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Interim / Quarterly Report • Jul 15, 2025
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Interim / Quarterly Report
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INTERIM REPORT JANUARY – JUNE 2025
Strengthened order backlog but weaker sales
Second quarter 2025
- Order intake was unchanged and amounted to SEK 8,290 million (8,296). Comparable units were also unchanged.
- Net sales decreased by 4% to SEK 8,121 million (8,491). Comparable units showed a decline of 4%.
- EBITA decreased by 11% to SEK 1,115 million (1,253), corresponding to an EBITA margin of 13.7% (14.8%).
- Profit for the quarter decreased by 12% to SEK 639 million (730) and earnings per share amounted to SEK 1.75 (2.00).
- Cash flow from operating activities amounted to SEK 735 million (1,029).
13.7%
EBITA margin
Financial overview and key figures
| Q2 | Q1-Q2 | |||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | ∆, % | 2025 | 2024 | ∆, % | R12 | 2024 |
| Order intake | 8,290 | 8,296 | 0% | 16,752 | 16,333 | 3% | 32,327 | 31,908 |
| Net sales | 8,121 | 8,491 | -4% | 16,157 | 16,235 | 0% | 32,466 | 32,544 |
| Book-to-bill, % | 102 | 98 | 104 | 101 | 100 | 98 | ||
| EBITA | 1,115 | 1,253 | -11% | 2,209 | 2,286 | -3% | 4,612 | 4,689 |
| EBITA margin, % | 13.7 | 14.8 | 13.7 | 14.1 | 14.2 | 14.4 | ||
| Operating profit | 950 | 1,087 | -13% | 1,877 | 1,967 | -5% | 3,943 | 4,033 |
| Profit before tax | 834 | 947 | -12% | 1,642 | 1,712 | -4% | 3,457 | 3,527 |
| Net profit for the period | 639 | 730 | -12% | 1,262 | 1,318 | -4% | 2,694 | 2,750 |
| Earnings per share before dilution, SEK | 1.75 | 2.00 | -12% | 3.46 | 3.61 | -4% | 7.39 | 7.55 |
| Return on capital employed, % | 19 | 20 | 19 | 20 | 19 | 19 | ||
| Cash flow from operating activities | 735 | 1,029 | -29% | 1,379 | 1,516 | -9% | 3,997 | 4,134 |
| Net debt/equity ratio, % | 52 | 63 | 52 | 63 | 52 | 49 | ||
| Net debt/EBITDA, times | 1.5 | 1.7 | -12% | 1.5 | 1.7 | -12% | 1.5 | 1.4 |
CEO's message
Second quarter
In the second quarter of 2025, despite fewer working days and a generally uncertain global situation, order intake was organically in line with the corresponding period of the previous year. Order intake amounted to SEK 8.3 billion (8.3). Around half of all the companies had organic order growth, and order intake was 2% higher than net sales. Among the larger customer segments, demand was strong for many companies with customers in the energy segment, and was generally high and stable in medical technology and pharmaceuticals. There was still considerable variation in demand between companies, with more subdued demand from customers in infrastructure and construction, engineering and the process industry. Organic order intake development was strongest in the Technology & Systems Solutions business area, while it was weakest in Industrial & Engineering.
Net sales for the quarter decreased from the previous year's strong levels and amounted to SEK 8.1 billion (8.5), corresponding to a decline of 4% in organic sales. This is primarily attributable to a lower order backlog at the beginning of the quarter, strong comparative figures for many companies, and fewer working days. In all business areas, organic net sales decreased during the quarter.
The organic sales trend affected profitability and the EBITA margin amounted to 13.7% (14.8%). The gross margin remained stable at a high level, and organic expense levels were in line with the previous year. Compared to the first quarter of 2025, expense levels decreased slightly. The EBITA margin was lower in all business areas compared to the corresponding period of the previous year, although it improved in four out of five business areas compared to the first quarter of 2025.
Working capital for comparable units was lower than in the corresponding period of the previous year, and inventories continued to decrease sequentially. However, cash flow from operating activities weakened in the quarter and amounted to SEK 735 million (1,029), driven by lower earnings and less favourable changes in working capital. The debt/equity ratio is still low, and the Group's financial position remains very strong.
Acquisitions
To date this year, Indutrade has welcomed four new companies with combined annual sales totalling around SEK 425 million. At the beginning of the quarter, we acquired the Swedish company Ideus, which offers customised metal components for the Swedish engineering sector, and we also completed the acquisition of the Irish company IPP. Since the end of the quarter, we have welcomed Utodas from the Netherlands, which offers remote level monitoring solutions for dry and liquid bulk goods.
The inflow of interesting acquisition candidates remains strong. However, due to the uncertain global situation, we have chosen to prolong some acquisition processes. Activity levels in ongoing acquisition processes are high which, in combination with our strong financial position, means that we
"Despite fewer working days and a generally uncertain global situation, order intake was unchanged organically."
are well-placed for a good acquisition pace during the remainder of the year.
Outlook
Demand was generally slightly better during the first six months compared to the corresponding period in the previous year, despite an uncertain macroeconomic situation. We have had a positive book-to-bill ratio for two consecutive quarters, but there remains considerable general uncertainty surrounding upcoming quarters, and the order backlog is somewhat weaker than in the previous year. Many of our companies continue, therefore, to actively work to adapt costs to the situation prevailing in their markets.
In the long term, we are very optimistic about our ability to create continued, sustainable profitable growth. There is considerable potential for structural growth in many of our industries, such as medical technology and pharmaceuticals, infrastructure and the energy sector. Our business areas, business segments and entrepreneurial companies are well-equipped to drive growth, both organically and through acquisitions.
Bo Annvik, President and CEO
"Activity levels in ongoing acquisition processes are high which, in combination with our strong financial position, means that we are well-placed for a good acquisition pace during the remainder of the year."
1) Q2-2025 R12
Order intake and net sales
Sales bridge
| Q2 2025 | Q1-Q2 2025 | |||||
|---|---|---|---|---|---|---|
| Growth, % | Order intake | Net sales | Order intake | Net sales | ||
| Organic | 0 | -4 | 1 | -2 | ||
| Acquisitions | 3 | 3 | 4 | 4 | ||
| Divestments | 0 | 0 | 0 | 0 | ||
| Currency | -3 | -3 | -2 | -2 | ||
| Total | 0 | -4 | 3 | 0 |
Order intake
Considering the number of working days, demand was slightly better overall during the second quarter compared to the corresponding period the previous year. The order intake for comparable units was in line with the previous year, with around half of the companies showing an increase. Order intake was 2% higher than sales and totalled SEK 8,290 million, unchanged compared to the corresponding period of the previous year.
Demand again varied between companies and segments. In our largest customer segments, development was strongest in the energy sector. Demand from customers in medical technology and pharmaceuticals generally remained high and stable. For the customer segments infrastructure and construction, engineering and the process industry, demand was somewhat lower than the corresponding period in the previous year.
Looking at each business area, order intake for comparable units during the quarter was higher than in the corresponding period of the previous year in Technology & Systems Solutions, Process, Energy & Water and Life Science. The business areas Industrial & Engineering and Infrastructure & Construction saw a lower order intake for comparable units than in the corresponding period of the previous year.
Net sales
Net sales in the second quarter amounted to SEK 8,121 million, a decrease of 4% compared with the corresponding period of the previous year. Also for comparable units, net sales were 4% lower, with a decline in all business areas – primarily due to strong comparative figures – and a lower order backlog at the beginning of the quarter.
