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Sdiptech
Interim / Quarterly Report • Jul 18, 2025
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Interim / Quarterly Report
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Interim report 1 January – 30 June 2025
Comments refer to continuing operations unless otherwise stated
SECOND QUARTER 2025
- Net sales decreased by 4% to SEK 1,228 million (1,337) which for comparable units was a decrease of -4%, excluding currency effects.
- EBITA amounted to SEK 248 million (283), corresponding to an EBITA margin of 19.2% (21.2).
- Adjusted EBITA amounted to SEK 242 million (268), corresponding to an adjusted EBITA margin of 18.8% (20.1). Organic adjusted EBITA decreased by -9%, excl. currency effects.
- Profit before tax for the quarter amounted to SEK 138 million (177). Profit after tax amounted to SEK 92 million (127) and earnings per share amounted to SEK 2.31 (3.20).
- Cash flow from operating activities amounted to SEK 121 million (196), corresponding to a cash conversion of 45% (82), primarily affected by operations with recognition of project-based sales, as well as some operations with temporary inventory build-up for upcoming large deliveries.
FIRST SIX MONTHS 2025
- Net sales amounted to SEK 2,618 million (2,620) which for comparable units was a decrease of -3%, excl. currency effects.
- EBITA amounted to SEK 503 million (540), corresponding to an EBITA margin of 19.2% (20.6).
- Adjusted EBITA amounted to SEK 493 million (520), corresponding to an adjusted EBITA margin of 18.8% (19.9). For comparable units an adjusted EBITA decrease of -8%, excluding currency effects.
- Profit before tax amounted to SEK 262 million (338), profit was affected by unrealised exchange rate differences of SEK -28 million (1) and increased interest expenses. Profit after tax amounted to SEK 165 million (237) and earnings per share amounted to SEK 4.14 (5.99).
- Cash flow from operating activities amounted to SEK 323 million (368), corresponding to a cash conversion of 58% (77).
Financial overview, continued operations
| For detailed information see Definition of alternative key figures - | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec |
|---|---|---|---|---|---|---|
| sep | 2025 | 20241 | 2025 | 20241 | 2025 | 2024 |
| Net Sales, (SEK million) | 1,288 | 1,337 | 2,618 | 2,620 | 5,164 | 5,166 |
| Adjusted EBITA, (SEK million) | 242 | 268 | 493 | 520 | 984 | 1,010 |
| EBITA, (SEK million) | 248 | 283 | 503 | 539 | 1,005 | 1,041 |
| EBIT, (SEK million) | 207 | 245 | 421 | 466 | 850 | 895 |
| Earnings for the period after tax, (SEK million) | 92 | 127 | 165 | 237 | 364 | 436 |
| Earnings per ordinary share after dilution, (SEK) | 2.31 | 3.20 | 4.14 | 5.99 | 9.15 | 11.00 |
| Adjusted EBITA-margin | 18.8% | 20.1% | 18.8% | 19.9% | 19.0% | 19.6% |
| Financial net debt/Adjusted EBITDA, multiple | 2.47 | 2.03 | 2.47 | 2.03 | 2.47 | 2.25 |
| Net debt/Adjusted EBITDA, multiple | 3.39 | 3.11 | 3.39 | 3.11 | 3.39 | 3.30 |
| Return on capital employed, % | 11.9% | 13.5% | 11.9% | 13.5% | 11.9% | 12.6% |
| Return on equity, % | 8.3% | 11.4% | 8.3% | 11.4% | 8.3% | 10.1% |
| Cash flow conversion, % | 45% | 82% | 58% | 77% | 73% | 83% |
1) Comparative figures have been updated for comparability as the Group's elevator operations from Q3 2024 are reported as discontinued operations according to IFRS 5
COMMENTS BY THE CEO
STRATEGIC INITIATIVES AND STABLE DEMAND HEADING INTO H2
The second quarter was challenging with a continued wait-and-see market and an uncertain global economy. Both net sales and profit development in adjusted EBITA decreased organically by 4 and 9 percent, respectively, excl. currency effects. This resulted in an adjusted EBITA margin of 18.8 percent. We are now implementing numerous important strategic initiatives and measures to secure good development going forward in our core business.
While several of our companies showed good growth during the quarter, others were affected by a weaker market. The general uncertainties in the world also led to customers choosing to postpone order placement until Q3. In addition, a couple of units had high comparative figures from Q2 2024. Cash flow was also weak during the quarter, mainly due to operations with recognition of project-based sales, as well as a temporary inventory build-up in a couple of companies that are facing upcoming large deliveries.
With all this said, we demand more from ourselves as an organization. As the newly appointed CEO, I have, together with the management, clarified a number of strategic initiatives and measures that will take us back to stable organic growth and increased return on capital employed.
Firstly, we are strengthening the business area organization with increased experience and knowledge of our main segments, which enables more long-term strategic work with these companies where we can identify and implement measures that over time ensure organic growth. We have already recruited a new business area manager for our largest business area, Supply Chain & Transportation. We have also begun a new recruitment process to strengthen our presence in our largest market, the UK. This is an important step to further support our companies, especially within the Energy & Electrification business area.
We have also accelerated the already communicated strategic review of our operations. This is part of our ambition to allocate capital and resources more efficiently, while allowing us to focus on the operations with the strongest long-term potential and are reflecting our strategy. As a result, we have identified a group of companies for which we intend to find new long-term owners. These companies, all acquired before Sdiptech's strategic shift in 2018/2019 and which do not meet our since then established criteria, account for approximately 15 percent of our sales, but only approximately 5 percent of our adjusted EBITA.
As of Q3, these companies will be reported separately. In connection with this, a revaluation of goodwill and other intangible assets will also be carried out. This will show a higher return on capital employed within the core business, while the result will be impacted by a non-cash one-off effect of SEK 400–500 million. We can also note that the organic development in net sales and adjusted EBITA for the core business was +0.4 and -2.8 percent, respectively, excl. currency effects for the first half of 2025. This compares with the total reported organic net sales and profit development in adjusted EBITA for the same period of -3.0 and -8.2 percent, respectively. A more detailed description of the estimated effects from this separate reporting can be found on page 7 of this report.
In parallel with the above-mentioned activities, our acquisition activities continue at a good pace, and we expect to be able to welcome new high-quality companies to the group during the second half of the year. Our target for 2025 is to acquire an annual EBITA on a rolling twelve-month basis of approximately SEK 100 million.
The core business, consisting of a well-diversified group of companies acquired based on our current strict criteria, accounts for 95 percent of our profit. These companies are well-positioned to develop steadily and create long-term value. After a challenging start to the year, we are seeing signs of recovery heading into the second half. Underlying demand is considered healthy, and several of our units enter the period with cautiously positive market outlooks.
Finally, I would like to extend a big thank you to all our dedicated employees for your commitment. As the new CEO, I look forward to leading the company together with you towards organic profit growth and increased return on capital.
Anders Mattson, President and CEO
ABOUT SDIPTECH
Sdiptech is a technology group that acquires and develops niche infrastructure companies that contributes to more sustainable, efficient and safe societies.
