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Sdiptech Interim / Quarterly Report 2025
2965_10-k_2026-02-10_a3bdd208-3367-473f-80b8-5054a171d011.pdf
Interim / Quarterly Report
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Year End report
January – December 2025
FOURTH QUARTER 2025, Group
- Net sales amounted to SEK 1,325 million (1,336) corresponding to organic growth of 4%, excluding currency effects.
- EBITA amounted to SEK 359 million (265), corresponding to an EBITA margin of 27.1% (19.8). The result was strengthened by non-recurring items totalling SEK +65 million (-6).
- Adjusted EBITA increased by 9% and amounted to SEK 284 million (260), corresponding to an adjusted EBITA margin of 21.4% (19.5) and an organic increase of 0%, excluding currency effects.
- Profit before tax for amounted to SEK 260 million (163). Profit after tax amounted to SEK 225 million (108) and earnings per share amounted to SEK 5.83 (2.73).
- Cash flow from operating activities amounted to SEK 328 million (302), corresponding to a cash conversion of 134% (109), and a free cash flow per share of SEK 7.33 (5.35).
- During the period, the divestment of Sdiptech's shares in the subsidiary KSS Klimat- & Styrsystem AB was completed.
FOURTH QUARTER 2025, Core operations
- Net sales increased by 3% to SEK 1,138 million (1,103) corresponding to an organic growth in the core operations of 6%, excluding currency effects.
- Adjusted EBITA amounted to SEK 255 million (257), corresponding to an adjusted EBITA margin of 22.4% (23.3) and an organic growth in the core operations of 0%, excluding currency effects.
- During the period, the acquisition of STORR B.V. was completed.
SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD
• The Group has entered into agreements to divest 7 of the total 10 business units that are not part of the core operations as of 10 February 2026.
| Financial overview and key figures Jul-Sep MSEKEK million 2025 |
Jul-Sep Oct-Dec 2024 2025 |
Oct-Dec 2024 |
Jan-Dec 2025 |
Jan-Dec 2024 |
|---|---|---|---|---|
| Core Operations | ||||
| Net Sales 1,102 |
1,012 1,138 |
1,103 | 4,497 | 4,234 |
| Adjusted EBITA 235 |
216 255 |
257 | 968 | 940 |
| Adjusted EBITA-margin 21,3% |
21,3% 22.4% |
23.3% | 21.5% | 22.2% |
| Group | ||||
| Net Sales, (SEK million) 1,253 |
1,210 1,325 |
1,336 | 5,196 | 5,166 |
| Adjusted EBITA 19.4% |
19.1% 284 |
260 | 1,020 | 1,010 |
| Adjusted EBITA-margin 242 |
231 21.4% |
19.5% | 19.6% | 19.6% |
| EBITA 245 |
238 359 |
265 | 1,108 | 1,041 |
| EBIT -293 |
203 325 |
226 | 454 | 895 |
| Earnings for the period after tax -419 |
91 225 |
108 | -28 | 436 |
| Earnings per ordinary share after dilution, (SEK) -11.14 |
2.28 5.83 |
2.73 | -1.17 | 11.00 |
| Earnings per ordinary share excl. impairments (SEK) 2.03 |
2.28 5.83 |
2.73 | 11.99 | 11.00 |
| Free cashflow per share (SEK) 5.24 |
2.16 7.33 |
5.35 | 16.97 | 12.90 |
| Financial net debt/Adjusted EBITDA, multiple 2.42 |
2.09 2.12 |
2.25 | 2.12 | 2.25 |
| Net debt/Adjusted EBITDA, multiple 3.20 |
3.08 2.84 |
3.30 | 2.84 | 3.30 |
| Return on capital employed, 12.0% |
12.9% 13.5% |
12.6% | 13.5% | 12.6% |
| Return on equity, -4.0% |
10.2% -1.1% |
10.1% | -1.1% | 10.1% |
| Cash flow conversion, 94% |
67% 134% |
109% | 86% | 83% |
For detailed information see Definition of alternative key figures
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COMMENTS BY THE CEO
A SOLID END TO AN EVENTFUL YEAR
2025 was an eventful and significant year for Sdiptech. Following a strategic review, we set a new direction based on a more focused core portfolio and updated our financial targets to reflect Sdiptech's long-term potential, with a clear focus on profitable growth and a solid return on capital employed. It is satisfying that the year ended with a stable financial quarter and clear progress on our strategic initiatives.
Stable fourth quarter with strong cash conversion and reduced debt leverage.
Overall, Sdiptech delivered a stable financial result during the fourth quarter. Net sales for the core business increased by 3 percent, of which organic growth contributed 6 percent, while currency effects had a negative effect of -8 percent.
Most business units within the core operations performed well during the fourth quarter, with the exception of a few business units in Supply Chain & Transportation, which continued to suffer delays in project sales, which negatively impacted net sales and adjusted EBITA in the quarter. Within the Energy and Electrification business area, organic growth and newly acquired units contributed to strong growth during the fourth quarter, resulting in an increase in EBITA and the EBITA margin for the business area. Water & Bioeconomy developed positively for several reasons: first, we are experiencing good demand; second, we are seeing the effects of improvement initiatives such as price compensation measures and organisational changes. Safety & Security performed in line with expectations, supported by stable demand.
Adjusted EBITA for the core business decreased by 1 percent, of which organic development was unchanged, and the negative currency effect amounted to -7 percent. The adjusted EBITA margin came in at a strong 22.4 percent despite increased investments for future growth in Supply Chain & Transportation.