Order intake and Book-to-bill
Profits and return
Profit bridge
| Q2 2025 | Q1-Q2 2025 | |
|---|---|---|
| Growth, % | EBITA | EBITA |
| Organic | -12 | -7 |
| Acquisitions | 4 | 5 |
| Divestments | 0 | 0 |
| Currency | -3 | -1 |
| Total | -11 | -3 |
Earnings
Operating profit before amortisation of intangible assets attributable to acquisitions (EBITA) amounted to SEK 1,115 million for the second quarter, a decrease of 11% compared with the corresponding period the previous year. The EBITA margin was 13.7% (14.8%).
The lower EBITA margin is explained by the lower net sales for comparable units. The gross margin remained strong and amounted to 35.3% (35.4%), in line with the previous year. Expense levels for comparable units were also unchanged. Acquisitions and divestments had a positive impact on the development of the margin.
All business areas had a lower EBITA margin than in the corresponding period of the previous year. However, compared to the first quarter, the EBITA margin increased slightly, apart from the Technology & Systems Solutions business area. Compared to the first quarter of 2025, performance was strongest in the Process, Energy & Water business area.
Net financial items for the second quarter amounted to SEK -116 million (-140). Tax on profit for the quarter totalled SEK -195 million (-217), corresponding to a tax charge of 23% (23%). Profit for the quarter amounted to SEK 639 million (730), a decline of 12%. Earnings per share before dilution amounted to SEK 1.75 (2.00), a decline of 12%.
Return
Return on capital employed decreased compared with the previous year and amounted to 19% (20%), mainly due to slightly higher average capital employed over the last year. Return on equity amounted to 17% (18%).
EBITA & EBITA margin
Earnings per share
Return on capital employed
Balance sheet and cash flow
Balance sheet
Capital employed at the end of the quarter was marginally higher than in the corresponding period of the previous year and amounted to SEK 24,849 million (24,557). Acquisitions increased the capital employed, but this was offset by reductions in working capital and by currency movements. At the end of the quarter, both inventories and total working capital for comparable units were 4% and 2% lower respectively than in the corresponding period of the previous year. Working capital efficiency was higher than in the corresponding period of the previous year.
Equity amounted to SEK 16,305 million (15,067) and the equity ratio was 50% (45%). Cash and cash equivalents totalled SEK 1,568 million (1,697). In addition, there were unutilised credit commitments of SEK 6,291 million (6,109).
Interest-bearing net debt increased compared to the end of the first quarter, due to the dividend for the year, and amounted to SEK 8,544 million (9,490) at the end of the second quarter.
Cash flow and investments
Cash flow from operating activities for the quarter decreased compared to the corresponding period of the previous year and amounted to SEK 735 million (1,029). The decline was due to the lower earnings, and less favourable movements in working capital. Net investments in non-current assets during the quarter amounted to SEK 125 million (149). Acquisitions had an impact of SEK -291 million (-659) on cash flow.
Financial position
The financial position remains strong and the net debt/equity ratio at the end of the quarter was 52% (63%). Interest-bearing net debt/EBITDA was 1.5x (1.7x). At the end of the quarter, the Parent Company's short-term borrowing amounted to SEK 1,502 million and unutilised long-term credit facilities were SEK 5,500 million.
Net debt
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| MSEK | Q2 | Q4 | Q2 |
| Borrowings | 7,492 | 8,489 | 8,378 |
| Cash and cash equivalents | -1,568 | -3,054 | -1,697 |
| Financial net debt | 5,924 | 5,435 | 6,681 |
| Lease liabilities | 1,561 | 1,643 | 1,673 |
| Contingent consideration | 743 | 816 | 836 |
| Pension obligation | 316 | 312 | 300 |
| Interest-bearing net debt | 8,544 | 8,206 | 9,490 |
| Financial net debt/EBITDA¹, times | 1.0 | 1.0 | 1.2 |
| Interest-bearing net debt/EBITDA¹, times | 1.5 | 1.4 | 1.7 |
| 1) Rolling 12 months |
Maturity analysis – financing1
1) Pertains to the Parent Company, which is responsible for most of the Group's financing. Excluding leasing according to IFRS 16.
Net debt/equity ratio
Acquisitions
Acquisitions announced during the quarter
On 1 April, Ideus Sweden AB, with annual sales of SEK 55 million, was acquired. Ideus is a technical trading company specialising in metal components for the Swedish engineering industry.
Acquisitions 2025
| Month acquired |
Acquisitions | Business area | Net sales, MSEK¹ | Number of employees¹ |
|---|---|---|---|---|
| January | ECOROLL Holding GmbH | Industrial & Engineering | 150 | 65 |
| April | Ideus Sweden AB | Industrial & Engineering | 55 | 8 |
| June | IPP Industrial Production Processes IRL Ltd Life Science | 185 | 29 | |
| July | Utodas B.V. | Technology & Systems Solutions | 35 | 8 |
| Total | 425 | 110 |
1) Estimated annual sales and number of employees at the time of acquisition.
Business areas
The Indutrade Group is organised under five business areas: Industrial & Engineering, Infrastructure & Construction, Life Science, Process, Energy & Water and Technology & Systems Solutions. For more information about each business area, please visit: www.indutrade.com
Industrial & Engineering
| Q2 | Q1-Q2 | |||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | ∆, % | 2025 | 2024 | ∆, % | R12 | 2024 |
| Order intake | 2,044 | 2,116 | -3% | 4,229 | 4,128 | 2% | 7,859 | 7,758 |
| Net sales | 2,010 | 2,045 | -2% | 4,040 | 4,008 | 1% | 7,834 | 7,802 |
| EBITA | 274 | 302 | -9% | 546 | 585 | -7% | 1,084 | 1,123 |
| EBITA margin, % | 13.6 | 14.8 | 13.5 | 14.6 | 13.8 | 14.4 |
| Q2 2025 | Q1-Q2 2025 | ||||||
|---|---|---|---|---|---|---|---|
| Growth % | Order intake | Net sales | EBITA | Order intake | Net sales | EBITA | |
| Organic | -7 | -4 | -13 | -2 | -3 | -11 | |
| Acquisitions | 6 | 5 | 6 | 6 | 5 | 5 | |
| Currency | -2 | -3 | -2 | -2 | -1 | -1 | |
| Total | -3 | -2 | -9 | 2 | 1 | -7 |
The order intake for comparable units during the quarter was lower than in the corresponding period of the previous year and decreased for the majority of the companies and most customer segments. However, the order intake was 2% higher than sales. Among the larger countries, sales performance was strongest in Denmark and Finland, and weakest in the UK and Germany.
The lower EBITA margin is explained by lower net sales for comparable units, combined with slightly higher expense levels.
Infrastructure & Construction
| Q2 | Q1-Q2 | |||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | ∆, % | 2025 | 2024 | ∆, % | R12 | 2024 |
| Order intake | 1,268 | 1,380 | -8% | 2,536 | 2,605 | -3% | 4,946 | 5,015 |
| Net sales | 1,275 | 1,333 | -4% | 2,486 | 2,515 | -1% | 4,997 | 5,026 |
| EBITA | 131 | 155 | -15% | 253 | 266 | -5% | 538 | 551 |
| EBITA margin, % | 10.3 | 11.6 | 10.2 | 10.6 | 10.8 | 11.0 |
| Q2 2025 | Q1-Q2 2025 | ||||||
|---|---|---|---|---|---|---|---|
| Growth % | Order intake | Net sales | EBITA | Order intake | Net sales | EBITA | |
| Organic | -5 | -2 | -21 | -3 | -1 | -13 | |
| Acquisitions | 3 | 3 | 5 | 4 | 4 | 6 | |
| Divestments | -3 | -3 | 1 | -3 | -3 | 2 | |
| Currency | -3 | -2 | 0 | -1 | -1 | 0 | |
| Total | -8 | -4 | -15 | -3 | -1 | -5 |
The order intake for comparable units during the quarter was lower than in the corresponding period of the previous year and decreased for the majority of the companies and most customer segments. Order intake was in line with sales. Among the larger countries, sales performance was strongest in Sweden, and slightly less so in the Netherlands, Switzerland, the UK and Finland.
