighted average price for the company's shares on Nasdaq Stockholm during the period set out in the terms and conditions for the warrants adopted by the Annual General Meetings. See also the table below for a summary of the current warrant programmes.
Warrants have been transferred to employees at a market price calculated in accordance with the Black– Scholes model. Warrants not transferred to employees have been transferred to the company's wholly owned subsidiary Fasadgruppen Norden AB free of charge.
Under certain circumstances, the company has the right to buy back warrants from holders who cease to be employees of the Group or who wish to transfer their warrants to a third party. Further information on the terms and conditions for the warrants is available on the company's website.
The share and share capital
As at 30 September 2025, the number of outstanding shares and votes amounted to 53,717,879 with a share capital of SEK 2.7 million, corresponding to a quotient value of SEK 0.05 per share. At the same time, the company held 114,234 repurchased shares from the buyback programme carried out around the turn of the year 2023/2024, which are intended to be used to finance future acquisitions. The company's three largest shareholders at the end of September 2025 were Connecting Capital, Sellers of Clear Line Holdings Ltd and AMK Family Office AB.
Events after the end of the period
Following a strategic review, the decision was taken to divest the subsidiary Alnova Balkongsystem AB.
Presentation of report
The report will be presented in a conference call and webcast on 11 November 2025 at 8.15 a.m. CET via https://fasadgruppen-group.events.inderes.com/q3 report-2025. To participate via telephone, register at https://events.inderes.com/fasadgruppen-group/q3 report-2025/dial-in
The table shows a summary of the current warrant programmes.
| Warrant series | Max. no. of warrants |
No. of warrants transferre d to employees |
No. of employe es acquiring warrants |
Warrant premium paid (SEK m) |
Subscripti on period |
Subscripti on price (SEK) |
|---|---|---|---|---|---|---|
| 2025/2028 | 545,000 | 348,562 | 77 | 1.9 | June 2028 | 29.9 |
| 2024/2027 | 500,000 | 137,023 | 41 | 1.8 | June 2027 | 83.5 |
| 2023/2026 | 500,000 | 213,410 | 68 | 4.3 | June 2026 | 104.0 |
Financial reports
Condensed consolidated income statement and statement of comprehensive income
| 2025 | 2024 | 2025 | 2024 | 2025Q3 | 2024 | |
|---|---|---|---|---|---|---|
| SEK millions | Jul–Sep | Jul–Sep | Jan–Sep | Jan–Sep | 12M | Jan–Dec |
| Net sales | 1,381.1 | 1,202.3 | 3,989.0 | 3,551.2 | 5,364.6 | 4,926.8 |
| Other operating income | 15.0 | 15.6 | 33.7 | 56.9 | 49.9 | 73.2 |
| Operating income | 1,396.1 | 1,217.9 | 4,022.7 | 3,608.1 | 5,414.5 | 5,000.0 |
| Materials and consumables | -756.0 | -615.8 | -2,050.1 | -1,844.9 | -2,726.0 | -2,520.9 |
| Employee benefits expense | -408.1 | -386.8 | -1,271.9 | -1,201.1 | -1,740.9 | -1,670.1 |
| Depreciation, amortisation and impairment of assets |
-76.5 | -33.6 | -227.4 | -90.8 | -326.1 | -189.6 |
| Other operating expenses | -72.9 | -99.5 | -276.6 | -290.2 | -439.9 | -453.4 |
| Total operating expenses | -1,313.4 | -1,135.6 | -3,826.0 | -3,427.1 | -5,232.8 | -4,834.0 |