Strategy
Sdiptech's success is based on niche market positions, a scalable business model and long-term sustainability. We create both profitable growth and societal benefits by investing in niche infrastructure solutions with stable demand. We combine specialist expertise with the Group's collective knowledge and resources, while broadening our offering, strengthening our market presence and improving the profitability of our businesses through strategic acquisitions and operational support.
Business Model
Sdiptech's business concept is to acquire and develop market-leading niche businesses with products and services in the growing infrastructure sector. Our overall goal is to create long-term value growth by constantly evaluating new acquisition opportunities and actively developing our business units in order to drive organic growth. The strength of our business model is that we can offer secure, long-term ownership through a decentralised structure and clear, strategic, value-creating contributions. At the same time, we work with strategic development and value creation in each business unit.
Drivers
Europe's infrastructure is largely outdated and neglected. Constantly growing and increasingly complex urban areas are affected by capacity shortages. In connection with this, the demand for smart, robust and future-proof infrastructure solutions is increasing. Sdiptech is well positioned to meet this development.
Several strong societal drivers are creating long-term opportunities for Sdiptech. Three crucial factors in our favour are the quest for more sustainable, efficient and safe societies, a growing population with increased consumption, and the need to modernise and invest in outdated infrastructure. Moreover, our growth is driven by a number of important trends. These include automation, electrification and digitalisation, which are reshaping the infrastructure and boosting demand for our solutions.
Financial targets
- Organic earnings growth: To achieve an average annual organic adjusted EBITA growth of 5-10%.
- Acquired earnings growth: To acquire companies with a total EBITA of SEK 120–150 million on an annual basis.
- Capital structure: Sdiptech's long-term goal is that the Net financial liabilities as of the balance sheet date/adjusted EBITDA must not exceed 2.5 times.
- Dividend policy: Sdiptech's goal is to reinvest the remaining free cash flow back into the business in addition to an annual preference share dividend of SEK 8.00 per share.
Sustainability agenda
SALES, EARNINGS AND CASH FLOW
Comments refer to continued operations unless otherwise stated.
APRIL TO JUNE
Net sales
Net sales for the quarter amounted to SEK 1,288 million (1,283), a decrease of 4 percent compared with the corresponding period last year. Comparable units contributed SEK 1,195 million (1,298) an organic change of -4 percent excluding currency. For more detailed information, please refer to Business Areas.
Result
Operating profit, EBIT, for the quarter amounted to SEK 207 million (245). The previous year was positively impacted by a capital gain from the sale of companies of SEK +12 million. Adjusted EBITA amounted to SEK 242 million (268), corresponding to an adjusted EBITA margin of 18.8% (20.1). Adjusted EBITA in comparable units amounted to SEK 249 million (286), an organic change of -9%, excluding currency effects. Non-comparable units contributed SEK 16 million to profit for the period, and central units contributed SEK -22 million, including non-recurring items (SEK 3 million).
Net financial items amounted to SEK -69 million (-69) in line with previous year. Unrealized foreign exchange losses amounted to SEK -3 million (-2) and interest expenses totalling SEK -66 million (-67), of which SEK -15 million (-17) relates to discount rates for contingent considerations and leases.
The Group's profit after tax amounted to SEK 92 million (127). The comparison with the previous year was affected partly by the above-mentioned capital gain and partly by a higher reported tax rate during the quarter of the year due to non-deductible costs. The Group's total profit, including operations under divestment, amounted to SEK 90 million (118). The Group's operations under divestment contributed SEK -2 million (-9) to the Group's total profit.
Earnings per ordinary share amounted to SEK 2.31 (3.20). Earnings per ordinary share including operations under divestment amounted to SEK 2.26 (2.95).
Return on capital employed decreased compared with the previous year and amounted to 11.9 (13.5) percent, mainly due to higher capital employed. Return on equity was 8.3 (11.4) percent.
Earnings per share, SEK, LTM Return on capital employed, ROCE, % LTM
Sdiptech AB (publ.) | Interim Report January - June 2025 | Corp.id. no. 556672–4893
BUSINESS AREAS
Sdiptech is divided into four business areas: Supply Chain & Transportation, Energy & Electrification, Water & Bioeconomy and Safety & Security. For more information about each business area, please see: www.sdiptech.com
SUPPLY CHAIN & TRANSPORTATION
The uncertainty in the world had a somewhat negative effect on sales during the quarter, even though underlying demand in the business area is fundamentally stable. For example, customers in some units have postponed orders to the future. Profit in adjusted EBITA for the quarter decreased by 13 percent compared to last year, mainly driven by lower sales in logistics solutions, where the wait-and-see attitude from customers was most noticeable. However, some units within effective and safe transport solutions developed well. In total, the adjusted EBITA margin increased to 19.5 percent (20.2).
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| Supply chain & Transportation (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net sales | 549 | 610 | 1,090 | 1,163 | 2,198 | 2,271 |
| Adjusted EBITA | 107 | 123 | 200 | 215 | 410 | 425 |
| Adjusted EBITA margin % | 19.5% | 20.2% | 18.4% | 18.5% | 18.7% | 18.7% |
Net sales per business area Q2 2025, % Adjusted EBITA-margin % per business area
ENERGY & ELECTRIFICATION
Sales were stable compared to last year, mainly due to acquisitions. Sales increased by 4 percent. The majority of the units performed well with strong underlying markets and operational efficiencies. Global trends, especially in energy efficiency and electrification, contributed to the positive development. Due to strong performance in certain high-margin units last year, and thus high comparative figures, the business area's adjusted EBITA decreased. It also had a negative impact on the adjusted EBITA margin, which decreased to 19.2 percent (21.1).
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| Energy & Electrification (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net sales | 354 | 339 | 743 | 705 | 1,400 | 1,361 |
| Adjusted EBITA | 68 | 71 | 151 | 146 | 292 | 287 |
| Adjusted EBITA margin % | 19.2% | 21.1% | 20.3% | 20.8% | 20.9% | 21.1% |
WATER & BIOECONOMY
Sales in organic units were lower compared to last year as some units had a challenging quarter with high comparative figures. This was partly offset by acquisitions. Overall, sales decline by 11 percent. As a result of lower sales and new legislation in the UK that has led to general wage increases in personnel-intensive units, the business area's adjusted EBITA decreased by 12 percent. However, the margin was approximately the same as the same period last year, 21.8 percent (22.2).
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| Water & Bioeconomy (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net sales | 251 | 282 | 512 | 544 | 1,037 | 1,069 |
| Adjusted EBITA | 55 | 63 | 116 | 137 | 233 | 254 |
| Adjusted EBITA margin % | 21.8% | 22.2% | 22.6% | 25.2% | 22.5% | 23.8% |
SAFETY & SECURITY
Continued societal focus on safety has led to good demand in our fire protection and personal safety units. Sales increased by 26 percent compared to the previous year, where acquisitions of new companies were an important contributor. Adjusted EBITA increased by 16 percent, but since the acquisitions have a lower margin than the previous average for the business area, this meant that profit did not increase as much as sales. The adjusted EBITA margin was 25.8 percent (27.8).
