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MEKO
Quarterly Report • May 15, 2025
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Quarterly Report
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Interim report January—March 2025
Interim report January-March 2025
Higher operating profit in a cautious market
January 1-March 31, 2025
- Net sales increased 6 percent to SEK 4,562 M (4,320), where most of the increase was attributable to the acquisition of Elit Polska. Organic growth was -1 percent.
- · EBIT increased to SEK 161 M (146) and the EBIT margin to 3.4 percent (3.3). EBIT for the quarter was impacted by items affecting comparability of SEK -70 M (-78).
- · Adjusted EBIT increased to SEK 231 M (224) and the adjusted EBIT margin amounted to 4.9 percent (5.1).
- · Earnings per share before and after dilution amounted to SEK 0.85 (0.92).
- Cash flow from operating activities amounted to SEK -122 M (285).
- · Net debt in relation to EBITDA1) amounted to a multiple of 2.4 compared with 2.1 at the beginning of the year
Significant events after the end of the Quarter
· No significant events occurred.
| Jan-Mar | Full year | ||||
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | Δ % | Apr-Mar | 2024 |
| Net sales | 4,562 | 4,320 | 6 | 18,288 | 18,046 |
| EBIT | 161 | 146 | 10 | 917 | 902 |
| Adjusted EBIT | 231 | 224 | 3 | 1,098 | 1.091 |
| Profit after financial items | 82 | 75 | റി | 633 | 627 |
| Profit after tax | 53 | 59 | -11 | 462 | 469 |
| Earnings per share, SEK | 0.85 | 0.92 | -8 | 7.67 | 7.74 |
| Cash flow from operating activities | -122 | 285 | -143 | 968 | 1,376 |
| Net debt/EBITDA excl. IFRS 16, multiple' | 2.4 | 2.7 | 2.4 | 2.1 | |
| EBIT margin, % | 3.4 | 3.3 | 4.9 | 4.9 | |
| Adjusted EBIT margin, % | 4.9 | 5.1 | 5.9 | 5.9 |
1) EBITDA excl. IFRS16 is calculated on a rolling 12-month basis for the Apr-Mar period..
Higher operating profit in a cautious market
Cautious consumers and fears of a protracted recession dominated the first quarter. We successfully defended our gross margin by adjusting prices and enhancing purchasing efficiency, despite softer growth. Operating profit was strengthened, and we are fully focused on building a stronger MEKO – which involves taking our logistics to the next level in 2025.
Unlike many other sectors, the demand we face is stable over time, underpinned by the continuous need to service and repair vehicles. The car plays a decisive role in the everyday lives for most people, with many prioritizing rapid repair when something goes wrong. Through our broad range of brands and workshop concepts, we aim to be the most complete partner for everyone who drives, services and repairs vehicles regardless of the fuel used to power them.
Despite the constant nature of the underlying need for repair, we were not left completely unscathed by the international turbulence we experienced in the first quarter. Varying degrees of caution characterized our markets. We reported overall growth of 6 percent compared with the first quarter of 2024, while organic growth was negative.
This was due in part to the difference between this year's mild winter and the cold temperatures we experienced in 2024. As a rule, severe winters are good for sales in our industry, which is particularly evident this quarter.
But regardless of external factors, our direction is clear: We will achieve long-term improved profitability through efficiency improvements, synergies and increased growth.
Stable gross margin and stronger operating profit
We defended our gross margin during the quarter by adjusting our prices and enhancing purchasing efficiency. At an overall level, operating profit improved year-on-year. By contrast, the adjusted operating margin declined slightly, due in part to the slight dilutive effect of the structurally lower margin in Poland. The effect is more visible this year, as we saw strong growth in Poland in 2024 thanks to the strategic acquisition of Elit Polska.
On a positive note, the Sweden/Norway and Denmark business areas reported increased profitability due to efficiency improvements within the scope of the "Building a stronger MEKO" profitability initiative. Although we are growing organically in Poland/the Baltics, competition remains intense, thereby ultimately impacting the margin. Performance in Finland remained weak - we expect to see an improvement once the current measures have gained full effect.
Given the prevailing economic turbulence, we now have a particular emphasis on costs. We have therefore implemented, and plan to implement, further marginraising measures in a number of markets. This includes, 3
among other things, a reduction in the number of positions in certain administrative and central functions. Regarding the trade policy turbulence we've seen during the quarter, our assessment is that MEKO is not directly affected by the tariffs imposed or announced by the US. However, we are closely monitoring the situation.
Measures for long-term, sustainable growth
Strengthening the foundations for long-term growth is just as important as acting in the short term. During the quarter, we worked diligently on precisely this:
- Progress in Poland. We continued the integration of Elit Polska to advance positions in the major Polish market, which has clear growth potential.
- · Accelerated activity in tires. We launched a stronger focus on tires by entering a strategic partnership with Goodyear, one of the world's leading tire manufacturers.
- New division for commercial vehicles. We announced a new focus on commercial vehicles, including trucks, buses and vans, where the goal is to achieve the same strong aftermarket position as in passenger cars.
- ERP system nears launch. We are nearing the implementation of our new ERP system with Poland as the first market - a platform that will enable important future synergies.
- · continued according to plan with the commissioning of our high-tech central warehouses in Denmark, Norway and Finland.
These central warehouses are much more than just buildings equipped with more efficient technology. They form the foundation as we take our logistics to the next level, with the growth opportunities that follow. This is something we are also looking forward to talking more about at our capital markets day on September 10.
That said, our overall goals stand firm: Over the long term, to continue building a stronger MEKO - even in more turbulent times
Pehr Oscarson President and CEO
New automized technology in place in our Finnish central warehouse.
Interim report January-March 2025
This is MEKO
Solid business concept for timeless demand
Our vision is to enable mobility - today, tomorrow and in the future. Our business concept is based on the constant need for transportation by car, regardless of the fuels used to power them or the technology they contain. Our aim is to be the most complete partner for everyone who drives, maintains, or repairs vehicles.
Through our tried-and-tested business concept and geographic expansion, we have established ourselves as the leading player in the independent automotive aftermarket in northern Europe. We operate in eight markets that are home to a total of 70 million people and 35 million cars.
We serve our customers through several well-known brands, all of which are firmly embedded locally. Our strategy of providing several different brands allows us to reach several customer groups with differing needs in our markets.
Approximately 90 percent of our revenue is from B2B customers. A smaller portion, 10 percent, is from sales to private motorists.
The bulk of revenue is from spare parts sales to companies that operate workshops. We sell both to independent workshops with own concepts and to workshops affiliated with one of our successful workshop concepts - for example, Mekonomen, MECA, Fixus and BilXtra.
Another large portion of sales is to spare parts wholesalers and companies that employ us to service and maintain their car fleets
Our size is one of our greatest strengths, with centralized purchasing being a benefit. Our broad geographic presence also means we can offer the quickest deliveries in the market and the broadest range of products and services in the industry.
Above all, we have the power to help steer the transformation of the industry toward more sustainable mobility. We can see that demand for service and repair of electric cars is growing, and how new behavior patterns are creating new services for modern automotive life. We are making it possible for more people to be part of this shift. This will position us well for continued profitable growth.
Group performance
January 1-March 31, 2025
Net sales
Supported by the acquisition of Elit Polska, net sales increased 6 percent to SEK 4,562 M (4,320). Organic growth was -1 percent. Net sales were negatively impacted by currency effects of SEK 8 M. The number of workdays had a slightly negative impact on net sales for the quarter.