The Group delivered strong cash conversion of 134 per cent, corresponding to SEK 328 million in cash flow from operating activities in the fourth quarter. This was driven by improved working capital, primarily through lower inventories and reduced trade receivables. At year-end, the reported net debt to EBITDA ratio was 2.84, in line with our financial target of being below 3. The ratio reflects strong cash generation and disciplined capital allocation in line with Sdiptech's updated strategy.
Clear progress on our strategic initiatives
In line with the previously communicated plan, we have taken important steps in the process of divesting a portfolio of selected business units, creating better conditions for more disciplined and long-term value-creating capital allocation going forward. To date, we have signed eight of the eleven planned divestments, at an enterprise value of SEK 315 million, corresponding to an EBIT multiple of more than 6 times the companies' 2025 earnings. Our aim is to complete all divestments by the second quarter of 2026 at the latest.
Our updated strategy, with a stronger focus on total return from each business unit, is being implemented on an ongoing basis. In 2026, this is being reinforced, among other things, by aligning our incentive schemes with the Group's new priorities. Return on capital employed, ROCE, increased to 13.5 percent in the quarter, up from 12.6 percent in 2024.
Solid acquisition pipeline for 2026
During 2025, Sdiptech has been more selective in its M&A activities and, in addition to a couple of smaller add-on acquisitions, we acquired a total of two new business units: STORR and Phase 3. STORR was acquired at the end of the fourth quarter and complements Sdiptech's growing cold-chain cluster within the Supply Chain & Transportation business area. We enter the new year with a solid acquisition pipeline and look forward to increasing the pace of M&A during 2026.
With optimism into the new year
We continued to sharpen our management team during the year, and in early January 2026 we announced the appointment of Nico van der Merwe as the new Head of Energy and Electrification. Nico will strengthen our team with his extensive industry experience in the segment.
With a strong core portfolio, an updated business strategy, clear financial targets and a strong management team in place, I am convinced that Sdiptech has good conditions for 2026. We look forward to continuing our journey towards achieving our long-term financial targets.
Thank you for your continued and invaluable support!
Anders Mattson, President and CEO
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SALES AND EARNINGS
Comments refer to Group unless otherwise stated.
As previously announced in the interim report for the second quarter of 2025, the businesses that do not align with the Group's strategic direction have been separated from the core operations and are reported separately from the third quarter of 2025 as "Other Operations".
OCTOBER TO DECEMBER
Net sales
Net sales for the core operations amounted to SEK 1,138 million (1,103) during the quarter, an increase of 3 percent compared with the corresponding period last year. Comparable units in the core operations contributed SEK 1,086 million (1,103), corresponding to an increase of 6 percent excluding currency effects. Other operations contributed SEK 188 million (232). Total net sales for the Group thus amounted to SEK 1,325 million (1,336). For more detailed information, please refer to Business Areas.
The graph below refers to core operations:
Earnings
Operating profit, EBIT, amounted to SEK 325 million (226) The result was strengthened by a couple of non-recurring items totalling SEK +65 million (-6), see further on page 22. Adjusted EBITA in the core operations amounted to SEK 255 million (257), corresponding to an adjusted EBITA margin of 22.4% (23.3), of which comparable units contributed SEK 258 million (278), a change of 0%, excluding currency effects. Total adjusted EBITA amounted to SEK 284 million (260), an organic change of 0 per cent, excluding currency effects.
Net financial items amounted to SEK -65 million (-63). The Group's profit after tax amounted to SEK 225 million (108). The Group's total profit, including operations under divestment, amounted to SEK 223 million (95). Earnings per ordinary share amounted to SEK 5.83 (2.73). Earnings per ordinary share including discontinued operations amounted to SEK 5.77 (2.39).
Return on capital employed amounted to 13.5 (12.6) percent. Return on capital employed, for the core operations, excluding goodwill and acquired intangible assets, amounted to 62.2 percent (63.8). Return on equity for the group was -1.1 (10.1) percent.
* Excluding goodwill impairment
Earnings per share, SEK, LTM Return on capital employed, ROCE, % LTM
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BUSINESS AREAS
Sdiptech's core operations is divided into four business areas: Supply Chain & Transportation, Energy & Electrification, Water & Bioeconomy and Safety & Security. In addition, central units and costs are included in their entirety in the core operations. The Group's units that are not part of the core are intended to be divested.
For more information about each business area, please see: www.sdiptech.com
THIS YEAR'S OVERVIEW
To describe the Group's development in more detail, below are comments on the Group's five largest units in terms of adjusted EBITA (listed in alphabetical order).
ELM Kragelund (Supply chain & Transportation) As a global player in innovative forklift attachments with customers in a variety of industries worldwide, ELM has positioned itself as a player with high-quality and tailor-made solutions that increase both safety and efficiency for users. With a continued weaker development in new sales of forklifts, greater focus is being placed on service and supplementary equipment for existing forklifts. The company had stable growth in the second half of 2025, and enters 2026 with a strong order book.
GAH Refrigeration (Supply chain & Transportation) manufactures refrigeration systems and refrigerated transport solutions for vehicles used for food and other products that require a certain temperature during transport. Demand is driven by increasing demands for food and pharmaceutical safety, growing e-commerce for refrigerated products, and stricter sustainability regulations. Expansion into new markets, such as North America, as well as technological innovation in energy-efficient and digitally monitored refrigeration systems further strengthen the company's position. In 2025, GAH had slightly weaker demand than the previous year, mainly due to customers postponing their orders. However, there are clear signs that demand will strengthen as early as the first quarter of 2026, when there is pent-up demand among the large customers.