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| Safety & Security (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net sales | 134 | 106 | 273 | 209 | 529 | 465 |
| Adjusted EBITA | 34 | 29 | 70 | 58 | 131 | 120 |
| Adjusted EBITA margin % | 25.8% | 27.8% | 25.5% | 27.8% | 24.8% | 25.8% |
ACQUISITIONS
Acquisitions during the quarter
No acquisitions were completed during the quarter. For more information see: www.sdiptech.com
Acquisitions LTM June 2025
| EBIT, SEK | No of | |||
|---|---|---|---|---|
| Period | Acquisition | Business area | million1 | employees |
| February 2025 | Phase 3 Connectors | Energy & Electrification | 40 | 24 |
| December 2024 | Wintex Agro ApS | Water & Bioeconomy | 8 | 13 |
| November 2024 | DadoLab Srl | Safety & Security | 10 | 15 |
| October 2024 | Eagle Automation Ltd | Safety & Security | 27 | 42 |
| Total | 85 | 94 |
1) Estimated annual EBIT and number of employees at the time of acquisition
FUTURE OTHER OPERATIONS
Sdiptech acquired and operated companies until the end of 2018/2019 based on a strategy and set of criteria that are no longer applicable today. At that time, "Sdiptech 2.0" was launched, which entailed a new focus, both in terms of business orientation and financial criteria. As part of the ambition to allocate capital more efficiently and focus on the businesses with the strongest longterm potential, a group of companies has been identified that Sdiptech intends to divest. This group of companies account for about 15% of sales in the first half of the year. From the reporting of the Group's interim report for the third quarter and onwards, these companies will be reported separately as "Other Operations". In connection, a revaluation of goodwill and other intangible assets will be made with a one-off effect of approximately approx. SEK 400-500 million, noncash impact. A detailed description, including the names of the companies included in Other Operations, will be presented in the interim report for the third quarter.
A proforma report on the Group's core business and other operations' sales, adjusted EBITA and margin follows below:
| SEK million | Net Sales Jan-Jun 2025 |
Net Sales Jan-Jun 2024 |
Adj. EBITA Jan-Jun 2025 |
Adj. EBITA Jan-Jun 2024 |
Adj. EBITA % Jan-Jun 2025 |
Adj. EBITA % Jan-Jun 2024 |
|---|---|---|---|---|---|---|
| Supply Chain & Transportation | 1,056 | 1,047 | 197 | 210 | 18.7% | 20.1% |
| Energy & Electrification | 543 | 509 | 146 | 124 | 27.0% | 24.4% |
| Water & Bioeconomy | 445 | 431 | 113 | 117 | 25.3% | 27.3% |
| Safety & Security | 214 | 132 | 65 | 51 | 30.4% | 38.7% |
| Core operations | 2,258 | 2,119 | 521 | 503 | 23.1% | 23.7% |
| Org growth excl. currency effects | 0.4% | -2.8% | ||||
| Central costs* | -40 | -36 | ||||
| Core operations incl. central cost | 2,258 | 2,119 | 481 | 467 | 21.3% | 22.0% |
| Other operations | 360 | 501 | 15 | 53 | 4.2% | 10.6% |
| Reported Q2 | ||||||
| One-off costs | -3 | |||||
| TOTAL | 2,618 | 2,620 | 493 | 520 | 18.8% | 19.8% |
| Discontinued operations (Metus) | 104 | 107 | 1 | -7 |
* Excluding one-off costs
BALANCE SHEET AND CASH FLOW
Comments refer to continuing operations unless otherwise stated.
FINANCIAL POSITION APRIL TO JUNE
Cash Flow
Cash flow from operating activities after changes in working capital was SEK 121 million (196), while cash flow generation during the period was 45 percent (82).
Cash flow for the period is affected by a build-up of inventory in some of the Group's operations with temporary inventory build-up for upcoming large deliveries and operations that revenue recognise project-based sales. In addition, the cash flow was charged by final payments for corporate tax for 2024 of SEK -24 million.
Cash flow from investing activities amounted to SEK -287 million (-129) of which adjustment of contingent purchase prices during the period amounted to SEK -225 million (-62). Investments in intangible and property, plant and equipment amounted to SEK -49 million (-60). Cash flow from financing activities amounted to SEK 213 million (-77), of which net borrowing amounted to SEK 242 million (-51).
Cash flow from the Group's operations under divestment amounted to SEK -3 million (-1).
Cash flow from operating activities and cash generation %, RTM
Liabilities
The net debt/equity ratio at the balance sheet date was 3.39 (3.11), impacted by acquisitions made since the previous year, as well as lower earnings. Net financial debt, excluding contingent purchase price liabilities, amounted to SEK 2.47 (2.03), mainly impacted by contingent considerations payments.
Financing
A new loan agreement was signed during the period on more favourable terms for refinancing of existing loans and an increase in the credit line from SEK 2,850 million to SEK 3,800 million. The agreement runs for three years with the possibility of a two-year extension and entails, among other things, greater credit capacity and an additional creditor. The new agreement will support the Group's growth strategy.
The Group's total utilized credit volume as of June 30, 2025, within the total credit facility with our lenders of SEK 3,800 million, amounted to a total of approximately SEK 2,325 million. Together with the Group's cash and cash equivalents of SEK 561 million, there is approximately SEK 1,994 million in available funds for future payments. In addition, the Group has an outstanding sustainability-linked bond of SEK 800 million, maturing in August 2027.
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| (SEK million) | 30 Jun | 30 Jun | 31 Dec |
| Liabilities to credit institutions | 2,359 | 1,869 | 1,910 |
| Bond liabilitites | 800 | 600 | 811 |
| Leases | 354 | 361 | 393 |
| Contingent considerations | 901 | 794 | 910 |
| Other non-current liabilities | 3 | 2 | 4 |
| Total non-current interest-bearing liabilities | 4,417 | 3,625 | 4,027 |
| Liabilities to credit institutions | 8 | 8 | 10 |
| Leases | 115 | 103 | 120 |
| Contingent considerations | 229 | 555 | 406 |
| Other current liabilities | 1 | 1 | 1 |
| Total current interest-bearing liabilities | 353 | 667 | 537 |
Contingent considerations are tied to terms and conditions based on the acquired company's performance for a specific period after the acquisition. These are classified according to Level 3 of the fair value hierarchy where liabilities are recognized at the present value of the expected outflows based on the estimated fair value at the balance sheet date.
| 2025 | 2024 | 2024 | ||
|---|---|---|---|---|
| Contingent considerations (SEK million) | 30 Jun | 30 Jun | 31 Dec | |
| Opening balance of the year | 1,316 | 1,193 | 1,193 | |
| Acquisitions | 71 | 169 | 281 | |
| Paid considerations realting to previous acquisitions | -227 | -82 | -288 | |
| Interest expense (discount on present value calc.) | 25 | 26 | 50 | |
| Re-valuation via operating profit | 4 | 8 | 5 | |
| Exchange differences | -58 | 35 | 73 | |
| Carrying amount at period end | 1,131 | 1,349 | 1,316 | |
| Repayment periods, contractual values (non | Year | Year | Year | After year |
| discounted) as of 30 June 2025 (SEK million) | 2025 | 2026-2027 | 2028-2029 | 2029 |
| Contingent considerations | 155 | 526 | 343 | 85 |
Total net debt, LTM Financial net debt, LTM
January – June in short
Comments refer to continuing operations unless otherwise stated.