| Operating profit/loss | 82.7 | 82.2 | 196.7 | 181.0 | 181.7 | 166.1 |
| Net financial items | -40.5 | -33.8 | -123.6 | -95.4 | -155.9 | -127.7 |
| Profit/loss after financial items | 42.2 | 48.5 | 73.0 | 85.6 | 25.8 | 38.4 |
| Tax on profit for the period | -10.7 | -19.4 | -23.5 | -35.1 | -26.2 | -37.8 |
| Profit/loss for the period | 31.5 | 29.1 | 49.5 | 50.5 | -0.5 | 0.6 |
| Other comprehensive income for the | ||||||
| period: | ||||||
| Items that may be reclassified to profit or | ||||||
| loss: | ||||||
| Exchange differences on translation of foreign | ||||||
| operations | -31.2 | -19.0 | -119.7 | 16.7 | -104.4 | 32.0 |
| Hedges of net investments | - | 0.5 | - | -7.5 | -1.8 | -9.2 |
| Other items | 1.6 | -0.1 | 5.4 | 1.5 | 3.9 | 0.0 |
| Other comprehensive income for the | -29.6 | -18.5 | -114.3 | 10.8 | -102.3 | 22.8 |
| period, net of tax | ||||||
| Comprehensive income for the period | 1.8 | 10.5 | -64.8 | 61.3 | -102.8 | 23.4 |
| Comprehensive income for the period attributable | ||||||
| to: | ||||||
| Shareholders of the Parent Company | 1.4 | 11.5 | -65.7 | 62.9 | -103.4 | 25.3 |
| Non-controlling interests | 0.4 | -1.0 | 0.9 | -1.6 | 0.6 | -1.9 |
| Basic earnings per share for the period, SEK | 0.58 | 0.61 | 0.90 | 1.05 | -0.02 | -0.98 |
| Diluted earnings per share for the period, SEK | 0.57 | 0.61 | 0.90 | 1.05 | -0.02 | -0.98 |
| Average no. of shares before dilution | 53,717,879 | 49,509,596 | 53,717,879 | 49,519,400 | 52,928,826 | 50,561,667 |
| Average no. of shares after dilution | 54,066,441 | 49,509,596 | 54,066,441 | 49,519,400 | 53,103,107 | 50,561,667 |
| Actual no. of shares at the end of the period | 53,717,879 | 49,509,596 | 53,717,879 | 49,509,596 | 53,717,879 | 53,717,879 |
Condensed consolidated balance sheet
| SEK millions | 30 Sep 2025 | 30 Sep 2024 | 31 Dec 2024 |
|---|---|---|---|
| ASSETS | |||
| Brand | 547.7 | 467.4 | 554.0 |
| Customer relationships | 25.0 | - | 152.5 |
| Goodwill | 4,210.6 | 3,078.1 | 4,341.6 |
| Other intangible assets | 2.3 | 1.3 | 2.5 |
| Total intangible assets | 4,785.6 | 3,546.8 | 5,050.6 |
| Right-of-use assets | 244.2 | 189.2 | 199.1 |
| Property, plant and equipment | 155.5 | 166.4 | 162.6 |
| Total property, plant and equipment | 399.8 | 355.6 | 361.7 |
| Financial assets | 32.9 | 15.1 | 34.5 |
| Total non-current assets | 5,218.2 | 3,917.4 | 5,446.8 |
| Inventories | 36.1 | 30.7 | 33.7 |
| Trade receivables | 819.7 | 709.4 | 651.2 |
| Contract assets and similar receivables | 353.6 | 314.5 | 278.9 |
| Prepaid expenses and accrued income | 51.4 | 43.3 | 53.5 |
| Other receivables | 166.0 | 91.4 | 116.5 |
| Cash and cash equivalents | 395.0 | 382.5 | 482.3 |
| Total current assets | 1,821.7 | 1,571.8 | 1,616.1 |
| TOTAL ASSETS | 7,039.9 | 5,489.2 | 7,063.0 |
| EQUITY AND LIABILITIES | |||
| Equity | 2,257.6 | 2,159.3 | 2,334.4 |
| Non-current interest-bearing liabilities | 2,182.5 | 1,712.6 | 2,269.7 |
| Non-current lease liabilities | 155.7 | 110.6 | 114.4 |
| Deferred tax liabilities | 203.8 | 158.9 | 239.6 |
| Other non-current liabilities | 782.0 | 105.5 | 784.3 |
| Total non-current liabilities | 3,324.0 | 2,087.6 | 3,408.0 |
| Current interest-bearing liabilities | 169.8 | 107.8 | 156.8 |
| Current lease liabilities | 86.7 | 80.3 | 83.0 |