JR Industries (Supply chain & Transportation) manufactures roller shutter doors and partitions for commercial vehicles. The company saw strong demand growth during the year. JR Industries' solutions provide faster and safer loading and unloading of goods than comparable alternatives, which is appreciated by customers. The company's investment in spare parts and adjusted pricing for service and spare parts have led to strengthened margins and a good profit development in 2025. As for GAH, JR Industries sees a good demand development for 2026.
Mecno Service (Supply chain & Transportation) manufactures products and performs service for railway maintenance, especially grinding of rails. They currently have 19 train sets that carry out grinding of rails for customers all over the world, from Mexico to Singapore. In addition to performing grinding, they also sell train sets to customers, for those customers who want to grind the rails on their own. Normally you sell 1 - 2 train sets per year. Mecno had a record year in 2025, thanks to both the sale of train sets and a project to manufacture switches for monorails. However, the latter is not part of Mecnos' normal operations.
Resource Data Management (Energy & Electrification) Specializing in control and monitoring of refrigeration, for example in department stores and refrigerated warehouses, as well as building management systems for larger properties. RDM had a positive 2025 driven by significant growth in the UK. A more stable development in RDM's second largest market, the US, combined with continued growth in the UK and a positive development in Asia, will provide good conditions for 2026.
Other larger units within the Group include Certus Automation (a leading player in the optimisation of logistics processes in port and terminals), Rolec (development and manufacture of charging equipment and systems for electric vehicles), Hilltip (manufacturer of equipment for winter road maintenance) and Auger Site Investigations (damage management of underground infrastructure).
THE QUARTER
Net sales per business area Q4 2025 Adjusted EBITA-margin per business area
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SUPPLY CHAIN & TRANSPORTATION
Sales decreased by 4 percent in total during the quarter, while the business area's adjusted EBITA decreased by 15 percent. This resulted in a margin deterioration for the business area compared to last year, although the margin strengthened compared to the previous quarter. The business area had a challenging year in 2025, although the last two quarters saw gradual improvements. Some business units exposed to the transportation of goods experienced delays in orders, which negatively impacted total net sales and adjusted EBITA during the quarter. However, the business area's unit in innovative tools for forklifts saw stable growth in terms of both sales and earnings.
| Jul-Sep Jul-Sep |
Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| Supply Chain & Transportation (SEK million) 2025 2024 |
2025 | 2024 | 2025 | 2024 |
| Net sales 518 501 |
506 | 526 | 2,080 | 2,073 |
| Adjusted EBITA 109 98 |
116 | 137 | 422 | 445 |
| Adjusted EBITA margin % 21.0% 19.5% |
23.0% | 26.1% | 20.3% | 21.5% |
ENERGY & ELECTRIFICATION
Net sales increased in the business area in the fourth quarter, mainly driven by strong demand for energy efficiency solutions. Phase 3, which was acquired earlier in the year, contributed to strong growth, resulting in an EBITA and EBITA margin increase, despite some business units facing major seasonality. Sales increased by 17 percent, while adjusted EBITA increased by 33 percent, resulting in a margin strengthening of 3.1 percentage points to 25.9 percent.
| Jul-Sep Jul-Sep |
Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| Energy & Electrification (SEK million) 2025 2024 |
2025 | 2024 | 2025 | 2024 |
| Net sales 250 237 |
281 | 240 | 1,074 | 986 |
| Adjusted EBITA 64 65 |
73 | 55 | 283 | 244 |
| Adjusted EBITA margin % 25.8% 27.5% |
25.9% | 22.8% | 26.4% | 24.7% |
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WATER & BIOECONOMY
The business area reported stable net sales in the fourth quarter, but with variations between the business units. The area has focused on efficiency improvements, price compensation measures and organizational changes during the year, and in the fourth quarter the initiatives are starting to show positive effects. Sales increased by 7 percent and adjusted EBITA increased by 4 percent. This resulted in a margin deterioration for the business area compared to last year, although the margin strengthened compared to the previous quarter.
| Jul-Sep Jul-Sep |
Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| Water & Bioeconomy (SEK million) 2025 2024 |
2025 | 2024 | 2025 | 2024 |
| Net sales 228 214 |
241 | 225 | 913 | 870 |
| Adjusted EBITA 48 54 |
56 | 54 | 216 | 225 |
| Adjusted EBITA margin % 21.0% 25.0% |
23.1% | 24.1% | 23.7% | 25.9% |
SAFETY & SECURITY
Net sales in the smallest business area decreased slightly during the quarter, compared to strong comparative figures in the fourth quarter last year. However, adjusted EBITA was the same, resulting in a slight EBITA margin increase. The business area reports strong demand in sub-segments with strong underlying growth, such as perimeter security and secure communication.
| Jul-Sep Jul-Sep |
Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| Safety & Security (SEK million) 2025 2024 |
2025 | 2024 | 2025 | 2024 |
| Net sales 106 60 |
110 | 113 | 430 | 306 |
| Adjusted EBITA 32 17 |
32 | 32 | 129 | 101 |
| Adjusted EBITA margin % 30.0% 28.1% |
28.9% | 28.6% | 29.9% | 32.9% |
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OTHER OPERATIONS
The Group's business units included in Other Operations are intended to be divested. Of these 11 units, one unit was divested in 2025 and agreements for the sale of an additional 7 units were entered into until 10 February 2026. The total agreed Enterprise Value for these divestments is SEK 315 million, corresponding to an EBIT multiple of more than 6 times against the companies' earnings in 2025.