Gross margin
The gross margin amounted to 42.8 percent (42.9), as price increases implemented - mainly in the Denmark and Sweden/Norway business areas - offset dilutive effects mainly from the additional volumes from the acquisition of Elit Polska, which has a lower gross margin than the group average.
EBIT
EBIT increased to SEK 161 M (146) and the EBIT margin to 3.4 percent (3.3). EBIT for the quarter was impacted by items affecting comparability of SEK -70 M (-78), attributable mainly to SEK -35 M in ERP project costs, and temporarily elevated costs attributable to new central warehouses in the Sweden/Norway, Denmark and Poland/the Baltics business areas of SEK -9 M, refer further to Note 2. EBIT for the yearearlier quarter was impacted by items affecting comparability of SEK -78 M, attributable to SEK -22 M in ERP project costs, SEK -13 M in restructuring costs in the Sweden/Norway business area and SEK -19 M in impairment of participations in associated companies. Currency effects had a positive impact of SEK 10 M (-6) on EBIT for the quarter.
Adjusted EBIT
Adjusted EBIT increased to SEK 231 M (224) and the adjusted EBIT margin amounted to 4.9 percent (5.1). Adjusted EBIT excludes items affecting comparability, refer further to Note 2.
Other earnings
Profit after financial items increased to SEK 82 M (75). Net interest expense was SEK -70 M (-66) and other financial items SEK -9 M (-5). Profit after tax amounted to SEK 53 M (59). Of the reported tax expense for the quarter, SEK 10 M pertained to the effect on deferred tax liabilities resulting from increased corporate tax in Estonia.. Earnings per share before and after dilution amounted to SEK 0.85 (0.92).
Cash flow
Cash flow from operating activities amounted to SEK -122 M (285). The negative cash flow is driven by increased working capital, mainly attributable to operating liabilities. Tax paid amounted to SEK -84 M (-70) for the first quarter.
Financial position
Cash and cash equivalents amounted to SEK 293 M compared with SEK 607 M at year end. The equity/assets ratio was 36.3 percent (39.1). Long-term interest-bearing liabilities amounted to SEK 4,633 M (4,708) including a lease liability of SEK 2,537 M (1,460). Current interest-bearing liabilities amounted to SEK 1,899 M (618), including a lease liability of SEK 643 M (609). The increase in current interest-bearing liabilities related to a bond maturing in the first quarter of 2026. The intention is to refinance this by raising new, long-term
financing. Net debt amounted to SEK 3,013 M, compared with SEK 2,602 M at the beginning of the year.
MEKO's available cash and unutilized credit facilities totaled approximately SEK 1,689 M at the end of March, compared with SEK 2,227 M at the start of the year.
Share of net sales per business area, Q1 2025
Net sales and adjusted EBIT (SEK M)
Investments
During the quarter, investments in fixed assets amounted to SEK 1,527 M (177) including leases of SEK 1,432 M (134). Investments in leases mainly pertained to rental contracts but also extended lease terms, higher rents in existing contracts, and new car leasing contracts. Other investments mainly related to workshop profiling, workshop customization, workshop equipment, store interior, warehouses and workshops and IT investments. The increase in leases during the quarter pertains to commissioning of new central warehouses and automated supply chains in Denmark, Norway and Finland. Depreciation of tangible fixed assets and right-of-use assets amounted to SEK 208 M (189) for the first quarter.
Acquisitions and establishments
For acquisitions during the quarter please refer to Note 6.
Significant events during the quarter
On March 3, MEKO announced a strategic partnership with Goodyear. The partnership ensures efficient distribution in the Nordic region, thereby strengthening MEKO's position in one of the key growth segments of the aftermarket.
On March 14, MEKO's Nomination Committee proposed the re-election of Board members Eivor Andersson, Marie Björklund, Kenny Bräck, Magnus Håkansson, Helena Skåntorp, Robert Reppa, Jörn Werner, and Dominick Zarcone at MEKO's Annual General Meeting. Furthermore, it was proposed that Walter Hanley be elected as a new Board member.
On March 19, MEKO announced plans for expansion in commercial vehicles with the long-term goal to achieve the same strong market position as in passenger cars.
On March 31, MEKO announced that General Motors chooses MEKO for service and warranty management in Sweden for the Cadillac brand.
Events after the end of the period
No significant events occurred.
Employees
The average number of employees amounted to 6,263 (5,968), the increase was mainly driven by the acquisition of Elit Polska.
Number of branches and workshops
At the end of the period, the total number of branches in the chains was 696 (669), of which 432 (422) were proprietary branches. The number of affiliated workshops totaled 4,681 (4,486).
Seasonal variations and number of workdays
MEKO's business operations and EBIT are affected to some extent by seasonal variations, and extreme summer or winter weather may also have an impact. A milder winter this year than last year had a notable negative impact on sales of winter-related products. Business operations and EBIT are also affected by the number of workdays. The number of workdays for the various reporting periods is impacted by when public holidays and national public holidays occur during different years. See the distribution of workdays in the table on page 10.
Parent Company
The Parent Company's operations mainly comprise Group Management. The Parent Company's result after financial items amounted to a profit of SEK 222 M (-49) for the quarter, including dividends of SEK 280 M (-) from subsidiaries.
The average number of employees in the Parent Company was 5 (5). MEKO AB sold services to Group companies for a total of SEK 11 M (9) during the quarter.
Significant risks and uncertainties
MEKO is exposed to risks that could have a material impact on the company. In order to ensure efficient management and a good overview of the risks the business may be exposed to, the Group works in a structured manner to identify, analyze and manage risks using a shared process.
MEKO has a central Risk Management and Compliance Committee that is responsible for providing guidance and for governing the risk management process. The risks are divided into three main categories: strategic, operational and sustainability related. The Group is also exposed to financial risks.
MEKO is exposed to significant strategic risks, such as changes in consumer behavior, new vehicle technologies, the competitive landscape, automotive engineering expertise and extraordinary external factors in conjunction with an increasingly unstable external environment exasperating uncertainty in the global economy.
MEKO's exposure to significant operational and sustainabilityrelated risks includes retaining and attracting employees, disruptions or outages in the IT environment, risks of cybercrime, risk of damage to central or regional warehouses, risk of shrinkage and in cash handling in operations, risks related to quality assurance of products and services offered under the Group's brands, environmental and climate policv decisions that impact the business, risks concerning a sustainable supply chain, risk of business-related corruption and the risk of new sustainability legislation that places new demands on MEKO.
MEKO's financial risks mainly comprise currency, credit, interest-rate and liquidity risks. For the effect of exchange rate fluctuations on profit before tax, refer to page 27 of the Annual and Sustainability Report 2024 and for a detailed description of financial risks, refer to Notes 12 and 37. For a detailed description of the risk management process and MEKO's strategic, operational and sustainability risks, refer to page 29 of the Annual and Sustainability Report 2024.
Our assessment is that no new material risk areas have been added during the first quarter.
MEKO's activities involve significant international flows of goods. The bulk of the flows occurs within the European Union and is not currently subject to material customs duties. A minor part of flows involves countries in Asia. Direct imports/exports to North American countries are limited. However, it cannot be excluded that MEKO's suppliers are, in turn, dependent on global flows of goods, and that these parties may be impacted in the event of expanded trade barriers. The company is monitoring political developments in order to manage any direct or indirect effects of tariffs on the supply chain.