| Trade payables | 524.6 | 458.9 | 426.9 |
| Contract and similar liabilities | 189.0 | 109.7 | 99.5 |
| Accrued expenses and deferred income | 244.7 | 234.1 | 246.8 |
| Other current liabilities | 243.4 | 251.5 | 307.5 |
| Total current liabilities | 1,458.3 | 1,242.3 | 1,320.5 |
| TOTAL EQUITY AND LIABILITIES | 7,039.9 | 5,489.2 | 7,063.0 |
Condensed statement of changes in equity
| Share | Other contribut |
Retained earnings including profit for |
Non controlling |
Total | |||
|---|---|---|---|---|---|---|---|
| SEK millions | capital | ed capital | the period | Reserves | Total | interests | equity |
| Equity | |||||||
| 1 Jan 2024 | 2.5 | 1,423.9 | 712.9 | 43.0 | 2,182.3 | - | 2,182.3 |
| Profit/loss for the period | - | - | 52.1 | - | 52.1 | -1.6 | 50.5 |
| Other comprehensive income: | - | - | - | - | - | - | - |
| Exchange differences on translation of | - | - | - | 8.0 | 8.0 | - | 8.0 |
| foreign operations | |||||||
| Hedges of net investments | - | - | - | 2.8 | 2.8 | - | 2.8 |
| Total comprehensive income | - | - | 52.1 | 10.8 | 62.9 | -1.6 | 61.3 |
| Dividend | - | - | -84.2 | - | -84.2 | - | -84.2 |
| Premium on issued share options | - | 1.8 | - | - | 1.8 | - | 1.8 |
| Buy-back of own shares | - | -2.7 | - | - | -2.7 | - | -2.7 |
| Change in non-controlling interests | - | - | -3.1 | - | -3.1 | - | -3.1 |
| Acquisition of non-controlling | - | - | - | - | - | 3.8 | 3.8 |
| interests | |||||||
| Transactions with shareholders | - | -1.0 | -87.3 | - | -88.2 | 3.8 | -84.4 |
| Equity | |||||||
| 30 Sep 2024 | 2.5 | 1,423.0 | 677.7 | 53.9 | 2,157.0 | 2.2 | 2,159.3 |
| Equity | |||||||
| 1 Jan 2024 | 2.5 | 1,423.9 | 712.9 | 43.0 | 2,182.3 | - | 2,182.3 |
| Profit/loss for the period | - | - | 2.4 | - | 2.4 | -1.9 | 0.6 |
| Other comprehensive income: | - | ||||||
| Exchange differences on translation of | - | - | - | 32.0 | 32.0 | - | 32.0 |
| foreign operations | |||||||
| Hedges of net investments | - | - | - | -9.2 | -9.2 | - | -9.2 |
| Total comprehensive income | - | - | 2.4 | 22.8 | 25.3 | -1.9 | 23.4 |
| Dividend | - | - | -87.7 | - | -87.7 | - | -87.7 |
| Premium on issued share options | - | 1.8 | - | - | 1.8 | - | 1.8 |
| Buy-back of own shares | - | -2.7 | - | - | -2.7 | - | -2.7 |
| Share issues | 0.2 | 898.2 | - | - | 898.4 | - | 898.4 |
| Changes in value of options issued on | - | - | -685.4 | - | -685.4 | - | -685.4 |
| subsidiary company shares | |||||||
| Change in non-controlling interests | - | - | 0.5 | - | 0.5 | 3.8 | 4.4 |
| Transactions with shareholders | 0.2 | 897.3 | -772.6 | - | 124.8 | 3.8 | 128.7 |
| Equity | |||||||
| 31 Dec 2024 | 2.7 | 2,321.2 | -57.3 | 65.8 | 2,332.4 | 1.9 | 2,334.4 |
| Equity | |||||||
| 1 Jan 2025 | 2.7 | 2,321.2 | -57.3 | 65.8 | 2,332.4 | 1.9 | 2,334.4 |
| Profit/loss for the period | - | - | 48.6 | - | 48.6 | 0.9 | 49.5 |
| Other comprehensive income: | |||||||
| Exchange differences on translation of | - | - | - | -119.7 | -119.7 | - | -119.7 |
| foreign operations | |||||||
| Other comprehensive income | - | - | - | 5.4 | 5.4 | - | 5.4 |
| Total comprehensive income | - | - | 48.6 | -114.3 | -65.7 | 0.9 | -64.8 |
| Premium on issued share options | - | 1.9 | - | - | 1.9 | - | 1.9 |