The lower EBITA margin is primarily explained by lower net sales for comparable units, as well as a lower gross margin in some companies. The positive effects of acquisitions, divestments and restructuring provided some compensation.
Life Science
| Q2 | Q1-Q2 | |||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | ∆, % | 2025 | 2024 | ∆, % | R12 | 2024 |
| Order intake | 1,851 | 1,808 | 2% | 3,672 | 3,491 | 5% | 7,328 | 7,147 |
| Net sales | 1,842 | 1,918 | -4% | 3,715 | 3,562 | 4% | 7,575 | 7,422 |
| EBITA | 308 | 349 | -12% | 613 | 597 | 3% | 1,248 | 1,232 |
| EBITA margin, % | 16.7 | 18.2 | 16.5 | 16.8 | 16.5 | 16.6 |
| Q2 2025 | Q1-Q2 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Growth % | Order intake | Net sales | EBITA | Order intake | Net sales | EBITA | ||
| Organic | 2 | -4 | -12 | 2 | 1 | -1 | ||
| Acquisitions | 3 | 3 | 4 | 5 | 5 | 6 | ||
| Currency | -3 | -3 | -4 | -2 | -2 | -2 | ||
| Total | 2 | -4 | -12 | 5 | 4 | 3 |
The order intake for comparable units during the quarter was overall slightly higher than in the corresponding period in the previous year, with just over half of the companies showing an increase. Order intake was in line with sales. Order intake and sales increased in just over half of the companies, though with clear variations between companies and different product and customer segments. Sales development was negative, mainly due to very strong comparative figures for some companies in Scandinavia.
The lower EBITA margin is mainly explained by lower net sales for comparable units, and also by higher expense levels.
Process, Energy & Water
| Q2 | Q1-Q2 | |||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | ∆, % | 2025 | 2024 | ∆, % | R12 | 2024 |
| Order intake | 1,955 | 1,887 | 4% | 3,961 | 3,780 | 5% | 7,602 | 7,421 |
| Net sales | 1,880 | 1,960 | -4% | 3,671 | 3,752 | -2% | 7,442 | 7,523 |
| EBITA | 284 | 341 | -17% | 526 | 620 | -15% | 1,138 | 1,232 |
| EBITA margin, % | 15.1 | 17.4 | 14.3 | 16.5 | 15.3 | 16.4 |
| Q2 2025 | Q1-Q2 2025 | |||||
|---|---|---|---|---|---|---|
| Growth % | Order intake | Net sales | EBITA | Order intake | Net sales | EBITA |
| Organic | 5 | -3 | -16 | 4 | -3 | -16 |
| Acquisitions | 3 | 3 | 2 | 3 | 3 | 2 |
| Currency | -4 | -4 | -3 | -2 | -2 | -1 |
| Total | 4 | -4 | -17 | 5 | -2 | -15 |
Overall, the order intake for comparable units during the quarter was higher than in the corresponding period of the previous year, although it declined in just over half of the companies. Order intake was 4% higher than sales. Order intake and sales performance was strongest for companies with customers in the energy sector, and weakest for companies in Finland.
The lower EBITA margin is primarily explained by the lower net sales for comparable units, combined with a lower gross margin in some of the companies.
Technology & Systems Solutions
| Q2 | Q1-Q2 | |||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | ∆, % | 2025 | 2024 | ∆, % | R12 | 2024 |
| Order intake | 1,188 | 1,120 | 6% | 2,387 | 2,359 | 1% | 4,658 | 4,630 |
| Net sales | 1,131 | 1,251 | -10% | 2,279 | 2,429 | -6% | 4,681 | 4,831 |
| EBITA | 163 | 205 | -20% | 331 | 392 | -16% | 731 | 792 |
| EBITA margin, % | 14.4 | 16.4 | 14.5 | 16.1 | 15.6 | 16.4 |
| Q1-Q2 2025 | ||||||
|---|---|---|---|---|---|---|
| Growth % | Order intake | Net sales | EBITA | Order intake | Net sales | EBITA |
| Organic | 10 | -6 | -18 | 2 | -6 | -16 |
| Acquisitions | 1 | 1 | 1 | 2 | 2 | 2 |
| Currency | -5 | -5 | -3 | -3 | -2 | -2 |
| Total | 6 | -10 | -20 | 1 | -6 | -16 |
The order intake for comparable units during the quarter was higher than in the corresponding period of the previous year, and increased in the majority of the companies. Most customer segments developed positively, with strong development for many companies with customers in the energy sector. Order intake was 5% higher than sales. Geographically, the strongest sales development was evident in the Netherlands and the UK, for example, while development was weak in North America and Asia.
The lower EBITA margin is mainly explained by lower net sales for comparable units, as well as one-off expenses in a couple of companies.
January – June in brief
Order intake
Order intake during the period January – June amounted to SEK 16,752 million (16,333), an increase of 3%. Comparable units increased by 1%, acquisitions contributed 4%, and currency movements had a negative impact of 2%.
Net sales
Net sales in the period January – June amounted to SEK 16,157 million (16,235). Comparable units declined by 2%, acquisitions contributed 4%, and currency movements had a negative impact of 2%.
Earnings
EBITA in the period January – June amounted to SEK 2,209 million (2,286), a decrease of 3%. Comparable units declined by 7%, acquisitions contributed 5%, and currency movements had a negative impact of 1%. The EBITA margin was 13.7% (14.1%).
Net financial items for the period January – June amounted to SEK -235 million (-255). Tax on profit for the period amounted to SEK -380 million (-394), corresponding to a tax charge of 23% (23%). Profit for the period decreased by 4% and amounted to SEK
1,262 million (1,318). Earnings per share before dilution decreased by 4% to SEK 3.46 (3.61).
Cash flow
Cash flow from operating activities during the period January – June amounted to SEK 1,379 million (1,516).
The Group's net capital expenditure in non-current assets, excluding company acquisitions, totalled SEK 259 million (255).
Free operating cash flow amounted to SEK 1,120 million (1,261).
Investments in company acquisitions amounted to SEK 422 million (1,013). In addition, considerations pertaining to previous years' acquisitions totalled SEK 102 million (252). Divestments amounted to SEK 43 million (3). Dividend paid for the year affected cash flow by SEK 1,092 million (1,037).
Acquisitions
During the period January – June, three acquisitions have been carried out, with annual sales of SEK 390 million.
Other information
Events after the end of the reporting period
On 8 July, Utodas B.V. was acquired. For more information, see page 23.
Change to Group Management
Peter Laveson has been appointed Senior Vice President and Head of Business Area Technology & Systems Solutions. He will assume his new position on 1 September 2025 and will report to Bo Annvik, President and CEO, and be part of the Group Management team. Peter Laveson succeeds Patrik Stolpe, who left his position on 30 June 2025. Peter Eriksson, Senior Advisor, will lead the business area on an interim basis until Peter Laveson assumes his position.
The Parent Company
The main functions of Indutrade AB are to take responsibility for business development, HR development, sustainability, acquisitions, financing, business control, analysis and communication. The Parent Company's net sales, which consist entirely of the internal invoicing of services, amounted to SEK 15 million (0) during the period January – June. The Parent Company's financial assets consist mainly of shares in subsidiaries. The Parent Company acquired shares in two companies during the period January – June. The Parent Company has not made any major investments in intangible assets or property, plant and equipment. The number of employees as of 30 June was 25 (22).