JANUARY - JUNE
Net Sales
Net sales for the period amounted to SEK 2,618 million (2,620). Comparable units contributed SEK 2,423 million (2,604), corresponding to an organic change of -3 percent excluding currency. For more detailed information, please refer to Business Areas.
Result
Operating profit EBIT amounted to SEK 421 million (466). Adjusted EBITA amounted to SEK 493 million (520), corresponding to an adjusted EBITA margin of 18.8% (19.9). Adjusted EBITA in comparable units amounted to SEK 503 million (555), an organic change of -8%, excluding currency effects. Non-comparable units contributed SEK 33 million to profit for the period, and central units contributed SEK -43 million including non-recurring items (SEK 3 million).
Net financial items amounted to SEK -159 million (-128), including unrealized foreign exchange losses of SEK -28 million (1) and increased interest expenses totaling SEK -133 million (-129), of which SEK -33 million (-34) related to discount rates for contingent purchase prices and leases.
The Group's profit after tax amounted to SEK 165 million (237). The Group's total profit, including operations under divestment, amounted to SEK 161 million (224). The Group's operations under divestment contributed SEK -4 million (-13) to the Group's total profit.
Earnings per ordinary share amounted to SEK 4.14 (5.99). Earnings per ordinary share including operations under divestment amounted to SEK 4.03 (5.66).
Cash Flow
Cash flow from operating activities after changes in working capital was SEK 323 million (368), while cash flow generation during the period amounted to 58 percent (77).
Cash flow for the period was affected by a build-up of inventory in the Group's operations that have seasonal sales and operations that are processed by project-based sales.
Cash flow from investing activities amounted to SEK -555 M (-493). Cash flow is primarily linked to acquisitions and during the period amounts to new acquisitions of SEK -244 M (-327) and settlement of contingent purchase prices, which amounted to SEK -227 M (-82). Investments in intangible and property, plant and equipment amounted to SEK -84 M (-101). Cash flow from financing activities amounted to SEK 374 M (-23), of which net borrowing amounted to SEK 432 M (33).
Cash flow from the Group's operations under divestment amounted to SEK -4 million (1).
PARENT COMPANY, RISK AND OTHER EVENTS
Parent company and central units
Central units consist of the Group's parent company Sdiptech AB and the Group's holding company. The Parent Company's revenues consist of an intra-group invoiced management fee, directed to the subsidiaries for the Parent Company's services. The costs consist of expenses for central functions such as management, acquisition teams, group finances and other central functions. In addition, the quarter was impacted by non-recurring items that are mainly related to staff departures.
Discontinued Operations
During the third quarter 2024, it was decided to initiate a process for the divestment of the Group's unit for the manufacture of special elevators, installation and elevator service in Central Europe. The unit is reported separately from the third quarter of 2024 and for all comparable periods and is presented in the row Discontinued Operations.
Personnel
The number of employees in remaining units at the end of the period was 2,156 (2,093) at the end of the period. Completed acquisitions in the past twelve months have increased the number of employees by 96. The number of employees in operations under divestment amounts to 269 (266).
Incentive program
At the 2025 Annual General Meeting, it was resolved on a new incentive program for managers and senior executives in the form of warrants for shares of series B. The program comprises 650,000 warrants divided into two series maturing in 2028 and 2029, respectively, with subscription prices of SEK 268.30 per share, and SEK 281.70 respectively. The warrants have not yet been subscribed.
In addition, there is an incentive program resolved by the 2023 Annual General Meeting based on warrants. As of June 30, 305,150 warrants of series 2023/2026 were outstanding. The subscription price for new Class B shares that can be subscribed for by virtue of these warrants amounts to SEK 326.40 per share.
At the 2024 Annual General Meeting, an incentive program in the form of a long-term performance-based share program was resolved. The program runs over three years and is related to the Group's adjusted EBITA growth per average outstanding ordinary share. The program comprises a maximum of 30,000 saving shares that provide the opportunity to receive up to three Class B shares (Performance Shares) free of charge if certain conditions are met. For information about the program and about previous years' incentive programs, please refer to the Annual Report 2024.
Financial risks and uncertainties
With more than 40 companies, the Group's operations are spread across several industries and geographies, and exposure to individual customers and suppliers is also limited. This limits business and financial risks. For a description of the Group's material risk and uncertainty factors, please refer to the detailed description in the Annual Report for 2024. We are seeing some impact from the recent escalation of trade barriers and geopolitical unrest. We are following developments closely to ensure that we conduct our operations in the best possible way based on the prevailing conditions.
Related party transactions
There are no significant related party transactions within the Group.
Other significant events
The Annual Report for 2024 was published on April 15, 2025. The 2025 Annual General Meeting was held on 19 May 2025. Minutes from the Annual General Meeting are available on the company's website. On May 5, 2025, Peter Helsing started as the new Head of M&A at Sdiptech. The Board of Directors appointed Anders Mattson as the new CEO of Sdiptech as of June 1, 2025. In connection with this, Bengt Lejdström returned to the role of CFO. On June 4, 2025, Sdiptech also announced that Daniel Unge had been recruited as Head of Supply Chain & Transportation. Daniel will take up his role on August 25, 2025.
Events after the end of the reporting period
On July 2, the Board of Directors decided that a group of companies that account for approximately 5% of Sdiptech's total profit is intended to be divested. From Q3 onwards, the companies will be reported separately as "Other Operations" and in connection with this, a revaluation of goodwill and other intangible assets will also be carried out that will not affect the cash flow, but the earnings with a one-off effect of approximately SEK 400-500 million. A detailed description, including the names of the companies included in Other Operations, will be presented in the interim report for the third quarter.