| Changes in value of options issued on | - | - | -23.4 | - | -23.4 | - | -23.4 |
| subsidiary company shares | |||||||
| Change in non-controlling interests | - | - | -0.4 | - | -0.4 | 9.8 | 9.5 |
| Transactions with shareholders Equity |
- | 1.9 | -23.8 | - | -21.9 | 9.8 | -12.0 |
| 30 Sep 2025 | 2.7 | 2,323.1 | -32.5 | -48.5 | 2,244.8 | 12.6 | 2,257.6 |
Condensed consolidated statement of cash flows
| 2025 | 2024 | 2025 | 2024 | 2025Q3 | 2024 | |
|---|---|---|---|---|---|---|
| SEK millions | Jul–Sep | Jul–Sep | Jan–Sep | Jan–Sep | 12M | Jan–Dec |
| Operating activities | ||||||
| Profit/loss after financial items | 42.2 | 48.5 | 73.0 | 85.6 | 25.8 | 38.4 |
| Adjustment for non-cash items | 81.7 | 79.9 | 299.6 | 188.0 | 395.5 | 283.9 |
| Interest paid | -36.7 | -26.6 | -111.9 | -105.5 | -147.8 | -141.5 |
| Tax paid | -0.1 | -5.1 | -56.7 | -93.6 | -31.1 | -68.1 |
| Changes in working capital | 26.3 | 39.4 | -39.3 | 56.4 | 77.1 | 172.7 |
| Cash flow from operating activities | 113.4 | 136.1 | 164.9 | 130.8 | 319.5 | 285.4 |
| Investing activities | ||||||
| Acquisition of subsidiaries and businesses | - | -150.0 | -33.3 | -156.9 | -612.0 | -735.5 |
| Net investments in non-current assets | -37.1 | -29.0 | -87.4 | -91.3 | -103.0 | -106.8 |
| Net investments in financial assets | - | 2.6 | - | 3.7 | -0.0 | 3.6 |
| Cash flow from investing activities | -37.1 | -176.4 | -120.8 | -244.5 | -715.0 | -838.7 |
| Financing activities | ||||||
| Transactions with shareholders | - | 0.9 | 1.9 | -1.0 | 1.9 | -0.9 |
| Dividend paid | - | -0.0 | - | -42.1 | -45.7 | -87.7 |
| Proceeds from borrowings | 10.0 | 210.3 | 219.5 | 368.1 | 943.3 | 1,091.8 |
| Repayment of borrowings | -139.4 | -97.6 | -262.9 | -234.7 | -382.5 | -354.3 |
| Repayment of lease liability | -24.2 | -21.9 | -71.0 | -62.3 | -94.3 | -85.5 |
| Cash flow from financing activities | -153.6 | 91.8 | -112.6 | 28.1 | 422.7 | 563.3 |
| Cash flow for the period | -77.4 | 51.5 | -68.5 | -85.6 | 27.2 | 10.0 |
| Cash and cash equivalents at start of period |
476.4 | 335.6 | 482.3 | 467.6 | 382.4 | 467.6 |
| Translation difference in cash and cash equivalents |
-4.0 | -4.7 | -18.8 | 0.5 | -14.6 | 4.7 |
| Cash and cash equivalents at end of period |
395.0 | 382.4 | 395.0 | 382.4 | 395.0 | 482.3 |
Condensed Parent Company income statement
| 2025 | 2024 | 2025 | 2024 | 2025Q3 | 2024 | |
|---|---|---|---|---|---|---|
| SEK millions | Jul–Sep | Jul–Sep | Jan–Sep | Jan–Sep | 12M | Jan–Dec |
| Operating income | 2.6 | 3.1 | 7.8 | 9.1 | 9.0 | 10.3 |
| Operating expenses | -4.7 | -3.1 | -12.4 | -10.6 | -17.2 | -15.3 |
| Operating profit/loss | -2.1 | -0.0 | -4.6 | -1.5 | -8.1 | -5.0 |
| Net financial items | -18.7 | -22.8 | 20.1 | 77.9 | -0.4 | 57.4 |
| Profit/loss after net financial items | -20.8 | -22.8 | 15.5 | 76.4 | -8.5 | 52.4 |
| Appropriations | 1.0 | - | 1.0 | - | 5.5 | 4.5 |
| Profit/loss before tax | -19.9 | -22.8 | 16.4 | 76.4 | -3.1 | 56.9 |
| Tax on profit for the period | 4.2 | 4.7 | 11.5 | 11.3 | 14.0 | 13.8 |
| Profit/loss for the period* | -15.7 | -18.1 | 27.9 | 87.7 | 10.9 | 70.7 |
*There are no items recognised in other comprehensive income for the Parent Company and total comprehensive income is therefore the same as profit/loss for the period.