Employees
The number of employees at the end of the period was 9,796, compared with 9,699 at the beginning of the year.
Risks and uncertainties
The Indutrade Group conducts business in some 30 countries, on six continents, through more than 200 companies. This spread, together with a large number of customers in different industries and a large number of suppliers, mitigates the business and financial risks. Besides the risks and uncertainties described in the
Indutrade Annual Report for 2024, no additional significant risks or uncertainties are deemed to have arisen or been removed.
The trade tariffs announced by the US government could affect the Group's companies and financial position. Indutrade has only limited direct exposure to the US, but considerable uncertainty remains as to the eventual outcome – and the impact on the global economy. It is hard to predict any indirect impact due to the complexity of the situation. Within the framework of the decentralised governance model, each company is working proactively on appropriate measures, such as reviewing trade flows and commercial agreements.
As the Parent Company is responsible for the Group's financing, it is exposed to financing risk. The Parent Company's other activities are not exposed to risks other than indirectly through subsidiaries. A more detailed account of risks that affect the Group and Parent Company can be found in the 2024 Annual Report.
Related party transactions
There were no transactions between Indutrade and related parties that significantly affected the Company's financial position and earnings during the period.
Accounting principles
Indutrade reports in accordance with International Financial Reporting Standards (IFRS). This interim report has been prepared in accordance with IAS 34 and RFR 1. The Parent Company applies RFR 2. In preparing this interim report, the same accounting principles and calculation methods have been applied for the Group and the Parent Company as in the most recent annual report. There are no new IFRSs or IFRIC interpretations adopted by the EU that are applicable to Indutrade or have a significant impact on the Group's earnings and financial position in 2025.
Financial calendar
- 21 October 2025: Interim report 1 January – 30 September 2025
- 29 January 2026: Year-end report 1 January – 31 December 2025
Save the date: Capital Markets Day 2025
Indutrade will hold a Capital Markets Day on 4 November 2025, where members of the Group Management will present Indutrade's strategy and priorities for continued, sustainable profitable growth. The Capital Markets Day will be held as an in-person event in central Stockholm. An invitation, including agenda and registration details, will be issued by press release nearer the time.
Board's assurance
The Board of Directors and President/CEO certify that the half-year interim report gives a true and fair view of the Company's and Group's operations, position and result of operations, and describes material risks and uncertainties facing the Company and companies included in the Group.
Stockholm, 15 July 2025
Indutrade AB (publ)
Katarina Martinson Chair
Martin Lindqvist Director
Anders Jernhall Director
Ulf Lundahl Director
Pia Brantgärde Linder Director
Lars Pettersson Director
Kerstin Lindell Director
Bo Annvik Director and CEO
The report has not been reviewed by the company's auditor.
This is an unofficial translation of the original Swedish text. In the event of any discrepancy between the English translation and the Swedish original, the Swedish version shall govern.
Note
This information is information that Indutrade AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 07:30 CEST on 15 July 2025.
Totals and rounding
Totals given in tables and calculations are not always the exact sum of the different parts due to rounding differences. The aim is for each figure to correspond to the source and rounding differences may therefore occur.
Further information
For further information, please contact: Bo Annvik, President and CEO, tel. +46 (0)8 703 03 00, Patrik Johnson, CFO, tel. +46 (0)70 397 50 30.
This report will be commented upon as follows:
A webcast of the report will be presented on 15 July at 09:30 CEST via the following link:
https://indutrade.events.inderes.com/q2-report-2025
To participate in the presentation by phone and ask questions, please register using the link below. After registration, you will receive a phone number and conference ID to log into the conference call.
https://conference.inderes.com/teleconference/?id=5001387
Condensed consolidated income statement
| Q2 | Q1-Q2 | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | R12 | 2024 |
| Net sales | 8,121 | 8,491 | 16,157 | 16,235 | 32,466 | 32,544 |
| Cost of goods sold | -5,254 | -5,485 | -10,448 | -10,515 | -21,073 | -21,140 |
| Gross profit | 2,867 | 3,006 | 5,709 | 5,720 | 11,393 | 11,404 |
| Development costs | -95 | -108 | -191 | -208 | -389 | -406 |
| Selling costs | -1,287 | -1,298 | -2,569 | -2,518 | -5,053 | -5,002 |
| Administrative expenses | -522 | -519 | -1,090 | -1,040 | -2,160 | -2,110 |
| Other operating income and expenses | -13 | 6 | 18 | 13 | 152 | 147 |
| Operating profit | 950 | 1,087 | 1,877 | 1,967 | 3,943 | 4,033 |
| Net financial items | -116 | -140 | -235 | -255 | -486 | -506 |
| Profit before tax | 834 | 947 | 1,642 | 1,712 | 3,457 | 3,527 |
| Income tax | -195 | -217 | -380 | -394 | -763 | -777 |
| Net profit for the period | 639 | 730 | 1,262 | 1,318 | 2,694 | 2,750 |
| Net profit attributable to: | ||||||
| Owners of the parent | 638 | 729 | 1,261 | 1,316 | 2,694 | 2,749 |
| Non-controlling interests | 1 | 1 | 1 | 2 | 0 | 1 |
| 639 | 730 | 1,262 | 1,318 | 2,694 | 2,750 | |
| EBITA | 1,115 | 1,253 | 2,209 | 2,286 | 4,612 | 4,689 |
| Operating profit includes: | ||||||
| Amortisation of intangible assets¹ | -175 | -178 | -354 | -343 | -717 | -706 |
| of which attributable to acquisitions | -165 | -166 | -332 | -319 | -669 | -656 |
| Depreciation of property, plant and equipment | -246 | -245 | -495 | -479 | -997 | -981 |
| Earnings per share before dilution, SEK | 1.75 | 2.00 | 3.46 | 3.61 | 7.39 | 7.55 |
| Earnings per share after dilution, SEK | 1.75 | 2.00 | 3.46 | 3.61 | 7.39 | 7.54 |
¹Excluding impairment losses
Consolidated statement of comprehensive income
| Q2 | Q1-Q2 | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | R12 | 2024 |
| Net profit for the period | 639 | 730 | 1,262 | 1,318 | 2,694 | 2,750 |