Significant estimates and assessments
MEKO makes a number of estimates and assessments at each closing, the process and impact of which are described in Note 2 of the Annual and Sustainability Report 2024. No new areas have been added. During the quarter, assumptions concerning right-of-use assets and lease liability had the greatest impact.
Related-party transactions
A description of related-party transactions is available on page 101, Note 34 in the 2024 Annual and Sustainability Report. There was no material change in the scope and focus of these transactions during the period.
The share and shareholders
The Parent Company's share has been listed on Nasdaq Stockholm since May 19, 2000, in the Mid Cap segment. On March 31, 2025, the share price was SEK 122.00 (120.60), which corresponds to a total market capitalization of SEK 6,883 M (6,804).
As of March 31, 2025, MEKO had a total of 10,566 shareholders (11,479). The company's three largest shareholders were: LKQ Corporation with 26.6 percent; Swedbank Robur Fonder with 8.9 percent; and Fjärde AP-Fonden with 7.9 percent. As of December 2, 2024 MEKO is included in the OMX Stockholm Benchmark index.
Review of the business areas
Denmark
| Jan-Mar | 12 months | Full year | |||
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | Δ % | Apr-Mar | 2024 |
| Net sales | 1,064 | 1.111 | -4 | 4,308 | 4.355 |
| EBIT | 73 | 66 | 10 | 247 | 241 |
| EBIT margin, % | 6.8 | 6.0 | 5.7 | 5.5 | |
| Adjusted EBIT | 77 | 67 | 16 | 262 | 251 |
| Adjusted EBIT margin, % | 7.3 | 6.0 | 6.1 | 5.8 |
The business area mainly comprises wholesale and branch operations in Denmark, with leading brands such as FTZ, CarPeople and AutoMester.
In February, the newly constructed automated central warehouse and headquarters of the Danish operations in Rörup were inaugurated, and the relocation of goods and staff has been initiated.
High levels of competition and price pressure continued to distinguish market developments. The weak economic conditions in the country and the mild winter had a negative impact on demand.
Net sales decreased to SEK 1,064 M (1,111) for the first quarter. Organic growth amounted to -5 percent, negatively impacted by low workshop activity.
EBIT increased to SEK 73 M (66) and the EBIT margin improved to 6.8 percent (6.0) for the quarter. The increase was mainly due to a reduction in workforce-related operating expenses and an improved gross margin. The year-on-year improvement in the gross margin was positively impacted by better customer and supplier terms and conditions, while a somewhat poorer product mix had a negative impact.
Finland
| Jan-Mar | Full year | ||||
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | Δ % | Apr-Mar | 2024 |
| Net sales | 330 | 361 | -9 | 1.459 | 1.491 |
| EBIT | -22 | -17 | -30 | -8 | -3 |
| EBIT margin, % | -6.5 | -4.6 | -0.5 | -0.2 | |
| Adjusted EBIT | -22 | -17 | -30 | -8 | -3 |
| Adjusted EBIT margin, % | -6.5 | -4.6 | -0.5 | -0.2 |
The business area mainly comprises wholesale and branch operations in Finland. In addition to the Fixus customer concept, the country's largest workshop chain, the MEKO brand was given a more prominent position during the quarter.
The new automated central warehouse was commissioned during the quarter and the first outbound deliveries of products were successfully completed.
The market was challenging, with low economic activity continuing to dominate. An unusually mild winter, combined with intense competition and price pressure, dampened demand.
Net sales declined to SEK 330 M (361) in the first quarter. The business area reported organic growth of -7 percent, mainly due to reduced sales of winter-related products and low workshop activity.
EBIT declined to SEK -22 M (-17) during the quarter and the EBIT margin to -6.5 percent (-4.6). Earnings were positively impacted by an improved gross margin and lower operating costs, primarily as a result of cost reductions related to workforce and premises. This could not fully compensate for the decreased net sales.The work continues with efficiency-enhancing measures. The year-on-year gross margin improved, supported by purchasing synergies despite a somewhat changed product mix with a higher share of tire sales.
Poland/the Baltics
| Jan-Mar | 12 months | Full year | |||
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | Δ % | Apr-Mar | 2024 |
| Net sales | 1,269 | 888 | 43 | 4,727 | 4,346 |
| EBIT | 16 | 23 | -31 | 61 | 68 |
| EBIT margin, % | 1.2 | 25 | 1.2 | 1.5 | |
| Adjusted EBIT | 22 | 24 | -8 | 87 | 89 |
| Adjusted EBIT margin, % | 1.7 | 2.7 | 1.8 | 2.0 |
The Poland/the Baltics business area mainly comprises wholesale and branch operations in Estonia, Latvia and Lithuania as well as Poland, which also has an export business.
During the quarter, we worked on the establishment of new branches and on merging existing branches as part of the integration of Elit Polska.
The markets in both Poland and the Battics have been characterized by weak economic conditions, which has led to a decline in purchasing power. Intense price competition continued to affect the Polish market.
Net sales increased 43 percent to SEK 1,269 M (888) for the first quarter, with growth largely derived from the acquisition of Elit Polska. Organic growth was 9 percent, supported by a healthy volume trend in the Baltics and for export activities. Organic growth was positive in Poland.
EBIT amounted to SEK 16 M (23) and the EBIT margin was 1.2 percent (2.5) for the quarter. The lower EBIT was mainly the result of higher personnel expenses, as a consequence of a sharp increase in regulated minimum wages in Poland, and higher transportation costs. EBIT was impacted by SEK -6 M (-1) in items affecting comparability, primarily related to costs for a new central warehouse and project costs for a new ERP system. The gross margin improved slightly with positive currency effects, while sales prices were under pressure.
Sweden/Norway
| Jan-Mar | 12 months | Full year | |||
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | Δ % | Apr-Mar | 2024 |
| Net sales | 1.653 | 1,710 | -3 | 6,776 | 6.832 |
| EBIT | 136 | 118 | 15 | 685 | 668 |
| EBIT margin, % | 8.0 | 6.8 | 99 | 9.6 | |
| Adjusted EBIT | 143 | 131 | 00 | 704 | 693 |
| Adjusted EBIT margin, % | 8.3 | 7.6 | 10.1 | 9.9 |
Operations in the Sweden/Norway business area are mainly conducted through the MECA and Mekonomen brands. Revenue is primarily from branches, wholesale sales and companies requiring service and maintenance of their car fleets.
The new Norwegian central warehouse in Vestby was completed during the quarter and testing of the automated system has commenced. The delivery network in Sweden is being optimized to ensure better availability, generating positive results in the quarter.
Market developments in both Sweden and Norway were negatively impacted by continued economic uncertainty, combined with a milder winter than in the preceding year.
Net sales declined 3 percent to SEK 1,653 M (1,710). Of this amount, Sweden accounted for SEK 1,022 M (1,048) and Norway for SEK 631 M (661). Organic growth was -2 percent, negatively affected by lower sales of winter-related products. Performance was similar in both markets, with Norway being affected by the phase-out of the consumer business related to the previously implemented distribution network optimization.