Condensed Parent Company balance sheet
| SEK millions | 30 Sep 2025 | 30 Sep 2024 | 31 Dec 2024 |
|---|---|---|---|
| ASSETS | |||
| Property, plant and equipment | 0.2 | 0.5 | 0.3 |
| Financial assets | 2,986.8 | 3,263.1 | 2,961.9 |
| Total non-current assets | 2,987.0 | 3,263.7 | 2,962.2 |
| Current receivables | 37.2 | 18.1 | 9.5 |
| Cash and bank balances | 1.6 | 1.6 | 1.6 |
| Total current assets | 38.7 | 19.6 | 11.0 |
| TOTAL ASSETS | 3,025.7 | 3,283.3 | 2,973.2 |
| EQUITY AND LIABILITIES | |||
| Restricted equity | 2.7 | 2.5 | 2.7 |
| Unrestricted equity | 1,741.9 | 1,520.3 | 1,712.1 |
| Total equity | 1,744.6 | 1,522.8 | 1,714.8 |
| Non-current liabilities | 1,169.5 | 1,603.4 | 1,147.0 |
| Trade payables | 3.3 | 1.7 | 0.9 |
| Other current liabilities | 104.8 | 149.1 | 105.7 |
| Accrued expenses and deferred income | 2.4 | 6.1 | 4.2 |
| Total liabilities | 1,280.0 | 1,760.2 | 1,257.8 |
| TOTAL EQUITY AND LIABILITIES | 3,025.7 | 3,283.3 | 2,973.2 |
Notes
Note 1 Accounting policies
Fasadgruppen Group AB applies International Financial Reporting Standards (IFRS) as adopted by the European Union. The consolidated accounts in this interim report have been prepared in accordance with IAS 34 Interim Financial Reporting plus applicable regulations in the Swedish Annual Accounts Act. The Parent Company accounts have been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. The interim report should be read together with the annual report for the financial year ending 31 December 2024. The accounting policies and calculation bases are the same as those applied in the annual report for 2024. Information in accordance with IAS 34 16A also appears in other parts of the interim report in addition to the financial statements and associated notes.
The amounts are rounded to the nearest million (SEK million) to one decimal place, unless otherwise stated. As a consequence of rounding, figures presented in the financial reports may not add up to the exact total in certain cases and percentage figures may differ from the exact percentage figures. Amounts in parentheses refer to the comparative period.
Note 2 Material accounting estimates
Preparation of the interim report requires Company Management to make assessments and estimates as well as assumptions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, income and expenses. The actual outcome may deviate from these accounting estimates. The critical assessments and estimates made when preparing this interim report are the same as in the most recent annual report.
Note 3 Geographical distribution of
| Group, SEK millions |
2025 Jul–Sep |
2024 Jul–Sep |
2025 Jan–Sep |
2024 Jan–Sep |
2025Q3 12M |
2024 Jan–Dec |
|---|---|---|---|---|---|---|
| Sweden | 624.9 | 588.4 | 1,813.1 | 1,887.0 | 2,420.0 | 2,493.9 |
| Denmark | 324.2 | 265.9 | 827.3 | 751.1 | 1,116.2 | 1,040.0 |
| Norway | 236.7 | 294.9 | 706.2 | 746.5 | 999.0 | 1,039.3 |
| Finland | 53.5 | 53.0 | 164.3 | 166.6 | 225.2 | 227.5 |
| UK | 141.8 | 0.0 | 478.1 | 0.0 | 604.3 | 126.2 |
| Total | 1,381.1 | 1,202.3 | 3,989.0 | 3,551.2 | 5,364.6 | 4,926.8 |
income
Income outside Sweden accounts for 54.5 percent (46.9) of the Group's total income for the period January–September 2025.
Note 4 Related party transactions The nature and scale of related party transactions are described in the Group's Annual Report for 2024.
Transactions with related parties arise in current operations and are based on business terms and conditions and market prices. In addition to ordinary transactions between Group companies and remuneration of executives and directors, the following transactions with related parties have occurred during the period:
Note 5 Pledged assets and contingent liabilities
During the period 1 January–30 September 2025, Fasadgruppen has purchased and sold services from/to companies controlled by senior executives at amounts totalling SEK 0.7 million for purchased services and SEK 0.0 million for sold services linked to projectrelated work. As at 30 September 2025, there were no current liabilities or receivables with companies controlled by senior executives.
| 30 Sep | 30 Sep | 31 Dec | |
|---|---|---|---|
| Group, SEK millions | 2025 | 2024 | 2024 |
| Pledged assets: | |||
| Floating charges | 24.3 | 30.3 | 27.2 |
| Other | 27.0 | 30.8 | 30.8 |
| Total | 51.3 | 61.1 | 58.0 |
| Contingent liabilities: | |||
| Guarantees | 586.9 | 551.4 | 555.7 |
Note 6 Fair value of financial instruments
The Group has financial instruments for which level 3 has been used to determine the fair value. The fair value of the Group's financial assets and liabilities is estimated as equal to their carrying amount. The Group does not apply offsetting for any of its material assets or liabilities. No transfers between levels and valuation categories occurred in the period.