| Other comprehensive income | ||||||
| Items that may be reclassified subsequently to profit or loss | ||||||
| Fair value adjustment of hedging instruments | 16 | -17 | 3 | 13 | -4 | 6 |
| Tax attributable to fair value adjustments | -4 | 4 | -1 | -2 | 0 | -1 |
| Exchange differences | 260 | -123 | -495 | 305 | -345 | 455 |
| Items that may not be reclassified to profit or loss | ||||||
| Actuarial gains/losses | - | - | - | - | -10 | -10 |
| Tax on actuarial gains/losses | - | - | - | - | 2 | 2 |
| Other comprehensive income for the period, net of tax | 272 | -136 | -493 | 316 | -357 | 452 |
| Total comprehensive income for the period | 911 | 594 | 769 | 1,634 | 2,337 | 3,202 |
| Comprehensive income attributable to: | ||||||
| Owners of the parent | 910 | 593 | 768 | 1,632 | 2,337 | 3,201 |
| Non-controlling interests | 1 | 1 | 1 | 2 | 0 | 1 |
Condensed consolidated balance sheet
| 30 Jun | |||
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Goodwill | 9,679 | 9,095 | 9,715 |
| Other intangible assets | 4,742 | 4,828 | 4,989 |
| Property, plant and equipment | 4,575 | 4,717 | 4,695 |
| Financial assets | 242 | 222 | 243 |
| Inventories | 5,225 | 5,510 | 5,411 |
| Trade receivables | 5,082 | 5,390 | 4,761 |
| Other receivables | 1,802 | 1,678 | 1,553 |
| Cash and cash equivalents | 1,568 | 1,697 | 3,054 |
| Total assets | 32,915 | 33,137 | 34,421 |
| Equity | 16,305 | 15,067 | 16,653 |
| Non-current interest-bearing liabilities and pension liabilities | 7,717 | 7,771 | 8,811 |
| Other non-current liabilities and provisions | 1,417 | 1,423 | 1,468 |
| Current interest-bearing liabilities | 2,395 | 3,416 | 2,449 |
| Trade payables | 2,042 | 2,212 | 1,997 |
| Other current liabilities | 3,039 | 3,248 | 3,043 |
| Total equity and liabilities | 32,915 | 33,137 | 34,421 |
Condensed consolidated statement of changes in equity
| Attributable to owners of the parent | 30 Jun | 31 Dec | |
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Opening equity | 16,642 | 14,475 | 14,475 |
| Total comprehensive income for the period | 768 | 1,632 | 3,201 |
| Dividends to shareholders¹ | -1,091 | -1,036 | -1,036 |
| Hedging of incentive programme | 1 | -49 | -49 |
| Share-based payments | -25 | 30 | 53 |
| Acquisition of non-controlling interests | - | - | -2 |
| Closing equity | 16,295 | 15,052 | 16,642 |
| ¹ Dividend per share for 2024 (2023) was SEK 3.00 (2.85) | |||
| Equity, attributable to: | |||
| Owners of the parent | 16,295 | 15,052 | 16,642 |
| Non-controlling interests | 10 | 15 | 11 |
| 16,305 | 15,067 | 16,653 |
Condensed consolidated statement of cash flows
| Q2 | Q1-Q2 | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | R12 | 2024 |
| Operating profit | 950 | 1,087 | 1,877 | 1,967 | 3,943 | 4,033 |
| Non-cash items | 426 | 424 | 811 | 839 | 1,526 | 1,554 |
| Interests and other financial items, net | -115 | -122 | -181 | -166 | -447 | -432 |
| Paid tax | -305 | -282 | -632 | -686 | -1,071 | -1,125 |
| Change in working capital | -221 | -78 | -496 | -438 | 46 | 104 |
| Cash flow from operating activities | 735 | 1,029 | 1,379 | 1,516 | 3,997 | 4,134 |
| Net capital expenditures in non-current assets | -125 | -149 | -259 | -255 | -461 | -457 |
| Company acquisitions and divestments | -265 | -659 | -481 | -1,262 | -1,282 | -2,063 |
| Change in other financial assets | 5 | 6 | 0 | 6 | 12 | 18 |
| Cash flow from investing activities | -385 | -802 | -740 | -1,511 | -1,731 | -2,502 |
| Borrowings/repayment of borrowings, net | -633 | -8 | -709 | -40 | -719 | -50 |
| Repayment of lease liabilities | -136 | -135 | -275 | -264 | -551 | -540 |
| Dividend paid | -1,092 | -1,037 | -1,092 | -1,042 | -1,092 | -1,042 |
| Cash flow from financing activities | -1,861 | -1,180 | -2,076 | -1,346 | -2,362 | -1,632 |
| Cash flow for the period | -1,511 | -953 | -1,437 | -1,341 | -96 | 0 |
| Cash and cash equivalents at beginning of the period | 3,068 | 2,659 | 3,054 | 3,012 | 1,697 | 3,012 |
| Exchange differences | 11 | -9 | -49 | 26 | -33 | 42 |
| Cash and cash equivalents at end of the period | 1,568 | 1,697 | 1,568 | 1,697 | 1,568 | 3,054 |
| Free operating cash flow | ||||||
| Cash flow from operating activities | 735 | 1,029 | 1,379 | 1,516 | 3,997 | 4,134 |
| Net capital expenditures in non-current assets | -125 | -149 | -259 | -255 | -461 | -457 |
| Free operating cash flow | 610 | 880 | 1,120 | 1,261 | 3,536 | 3,677 |
Key figures
| 2025 | 2024 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| Rolling 12 months | Q2 | Q4 | Q2 | Q4 | Q4 |
| Net sales, MSEK | 32,466 | 32,544 | 31,907 | 31,835 | 27,016 |
| Sales growth, % | 2 | 2 | 6 | 18 | 24 |
| Operating profit, MSEK | 3,943 | 4,033 | 3,985 | 4,158 | 3,620 |
| EBITDA, MSEK | 5,657 | 5,720 | 5,617 | 5,723 | 4,878 |
| EBITA, MSEK | 4,612 | 4,689 | 4,617 | 4,769 | 4,098 |
| EBITA margin, % | 14.2 | 14.4 | 14.5 | 15.0 | 15.2 |
| Net profit for the period, MSEK | 2,694 | 2,750 | 2,708 | 2,866 | 2,681 |
| Capital employed at end of period, MSEK | 24,849 | 24,859 | 24,557 | 22,236 | 21,353 |
| Capital employed, average, MSEK | 24,664 | 24,166 | 23,671 | 23,102 | 18,111 |
| Return on capital employed, % ¹ | 19 | 19 | 20 | 21 | 23 |
| Equity, average, MSEK | 16,068 | 15,466 | 14,659 | 13,759 | 11,272 |
| Return on equity, %¹ | 17 | 18 | 18 | 21 | 24 |
| Interest-bearing net debt at end of period, MSEK | 8,544 | 8,206 | 9,490 | 7,747 | 8,580 |
| Net debt/equity ratio, % | 52 | 49 | 63 | 53 | 67 |
| Net debt/EBITDA, times | 1.5 | 1.4 | 1.7 | 1.4 | 1.8 |
| Equity ratio, % | 50 | 48 | 45 | 46 | 44 |
| Average number of employees | 9,707 | 9,563 | 9,383 | 9,262 | 8,483 |
| Number of employees at end of period | 9,796 | 9,699 | 9,628 | 9,301 | 9,128 |
| Attributable to owners of the parent Key ratios per share |
|||||
| Earnings per share before dilution, SEK | 7.39 | 7.55 | 7.43 | 7.86 | 7.36 |
| Earnings per share after dilution, SEK | 7.39 | 7.54 | 7.42 | 7.86 | 7.36 |
| Equity per share, SEK | 44.73 | 45.68 | 41.31 | 39.73 | 35.02 |
| Cash flow from operating activities per share, SEK | 10.97 | 11.35 | 11.70 | 12.33 | 6.51 |
| Free operating cash flow per share, SEK | 9.71 | 10.09 | 10.22 | 10.84 | 5.14 |
| Average number of shares before dilution, '000 | 364,323 | 364,323 | 364,323 | 364,323 | 364,270 |
| Average number of shares after dilution, '000 | 364,470 | 364,443 | 364,623 | 364,323 | 364,303 |
| Number of shares at end of the period, '000 | 364,323 | 364,323 | 364,323 | 364,323 | 364,323 |
1) Calculated on average capital and equity.