EBIT increased to SEK 136 M (118) and the EBIT margin to 8.0 percent (6.8) during the quarter. EBIT for the quarter was impacted by SEK -7 M (-13) in items affecting comparability, pertaining to costs related to a new central warehouse in Norway and projects costs for the new ERP system. The EBIT improvement was largely due to the robust efficiency measures in both Sweden and in Norway. The gross margin improved in Norway with previously implemented price adjustments being more than sufficient to offset higher purchasing prices.
Sørensen og Balchen (Norway)
| Jan-Mar | 12 months | Full year | |||
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | Δ % | Apr-Mar | 2024 |
| Net sales | 244 | 247 | -1 | 1,008 | 1.012 |
| EBIT | 35 | 38 | -9 | 173 | 176 |
| EBIT margin, % | 14.1 | 15.3 | 16.9 | 17.2 | |
| Adjusted EBIT | 35 | 38 | -9 | 173 | 176 |
| Adjusted EBIT margin, % | 14.1 | 15.3 | 16.9 | 17.2 |
The Sørensen og Balchen (Norway) business area mainly focuses on wholesale sales and branch operations through the well-established BilXtra chain. Sørensen og Balchen is the business area in the Group with the largest share of direct sales to consumers.
The weak economy, distinguished by high inflation and high interest rates, together with a mild winter compared with last year, had a negative impact on demand.
Net sales declined 1 percent to SEK 244 M (247) for the first quarter. The sales performance was mainly affected by a fall in sales of winter-related products and soft development in consumer sales. Organic growth was -1 percent.
EBIT declined to SEK 35 M (38) and the EBT margin to 14.1 percent (15.3) for the first quarter. The continued healthy profitability was mainly the result of effective cost control and a relatively high gross margin, despite a slight decrease in this performance measure during the quarter and, combined with year-on-year higher personnel expenses, this had a negative impact on the EBIT margin. The gross margin declined slightly since previously implements were insufficient to fully offset a weaker NOK and therefore higher purchasing prices.
Central functions
Central functions comprise Group-wide activities that support the Group's work: finance and controlling, risk management and internal audit, sustainability, legal, business development, IT, communication and market, HR and operations, which comprise purchasing, product range and logistics. The units reported in Central functions do not reach the thresholds for separate reporting and the benefits are considered limited for users of the financial statements.
EBIT for Central functions was SEK -53 M (-59) for the first quarter included project costs related to the ERP replacement in the Group, and the preceding year included an impairment of associates.
Number of workdays by country
| Number of workdays by | Q 1 | Q2 | Q 3 | Q 4 | Full year | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| country | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Denmark | દિર્ડ | 62 | 60 | દન | ଚିତ୍ର | ଚିତ୍ର | 62 | 62 | 251 | 251 |
| Estonia | 62 | 63 | દન | 63 | 65 | 65 | 63 | 63 | 251 | 254 |
| Finland | 62 | 63 | 60 | ી | ଚିତ | ଚିତ | 63 | 62 | 251 | 252 |
| Latvia | 63 | 63 | ട്ടു | દા | 66 | ଚିତ୍ର | દા | દા | 249 | 251 |
| Lithuania | 62 | 62 | 62 | 62 | 65 | 65 | ез | 62 | 252 | 251 |
| Norway | 63 | 62 | 59 | 60 | 66 | ଚିତ୍ର | 62 | 62 | 250 | 250 |
| Poland | 62 | 63 | દા | દા | 65 | 65 | 62 | 62 | 250 | 251 |
| Sweden | 62 | 63 | 59 | 60 | 66 | ଚିତ | 62 | 62 | 249 | 251 |
| Average number of | 62 | દિર્ | 60 | 61 | 66 | ଚିତ୍ର | 62 | 62 | 250 | 251 |
working days
Forthcoming financial reporting dates
| Information | Period | Date |
|---|---|---|
| Interim report | January-June 2025 | Aug 14, 2025 |
| Interim report | January-September 2025 | Nov 13, 2025 |
| Year-end report | January-December 2025 | February 12, 2026 |
Stockholm, May 15, 2025
MEKO AB (publ), Corp. Reg. No. 556392–1971
Pehr Oscarson President and CEO
This report has not been subject to review by the company's auditors.
For further information, please contact: Pehr Oscarson, President and CEO, MEKO AB, Tel +46 (0)8-464 00 20 Christer Johansson, CFO, MEKO AB, Tel +46 (0)8-464 00 20 Fredrik Sätterström, IRO, MEKO AB, Tel +46 (0)8-464 00 20
This information is such information that MEKO AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency of the contact person set 7.30 a.m. on May 15, 2025.
The Interim report is published in Swedish. The Swedish version represents the original version and has been translated into English.
Condensed consolidated statement of profit or loss
| Jan-Mar | 12 months | Full year | ||
|---|---|---|---|---|
| SEK M | 2025 | 2024 | Apr-Mar | 2024 |
| Net sales | 4,562 | 4,320 | 18,288 | 18,046 |
| Other operating revenue | 116 | 70 | 549 | 503 |
| Total revenue | 4,678 | 4,390 | 18,837 | 18,549 |
| Goods for resale | -2,609 | -2,468 | -10,402 | -10,260 |
| Other external costs | -688 | -597 | -2,617 | -2,526 |
| Personnel expenses | -974 | -945 | -3,830 | -3,801 |
| Depreciation and impairment of tangible fixed assets and right-of-use assets | -208 | -189 | -808 | -788 |
| Amortization and impairment of intangible assets | -37 | -45 | -264 | -27 |
| Operating profit | 161 | 146 | 917 | 902 |
| Interest income | 9 | 10 | 42 | 43 |
| Interest expenses | -79 | -75 | -294 | -290 |
| Other financial items | -9 | -5 | -32 | -29 |
| Profit after financial items | 82 | 75 | હરંડ | 627 |
| Tax | -30 | -16 | -171 | -158 |
| Profit for the period | 53 | રિવે | 462 | 469 |
| Profit for the period attributable to: | ||||
| Parent Company's shareholders | 48 | 52 | 429 | 433 |
| Non-controlling interests | 5 | 8 | 33 | 36 |
| Profit for the period | 53 | 59 | 462 | 469 |
| Earnings per share before and after dilution, SEK | 0.85 | 0.92 | 7.67 | 7.74 |
| Number of shares issued at end of period, before and after dilution | 55,958,761 | 55,988,761 | 55,958,761 | 55,958,761 |
| Average number of shares, before and after dilution | 55,958,761 | 55,988,761 | 55,972,706 | 55,980,127 |
Condensed consolidated statement of profit or loss and other comprehensive income
| Jan-Mar | 12 months | Full year | ||
|---|---|---|---|---|
| SEK M | 2025 | 2024 | Apr-Mar | 2024 |
| Profit for the period | 53 | 59 | 462 | 469 |
| Other comprehensive income: | ||||
| ltems that cannot be reclassified to profit or loss | ||||
| - Actuarial gains and losses on defined-benefit pensions | -1 | -1 | ||