Contingent consideration
Financial liabilities at fair value through profit or loss are related to contingent consideration not yet settled. For the period January–September 2025, contingent consideration settlements amounted to SEK -53.4 million. At the end of the period, contingent consideration not yet settled amounted to SEK 139.5 million. The contingent consideration amounts are mainly based on EBITDA, EBIT or profit after tax for the years 2022, 2023, 2024, 2025, 2026 and/or 2027. They are measured on an ongoing basis using a probability assessment, which involves an evaluation of whether they will be paid at the agreed amounts. Management has considered the risk related to the outcome of the companies' future profitability.
Changes in contingent consideration, SEK millions
| Opening contingent consideration, | 166.5 |
|---|---|
| 01/01/2025 | |
| New contingent consideration | - |
| Contingent consideration | -53.4 |
| settlements | |
| Contingent consideration | 21.1 |
| remeasurement | |
| Fixed interest time factor | 5.3 |
| Closing contingent consideration, | 139.5 |
| 30/09/2025 |
Expected disbursements
Expected disbursements in < 12 months -81.1 Expected disbursements in > 12 months -58.4
Options issued on subsidiary company shares
Call and put options relating to the acquisition are measured at fair value. Changes in the value of the options are recognised in equity. No options have been exercised for the period January–September 2025. At the end of the period, unexercised options amounted to SEK 708.9 million. When Fasadgruppen makes acquisitions that give rise either to non-controlling interests with options or the issuing of parent company shares with options, the options are regulated in the purchase agreement. Measurement takes place continuously and is based on the conditions specified in the purchase agreement, discounted on the reporting date. These options give the parties the right, at a time 3–5 years after inception of the purchase agreement, annually to sell or acquire all or some of the noncontrolling interests. If this right is not exercised at the maturity date, this is usually extended by one year. The purchase consideration on exercising the option is normally calculated on the basis of an agreed outcomebased target multiplied by a valuation multiple based on a predefined scale that is adjusted for net debt in the entity.
Changes in value of options issued on subsidiary shares, SEK millions
| Opening option value, 01/01/2025 | 685.4 |
|---|---|
| New options | 7.6 |
| Exercised | - |
| Revaluation | 5.3 |
| Fixed interest time factor | 10.6 |
| Closing option value, | 708.9 |
| 30/09/2025 |
Note 7 Items affecting comparability
The table below presents items affecting comparability during the quarter and period.
| 2025 | 2024 | 2025 | 2024 | 2025 Q3 | 2024 | |
|---|---|---|---|---|---|---|
| Group, SEK millions | Jul–Sep | Jul–Sep | Jan–Sep | Jan–Sep | 12M | Jan–Dec |
| Acquisition-related costs | -1.3 | -4.5 | -3.4 | -6.0 | -33.0 | -35.6 |
| Contingent consideration adjustment in income statement |
-12.1 | -2.9 | -22.0 | -3.1 | -25.1 | -6.2 |
| Other | - | -3.3 | -1.7 | -4.1 | -7.2 | -9.5 |
| Total | -13.4 | -10.6 | -27.1 | -13.2 | -65.2 | -51.4 |
Note 8 Business acquisitions
January–September 2025
Fasadgruppen has acquired 80 percent of the shares in LIAB Plåtbyggarna AB (Liab). The purpose of the acquisition was to strengthen the Group's operations within sheet metal work in Mälardalen.
Liab reported total revenue of around SEK 80.6 million and EBITA of approximately SEK 7.2 million for the 2024 calendar year. Since the time of acquisition and up to 30 September 2025, the company has contributed SEK 76.6 million to the Group's net sales and SEK 8.2 million to EBITA.
The total purchase consideration amounted to SEK 37.9 million, of which SEK 33.3 million has been paid in cash and cash equivalents on closing. Fasadgruppen acquired 80 percent of Liab with an option to purchase the remaining shares, owned by Liab's existing management, after three and five years respectively. The vendor has committed to reinvesting some of the purchase consideration by acquiring existing shares in Fasadgruppen within three months after closure for an amount corresponding to SEK 4.5 million.
Acquisition costs totalling SEK 1.2 million are recognised as other operating expenses.