The fourth quarter of last year was strongly impacted by the fact that one unit with exposure to the construction sector had a weak non-recurring development
| Jul-Sep Jul-Sep Other operations (SEK million) 2025 2024 |
Oct-Dec 2025 |
Oct-Dec 2024 |
Jan-Dec 2025 |
Jan-Dec 2024 |
|---|---|---|---|---|
| Net sales 151 198 |
188 | 232 | 699 | 931 |
| Adjusted EBITA 8 15 |
29 | 3 | 52 | 71 |
| Adjusted EBITA margin % 5.0% 7.8% |
15.6% | 1.2% | 7.4% | 7.6% |
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CASH FLOW AND BALANCE SHEET
Comments refer to Group unless otherwise stated.
FINANCIAL POSITION OCTOBER TO DECEMBER Cash Flow
Cash flow from operating activities after changes in working capital was SEK 328 million (302), while cash flow conversion during the period was 134 percent (109). Free cash flow per share increased to SEK 7.33 (5.35) through stronger cash flow from operations and a lower level of investment in fixed assets.
Working capital developed positively during the quarter. Inventories decreased for the second quarter in a row, following increases in previous periods, reflecting improved inventory management and the balance between purchasing and demand. Cash flow from accounts receivable remained strong, driven by efficient invoicing and good payment discipline among customers. Overall, this contributed to improved working capital and a strengthened operating cash flow during the period.
Cash flow from investing activities amounted to SEK -35 million (-388). Cash flow was impacted by completed acquisitions of SEK -61 million (-252), while divestments contributed SEK 56 million (-). Investments in intangible and property, plant and equipment amounted to SEK -31 million (-68). Cash flow from financing activities amounted to SEK -27 million (98), of which net borrowing was SEK -7 million (134).
Cash flow from operating activities, MSEK, and cash conversion %, LTM
Liabilities
The net debt/EBITDA leverage ratio at the balance sheet date was 2.84 (3.30). The development is mainly explained by the fact that the comparative period included a high pace of acquisitions. In addition, completed divestments have contributed to reducing the leverage ratio. Net financial debt leverage, excluding debt relating to contingent considerations, amounted to SEK 2.12 (2.25).
Financing
A new loan agreement was signed in the spring of 2025 on more favourable terms for refinancing existing loans and an increase in the credit line from SEK 2,850 million to SEK 3,825 million. The agreement runs for three years with an option for a two-year extension and includes, among other things, increased credit facilities and an additional lender. The new agreement supports the Group's growth strategy.
The Group's total utilized credit volume as of December 31, 2025, amounted to approximately SEK 2,280 million. Together with the Group's cash and cash equivalents of SEK 834 million, there are approximately SEK 2,334 million in available funds. In addition, the Group has an outstanding sustainability-linked bond of SEK 800 million, maturing in August 2027.
| 2025 | 2025 | 2024 |
|---|---|---|
| (SEK million) 30 Sep |
31 Dec | 31 Dec |
| Liabilities to credit institutions 2,329 |
2,309 | 1,910 |
| Bond liabilitities 800 |
800 | 811 |
| Leases 354 |
342 | 393 |
| Contingent considerations 772 |
597 | 910 |
| Other non-current liabilities 2 |
2 | 4 |
| Total non-current interest-bearing liabilities 4,256 |
4,050 | 4,027 |
| Liabilities to credit institutions 9 |
10 | 10 |
| Leases 123 |
119 | 120 |
| Contingent considerations 198 |
317 | 406 |
| Other current liabilities 1 |
1 | 1 |
| Total current interest-bearing liabilities 330 |
446 | 537 |
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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 | 2025 | 2024 | ||
|---|---|---|---|---|
| Contingent considerations (SEK million) | 30 Sep | 31 Dec | 31 Dec | |
| Opening balance of the year | 1,316 | 1,316 | 1,193 | |
| Acquisitions | 71 | 82 | 281 | |
| Paid considerations realting to previous acquisitions | -383 | -383 | -288 | |
| Interest expense (discount on present value calc.) | 35 | 39 | 50 | |
| Re-valuation via operating profit | 4 | -48 | 5 | |
| Exchange differences | -73 | -92 | 73 | |
| Carrying amount at period end | 970 | 914 | 1,316 | |
| Repayment periods, estimated values (non | Year | Year | Year | After year |
| discounted) as of 31 December 2025 (SEK million) | 2026 | 2027 | 2028-2029 | 2029 |
| Contingent considerations | 325 | 135 | 424 | 89 |
(including liabilities related to contingent considerations on acquisitions) (excluding liabilities related to contingent considerations)
Total net debt leverage, LTM Financial net debt leverage, LTM
ACQUISITIONS AND DIVESTMENTS
Acquisitions during the quarter
Sdiptech AB (publ) has acquired all shares in STORR B.V. (STORR). The company is a leading supplier of premium solutions for partitions for refrigerated transport, based in the Netherlands. STORR delivers high-quality products known for reliability, durability, and outstanding thermal performance. The company has an annual turnover of approximately EUR 2.3 million with good profitability. For more information see: www.sdiptech.com
Acquisitions over the rolling twelve months as of December 2025.
| EBIT, SEK | No of | |||
|---|---|---|---|---|
| Period | Acquisition | Business area | million1 | employees |
| December -25 | STORR B.V. | Supply Chain & Transportation | 9 | 10 |
| February -25 | Phase 3 Connectors | Energy & Electrification | 40 | 24 |
| Total | 49 | 34 |
1) Estimated annual EBIT and number of employees at the time of acquisition
Divestments
During the period, the divestment of Sdiptech's shares in the subsidiary KSS Klimat- & Styrsystem AB was completed, which on an annual basis had annual sales of approximately SEK 120 million at an EBITA margin of 10%. The decision is part of the Group's strategic review.