Consolidated income statement in summary
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| Continued operations (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net Sales | 1,288 | 1,337 | 2,618 | 2,620 | 5,164 | 5,166 |
| Other operating income | 9 | 23 | 17 | 34 | 37 | 54 |
| Total income | 1,298 | 1,360 | 2,635 | 2,654 | 5,202 | 5,220 |
| Operating expenses | ||||||
| Materials, contracting and subcontracting | -501 | -543 | -1,037 | -1,063 | -2,040 | -2,067 |
| Other external expenses | -124 | -113 | -243 | -228 | -485 | -469 |
| Employee expenses | -376 | -371 | -753 | -727 | -1,471 | -1,445 |
| Depreciation of tangible and intangible assets1 | -89 | -88 | -181 | -170 | -356 | -344 |
| Operating profit | 207 | 245 | 421 | 466 | 850 | 895 |
| Finance net | -69 | -69 | -159 | -128 | -291 | -260 |
| Earning before tax | 138 | 177 | 262 | 338 | 559 | 635 |
| Tax | -46 | -50 | -96 | -101 | -195 | -200 |
| Earnings after tax from continued operations | 92 | 127 | 165 | 237 | 364 | 436 |
| Profit/loss from discontinued operations | -2 | -9 | -4 | -13 | -70 | -79 |
| Total Profit for the period | 90 | 118 | 161 | 224 | 294 | 357 |
| 1 Operating profit includes: | ||||||
| Amortisation of intangible assets related to acquisitions | -28 | -26 | -56 | -50 | -111 | -105 |
| Profit attributable to continued operations: | ||||||
| Continued operations, Parent Company's shareholders | 91 | 125 | 164 | 235 | 291 | 432 |
| Discontinued operations, Parent Company's | ||||||
| shareholders | -2 | -9 | -4 | -13 | -70 | -79 |
| Continued operations, non-controlling interests | 1 | 2 | 1 | 3 | 2 | 4 |
| Earnings per share | ||||||
| Earnings per share, continued operations | 2.31 | 3.20 | 4.14 | 5.99 | 9.15 | 11.00 |
| Earnings per share, incl. discontinued operations | 2.26 | 2.95 | 4.03 | 5.66 | 7.30 | 8.93 |
| Adjusted EBITA | 242 | 268 | 493 | 521 | 984 | 1,010 |
| Average number of ordinary shares | 37,991,938 | 37, 991,938 | 37,991,938 | 37,991,938 | 37,991,938 | 37,991,938 |
| Number of ordinary shares at the end of the period | 37, 991,938 | 37,991,938 | 37,991,938 | 37,991,938 | 37,991,938 | 37,991,938 |
Consolidated report of comprehensive income
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Profit for the period | 90 | 118 | 161 | 224 | 294 | 357 |
| Other comprehensive income | ||||||
| Changes in accumulated translation differences | 49 | -26 | -144 | 98 | -89 | 154 |
| Total comprehensive income | 139 | 92 | 17 | 322 | 205 | 511 |
| Attributable to: | ||||||
| Parent company's shareholders | 138 | 90 | 16 | 322 | 201 | 507 |
| Non-controlling interest | 1 | 2 | 1 | 1 | 4 | 4 |
Condensed consolidated balance sheet
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| (SEK million) | 30 Jun | 30 Jun | 31 Dec |
| Assets | |||
| Goodwill | 5,361 | 5,014 | 5,357 |
| Other intangible assets | 1,450 | 1,370 | 1,493 |
| Property, plant and equipment | 482 | 460 | 504 |
| Right-of-use assets | 457 | 458 | 503 |
| Other non-current assets | 18 | 18 | 15 |
| Inventories | 790 | 731 | 733 |
| Trade receivable | 925 | 946 | 981 |
| Other receivables | 383 | 294 | 296 |
| Cash and cash equivalents | 562 | 413 | 435 |
| Assets held for sale | 117 | 180 | 125 |
| Total assets | 10,544 | 9,884 | 10,441 |
| Equity and liabilities | |||
| Equity | 4,461 | 4,273 | 4,451 |
| Non-current interest-bearing long-term liabilities | 4,417 | 3,625 | 4,027 |
| Non-current non-interest-bearing long-term liabilities | 344 | 335 | 358 |
| Current interest-bearing liabilities | 353 | 668 | 537 |
| Trade payables | 402 | 416 | 365 |
| Current liabilities | 488 | 505 | 618 |
| Liabilities held for sale | 78 | 63 | 85 |
| Total equity and liabilities | 10,544 | 9,884 | 10,441 |
Condensed consolidated statement of changes in equity
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Opening equity | 4,327 | 4,185 | 4,451 | 3,957 | 4,185 | 3,957 |
| Profit for the period | 90 | 118 | 161 | 224 | 294 | 357 |
| Other comprehensive income for the period | 49 | -26 | -144 | 98 | -89 | 154 |
| Total income for the period | 139 | 92 | 17 | 322 | 205 | 511 |
| Shareholder transactions | ||||||
| Dividend to preference shareholders | -4 | -4 | -7 | -7 | -14 | -14 |
| Dividend to non-controlling interests | - | - | - | - | -4 | -4 |
| Share-based remuneration | -1 | - | 0 | - | 3 | 2 |
| Closing equity | 4,461 | 4,273 | 4,461 | 4,273 | 4,327 | 4,451 |
| 2025 | 2024 | 2024 | ||||
| Equity attributable to | 30 jun | 30 jun | 31 dec | |||
| Parent Company shareholders | 4,454 | 4,265 | 4,445 | |||
| Non-controlling interests | 7 | 5 | 6 |
Condensed consolidated cash flow
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| Continued operations (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Earnings before tax | 139 | 177 | 334 | 339 | 630 | 635 |
| Noncash items1) | 132 | 62 | 222 | 138 | 443 | 359 |
| Paid tax | -64 | -47 | -151 | -104 | -243 | -196 |
| Cash flow from operations before change in working capital | 207 | 192 | 405 | 373 | 830 | 798 |
| Change in working capital | ||||||
| Increase(-)/decrease(+) in stock | -46 | -5 | -51 | -8 | -25 | 18 |
| Increase(-)/decrease(+) in operating receivables | -28 | 2 | -27 | -30 | -9 | -12 |
| Increase(-)/decrease(+) in operating liabilities | -11 | 7 | -4 | 33 | -18 | 19 |
| Cash flow from operating activities | 121 | 196 | 323 | 368 | 778 | 823 |
| Investing activities | ||||||
| Acquisitions of subsidiaries | -14 | -24 | -244 | -327 | -497 | -580 |
| Acquisitions of subsidiaries, paid contingent considerations | -225 | -62 | -227 | -82 | -433 | -288 |
| Disinvestments of subsidiaries | - | 17 | - | 17 | - | 17 |
| Net capital expenditures in non-current assets | -49 | -60 | -84 | -101 | -210 | -227 |
| Cash flow from investing activities | -287 | -129 | -555 | -493 | -1 140 | -1 078 |
| Financing activities | ||||||
| Borrowings/repayment of borrowings, net | 242 | -51 | 432 | 33 | 640 | 241 |
| Repayment of lease liabilities | -26 | -23 | -51 | -49 | -108 | -106 |
| Dividend paid | -4 | -4 | -7 | -7 | -18 | -18 |
| Cash flow from financing activities | 213 | -77 | 374 | -23 | 514 | 117 |
| Cash flow for the period | 46 | -10 | 142 | -148 | 152 | -138 |
| Cash and cash equivalents at beginning of the period | 513 | 426 | 439 | 550 | 413 | 550 |