| ltems that have been reclassified or can be reclassified to profit or loss | ||||
| - Translation differences on translation of foreign operations | -355 | 228 | -381 | 202 |
| -Gain/loss on hedging currency risk in foreign operations | 8 | 2 | 14 | 8 |
| - Change in fair value of cash flow hedges | 3 | র্য | -8 | -7 |
| Other comprehensive income, net after tax | -344 | 235 | -376 | 203 |
| Comprehensive income for the period | -291 | 294 | 86 | 671 |
| Comprehensive income for the period attributable to: | ||||
| Parent Company's shareholders | -287 | 282 | el | 630 |
| Non-controlling interests | -4 | 13 | 25 | ব |
| Comprehensive income for the period | -291 | 294 | 86 | 671 |
Condensed consolidated statement of financial position
| 31 March | 31 December | ||
|---|---|---|---|
| SEK M | 2025 | 2024 | 2024 |
| ASSETS | |||
| Intangible assets | 5,460 | 5,893 | 5,680 |
| Tangible fixed assets | 8-3 | 766 | 802 |
| Right-of-use assets | 3,149 | 1,870 | 1,993 |
| Financial and other fixed assets | 123 | નંડન | 170 |
| Deferred tax assets | 52 | 6 | 63 |
| Total non-current assets | 9,596 | 8,667 | 8,709 |
| Inventories | 4,905 | 4,465 | 5,078 |
| Current receivables | 2,671 | 2,729 | 2,518 |
| Cash and cash equivalents | 293 | 692 | 607 |
| Total current assets | 7,869 | 7,886 | 8,203 |
| TOTAL ASSETS | 17,465 | 16,553 | 16,911 |
| EQUITY AND LIABILITIES | |||
| Shareholders' equity | 6,331 | 6,471 | 6,619 |
| Total equity | 6,331 | 6,471 | 6,619 |
| Interest-bearing liabilities | 2,096 | 3,632 | 3,249 |
| Lease liabilities | 2,537 | 1,370 | 1,460 |
| Deferred tax liabilities | 431 | 428 | 486 |
| Other liabilities and provisions | 88 | 27 | 64 |
| Total non-current liabilities | 5,153 | 5,457 | 5,259 |
| Interest-bearing liabilities | 1,256 | 1 | 9 |
| Lease liabilities | 643 | 583 | 609 |
| Other liabilities and provisions | 4,082 | 4,041 | 4,415 |
| Total current liabilities | 5,981 | 4,625 | 5,033 |
| TOTAL EQUITY AND LIABILITIES | 17,465 | 16,553 | 16,911 |
Condensed consolidated statement of changes in equity
| 31 March | 31 December | ||
|---|---|---|---|
| SEK M | 2025 | 2024 | 2024 |
| Equity at the beginning of the year | 6.619 | 6,175 | 6,175 |
| Comprehensive income for the period | -291 | 294 | 671 |
| Share-based remuneration | 3 | 2 | |
| Dividend to parent company shareholders | - | -207 | |
| Dividend to non-controlling interests | - | -19 | |
| Acquisition/disposal of non-controlling interests | - | --- | -5 |
| Share swap, Buy-back/sale of own shares | 1 | -3 | |
| Equity at end of period | 6,331 | 6,471 | 6,619 |
| Of which non-controlling interests | 164 | 159 | 167 |
Condensed consolidated statement of cash flow
| Jan-Mar | ||
|---|---|---|
| SEK M | 2025 | 2024 |
| Operating activities | ||
| Profit after financial items | 82 | 75 |
| Adjustments for items not affecting liquidity | 193 | 281 |
| Income tax paid | -84 | -70 |
| Cash flow from operating activities before changes in working capital | 192 | 286 |
| Decrease (+) / increase (-) of inventories | 58 | 102 |
| Decrease (+) / increase (-) of receivables | -218 | -244 |
| Decrease (-) / increase (+) of liabilities | -155 | 142 |
| Cash flow from changes in working capital | -314 | -0 |
| Cash flow from operating activities | - 22 | 285 |
| Investing activities | ||
| Acquisition of subsidiaries/operations, net cash impact | -5 | -3 |
| Acquisition of tangible fixed assets | -82 | -43 |
| Disposal of tangible fixed assets | T | 2 |
| Acquisition of intangible fixed assets | -13 | -6 |
| Acquisition of financial assets | -0 | -0 |
| Other investment activities | ട് | -3 |
| Cash flow from investing activities | -94 | -53 |
| Financing activities | ||
| Acquisition/disposal of non-controlling interests | -1 | |
| Borrowings | 100 | |
| Amortization of loans | -0 | |
| Amortization of leasing debt | -170 | -180 |
| Cash flow from financing activities | -70 | -182 |
| Cash flow for the period | -287 | 51 |
| Cash and cash eqvivalents at beginning of period | 607 | 623 |
| Cash flow for the period | -287 | ടി |
| Exchange difference in cash and cash equivalents | -27 | 18 |
| Cash and cash eqvivalents at end of period | 293 | 692 |
Condensed income statement for the Parent Company
| Jan-Mar | 12 months | Full year | ||
|---|---|---|---|---|
| SEK M | 2025 | 2024 | Apr-Mar | 2024 |
| Net sales | 11 | 9 | 50 | 48 |
| Other operating revenue | 3 | 4 | 14 | 15 |
| Total revenue | 14 | 13 | 64 | દર્ડ |
| Other external costs | -12 | -11 | -76 | -75 |
| Personnel expenses | -16 | -12 | -49 | -45 |
| Operating profit | -14 | -9 | -61 | -57 |
| Result from participations in Group companies | 280 | 626 | 345 | |
| Interest income | 19 | 35 | 105 | 121 |
| Interest expenses | -53 | -66 | -237 | -251 |
| Other financial items | -11 | -8 | -21 | -18 |
| Profit after financial items | 222 | -49 | 412 | 142 |
| Appropriations | -25 | -50 | 182 | 157 |
| Profit before tax | 197 | -99 | 593 | 298 |
| Tax | 16 | 20 | 5 | 8 |
| Profit for the period | 213 | -78 | 598 | 307 |
Statement of comprehensive income for the Parent Company
| Jan-Mar | 12 months | Full year | ||
|---|---|---|---|---|
| SEK M | 2025 | 2024 | Apr-Mar | 2024 |
| Profit for the period | 213 | -78 | 598 | 307 |
| Other comprehensive income: | ||||
| Comprehensive income for the period | 213 | -78 | 598 | 307 |
Condensed balance sheet for the Parent Company
| 31 March | 31 December | ||
|---|---|---|---|
| SEK M | 2025 | 2024 | 2024 |
| ASSETS | |||
| Fixed assets | 10,236 | 10,647 | 10,250 |
| Current receivables from Group companies | 255 | 22 | 483 |
| Other current receivables | 41 | 66 | 23 |
| Cash and cash equivalents | -71 | 364 | 197 |
| TOTAL ASSETS | 10,461 | 11,099 | 10,953 |
| EQUITY, PROVISIONS AND LIABILITIES | |||
| Shareholders' equity | 6,870 | 6,475 | 6,654 |
| Untaxed reserves | 160 | 166 | 160 |
| Provisions | 5 | 5 | 5 |
| Long-term interest bearing liabilities | 2,089 | 3,997 | 3,606 |
| Current liabilities to Group companies | 27 | 386 | 463 |
| Other current liabilities | 1,309 | 70 | 64 |
| TOTAL EQUITY, PROVISIONS AND LIABILITIES | 10,461 | 11,099 | 10,953 |
Additional disclosures
Note 1. Accounting policies
MEKO applies the International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report was prepared in accordance with the Annual Accounts Act and IAS 34 Interim Financial Reporting. The same accounting policies and measurement methods were applied as in the most recent. This interim report consists of pages 1–23 and should be read in its entirety.