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JANUARY – DECEMBER IN BRIEF
Comments refer to Group unless otherwise stated.
JANUARY - DECEMBER
Net Sales
Net sales for the core operations during the period amounted to SEK 4,497 million (4,234), corresponding to an increase of 6 percent. Comparable units in the core operations contributed SEK 4,176 million (4,217), an increase of 3 percent excluding currency effects. In addition, other operations contributed SEK 699 million (931). For more detailed information, please refer to the section on Business Areas.
Earnings
Operating profit, EBIT, amounted to SEK 454 million (895), impairment of goodwill and surplus value attributable to other operations had a negative impact of SEK -500 million. Adjusted EBITA in the core operations amounted to SEK 968 million (940), corresponding to an adjusted EBITA margin of 21.5 percent (22.2), of which comparable units contributed SEK 968 million (1,014), a change of -1 percent, excluding currency effects. Non-comparable units contributed SEK 82 million to profit for the period. Total adjusted EBITA amounted to SEK 1,020 million (1,010).
Net financial items amounted to SEK -310 million (-260), including unrealized foreign exchange losses of SEK -49 million (-10) and interest expenses totalling SEK -265 million (-246), of which SEK -59 million (-66) related to non-cash discount rates for contingent purchase prices and leases.
The Group's profit after tax amounted to SEK -28 million (436), of which impairment of goodwill and surplus value had a negative impact of SEK -500 million. The Group's total profit, including operations under divestment, amounted to SEK -67 million (357). The Group's operations under divestment contributed SEK -38 million (-79) to the Group's total profit, of which SEK -33 million (-29) relates to impairment of intangible assets.
Earnings per ordinary share amounted to SEK -1.17 (11.00), adjusted for the impairment, earnings were SEK 11.99 (11.00). Earnings per ordinary share including discontinued operations amounted to SEK -2.18 (8.93), adjusted for impairment, the result was SEK 10.98 (8.93).
Cash Flow
Cash flow from operating activities after changes in working capital was SEK 886 million (823), cash flow generation during the period was 86 percent (83). Free cash flow per share increased to SEK 16.97 (12.90) mainly due to improved working capital and a lower level of investment in fixed assets.
Cash flow from investing activities amounted to SEK -773 million (-1,078). Cash flow is primarily linked to acquisitions and during the period amounted to new acquisitions of SEK -305 million (-580) and settlement of contingent purchase prices, which amounted to SEK -383 million (-288). Cash flow from divestments amounted to SEK 56 million (17). Investments in intangible and property, plant and equipment amounted to SEK -141 million (-227). Cash flow from financing activities amounted to SEK 325 million (117), of which net borrowing amounted to SEK 442 million (241).
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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.
Other operations
From the third quarter of 2025, Sdiptech's operations that are part of the long-term strategic direction are reported as "core operations" as the group streamlines its business focus in line with the strategy set in 2018/2019. The work to divest the operations that are not part of the core operations is progressing according to plan. These operations are reported as "other operations", however, without being classified according to IFRS 5.
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.
At the end of the period, the sale has not yet been completed. The delay relates to legal formalities within the relevant jurisdiction and relates to circumstances beyond the Group's control. There is still sufficient evidence that the Group still intends and is expected to complete the divestment. Against this background, the classification according to IFRS 5.9 remains.
Personnel
The number of employees in the Group at the end of the period was 2,160 (2,169). Completed acquisitions in the past twelve months have increased the number of employees by 34 and completed divestments have reduced the number of employees by 41. The number of employees in discontinued operations amounts to 251 (300).
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.
For information about other existing incentive programs, please refer to the Annual Report for 2024.
Financial risks and uncertainties
With 31 companies in the core operations, 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 under the period
The Board of Directors of Sdiptech AB has completed a conversion of 924,000 shares of series A to an equal number, 924,000, shares of series B. The conversion has been carried out based on Sdiptech AB (publ)'s Articles of Association based on administrative reasons. Through the conversion, the total number of votes in the company will decrease. The total number of votes in the company amounts to 44,241,938 after the conversion.
Events after the end of the reporting period
Agreements for the sale of an additional 7 units, out of a total of 11 units to be divested, have been entered into until 10 February 2026. Otherwise, no other significant events have occurred after the end of the period.
Sdiptech Annual General Meeting 2026
The 2026 Annual General Meeting will be held on 25 May 2026 at 16.00 at the Royal Swedish Academy of Engineering Science (IVA), Grev Turegatan 16, Stockholm. In order to have a matter dealt with at the meeting, the Shareholder requests must have been received no later than 31 March 2026, or such later date when it is still possible to include the matter in the notice.