| Exchange rate difference in cash and cash equivalents | 2 | -3 | -21 | 11 | -9 | 23 |
| Cash and cash equivalents at end of period | 561 | 413 | 560 | 413 | 556 | 435 |
| Cash and cash equivalents at end of period, discontinued | 9 | 9 | 9 | 10 | 9 | 11 |
| operations |
1) Adjustment for items included in profit or loss after financial items but which are not cash flow affecting consists substantially of depreciation and amortization, unrealized exchange gains/losses and revaluation of. contingent considerations
Parent company condensed income statement
| (SEK million) | Apr-Jun 2025 |
Apr-Jun 2024 |
Jan-Jun 2025 |
Jan-Jun 2024 |
LTM Jun 2025 |
Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Net sales | 8 | 7 | 17 | 14 | 30 | 28 |
| Total income | 8 | 7 | 17 | 14 | 30 | 28 |
| Operating expenses | ||||||
| Other external expenses | -7 | -5 | -12 | -10 | -22 | -20 |
| Employee expenses | -17 | -18 | -38 | -34 | -74 | -70 |
| Depreciation of tangible and intangible assets | 0 | 0 | 0 | 0 | -1 | -1 |
| Operating profit | -16 | -16 | -34 | -30 | -66 | -62 |
| Financial net | -2 | -14 | -42 | -7 | -47 | -12 |
| Profit/loss after financial items | -18 | -30 | -76 | -37 | -113 | -74 |
| Group contributions received | - | - | - | - | 81 | 81 |
| Profit/loss for the period | -18 | -30 | -76 | -37 | -32 | 7 |
Parent company condensed balance sheet
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| (SEK million) | 30 Jun | 30 Jun | 31 dec |
| Intangible assets | 1 | - | - |
| Tangible assets | 1 | 1 | 1 |
| Financial assets | 2,934 | 2,499 | 2,958 |
| Current receivables | 1,064 | 1,505 | 1,288 |
| Cash and cash equivalents | 11 | 13 | 13 |
| Total assets | 4,010 | 4,019 | 4,260 |
| Equity | 2,232 | 2,275 | 2,314 |
| Long-term interest-bearing liabilities | 1,515 | 1,214 | 1,538 |
| Short-term liabilities | 263 | 530 | 407 |
| Total equity and liabilities | 4,010 | 4,019 | 4,260 |
Key figures and financial information
| Financial overview, continued operations | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|
| Net sales, (SEK million) | 1,288 | 1,330 | 1,336 | 1,210 | 1,337 |
| Sales growth compared to previous year, % | -4% | 4% | 3% | 7% | 18% |
| EBITDA (SEK million) | 296 | 306 | 317 | 286 | 334 |
| Adjusted EBITDA, (SEK million) | 303 | 315 | 323 | 287 | 330 |
| EBITA, (SEK million) | 248 | 255 | 265 | 238 | 282 |
| Adjusted EBITA (SEK million) | 242 | 251 | 260 | 231 | 267 |
| Adjusted EBITA margin, % | 18.8% | 18.9% | 19.5% | 19.1% | 20.1% |
| EBIT, (SEK million) | 207 | 214 | 226 | 203 | 245 |
| Profit for the year from continuing operations, (SEK million) | 92 | 74 | 108 | 91 | 127 |
| Profit for the year after deduction of minority | |||||
| interests (SEK million) | 91 | 73 | 107 | 90 | 125 |
| Capital employed, closing balance, (SEK million) | 8,624 | 8,479 | 8,580 | 8,138 | 8,152 |
| Capital employed, average (SEK million) | 8,456 | 8,337 | 8,257 | 7,975 | 7,846 |
| Return on capital employed (ROCE), % | 11.9% | 12.5% | 12.6% | 12.9% | 13.4% |
| Equity, average adjusted for preference shares (SEK million) | 4,206 | 4,159 | 4,123 | 4,000 | 3,914 |
| Return on equity, % | 8.3% | 9.2% | 10.1% | 10.2% | 11.4% |
| Interest-bearing liabilities, closing balance (SEK million) | 4,163 | 4,153 | 4,129 | 3,828 | 3,879 |
| Net debt/Adjusted EBITDA, times | 3.39 | 3.31 | 3.30 | 3.08 | 3.13 |
| Interest-bearing liabilities to credit institutions, incl. leases | 3,033 | 2,820 | 2,813 | 2,597 | 2,530 |
| Financial net debt/Adjusted EBITDA, times | 2.47 | 2.25 | 2.25 | 2.09 | 2.03 |
| Equity capital including minority interests | 4,461 | 4,327 | 4,451 | 4,310 | 4,272 |
| Equity capital, attributed to parent | 4,454 | 4,320 | 4,445 | 4,304 | 4,265 |
| Equity/assets ratio, % | 42% | 42% | 43% | 44% | 44% |
| Cash flow generation, % | 45% | 74% | 109% | 67% | 82% |
| Number of employees at the end of the period | 2,156 | 2,185 | 2,169 | 2,095 | 2,093 |
| Attributable to Parent Company shareholders | |||||
| Key figures per share | |||||
| Earnings per ordinary share (SEK) | 2.30 | 1.83 | 2.72 | 2.28 | 3.20 |
| Equity per share, (SEK) | 11.72 | 11.37 | 11.70 | 11.33 | 11.23 |
| Cash flow from operating activities per share, (SEK) | 5.45 | 3.82 | 7.95 | 5.21 | 4.97 |
| Free operating cash flow per share, (SEK) | 4.16 | 2.79 | 6.16 | 3.68 | 3.40 |
| Average number of ordinary shares, '000 | 37,992 | 37,992 | 37,992 | 37,992 | 37,992 |
| Number of shares, closing balance '000 | 37,992 | 37,992 | 37,992 | 37,992 | 37,992 |
| Number of preference shares, '000 | 1,750 | 1,750 | 1,750 | 1,750 | 1,750 |
Accounting principles
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (EU). This interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions in the Annual Accounts Act. The Interim Report for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act, which is in accordance with the provisions of RFR 2 Accounting for Legal Entities.
The same accounting principles and calculation bases have been applied for the Group and the Parent Company as in the preparation of the most recent annual report for the 2024 financial year. As a result of rounding off, differences in summaries may appear in the interim report.
New and amended standards for the financial year 2025
New or amended IFRS are not expected to have any significant effects.
Key estimates and assessments
Estimates and judgments are evaluated on an ongoing basis and are based on historical experience and other factors, including expectations of future events that are considered reasonable under current conditions. For more detailed information, please refer to Note 1 in the Annual Report 2024.
Business Segment information
Sdiptech reports the results from operations in four segments: Supply Chain & Transportation, Energy & Electrification, Water & Bioeconomy and Safety & Security.
Key estimates and assessments
During the third quarter 2024, it was decided to initiate a sale of the Group's unit for the manufacture of special elevators, installation and elevator service in Central Europe. The unit is reported separately as of the third quarter of 2024 and for all comparable periods under the line Operations under divestment in accordance with IFRS 5.