Contingent consideration payments
A net amount of SEK 53.4 million was paid during the period as contingent consideration related to the acquisitions of Malercompagniet Oslo AS, Brenden & Stillasutleie AS, Surface Byggställningar AB and Alument Aps, on the basis of performance up to the end of 2024.
Non-controlling interests
The Group has recognised non-controlling interests at fair value based on the full amount of goodwill at the last known market value, which is considered equivalent to the acquisition price for the respective acquisition.
Acquisition analysis
Some of the surplus value in the preliminary acquisition analysis is allocated to the company brand, while unallocated surplus value is attributed to goodwill.
The brands consist of the acquired company brands that are retained and utilised indefinitely, which is a key part of the Fasadgruppen strategy. Goodwill is primarily attributable to the expected future profitability of the business, the significant knowledge and expertise possessed by the personnel and synergies on the cost side. Customer relationships derive from the written agreements comprising the order backlog at the time of acquisition. Most of the agreements have a term shorter than 12 months and all are deemed to have been terminated within a maximum of 24 months.
Goodwill and brands have an indefinite useful life and are not amortised but are tested for impairment annually or if such is indicated. The estimated value of customer relationships is amortised over the term of the order backlog.
Value according to acquisition analysis – January–September 2025
| Fair value | |||
|---|---|---|---|
| SEK millions | Carrying amount | adjustment | Fair value |
| Brand | - | 9.3 | 9.3 |
| Customer relationships | - | 2.9 | 2.9 |
| Property, plant and equipment | 2.3 | 10.2 | 12.5 |
| Inventories | 3.4 | - | 3.4 |
| Trade and other receivables | 31.4 | - | 31.4 |
| Cash and cash equivalents | 4.6 | - | 4.6 |
| Deferred tax liabilities | - | -2.5 | -2.5 |
| Other liabilities | -1.2 | -10.2 | -11.4 |
| Trade and other payables | -26.6 | - | -26.6 |
| Identifiable net assets | 13.9 | 9.7 | 23.6 |
| Goodwill | 23.3 | ||
| Non-controlling interests | -9.0 | ||
| Consideration | 37.9 | ||
| Of which cash and cash equivalents | -37.9 | ||
| transferred | |||
| Acquired cash and cash equivalents | 4.6 | ||
| Change in the Group's cash and cash | -33.3 | ||
| equivalents |
Signatures
The Board of Directors and the Chief Executive Officer hereby confirm that the interim report gives a true and fair view of the Company's and the Group's operations, financial position and performance, and describes significant risks and uncertainties faced by the Company and the companies in the Group.
Stockholm, 10 November 2025
Fasadgruppen Group AB
Mikael Karlsson Chairman
Mats Karlsson Board member Christina Lindbäck Board member
Mikael Matts Board member
Magnus Meyer Board member Tomas Ståhl Board member Gunilla Öhman Board member
Martin Jacobsson Group President and CEO
This interim report has been reviewed by the company's auditors.
The information in this report is such that Fasadgruppen Group AB (publ) is obliged to publish under the EU Market Abuse Regulation. The information was submitted for publication through the agency of the Chief Executive Officer on 11 November 2025 at 7.30 a.m. CET.
Auditor's review report
Introduction
We have reviewed the interim report for Fasadgruppen Group AB (publ), Corp. ID No. 559158-4122, for the period 1 January 2025–30 September 2025. The Board of Directors and CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express an opinion on this interim report based on our review.
Scope and focus of the review
We have conducted our review in accordance with the International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. The opinion expressed based on a review therefore does not provide the same level of assurance as an opinion expressed based on an audit.
Opinion
Based on our review, nothing has come to our attention that causes us to believe that the attached interim report is not, in all material respects, prepared in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Stockholm, 10 November 2025
Deloitte AB
Maria Ekelund
Authorised Public Accountant
Definitions of alternative performance measures
Fasadgruppen reports performance figures to describe the underlying profitability of the business and to improve comparability. The Group applies the ESMA guidelines on alternative performance measures. A list of alternative performance measures is available at www.fasadgruppen.se
Growth in net sales
Change in net sales as a percentage of net sales during the comparative period, previous year.
The change in net sales reflects the sales growth achieved by the Group over time.
Organic growth
Change in net sales as a percentage of net sales during the comparative period, previous year, for the companies that were part of the Group in the comparative period and the current period unadjusted for any currency effects.
Organic growth reflects the Group's realised sales growth, excluding acquisitions, over the measurement period.
EBITA
Earnings before interest and taxes (EBIT) before amortisation and impairment of goodwill, brands and customer relationships.