Notice convening the AGM will be published on the company's website no later than four weeks before the meeting. All shareholders who are registered in the share register six banking days before the meeting, i.e. 15 May 2026, may attend in person or by proxy. Notification of participation shall be made to the company in accordance with what is stated in the notice.
The Annual Report will be published on 20 April 2026.
Nomination Committee
A nomination committee has been appointed for the 2026 Annual General Meeting. Proposals to the Nomination Committee from shareholders may be sent by email to [email protected] or by post to the company's address. For more information, see www.sdiptech.com.
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Consolidated income statement in summary
| Jul-Sep | Jul-Sep Oct-Dec |
Oct-Dec | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| Group (SEK million) 2025 |
2024 2025 |
2024 | 2025 | 2024 |
| Net Sales 1,253 |
1,210 1,325 |
1,336 | 5,196 | 5,166 |
| Other operating income 6 |
8 116 |
12 | 139 | 54 |
| Total income 1,258 |
1,219 1,441 |
1,348 | 5,335 | 5,220 |
| Operating expenses | ||||
| Materials, contracting and subcontracting -496 |
-488 -548 |
-515 | -2,081 | -2,067 |
| Other external expenses -117 |
-110 -116 |
-131 | -477 | -469 |
| Employee expenses -349 |
-333 -367 |
-385 | -1,468 | -1,445 |
| Depreciation, amortisation and impairment -589 |
-83 -85 |
-91 | -855 | -344 |
| Operating profit1 -293 |
203 325 |
226 | 454 | 895 |
| Finance net -85 |
-69 -65 |
-63 | -310 | -260 |
| Earning before tax -378 |
134 260 |
163 | 144 | 635 |
| Tax -41 |
-44 -35 |
-55 | -172 | -200 |
| Earnings after tax from continued operations -419 |
91 225 |
108 | -28 | 436 |
| Profit/loss from discontinued operations -32 |
-53 -2 |
-13 | -38 | -79 |
| Total Profit for the period -451 |
38 223 |
95 | -67 | 357 |
| 1 Operating profit includes: | ||||
| Amortisation of intangible assets related to acquisitions -27 |
-26 -25 |
-29 | -108 | -105 |
| Impairment of goodwill and non-current assets -500 |
- - |
- | -500 | - |
| Profit attributable to continued operations: | ||||
| Continued operations, Parent Company's shareholders -420 |
90 225 |
107 | -31 | 432 |
| Discontinued operations, Parent Company's shareholders -32 |
-53 -2 |
-13 | -38 | -79 |
| Continued operations, non-controlling interests 1 |
1 1 |
1 | 2 | 4 |
| Earnings per share | ||||
| Earnings per share, Group -11.14 |
2.28 5.83 |
2.73 | -1.17 | 11.00 |
| Earnings per share, Group excl. impairment of goodwill and | ||||
| immaterial assets 2.03 |
2.28 5.83 |
2.73 | 11.99 | 11.00 |
| Earnings per share, incl. discontinued operations -11.99 |
0.88 5.77 |
2.39 | -2.18 | 8.93 |
| Adjusted EBITA, Group 242 |
231 284 |
260 | 1,020 | 1,010 |
| Adjusted EBITA, Core operations 235 |
216 255 |
257 | 968 | 940 |
| 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
| Jul-Sep Jul-Sep |
Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| (SEK million) 2025 2024 |
2025 | 2024 | 2025 | 2024 |
| -451 38 Profit for the period |
223 | 95 | -67 | 357 |
| Other comprehensive income | ||||
| Changes in accumulated translation differences -64 4 |
-61 | 51 | -270 | 154 |
| Total comprehensive income -516 42 |
162 | 146 | -337 | 511 |
| Attributable to: | ||||
| Parent company's shareholders -516 39 |
161 | 142 | -339 | 507 |
| Non-controlling interest 1 3 |
1 | 4 | 2 | 4 |
{12}------------------------------------------------
Condensed consolidated balance sheet
| 2025 2025 |
2024 | |
|---|---|---|
| (SEK million) | 30 Sep 31 Dec |
31 Dec |
| Assets | ||
| Goodwill | 4,767 4,733 |
5,357 |
| Other intangible assets | 1,395 1,375 |
1,493 |
| Property, plant and equipment | 475 466 |
504 |
| Right-of-use assets | 463 447 |
503 |
| Other non-current assets | 20 20 |
15 |
| Inventories | 752 673 |
733 |
| Trade receivable | 937 840 |
981 |
| Other receivables | 320 332 |
296 |
| Cash and cash equivalents | 579 835 |
435 |
| Assets held for sale | 83 78 |
125 |
| Total assets | 9,790 9,799 |
10,441 |
| Equity and liabilities | ||
| Equity | 3,938 4,099 |
4,451 |
| Non-current interest-bearing long-term liabilities | 4,256 4,050 |
4,027 |
| Non-current non-interest-bearing long-term liabilities | 329 330 |
358 |
| Current interest-bearing liabilities | 330 446 |
537 |
| Trade payables | 363 317 |
365 |
| Current liabilities | 503 496 |
618 |
| Liabilities held for sale | 70 60 |
85 |
| Total equity and liabilities | 9,790 9,799 |
10,441 |