The Parent Company prepares its accounts in accordance with the Annual Accounts Act and RFR 2 and applies the same accounting policies and measurement methods as in the most recent Annual Report.
Totals quoted in tables and statements may not always be the exact sum of the individual tems because of rounding differences. The aim is that each line should correspond to its source, and rounding differences may therefore arise.
Note 2. Items affecting comparability
| Jan-Mar | 12 months Full year |
|||
|---|---|---|---|---|
| SEK M | 2025 | 2024 | Apr-Mar | 2024 |
| Adjusted EBIT | 231 | 224 | 1,098 | 1,091 |
| Project costs, ERP | -35 | -22 | -110 | -98 |
| Termporary additional cost for new central warehouses' | -9 | -14 | -5 | |
| Restructuring costs2 | -2 | -13 | -16 | -28 |
| Transaction and integration costs related to the acquisition of Elit Polska | -0 | -17 | -17 | |
| Impairment Omnicar | - | -19 | -3 | -21 |
| Recognition of negative goodwill | 176 | 176 | ||
| lmpairment of intangible assets | -101 | -101 | ||
| Other acquisition-related items3 | -24 | -24 | -96 | -96 |
| Items affecting comparability, total | -70 | -78 | -181 | -189 |
| EBIT | 161 | 146 | 917 | 902 |
1) Costs for the central warehouse in the quarter are attributed to Norway -3 MSEK, and Poland -3 MSEK 2) Restructuring costs in the quarter are attributed to Denmark -2 MSEK
3) Other acquisition-related items pertained to amortization of acquired intangible and tangible assets.
Note 3. Investments
| Jan-Mar | 12 months | Full year | ||
|---|---|---|---|---|
| SEK M | 2025 | 2024 | Apr-Mar | 2024 |
| Denmark | 15 | 21 | ||
| Finland | 15 | 6 | 38 | 29 |
| Poland/the Baltics | 39 | 13 | 101 | 75 |
| Sweden/Norway | 20 | 25 | 80 | 85 |
| Sørensen og Balchen (Norway) | ব | 3 | 10 | த |
| Central functions | 2 | 8 | ||
| Group | 95 | 49 | 259 | 213 |
| Of which, affecting cash flow | 95 | 49 | 259 | 213 |
Investments do not include company acquisitions and business combinations and exclude leases according to IFRS 16.
Note 4. Segment reporting
| Jan-Mar | 12 months | Full year | |||
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | Apr-Mar | 2024 | |
| Net sales | |||||
| Denmark | 1 076 | 1 119 | 4 361 | 4 404 | |
| - of which external | 1 064 | 1111 | 4 308 | 4 355 | |
| - of which internal | 12 | ರಿ | 53 | 49 | |
| Finland | 336 | 371 | 1 497 | 1 532 | |
| - of which external | 330 | રૂદ્ધ | 1 459 | 1 491 | |
| - of which internal | 6 | 10 | 38 | 42 | |
| Poland/the Baltics | 1 270 | 888 | 4 729 | 4 347 | |
| - of which external | 1 269 | 888 | 4 727 | 4 346 | |
| - of which internal | 1 | O | 3 | 1 | |
| Sweden/Norway | 1664 | 1721 | 6 831 | 6 888 | |
| - of which external | 1 653 | 1 710 | 6 776 | 6 832 | |
| - of which internal | 11 | 11 | 55 | 55 | |
| Sørensen og Balchen (Norway) | 248 | 253 | 1026 | ા ૦૩ા | |
| - of which external | 244 | 247 | 1 008 | 1 012 | |
| - of which internal | 4 | ട് | 18 | 19 | |
| Eliminations and Central functions' | -33 | -32 | -157 | -156 | |
| Total net sales, Group | 4 562 | 4 320 | 18 288 | 18 046 | |
| Adjusted EBIT | |||||
| Denmark | 77 | 67 | 262 | 251 | |
| Finland | -22 | -17 | -8 | -3 | |
| Poland/the Baltics | 22 | 24 | 87 | 89 | |
| Sweden/Norway | 143 | નંડમ | 704 | 633 | |
| Sørensen og Balchen (Norway) | 35 | 38 | 173 | 176 | |
| Central functions | -25 | -20 | -119 | -115 | |
| Adjusted EBIT, Group | 231 | 224 | 1098 | 1 091 | |
| Reconciliation with profit after financial items | |||||
| ltems affecting comparability | -70 | -78 | -181 | -189 | |
| EBIT, Group | 161 | 146 | 917 | 902 | |
| Interest income | 9 | 10 | 42 | 43 | |
| Interest expenses | -79 | -75 | -294 | -290 | |
| Other financial items | -9 | -5 | -32 | -29 | |
| Profit after financial items, Group | 82 | 75 | 633 | 627 |
1) Central functions include Group-wide functions and MEKO AB.
Note 5. Financial instruments recognized at fair value in the balance sheet
MEKO's financial instruments mainly consist of accounts receivables, cash and cash equivalents, liabilities to credit institutions, derivative instrumentary purchase considerations, accounts payable and deferred liabilities. The Group's derivative instruments are measured at fair value and included in Level 2. The Group's supplementary purchase considerations are measured at fair value and included in Level 3 and as per March 31, 2025, these amounted to an immaterial amount. All other financial assets and liabilities are caried at amortized cost and carrying amounts approximates fair value, hence not split into levels according to the valuation hierarchy.
Group,s derivative instruments measured at fair value in the balance sheet
| 31 March | 31 December | ||
|---|---|---|---|
| SEK M | 2025 | 2024 | 2024 |
| FINANCIAL ASSETS | |||
| Cross-currency swaps | 23 | 7 | 14 |
| Interest-rate swaps | 1 | 5 | |
| Currency hedge | - | 5 | |
| TOTAL | 24 | 17 | 15 |
| FINANCIAL LIABILITIES | |||
| Interest-rate swaps | 10 | ব | 13 |
| Currency hedge | 13 | 0 | |
| TOTAL | 23 | 4 | 14 |
Note 6. Acquisitions completed
The Sørensen og Balchen business area completed a minor asset-transfer acquisition in Norway for a total purchase consideration of SEK 1 M as well as SEK 1 M in net identified assets. In addition, the Sweden/Norway business area completed one asset-transfer acquisition of a workshop in Sollentuna for a total purchase consideration of SEK 4 M in net identified assets.
Key ratios
| Jan-Mar | 12 months | Full year | ||
|---|---|---|---|---|
| 2025 | 2024 | Apr-Mar | 2024 | |
| Organic growth, % | -1 | 11 | 1 | 4 |
| Gross margin, % | 42.8 | 42.9 | 43.1 | 43.1 |
| Adjusted EBIT margin, % | 4.9 | 5.1 | 5.9 | 5.9 |
| EBIT margin, % | 3.4 | 3.3 | 4.9 | 4.9 |
| Net working capital, SEK M | 3,510 | 3,205 | 3,510 | 3,239 |
| Net debt, SEK M | 3,013 | 2,913 | 3,013 | 2,602 |
| Net debt/EBITDA excl. IFRS 16, multiple2 | 24 | 2.7 | 2.4 | 2.1 |
| Net debt/EBITDA incl. IFRS 16, multiple2 | 3.1 | 2.7 | 3.1 | 2.4 |
| Investments, SEK M | 95 | 49 | 259 | 213 |
| Equity/assets ratio, % | 36.3 | 39.1 | 36.3 | 39.1 |
| Return on total capital, %2 | 5.5 | 5.1 | 5.5 | 5.5 |
| Return on capital employed, %2 | 7.7 | 6.9 | 7.7 | 7.7 |
| Earnings per share before and after dilution, SEK | 0.85 | 0.92 | 7.67 | 7.74 |
| Shareholders' equity per share, SEK | 110.2 | 112.7 | 110.2 | 115.3 |
| Cash flow per share, SEK | -22 | 5.1 | 17.3 | 24.6 |
| Number of outstanding shares at the end of the period3 | 55,958,761 | 55,988,761 | 55,958,761 | 55,958,761 |
| Average number of shares during the period | 55,958,761 | 55,988,761 | 55,972,706 | 55,980,127 |
1) Total inventories, accounts receivable and other current nor-interest-bearing receivables and liabilities, excluding tax assess and liabilities as well as provisions.