Business area performance
| Q2 | Q1-Q2 | |||||
|---|---|---|---|---|---|---|
| Net sales, MSEK | 2025 | 2024 | 2025 | 2024 | R12 | 2024 |
| Industrial & Engineering | 2,010 | 2,045 | 4,040 | 4,008 | 7,834 | 7,802 |
| Infrastructure & Construction | 1,275 | 1,333 | 2,486 | 2,515 | 4,997 | 5,026 |
| Life Science | 1,842 | 1,918 | 3,715 | 3,562 | 7,575 | 7,422 |
| Process, Energy & Water | 1,880 | 1,960 | 3,671 | 3,752 | 7,442 | 7,523 |
| Technology & Systems Solutions | 1,131 | 1,251 | 2,279 | 2,429 | 4,681 | 4,831 |
| Parent company and Group items | -17 | -16 | -34 | -31 | -63 | -60 |
| Total | 8,121 | 8,491 | 16,157 | 16,235 | 32,466 | 32,544 |
| Q2 | Q1-Q2 | |||||
|---|---|---|---|---|---|---|
| EBITA, MSEK | 2025 | 2024 | 2025 | 2024 | R12 | 2024 |
| Industrial & Engineering | 274 | 302 | 546 | 585 | 1,084 | 1,123 |
| Infrastructure & Construction | 131 | 155 | 253 | 266 | 538 | 551 |
| Life Science | 308 | 349 | 613 | 597 | 1,248 | 1,232 |
| Process, Energy & Water | 284 | 341 | 526 | 620 | 1,138 | 1,232 |
| Technology & Systems Solutions | 163 | 205 | 331 | 392 | 731 | 792 |
| Parent company and Group items | -45 | -99 | -60 | -174 | -127 | -241 |
| Total | 1,115 | 1,253 | 2,209 | 2,286 | 4,612 | 4,689 |
| Q2 | Q1-Q2 | |||||
|---|---|---|---|---|---|---|
| EBITA margin, % | 2025 | 2024 | 2025 | 2024 | R12 | 2024 |
| Industrial & Engineering | 13.6 | 14.8 | 13.5 | 14.6 | 13.8 | 14.4 |
| Infrastructure & Construction | 10.3 | 11.6 | 10.2 | 10.6 | 10.8 | 11.0 |
| Life Science | 16.7 | 18.2 | 16.5 | 16.8 | 16.5 | 16.6 |
| Process, Energy & Water | 15.1 | 17.4 | 14.3 | 16.5 | 15.3 | 16.4 |
| Technology & Systems Solutions | 14.4 | 16.4 | 14.5 | 16.1 | 15.6 | 16.4 |
| 13.7 | 14.8 | 13.7 | 14.1 | 14.2 | 14.4 |
Business area performance per quarter
| 2025 | ||||||
|---|---|---|---|---|---|---|
| Net sales, MSEK | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Industrial & Engineering | 2,010 | 2,030 | 1,903 | 1,891 | 2,045 | 1,963 |
| Infrastructure & Construction | 1,275 | 1,211 | 1,295 | 1,216 | 1,333 | 1,182 |
| Life Science | 1,842 | 1,873 | 1,939 | 1,921 | 1,918 | 1,644 |
| Process, Energy & Water | 1,880 | 1,791 | 1,963 | 1,808 | 1,960 | 1,792 |
| Technology & Systems Solutions | 1,131 | 1,148 | 1,250 | 1,152 | 1,251 | 1,178 |
| Parent company and Group items | -17 | -17 | -14 | -15 | -16 | -15 |
| Total | 8,121 | 8,036 | 8,336 | 7,973 | 8,491 | 7,744 |
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| EBITA, MSEK | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Industrial & Engineering | 274 | 272 | 258 | 280 | 302 | 283 | |
| Infrastructure & Construction | 131 | 122 | 154 | 131 | 155 | 111 | |
| Life Science | 308 | 305 | 302 | 333 | 349 | 248 | |
| Process, Energy & Water | 284 | 242 | 320 | 292 | 341 | 279 | |
| Technology & Systems Solutions | 163 | 168 | 217 | 183 | 205 | 187 | |
| Parent company and Group items | -45 | -15 | -30 | -37 | -99 | -75 | |
| Total | 1,115 | 1,094 | 1,221 | 1,182 | 1,253 | 1,033 |
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| EBITA margin, % | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Industrial & Engineering | 13.6 | 13.4 | 13.6 | 14.8 | 14.8 | 14.4 | |
| Infrastructure & Construction | 10.3 | 10.1 | 11.9 | 10.8 | 11.6 | 9.4 | |
| Life Science | 16.7 | 16.3 | 15.6 | 17.3 | 18.2 | 15.1 | |
| Process, Energy & Water | 15.1 | 13.5 | 16.3 | 16.2 | 17.4 | 15.6 | |
| Technology & Systems Solutions | 14.4 | 14.6 | 17.4 | 15.9 | 16.4 | 15.9 | |
| 13.7 | 13.6 | 14.6 | 14.8 | 14.8 | 13.3 |
Disaggregation of revenue
Net sales per geographic market
| 2025 | Industrial & | Infrastructure & | Process, Energy & | Technology & | |||
|---|---|---|---|---|---|---|---|
| Q2, MSEK | Engineering | Construction | Life Science | Water | Systems Solutions | Elim¹ | Total |
| Nordic countries | 1,090 | 644 | 798 | 1,041 | 275 | -8 | 3,840 |
| Other Europe | 802 | 588 | 927 | 594 | 506 | -6 | 3,411 |
| Americas | 62 | 21 | 50 | 124 | 208 | -1 | 464 |
| Asia | 48 | 12 | 57 | 98 | 116 | -1 | 330 |
| Other | 8 | 10 | 10 | 23 | 26 | -1 | 76 |
| 2,010 | 1,275 | 1,842 | 1,880 | 1,131 | -17 | 8,121 |
| Timing of | Industrial & | Infrastructure & | Process, Energy & | Technology & | |||
|---|---|---|---|---|---|---|---|
| revenue recognition | Engineering | Construction | Life Science | Water | Systems Solutions | Elim¹ | Total |
| Over time | - | 81 | 71 | 47 | 60 | 0 | 259 |
| Point in time | 2,010 | 1,194 | 1,771 | 1,833 | 1,071 | -17 | 7,862 |
| 2,010 | 1,275 | 1,842 | 1,880 | 1,131 | -17 | 8,121 |
| 2024 | Industrial & | Infrastructure & | Process, Energy & | Technology & | |||
|---|---|---|---|---|---|---|---|
| Q2, MSEK | Engineering | Construction | Life Science | Water | Systems Solutions | Elim¹ | Total |
| Nordic countries | 1,126 | 632 | 932 | 1,115 | 309 | -9 | 4,105 |
| Other Europe | 817 | 660 | 867 | 620 | 506 | -5 | 3,465 |
| Americas | 57 | 24 | 51 | 91 | 264 | -1 | 486 |
| Asia | 38 | 11 | 59 | 114 | 135 | 0 | 357 |
| Other | 7 | 6 | 9 | 20 | 37 | -1 | 78 |
| 2,045 | 1,333 | 1,918 | 1,960 | 1,251 | -16 | 8,491 |
| Timing of | Industrial & | Infrastructure & | Process, Energy & Technology & |
||||
|---|---|---|---|---|---|---|---|
| revenue recognition | Engineering | Construction | Life Science | Water | Systems Solutions | Elim¹ | Total |
| Over time | 0 | 92 | 77 | 0 | 85 | 0 | 254 |
| Point in time | 2,045 | 1,241 | 1,841 | 1,960 | 1,166 | -16 | 8,237 |
| 2,045 | 1,333 | 1,918 | 1,960 | 1,251 | -16 | 8,491 |
¹Parent company and Group items
Disaggregation of revenue – continued
Net sales per geographic market
| 2025 | Industrial & | Infrastructure & | Process, Energy & | Technology & | |||
|---|---|---|---|---|---|---|---|
| Q1-Q2, MSEK | Engineering | Construction | Life Science | Water | Systems Solutions | Elim¹ | Total |
| Nordic countries | 2,194 | 1,215 | 1,641 | 2,007 | 557 | -16 | 7,598 |
| Other Europe | 1,622 | 1,193 | 1,850 | 1,172 | 1,001 | -12 | 6,826 |
| Americas | 119 | 40 | 94 | 223 | 438 | -3 | 911 |
| Asia | 90 | 24 | 111 | 211 | 223 | -2 | 657 |
| Other | 15 | 14 | 19 | 58 | 60 | -1 | 165 |
| 4,040 | 2,486 | 3,715 | 3,671 | 2,279 | -34 | 16,157 |
| Timing of | Industrial & | Infrastructure & | Process, Energy & Technology & |
||||
|---|---|---|---|---|---|---|---|
| revenue recognition | Engineering | Construction | Life Science | Water | Systems Solutions | Elim¹ | Total |
| Over time | - | 172 | 159 | 47 | 139 | 0 | 517 |
| Point in time | 4,040 | 2,314 | 3,556 | 3,624 | 2,140 | -34 | 15,640 |
| 4,040 | 2,486 | 3,715 | 3,671 | 2,279 | -34 | 16,157 |
| 2024 | Industrial & | Infrastructure & | Process, Energy & | Technology & | |||
|---|---|---|---|---|---|---|---|
| Q1-Q2, MSEK | Engineering | Construction | Life Science | Water | Systems Solutions | Elim¹ | Total |