Condensed consolidated statement of changes in equity
| Jul-Sep Jul-Sep |
Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
|---|---|---|---|---|---|
| (SEK million) | 2025 2024 |
2025 | 2024 | 2025 | 2024 |
| Opening equity | 4,461 4,273 |
3,938 | 4,310 | 4,451 | 3,957 |
| Profit for the period | -451 38 |
223 | 95 | -67 | 357 |
| Other comprehensive income for the period | -65 5 |
-61 | 51 | -270 | 154 |
| Total income for the period | -516 43 |
162 | 146 | -337 | 511 |
| Shareholder transactions | |||||
| Dividend to preference shareholders | -4 -4 |
-4 | -4 | -14 | -14 |
| Dividend to non-controlling interests | -4 -2 |
-2 | -2 | -6 | -4 |
| Warrant premium | 4 | - | 4 | - | |
| Share-based remuneration | 0 1 |
1 | 1 | 1 | 2 |
| Closing equity | 3,938 4,310 |
4,099 | 4,451 | 4,099 | 4,451 |
| 2025 | 2025 | 2024 | |||
| Equity attributable to | 30 Sep | 31 Dec | 31 Dec | ||
| Parent Company shareholders | 3,930 | 4,093 | 4,445 | ||
| Non-controlling interests | 8 | 6 | 6 |
{13}------------------------------------------------
Condensed consolidated cash flow
| Jul-Sep Jul-Sep Group (SEK million) 2025 2024 |
Oct-Dec 2025 |
Oct-Dec 2024 |
Jan-Dec 2025 |
Jan-Dec 2024 |
|---|---|---|---|---|
| Earnings before tax -378 134 |
259 | 163 | 143 | 635 |
| Noncash items1) 650 114 |
-14 | 115 | 886 | 359 |
| Paid tax -21 -50 |
-31 | -42 | -198 | -196 |
| Cash flow from operations before change in working capital 251 198 |
215 | 237 | 830 | 798 |
| Change in working capital | ||||
| Increase(-)/decrease(+) in stock 25 |
- 75 |
26 | 47 | 18 |
| Increase(-)/decrease(+) in operating receivables -3 79 |
65 | -1 | 59 | -12 |
| Increase(+)/decrease(-) in operating liabilities -18 -110 |
-26 | 41 | -50 | 19 |
| Cash flow from operating activities 255 167 |
328 | 302 | 886 | 823 |
| Investing activities | ||||
| Acquisitions of subsidiaries - |
- -61 |
-252 | -305 | -580 |
| Acquisitions of subsidiaries, paid contingent considerations -156 -136 |
- | -67 | -383 | -288 |
| Disinvestments of subsidiaries - |
- 56 |
- | 56 | 17 |
| Capital expenditures in intangible assets | -6 | -38 | -60 | -96 |
| Capital expenditures in tangible assets -27 -58 |
-25 | -30 | -81 | -131 |
| Cash flow from investing activities -183 -194 |
-35 | -388 | -773 | -1,078 |
| Financing activities | ||||
| Warrant premiums | 4 | - | 4 | - |
| Borrowings/repayment of borrowings, net -10 63 |
-7 | 134 | 442 | 241 |
| Repayment of lease liabilities -29 -27 |
-19 | -31 | -100 | -106 |
| Dividend paid -8 -5 |
-6 | -6 | -20 | -18 |
| Cash flow from financing activities -46 31 |
-27 | 98 | 325 | 117 |
| Cash flow for the period 26 4 |
266 | 12 | 439 | -138 |
| Cash and cash equivalents at beginning of the period 561 415 |
579 | 414 | 435 | 550 |
| Exchange rate difference in cash and cash equivalents -7 -1 |
-11 | 9 | -40 | 23 |
| Cash and cash equivalents at end of period 579 418 |
834 | 435 | 834 | 435 |
| Cash and cash equivalents at end of period, discontinued 6 10 |
9 | 11 | 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
{14}------------------------------------------------
Parent company condensed income statement
| Jul-Sep | Jul-Sep Oct-Dec |
Oct-Dec | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| (SEK million) 2025 |
2024 2025 |
2024 | 2025 | 2024 |
| Net sales 8 |
7 8 |
7 | 33 | 28 |
| Total income 8 |
7 8 |
7 | 33 | 28 |
| Operating expenses | ||||
| Other external expenses -6 |
-6 -10 |
-4 | -28 | -20 |
| Employee expenses -18 |
-17 -17 |
-19 | -74 | -70 |
| Depreciation of tangible and intangible assets 0 |
0 0 |
- | -1 | -1 |
| Operating profit -16 |
-16 -19 |
-15 | -69 | -62 |
| Financial net -22 |
-4 -19 |
-1 | -83 | -12 |
| Profit/loss after financial items -38 |
-20 -39 |
-17 | -152 | -74 |
| Group contributions received - |
- 101 |
81 | 101 | 81 |
| Profit/loss for the period -38 |
-20 62 |
65 | -52 | 7 |
Parent company condensed balance sheet
| 2025 | 2025 | 2024 |
|---|---|---|
| (SEK million) 30 Sep |
31 Dec | 31 Dec |
| Intangible assets | 1 1 |
- |
| Tangible assets | 1 1 |
1 |
| Financial assets 2,810 |
2,582 | 2,958 |
| Current receivables | 977 1,228 |
1,288 |
| Cash and cash equivalents | 7 12 |
13 |
| Total assets 3,796 |
3,822 | 4,260 |
| Equity 2,190 |
2,253 | 2,314 |
| Long-term interest-bearing liabilities 1,389 |
1,220 | 1,538 |
| Short-term liabilities | 217 349 |
407 |
| Total equity and liabilities 3,796 |
3,822 | 4,260 |
{15}------------------------------------------------
Key figures and financial information