Segment information Group
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| Net Sales (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Supply Chain & Transportation | 549 | 610 | 1,090 | 1,163 | 2,198 | 2,271 |
| Energy & Electrification | 354 | 339 | 743 | 705 | 1,400 | 1,361 |
| Water & Bioeconomy | 251 | 282 | 512 | 544 | 1,037 | 1,069 |
| Safety & Security | 134 | 106 | 273 | 209 | 529 | 465 |
| Net Sales | 1,288 | 1,337 | 2,618 | 2,620 | 5,164 | 5,166 |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| Adjusted EBITA (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Supply Chain & Transportation | 107 | 123 | 200 | 215 | 410 | 425 |
| Energy & Electrification | 68 | 71 | 151 | 146 | 292 | 287 |
| Water & Bioeconomy | 55 | 63 | 116 | 137 | 233 | 254 |
| Safety & Security | 34 | 29 | 70 | 58 | 131 | 120 |
| Total units | 264 | 287 | 537 | 557 | 1,066 | 1,086 |
| Central units | -22 | -19 | -43 | -36 | -82 | -75 |
| Total adjusted EBITA | 242 | 268 | 493 | 520 | 984 | 1,010 |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| Adjusted EBITA-margin (%) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Supply Chain & Transportation | 19.5% | 20.2% | 18.4% | 18.5% | 18.6% | 18.7% |
| Energy & Electrification | 19.2% | 21.1% | 20.3% | 20.8% | 20.9% | 21.1% |
| Water & Bioeconomy | 21.8% | 22.2% | 22.6% | 25.2% | 22.5% | 23.8% |
| Safety & Security | 25.8% | 27.8% | 25.5% | 27.8% | 24.8% | 25.8% |
| Total adjusted EBITA-margin % | 20.5% | 21.4% | 20.5% | 21.2% | 20.7% | 21.0% |
| Total adjusted EBITA-margin incl central units | 18.8% | 20.1% | 18.8% | 19.9% | 19.0% | 19.6% |
Geographical distribution of Net Sales
Over the years, Sdiptech has acquired units outside Sweden; in Norway, Finland, the United Kingdom, Croatia (with significant operations in Germany), the Netherlands, Italy and Denmark. The Group's business units have customers mainly locally and regionally in their respective geographies, but exports also occur. Sales of own products have increased from 32 to 64 percent during the period full year 2020 to RTM June 2025. The net sales of service and installation as of 2022 are mainly related to own products.
The group's Net sales by geography, LTM The group's Net sales by revenue type, LTM
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| Timing of revenue recognition (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Sales direct | 1,225 | 1,195 | 2,437 | 2,345 | 4,614 | 4,523 |
| Sales, over time | 64 | 142 | 181 | 264 | 558 | 642 |
| Total Net Sales | 1,288 | 1,337 | 2,618 | 2,620 | 5,164 | 5,166 |
Discontinued Operations
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| Profit (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net Sales | 52 | 55 | 104 | 107 | 203 | 206 |
| Operating profit | 1 | -7 | 1 | -8 | -58 | -68 |
| Profit before tax | -2 | -9 | -3 | -13 | -67 | -76 |
| Income tax | 0 | 0 | -1 | 0 | -3 | -2 |
| Profit for the period | -2 | -9 | -4 | -13 | -70 | -79 |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
| Cash flow SEK (million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Cash flow from operating activities, net | -4 | 1 | 3 | -3 | -12 | -18 |
| Cash flow from investing activities, net | 0 | 0 | 1 | -3 | 3 | -1 |
| Cash flow from financing activities, net | 1 | -2 | -8 | 7 | 8 | 23 |
| Total cashflow | -3 | -1 | -4 | 1 | -1 | 4 |
| 2025 | 2024 | 2024 | ||||
| Balance sheet (SEK million) | 30 Jun | 30 Jun | 31 dec | |||
| Intangible assets | 27 | 57 | 27 | |||
| Property, plants and equipment | 15 | 21 | 18 | |||
| Right-of-use assets | 6 | 6 | 7 | |||
| Financial assets | 1 | 1 | ||||
| Inventories | 0 13 |
17 | 14 | |||
| Trade receivables | 29 | 38 | 34 | |||
| Other current receivables | 17 | 31 | 13 | |||
| Cash and cash equivalents | 9 | 9 | 11 | |||
| Total assets | 117 | 180 | 125 | |||
| Non-current interest-bearing liabilities | 14 | 20 | 16 | |||
| Non-current non-interest-bearing liabilities | 3 | 1 | 3 | |||
| Current interest-bearing liabilities | 21 | 14 | 27 | |||
| Current non-interest-bearing liabilities | 40 | 45 | 38 | |||
| Total liabilities | 78 | 80 | 85 |
Business acquisitions
| PRELIMINARY ACQUISITION ANALYSIS, regarding | Fair Value | ||
|---|---|---|---|
| acquisitions during January to June 2025 | Carrying amount | adjustment | Fair value |
| (SEK million) | Total | ||
| Goodwill | - | 201 | 201 |
| Brand and trademark, IPR, Customer relations | - | 71 | 71 |
| Intangible non-current assets | - | - | - |
| Property, plant and equipment | 1 | - | 1 |
| Right of use assets | 2 | - | 2 |
| Inventories and work in progress | 37 | - | 37 |
| Cash and cash equivalents | 38 | - | 38 |
| Other current assets | 38 | - | 38 |
| Deferred tax liability | - | -18 | -18 |
| Other non-current liabilities | -2 | - | -2 |
| Other current liabilities | -18 | - | -18 |
| Total | 96 | 254 | 350 |
| Contribution of the acquired entities to Group turnover and profit (SEK million) | Total | ||
| Acquired units' contribution to the Group's turnover | 69 | ||
| Acquired units' contribution to the Group's profit before tax | 18 | ||
| Cash flow of acquisitions | Total | ||
| Purchase price, incl. contingent consideration | -350 | ||
| Purchase price not paid | 72 | ||
| Cash and cash equivalents acquired | 38 | ||
| Payments pertaining to previous year's acquisitions | -227 | ||
| Total cash flow impact | -467 |
During the first six months of the year, Sdiptech AB (publ) has acquired all shares in Phase 3 Connectors Ltd (Phase 3). The company designs, manufactures and supplies high-quality single-pole power connectors for the industrial and event sectors, meeting the highest standards of safety and performance both in the UK and internationally. In addition, two smaller add-on acquisitions have been made through Sdiptech's subsidiary Certus and of Kemi-tech. For more information see: www.sdiptech.com
If the acquired units for the period had been consolidated as of 1 January 2025, Net sales from January to June would have amounted to approximately SEK 2,633 million and adjusted EBITA would have amounted to approximately SEK 497 million.
Acquisition accounting
The acquisition analysis is preliminary. The acquisition analysis is kept open for 12 months from the date of entry. For more information, see the Group's Annual Report 2024, Note 3.
Transaction costs for acquisitions are expensed during the periods in which they occur, and the services are performed. These costs. together with costs for divestments. are recognized in the income statement under the item "Other external costs". Acquisition costs for the period January to June 2025 amounted to SEK 9 million (8).
Goodwill corresponding to SEK 201 million resulting from the transactions and is based on several factors, which can largely be attributed to synergy effects, employees and market shares for the acquired companies.
During the quarter, payment for contingent considerations were settled in an amount of SEK 225 million, for the first six months of the year SEK 227 million.