2) Calculated on a rolling 12-month basis for the Apr–Mar period.
3)The total number of shares amounted to 56,416,622, of which 83,861 were treasury shares and 374,000 were secured through share swaps.
Quarterly information
| 2025 | 2024 | 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | Q 1 | Q 4 | Q 3 | Q2 | Q 1 | Q 4 | O 3 | G 2 | Q 1 | |
| Net sales | 4,562 | 4.650 | 4,396 | 4,680 | 4,320 | 4.373 | 4,124 | 4,292 | 3,973 | |
| EBIT | ાતા | 127 | 345 | 284 | 146 | 68 | 300 | 304 | 200 | |
| Adjusted EBIT | 231 | 189 | 322 | 357 | 224 | 175 | 292 | 270 | 227 | |
| Profit after financial items | 82 | 56 | 279 | 216 | 75 | 20 | 225 | 224 | 114 | |
| Profit for the period | 53 | ব | 235 | 169 | 59 | 6 | 183 | 177 | 84 | |
| EBIT margin, % | 3.4 | 27 | 74 | 6.0 | 3.3 | 1.5 | 7.1 | 6.8 | 4.9 | |
| Adjusted EBIT margin, % | 4.9 | 4 0 | 7.2 | 7.5 | 5.1 | 3.9 | 6.9 | 6.2 | 5.6 | |
| Earnings per share before and | ||||||||||
| after dilution, SEK | 0.85 | -0.07 | 4.03 | 2.86 | 0.92 | -0.07 | 3.11 | 3.03 | 1.43 |
| 2025 | 2024 | 2023 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| SEK M | Q 1 | Q 4 | Q3 | Q2 | Q 1 | Q4 | Q3 | Q2 | Q 1 |
| Net sales | |||||||||
| Denmark | 1.064 | 1,124 | 850 | 1,171 | 1,111 | 1,148 | 986 | 1,087 | 1,046 |
| Finland | 330 | 361 | 371 | 397 | 361 | 354 | 386 | 387 | 335 |
| Poland/the Baltics | 1,269 | 1,266 | 1,179 | 1.013 | 888 | 0-16 | 921 | 901 | 784 |
| Sweden/Norway | 1,653 | 1,658 | 1,649 | 1,816 | 1,710 | 1,727 | 1,589 | 1,670 | 1,593 |
| Sørensen og Balchen (Norway) | 244 | 239 | 244 | 281 | 247 | 225 | 240 | 246 | 243 |
| Central functions | 2 | 3 | 3 | 2 | 3 | 3 | 2 | 2 | 2 |
| Group | 4,562 | 4,650 | 4,396 | 4,680 | 4,320 | 4,373 | 4,124 | 4,292 | 3,973 |
| Adjusted EBIT, SEK M | |||||||||
| Denmark | 77 | 47 | 45 | 92 | 67 | કિ | 23 | 72 | 83 |
| Finland | -22 | 0 | 10 | 4 | -17 | -40 | 3 | 12 | 23 |
| Poland/the Baltics | 22 | 4 | 25 | 36 | 24 | 51 | 35 | 47 | 26 |
| Sweden/Norway | 143 | 129 | 222 | 211 | નંડન | 83 | 169 | 118 | 82 |
| Sørensen og Balchen (Norway) | 35 | 38 | 43 | કિ | 38 | 42 | 42 | 47 | 27 |
| Central functions' | -25 | -29 | -23 | -43 | -20 | -17 | -10 | -26 | -15 |
| Group | 231 | 189 | 322 | 357 | 224 | 175 | 292 | 270 | 227 |
| Adjusted EBIT Margin, % | |||||||||
| Denmark | 7.3 | 4.2 | 4.7 | 7.9 | 6.0 | 4.9 | 5.4 | 6.6 | 8.0 |
| Finland | -6.5 | 0.1 | 2.6 | 0.9 | -4.6 | -11.3 | 0.7 | 3.1 | 6.7 |
| Poland/the Baltics | 1.7 | 0.3 | 2.1 | 3.5 | 2.7 | 5.2 | 3.7 | 5.1 | 3.2 |
| Sweden/Norway | 8.3 | 7.6 | 13.2 | 11.4 | 7.6 | 4.6 | 10.3 | 6.9 | 5.1 |
| Sørensen og Balchen (Norway) | 14.1 | 15.7 | 17.6 | 19.8 | 15.3 | 18.1 | 17.4 | 18.6 | 126 |
| Group | 4.9 | 4.0 | 7.2 | 7.5 | 5.1 | 3.9 | 6.9 | 6.2 | 5.6 |
1) Central functions include Group-wide functions and MEKO AB.
Alternative performance measures
MEKO applies the Guidelines on Alternative Performance Measures issued by ESMA. An atternative performance measure is a financial measure of historical or future finance, financial position or cash flows that is not defined or specified in IFRS. The presentation of alternative performance measures is limited as an analysis tool and should not be considered independently or as a substitute for financial metrics prepared in accordance with IFRS.
MEKO believes that these performance measures provide valuable supplementary information to company management, investors and other stakeholders in evaluating the company's performance. These alternative performance measures are not always comparable with performance measures used by other companies calculate these performance measures in the same way. Management uses these alternative performance measures to evaluate operating activities compared with previous results, for internal planning and to calculate certain performance-related remuneration. MEKO uses alternative performance measures to monitor the Group's financial risk and our long-term financial goals. The alternative performance measures also provide a fair view of MEKO's performance and financial position. For relevant reconcliations of the alternative performance measures that cannot be directly read in or derived from the financial statements, refer to the tables below. The alternative performance measure Items affecting comparability is presented in Note 2. For definitions of key figures and historical reconciliations of alternative performance measures, refer the company's website www.meko.com and the 2024 Annual and Sustainability Report.