| Nordic countries | 2,182 | 1,203 | 1,650 | 2,115 | 589 | -16 | 7,723 |
| Other Europe | 1,610 | 1,242 | 1,687 | 1,186 | 1,000 | -11 | 6,714 |
| Americas | 118 | 39 | 86 | 220 | 521 | -2 | 982 |
| Asia | 85 | 22 | 120 | 170 | 248 | -1 | 644 |
| Other | 13 | 9 | 19 | 61 | 71 | -1 | 172 |
| 4,008 | 2,515 | 3,562 | 3,752 | 2,429 | -31 | 16,235 |
| Timing of | Industrial & | Infrastructure & | Life Science Process, Energy & | Technology & | |||
|---|---|---|---|---|---|---|---|
| revenue recognition | Engineering | Construction | Water | Systems Solutions | Elim¹ | Total | |
| Over time | 0 | 162 | 178 | 0 | 175 | -1 | 514 |
| Point in time | 4,008 | 2,353 | 3,384 | 3,752 | 2,254 | -30 | 15,721 |
| 4,008 | 2,515 | 3,562 | 3,752 | 2,429 | -31 | 16,235 |
¹Parent company and Group items
655
Acquisitions 2025
Assets and liabilities acquired in 2025
Preliminary purchase price allocations
MSEK
Purchase price, incl. contingent consideration totalling SEK 93 million
| Acquired assets and liabilities | Carrying amount | Fair value adjustment | Fair value |
|---|---|---|---|
| Goodwill | 254 | 254 | |
| Agencies, trademarks, customer relationships, licences etc. | 4 | 236 | 240 |
| Property, plant and equipment | 57 | 12 | 69 |
| Financial assets | 2 | 2 | |
| Inventories | 67 | 67 | |
| Other current assets¹ | 78 | 78 | |
| Cash and cash equivalents | 130 | 130 | |
| Deferred tax liability | -2 | -57 | -59 |
| Provisions incl. pension obligations | -4 | -4 | |
| Other operating liabilities | -122 | -122 | |
| 210 | 445 | 655 |
¹Mainly trade receivables
Agencies, customer relationships, licences etc. are amortised over a period of 5 to 20 years, while trademarks are assumed to have an indefinite useful life. Trademarks are included at a value of SEK 10 million (0).
Indutrade typically uses an acquisition structure with a base consideration and a contingent consideration. Contingent considerations are initially measured at the present value of the likely outcome, which for the acquisitions made during the year amounts to SEK 93 million (370). The contingent consideration payments are due within three years and could amount to a maximum of SEK 131 million (531). If the conditions are not met, the outcome could be in the range of SEK 0–131 million.
Transaction costs during the year amount to SEK 11 million (9) and are included in Other income and expenses in the income statement. Remeasurement of contingent consideration amounts to SEK 63 million (32). Of the remeasurement, SEK 59 million (30) is recognised under Other income and expenses and SEK 4 million (2) under Net financial items.
The acquisition calculations for Matriks AS, Geosense Ltd., LYFTonline Sverige AB, C.H. Rustfri Danmark ApS, C.H. Rustfri Norge AS, Beratherm AG and West Technology Systems Ltd, acquired in the second quarter of 2024, have now been finalised. No material adjustments have been made to the calculations. For other acquisitions, the calculations are preliminary. Indutrade considers acquisition calculations to be preliminary while there is uncertainty with regards to, for example, the outcome of guarantees concerning inventories and trade receivables in the acquisition agreements.
Cash flow impact of acquisitions
| MSEK | |
|---|---|
| Purchase price, incl. contingent consideration | 655 |
| Purchase price not paid | -103 |
| Cash and cash equivalents in acquired companies | -130 |
| Payments pertaining to previous years' acquisitions | 102 |
| Total cash flow impact | 524 |
Effects of acquisitions carried out in 2024 and 2025
| MSEK | Net sales | EBITA | |||
|---|---|---|---|---|---|
| Business area | Q2 | Q1-Q2 | Q2 | Q1-Q2 | |
| Industrial & Engineering | 109 | 208 | 18 | 31 | |
| Infrastructure & Construction | 44 | 106 | 8 | 17 | |
| Life Science | 66 | 180 | 13 | 33 | |
| Process, Energy & Water | 52 | 98 | 8 | 15 | |
| Technology & Systems Solutions | 12 | 37 | 2 | 8 | |
| Effect on Group | 283 | 629 | 49 | 104 | |
| Acquisitions carried out in 2024 | 203 | 513 | 40 | 93 | |
| Acquisitions carried out in 2025 | 80 | 116 | 9 | 11 | |
| Effect on Group | 283 | 629 | 49 | 104 |
If all acquired units had been consolidated as from 1 January 2025, net sales for the year would have amounted to SEK 16,276 million, and EBITA would have amounted to SEK 2,228 million.
Events after the end of the reporting period
On 8 July, Utodas B.V., the Netherlands, was acquired, with annual sales of SEK 35 million. Utodas is a supplier of remote online level monitoring solutions for dry and liquid bulk goods.
Financial assets and liabilities
| 30 Jun 2025, MSEK | Interest rate swaps and currency forward contracts in hedge accounting |
Amortised cost |
Holdings of shares and interests in unlisted companies |
Contingent consider ation |
Financial liabilities measured at amortised cost |
Total carrying amount |
Fair value |
|---|---|---|---|---|---|---|---|
| Measurement classification | Level 2 | Level 3 | Level 3 | ||||
| Other shares and interests | - | - | 15 | - | - | 15 | 15 |
| Trade receivables | - | 5,082 | - | - | - | 5,082 | 5,082 |
| Other receivables | 15 | 28 | - | - | - | 43 | 43 |
| Cash and cash equivalents | - | 1,568 | - | - | - | 1,568 | 1,568 |
| Total | 15 | 6,678 | 15 | - | - | 6,708 | 6,708 |
| Non-current interest-bearing liabilities | - | - | - | 464 | 6,937 | 7,401 | 7,497 |
| Current interest-bearing liabilities | - | - | - | 279 | 2,116 | 2,395 | 2,395 |
| Trade payables | - | - | - | - | 2,042 | 2,042 | 2,042 |
| Other liabilities | 12 | - | - | - | - | 12 | 12 |
| Total | 12 | - | - | 743 | 11,095 | 11,850 | 11,946 |
| 31 Dec 2024, MSEK | Interest rate swaps and currency forward contracts in hedge accounting |
Amortised cost |
Holdings of shares and interests in unlisted companies |
Contingent consider ation |
Financial liabilities measured at amortised cost |
Total carrying amount |
Fair value |
|---|---|---|---|---|---|---|---|
| Measurement classification | Level 2 | Level 3 | Level 3 | ||||
| Other shares and interests | - | - | 14 | - | - | 14 | 14 |
| Trade receivables | - | 4,761 | - | - | - | 4,761 | 4,761 |
| Other receivables | 4 | 29 | - | - | - | 33 | 33 |
| Cash and cash equivalents | - | 3,054 | - | - | - | 3,054 | 3,054 |
| Total | 4 | 7,844 | 14 | - | - | 7,862 | 7,862 |
| Non-current interest-bearing liabilities | - | - | - | 530 | 7,969 | 8,499 | 8,597 |
| Current interest-bearing liabilities | - | - | - | 286 | 2,163 | 2,449 | 2,461 |
| Trade payables | - | - | - | - | 1,997 | 1,997 | 1,997 |
| Other liabilities | 13 | - | - | - | - | 13 | 13 |
| Total | 13 | - | - | 816 | 12,129 | 12,958 | 13,068 |
Financial instruments are measured at fair value, based on the classification of the fair value hierarchy: inputs other than quoted prices that are observable for assets or liabilities [level 2], unobservable inputs [level 3].