EBITA provides a picture of earnings generated from operating activities.
EBITDA
Earnings before interest and taxes (EBIT) before depreciation, amortisation and impairment of assets.
EBITDA provides a picture of a company's current operating profit before depreciation and amortisation.
EBIT margin
Earnings (EBIT) as a percentage of net sales.
The EBIT margin is used to measure operating profitability.
EBITA margin
EBITA as a percentage of net sales.
The EBITA margin is used to measure operating profitability.
Items affecting comparability
Items affecting comparability are property sales, acquisition-related costs, issue costs, restructuring costs and contingent consideration remeasurement.
Excluding items affecting comparability makes it easier to compare earnings between periods.
Adjusted EBIT
EBIT adjusted for items affecting comparability.
Adjusted EBIT improves comparability between periods.
Adjusted EBITA
EBITA adjusted for items affecting comparability.
Adjusted EBITA improves comparability between periods.
Adjusted EBITA margin
Adjusted EBITA as a percentage of net sales.
The adjusted EBITA margin is used to measure operating profitability.
Adjusted EBITDA
EBITDA adjusted for items affecting comparability.
Adjusted EBITDA improves comparability between periods.
Cash flow from operating activities
EBITDA less net investments in tangible and intangible noncurrent assets plus adjustments for cash flow from changes in working capital.
Cash flow from operating activities is used to monitor the cash flow generated by operating activities.
Cash conversion
Cash flow from operating activities as a percentage of EBITDA.
The cash conversion ratio is used to monitor how efficiently the Group manages investment activities and working capital.
Order backlog
The value of outstanding, not yet accrued project income from orders received at the end of the period.
The order backlog is an indicator of the Group's outstanding project income from orders already received.
Return on equity
Total earnings for the last 12 months as a percentage of average equity during the corresponding period (equity at the start and end of the period divided by two).
Return on equity is important for investors wishing to compare their investment with alternative investments.
Return on capital employed
Total earnings before tax plus finance costs over the last 12 months as a percentage of capital employed during the same period (sum of capital employed at the start and end of the period divided by two).
Return on capital employed is important for assessing profitability on externally financed capital and equity.
Return on capital employed excluding goodwill
Total earnings before tax plus finance costs for the last 12 months as a percentage of capital employed minus goodwill and other acquisition-related intangible assets over the same period (sum of capital employed minus goodwill and other acquisition-related intangible assets at the start and end of the period divided by two).
Return on capital employed excluding goodwill and other acquisition-related intangible assets is important for assessing profitability on externally financed capital and equity adjusted for goodwill arising from acquisitions.
Capital employed
Total capital with or without goodwill minus noninterest-bearing liabilities and provisions.
Capital employed shows by how much company assets are financed by the return on this capital.
Interest-bearing net debt
Current and non-current interest-bearing liabilities plus current and non-current lease liabilities minus cash and cash equivalents. Acquisition-related financial liabilities are not included in this performance measure.
Interest-bearing net debt is used as a measure to show the Group's total indebtedness.
Net debt to adjusted EBITDA ratio
Interest-bearing net debt at the end of the period divided by adjusted EBITDA for a rolling 12-month period.
The net debt to adjusted EBITDA ratio provides an estimate of the company's ability to reduce its debt. It represents the number of years it would take to repay the debt if the net debt and adjusted EBITDA were to remain constant, without taking into consideration cash flow related to interest, tax and investments.
Net debt to equity ratio
Interest-bearing net debt as a percentage of total equity.
The net debt to equity ratio measures the extent to which the Group is financed by loans. As cash and cash equivalents and other current investments can be used to pay off debt at short notice, net debt is used instead of gross debt in the calculation.
Fasadgruppen ===
Fasadgruppen Group AB Lilla Bantorget 11, SE-111 23 Stockholm, Sweden [email protected] www.fasadgruppen.se Corp. ID 559158 – 4122
Contact information
Casper Tamm, CFO
Tel.: +46 (0)73 820 00 07 Email: [email protected]
Magnus Blomberg, Head of IR & Group Controller
Tel.: +46 (0)72 584 43 65
Email: [email protected]
Financial calendar
Year-end report 2025 Interim Report Jan–Mar 2026 Annual General Meeting 2026 Interim Report Jan–Jun 2026 Interim Report Jan–Sep 2026 Year-end Report 2026 12 February 2026 21 May 2026 21 May 2026 20 August 2026 12 November 2026 17 February 2027
ROGALAND BLIKK AS