Organic net sales growth
| Sørensen og | ||||||||
|---|---|---|---|---|---|---|---|---|
| % | Poland/ | Sweden/ | Balchen | |||||
| Denmark | Finland | the Baltics | Norway | (Norway) | Group | |||
| Jan-Mar | Jan-Mar | Jan-Mar | Jan-Mar | Jan-Mar | Jan-Mar | |||
| Organic growth | -5 | -7 | ರಿ | -2 | -1 | - | ||
| Acquisitions/divestments | 33 | |||||||
| Currency | -0 | -0 | 2 | -1 | -2 | -0 | ||
| Workdays | 2 | -2 | -1 | -0 | 2 | -0 | ||
| Growth net sales | -4 | -9 | 43 | -3 | -1 | 6 |
Average number of shares
| Jan-Mar | 12 months | Full year | ||
|---|---|---|---|---|
| 2025 | 2024 | Apr-Mar | 2024 | |
| Number of shares at the end of the period | 55,958,761 55,988,761 | 55,958,761 55,958,761 | ||
| - Multiplied by the number of days unchanged during the period | 90 | ਰੀ | 263 | 173 |
| Number of shares on another date during the period | - | 56,058,761 56,058,761 | ||
| - Multiplied by the number of days of new shares during the period | 29 | 29 | ||
| Number of shares on another date during the period | - | 55,988,761 | 55,988,761 | |
| - Multiplied by the number of days of new shares during the period | 73 | 164 | ||
| - Total divided by the total number of days during the period | 90 | റ്റി | 365 | 366 |
| Average number of shares | 55.958.761 55.988.761 | 55.972.706 55.980.127 |
Shareholders' equity per share
| 31 March | 31 December | ||
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Shareholders' equity | 6,331 | 6.471 | 6.619 |
| - Less non-controlling interest share of shareholders' equity | -164 | -159 | -167 |
| Shareholders' equity attributable to parent company's shareholders | 6.168 | 6.312 | 6,452 |
| - Divided by number of shares at the end of the period | 55,958,761 | 55,988,761 | 55,958,761 |
| Shareholders' equity per share | 110.2 | 112.7 | 115.3 |
Cash flow per share
| Jan-Mar | 12 months | Full year | ||
|---|---|---|---|---|
| 2025 | 2024 | Apr-Mar | 2024 | |
| Cash flow from operating activities | -122 | 285 | 968 | 1.376 |
| - Divided by average number of shares | 55,958,761 55,988,761 | 55,972,706 55,980,127 | ||
| Cash flow per share, SEK | -2.2 | 5.1 | 17.3 | 24.6 |
EBITDA excluding IFRS 16
| Jan-Mar | 12 months | Full year | ||
|---|---|---|---|---|
| 2025 | 2024 | Apr-Mar | 2024 | |
| EBITDA | 407 | 380 | 1.989 | 1.961 |
| - Less lease expenses in accordance with IFRS 16 | -187 | -170 | -724 | -707 |
| EBITDA excluding IFRS 16 | 220 | 210 | 1,264 | 1.254 |
Net debt
| 31 March | 31 December | ||
|---|---|---|---|
| SEK M | 2025 | 2024 | 2024 |
| Long-term liabilities, interest-bearing incl. lease liability | 4,633 | 5,003 | 4,708 |
| – Less interest-bearing long-term liabilities and provisions for pensions, leases, derivatives and | |||
| similar obligations | -2,575 | -1,399 | -1,500 |
| Current liabilities, interest-bearing incl. lease liability | 1,899 | 584 | 618 |
| - Less interest-bearing current liabilities and provisions for pensions, leases, derivatives and | |||
| similar obligations | -651 | -583 | -618 |
| - Less cash and cash equivalents | -293 | -692 | -607 |
| Net debt | 3,013 | 2,913 | 2,602 |
Return on total capital
| 31 March | 31 December | ||
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Profit after financial items (rolling 12 months) | 633 | 544 | 627 |
| - Plus interest expenses (rolling 12 months) | 294 | 294 | 290 |
| Profit after financial items plus interest expenses (rolling 12 months) | 927 | 838 | ીને સિંહ જિલ્લાના એક એવા |
| - Divided by total assets, average over the past five quarters | 16.862 | 16,524 | 16,577 |
| Return on total capital, % | 5.5 | 5.1 | 5.5 |
Return on capital employed
| 31 March | 31 December | ||
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Profit after financial items (rolling 12 months) | 633 | 544 | 627 |
| - Plus interest expenses (rolling 12 months) | 294 | 294 | 290 |
| Profit after financial items plus interest expenses (rolling 12 months) | 927 | 838 | ીને જિ |
| – Divided by capital employed, average over the past five quarters | 12.047 | 12,208 | 11,830 |
| Return on capital employed, % | 7.7 | 6.9 | 7.7 |
Shareholders' equity attributable to Parent Company's shareholders
| 2024 2025 |
2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| SEK M | Q 1 | Q 4 | Q3 | Q 2 | Q 1 | Q 4 | Q3 | Q 2 | Q 1 |
| Shareholders' equity | 6.331 | 6,619 | 6.491 | 6,343 | 6,471 | 6.175 | 6.376 | 6.369 | 6.050 |
| - Less non-controlling interest share of shareholders' equity |
-164 | -167 | -156 | -148 | -159 | -137 | -130 | -126 | -127 |
| Shareholders' equity attributable to parent company's shareholders |
6,168 | 6,452 | 6,335 | 6,195 | 6,312 | 6,038 | 6,245 | 6,243 | 5,923 |
| Shareholders' equity attributable to parent company's shareholders, average over the past five quarters |
6,292 | 6,266 | 6,225 | 6,207 | 6,152 | 6,050 | 5,955 | 5,776 | 5,600 |
Total assets
| 2025 | 2024 | 2023 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| SEK M | Q 1 | Q4 | Q3 | Q2 | Q1 | Q 4 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - | Q3 | Q2 | Q 1 |
| Total assets | 17,465 | 16,911 16,934 16,448 16,553 16,040 16,728 | |||||||
| Total assets, average over the past five | |||||||||
| quarters | 16.862 | 16.577 | 16,368 |
Capital employed
| 2025 | 2024 | 2023 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| SEK M | Q 1 | Q 4 | Q 3 | Q2 | Q 1 | Q 4 | Q3 | Q2 | Q 1 |
| Total assets | 17.465 | 16,911 | 16,934 | 16,448 | 16,553 | 16,040 | 16,728 | 17,156 | 16.144 |
| - Less deferred tax liabilities | -431 | -486 | -460 | -458 | -428 | -426 | -449 | -496 | -498 |
| - Less long-term liabilities, non-interest- bearing |
-88 | -64 | -81 | -25 | -27 | -24 | -22 | -3- | -20 |
| - Less current liabilities, non-interest-bearing | -4,082 | -4.415 | -4.744 | -4,246 | -4.041 | -3,813 | -4.028 | -3,783 | -3.495 |
| Capital employed | 12,864 | 11,946 | 11,650 | 11,719 | 12,056 | 11,777 | 12,229 | 12,845 | 12,130 |
| Capital employed, average over the past five quarters |
12,047 | 11,830 | 11,886 | 12,125 | 12,208 | 12,164 | 12,125 | 11,698 | 11,173 |
Working capital
| 31 March | 31 December | ||
|---|---|---|---|
| SEK M | 2025 | 2024 | 2024 |
| Inventories | 4,905 | 4,465 | 5,078 |
| Accounts receivable | 1,720 | 1.790 | 1,278 |
| Other current non interest bearing receivables | 898 | 900 | 1,214 |
| Total Working capital assets | 7,523 | 7,154 | 7,570 |
| Accounts payable | -2.580 | -2,477 | -3,000 |
| Other current non interest bearing liabilities | -1.433 | -1.472 | -1,330 |
| Total Working capital liabilities | -4.013 | -3,949 | -4,330 |
| Working capital | 3,510 | 3,205 | 3,239 |