Dividends
In March 2015, 1,750,000 preference shares were issued with an issue price of SEK 100 per share. Dividend amounts to SEK 8 per year, divided into quarterly payments. Redemption price is SEK 120 during 0-24 months after the exhibition, SEK 110 during month 25-48, and SEK 105 thereafter. Dividends on preference shares require a general meeting resolution, but redemption can be decided by the board according to the articles of association. The holders of the preference shares have no right to demand redemption or demand a dividend. The dividend on preference shares is regulated in the Articles of Association. The dividend amounts to SEK 14.0 million annually, divided into SEK 3.5 million per quarter, with payment in March, June, September and December.
Definitions alternative performance measures
Sdiptech presents alternative financial ratios in addition to the financial ratios established by IFRS to better understand the development of the business and the financial position. However, such ratios shall not be considered as a substitute for the key ratios required under IFRS. The alternative key figures presented in this report are described below.
Adjusted EBITA
Adjusted EBITA is the Group's operational performance measure and is calculated as EBITA adjusted for acquisition and divestment costs, earnings from revaluation of contingent considerations, capital gains on disposals, items affecting comparability relating to non-material corrections of previous years in the subsidiaries and depreciation and amortisation that are not acquisition-related but derive from the operating units' intangible assets. The KPI facilitates comparisons of EBITA over time by excluding the impact from items affecting comparability. It is also used internally as a central financial goal for the business.
Adjusted EBITA-margin
Adjusted EBITA in relation to net sales.
EBITDA
Operating profit before depreciation and amortization.
Adjusted EBITDA
Adjusted EBITDA is calculated as EBITDA adjusted for acquisition and divestment costs, profit from revaluation of contingent considerations, capital gains on disposals, items affecting comparability relating to non-material corrections of previous years in the subsidiaries.
EBITA
Operating profit after depreciation of property, plant and equipment before impairment.
The key figure enables comparisons of profitability over time, regardless of depreciation and amortisation of acquisition-related intangible assets, as well as regardless of the corporate tax rate and the company's financing structure. However, depreciation of tangible assets is included, which is a measure of the resource consumption necessary to generate the result.
Financial net debt/Adjusted EBITDA
Calculated as net financial debt at the balance sheet date, including liabilities to credit institutions, outstanding bonds and lease liabilities (mainly discounted leases), in relation to adjusted EBITDA for the last four quarters. Net financial debt includes current and long-term interest-bearing liabilities less cash like items, but excludes liabilities related to contingent considerations on acquisitions.
Net debt/Adjusted EBITDA
Calculated as net debt at the balance sheet date in relation to adjusted EBITDA for the last four quarters. Net debt includes current and long-term interest-bearing liabilities, less cash like items. Certain interest-bearing liabilities relate to contingent considerations on acquisitions, which are settled after the end of the vesting period depending on earnings developments. In order for the debt to be settled to its full book value, a higher level of profit and loss is required than the current
Capital employed
Calculated as average equity and net debt for the last four quarters, less cash-like items and short-term investments.
Return on capital employed (ROCE)
Calculated as EBITA for the last four quarters in relation to average capital employed at the time of the year-end.
Return on equity
Calculated as average profit after tax attributable to shareholders, adjusted for dividends to preference shares, for the last four quarters, in relation to average equity attributable to shareholders adjusted for preference capital for the last four quarters at the time of closing of the financial statements.
Cash flow generation
Calculated as cash flow from operating activities in relation to profit before tax, adjusted for non-cash items.
Earnings per ordinary share
Calculated as profit after tax attributable to parent company shareholders, less dividends to preference shareholders, divided by the number of ordinary shares outstanding at the end of the period.
Alternative performance measures
Alternative performance indicators are presented in the interim report for the follow-up of the Group's operations. The alternative performance measures presented in this interim report relate to adjusted EBITA, adjusted EBITDA, net debt/adjusted EBITDA, net financial debt/adjusted EBITDA, return on capital employed, cash flow generation, earnings per ordinary share and earnings per ordinary share after dilution.
Adjusted EBITA
The costs and revenues that are excluded when calculating adjusted EBITA have historically amounted to the amounts below:
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| Adjustment items, (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Adjustment of liability for earnouts | -5 | -8 | -5 | -8 | -2 | -5 |
| Acquisition and divestment cost | 0 | -1 | -9 | -8 | -18 | 17 |
| Divestments | - | 12 | 0 | 12 | 0 | 12 |
| Adjustment of previous year, non-material | -2 | - | -2 | - | -2 | - |
| Sum Adjustment items EBITDA | -7 | 3 | -16 | -4 | -22 | -11 |
| Acquisition-related amortization and write-downs of | ||||||
| non-current assets | 28 | 26 | 56 | 50 | 111 | 105 |
| Total Adjustment items EBITA | 21 | 29 | 41 | 46 | 88 | 94 |
Revaluation of liabilities relating to contingent consideration may entail a corresponding income, if liabilities have been written down, or a cost if the liabilities have been written down. The fact that these items vary over time depends on the development of the participating companies and future forecasts. An evaluation of this development compared to book values takes place every quarter and may result in various revaluations affecting earnings.
Effects on adjusted EBITA, compared to EBITA, are distributed as follows:
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | LTM Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| Adjusted EBITA to EBIT (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Adjusted EBITA | 242 | 268 | 493 | 521 | 984 | 1,010 |
| Adjustment items | -7 | 3 | -16 | -4 | -22 | -11 |
| Non-acquisition-related amortization and write-downs | ||||||
| of non-current assets | 13 | 12 | 25 | 23 | 44 | 42 |
| EBITA | 248 | 283 | 503 | 539 | 1 005 | 1,041 |
| Non-acquisition related amortization of non-current | ||||||
| assets | -13 | -12 | -25 | -23 | -44 | -42 |
| Acquisition-related amortization and write-downs of | ||||||
| non-current assets | -28 | -26 | -56 | -50 | -111 | -105 |
| EBIT | 207 | 245 | 421 | 467 | 850 | 895 |
This interim report has not been subject of a review by the company's auditors.
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ASSURANCE
The Board of Directors and the CEO believe that the half-year report provides a fair overview of the Parent Company's and the Group's operations, position and results, and describes significant risks and uncertainties faced by the Parent Company and the companies that are part of the Group.
STOCKHOLM 18 JULY 2025
Anders Mattson President and CEO
Jakob Holm Jan Samuelson Johnny Alvarsson
Birgitta Henriksson Kristina Schauman Joakim Landholm
Member of the Board Director of the Board Member of the Board
Member of the Board Member of the Board Member of the Board
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For additional information. please contact:
Anders Mattson, CEO, +46 706 26 54 80, [email protected]
Bengt Lejdström, CFO, +46 704 44 00 92, [email protected]
Sdiptech AB (publ) is required to disclose this information pursuant to EU Market Use Regulation 596/2014. The information was provided by the above contact persons for publication on 18 July 2025 at 08.00 CEST.
Upcoming reports
Interim report July - September 2025 24 October 2025 Year-end report for 2025 10 February 2026
Payment of dividends to preference shareholders
For each preference share, an annual dividend of SEK 8.00 is paid, divided into four quarterly payments of SEK 2.00 each. The record dates for receipt of dividends of preference shares until next annual general meeting is:
• 15 September 2025
- 15 December 2025
- 13 March 2026