There were no transfers between levels 2 and 3 during the period. Contingent consideration has been discounted to present value using an interest rate that is considered a fair reflection of the acquisition-date market rate.
Adjustments are not made on an ongoing basis for changes in the market interest rate, as their effects are considered immaterial.
| Contingent consideration | 30 Jun | 31 Dec |
|---|---|---|
| MSEK | 2025 | 2024 |
| Opening carrying amount | 816 | 721 |
| Acquisitions during the year | 93 | 512 |
| Consideration paid | -95 | -269 |
| Reclassified via income statement | -59 | -186 |
| Interest expenses | 11 | 18 |
| Exchange differences | -23 | 20 |
| Closing carrying amount | 743 | 816 |
Parent Company condensed income statement
| Q2 | Q1-Q2 | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | R12 | 2024 |
| Net sales | 15 | - | 15 | - | 29 | 14 |
| Gross profit | 15 | - | 15 | - | 29 | 14 |
| Administrative expenses | -39 | -47 | -85 | -94 | -153 | -162 |
| Other operating income and expenses | -27 | - | -29 | - | -29 | 0 |
| Operating profit | -51 | -47 | -99 | -94 | -153 | -148 |
| Finance income/costs | 6 | 33 | 23 | 67 | 98 | 142 |
| Profit from investments in Group companies | 1,420 | 1,187 | 1,420 | 1,187 | 1,051 | 818 |
| Profit after financial items | 1,375 | 1,173 | 1,344 | 1,160 | 996 | 812 |
| Appropriations | - | - | - | - | 716 | 716 |
| Income tax | - | 1 | 4 | 4 | -156 | -156 |
| Net profit for the period | 1,375 | 1,174 | 1,348 | 1,164 | 1,556 | 1,372 |
| Amortisation/depreciation of intangible assets and property, plant and equipment |
-1 | -1 | -1 | -1 | -1 | -1 |
Parent Company condensed balance sheet
| 30 Jun | 31 Dec | ||
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Intangible assets | 1 | 1 | 1 |
| Property, plant and equipment | 3 | 3 | 3 |
| Financial assets | 19,731 | 12,298 | 12,548 |
| Current receivables | 3,535 | 9,501 | 10,922 |
| Cash and cash equivalents | 703 | 701 | 2,135 |
| Total assets | 23,973 | 22,504 | 25,609 |
| Equity | 11,567 | 11,036 | 11,313 |
| Untaxed reserves | 1,046 | 966 | 1,046 |
| Non-current interest-bearing liabilities and pension liabilities | 6,108 | 6,069 | 7,182 |
| Other non-current liabilities and provisions | 1 | 1 | 1 |
| Current interest-bearing liabilities | 5,038 | 4,282 | 5,518 |
| Current non-interest-bearing liabilities | 213 | 150 | 549 |
| Total equity and liabilities | 23,973 | 22,504 | 25,609 |
Definitions
Alternative performance measures
In this interim report, Indutrade presents alternative performance measures (APMs) that complement the key financial ratios defined under IFRS. The Company believes that these alternative performance measures provide valuable information to stakeholders, as they enable evaluation of the Company's performance, trends and ability to repay debt and invest in new business opportunities, and reflect the Group's acquisition-intensive business model.
As not all companies calculate these APMs in the same way, they are not always comparable. They should therefore not be regarded as a substitute for the key figures defined under IFRS. Definitions of key figures are presented below, most of which are APMs.
Book-to-bill
Order intake divided by net sales.
Capital employed Equity plus interest-bearing net debt.
Earnings per share after dilution
Net profit for the period attributable to owners of the parent divided by the average number of shares outstanding after dilution.
Earnings per share before dilution
Net profit for the period attributable to owners of the parent divided by the average number of shares outstanding. Definition according to IFRS.
EBITA
Operating profit before amortisation of intangible assets arising in connection with company acquisitions (Earnings Before Interest, Taxes and Amortisation). EBITA is the principal measure of the Group's earnings.
EBITA margin
EBITA divided by net sales.
EBITDA
Operating profit before depreciation and amortisation (Earnings Before Interest, Taxes, Depreciation and Amortisation).
Equity per share
Equity attributable to owners of the parent divided by the number of shares outstanding.
Equity ratio
Equity divided by total assets.
Free operating cash flow
Cash flow from operating activities after net investments in intangible assets and property, plant and equipment, excluding business combinations.
Gross margin
Gross profit divided by net sales.
Interest-bearing net debt
Interest-bearing liabilities including pension liability and estimated contingent consideration for acquisitions, less cash and cash equivalents.
Net debt/EBITDA
Interest-bearing net debt at the end of the period divided by EBITDA on a rolling 12-month basis.
Net debt/equity ratio
Interest-bearing net debt divided by equity.
Net investments
Purchases less sales of intangible assets and property, plant and equipment, excluding those included in acquisitions and divestments of subsidiaries and operations.
Return on capital employed
EBITA calculated on a rolling 12-month basis divided by average capital employed per month.
Return on equity
Net profit for the period on a rolling 12-month basis divided by average equity per month.
Working capital efficiency
Working capital in relation to sales on a rolling 12 month basis for comparable units.
Indutrade in brief
Indutrade is an international technology and industrial Group currently consisting of more than 200 companies in some 30 countries, mainly in Europe. We work to generate sustainable, profitable growth in a decentralised way by developing and acquiring successful companies managed by passionate entrepreneurs. Our companies develop, manufacture, and sell components, systems and services with significant technical content in selected niches. Our value-based culture, where people make the difference, has been the foundation of our success since the start in 1978.
Customers can be found in a wide range of industries, including medical technology and pharmaceuticals, infrastructure and construction, engineering, energy, water/wastewater and food.
Our vision
An entrepreneurial world where people make the difference
Financial targets
| Sales growth |
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Average sales growth shall amount to a minimum of 10% per year over a business cycle. Growth is to be achieved organically as well as through acquisitions.
EBITA margin
The EBITA margin shall amount to a minimum of 14% per year over a business cycle.
Return on capital employed
The return on capital employed shall be a minimum of 20% per year on average over a business cycle.
Net debt/equity ratio
The net debt/equity ratio should normally not exceed 100%.
Dividend payout ratio
The dividend payout ratio shall range from 30% to 50% of net profit.
Net sales per market, %1) Net sales per customer segment, %1)
1)Financial year 2024