| Financial overview, Group | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|
| Net sales, (SEK million) | 1,325 | 1,253 | 1,288 | 1,330 | 1,336 |
| Sales growth compared to previous year, % | -1% | 4% | -4% | 4% | 3% |
| EBITDA (SEK million) | 410 | 296 | 296 | 306 | 317 |
| Adjusted EBITDA, (SEK million) | 345 | 305 | 303 | 315 | 323 |
| EBITA, (SEK million) | 359 | 245 | 248 | 255 | 265 |
| Adjusted EBITA (SEK million) | 284 | 242 | 242 | 251 | 260 |
| Adjusted EBITA margin, % | 21.4% | 19.3% | 18.8% | 18.9% | 19.5% |
| EBIT, (SEK million) | 325 | -293 | 207 | 214 | 226 |
| Profit for the year from Group, (SEK million) | 225 | -419 | 92 | 74 | 108 |
| Profit for the year after deduction of minority (SEK million) | 223 | -420 | 91 | 73 | 107 |
| Capital employed, closing balance, (SEK million) | 7,715 | 7,923 | 8,624 | 8,479 | 8,580 |
| Capital employed, average (SEK million) | 8,186 | 8,402 | 8,456 | 8,337 | 8,257 |
| Return on capital employed (ROCE), % | 13.5% | 12.0% | 11.9% | 12.5% | 12.6% |
| Equity, average adjusted for preference shares (SEK million) | 4,024 | 4,112 | 4,206 | 4,159 | 4,123 |
| Return on equity, % | -1.1% | -4.0% | 8.3% | 9.2% | 10.1% |
| Interest-bearing liabilities, closing balance (SEK million) | 3,601 | 3,985 | 4,163 | 4,153 | 4,129 |
| Net debt/Adjusted EBITDA, times | 2.84 | 3.20 | 3.39 | 3.31 | 3.30 |
| Financial interest-bearing liabilities (SEK million) | 2,688 | 3,016 | 3,033 | 2,820 | 2,813 |
| Financial net debt/Adjusted EBITDA, times | 2.12 | 2.42 | 2.47 | 2.25 | 2.25 |
| Equity capital including minority interests (SEK million) | 4,099 | 3,938 | 4,461 | 4,327 | 4,451 |
| Equity capital, attributed to parent (SEK million) | 4,093 | 3,930 | 4,454 | 4,320 | 4,445 |
| Equity ratio, % | 42% | 40% | 42% | 42% | 43% |
| Cash flow generation, % | 134% | 94% | 45% | 74% | 109% |
| Number of employees at the end of the period | 2,160 | 2,158 | 2,156 | 2,185 | 2,169 |
| Attributable to Parent Company shareholders | |||||
| Key figures per share | |||||
| Earnings per ordinary share (SEK) | 5.83 | -11.14 | 2.30 | 1.83 | 2.72 |
| Equity per share, (SEK) | 10.77 | 10.34 | 11.72 | 11.37 | 11.70 |
| Cash flow from operating activities per share, (SEK) | 8.63 | 6.71 | 3.47 | 4.47 | 7.61 |
| Free operating cash flow per share, (SEK) | 7.33 | 5.24 | 1.50 | 2.76 | 5.00 |
| 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 |
{16}------------------------------------------------
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. As previously announced in the interim report for the second quarter of 2025, the core business has been separated from the businesses that do not align with the Group's strategic direction. From the third quarter of 2025, the units will be reported separately as "Other operations".
Operations under divestment
In the third quarter of 2024, decision was made to initiate a sale of the Group's unit for the manufacture of special elevators, installation and elevator service in Central Europe. At the end of the period, the sale had not yet been completed. The delay relates to legal formalities within the relevant jurisdiction and relates to circumstances beyond the Group's control. There is still sufficient evidence that the Group still intends and is expected to complete the divestment. Against this background, the classification according to IFRS 5.9 remains.
Segment information Group
| Jul-Sep Jul-Sep |
Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| Net Sales (SEK million) 2025 2024 |
2025 | 2024 | 2025 | 2024 |
| Supply Chain & Transportation 518 501 |
506 | 526 | 2,080 | 2,073 |
| Energy & Electrification 250 237 |
281 | 240 | 1,074 | 986 |
| Water & Bioeconomy 228 214 |
241 | 225 | 913 | 870 |
| Safety & Security 106 60 |
110 | 113 | 430 | 306 |
| Sum core operations 1,102 1,012 |
1,138 | 1,103 | 4,497 | 4,234 |
| Other operations 151 198 |
188 | 232 | 699 | 931 |
| Total net sales 1,253 1,210 |
1,325 | 1,336 | 5,196 | 5,166 |
| Jul-Sep Jul-Sep |
Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| Adjusted EBITA (SEK million) 2025 2024 |
2025 | 2024 | 2025 | 2024 |
| Supply Chain & Transportation 109 98 |
116 | 137 | 422 | 445 |
| Energy & Electrification 64 65 |
73 | 55 | 283 | 244 |
| Water & Bioeconomy 48 54 |
56 | 54 | 216 | 225 |
| Safety & Security 32 17 |
32 | 32 | 129 | 101 |
| Sum segments 253 233 |
276 | 278 | 1,051 | 1,015 |
| Central units -18 -17 |
-21 | -21 | -83 | -75 |
| Sum core operations 235 216 |
255 | 257 | 968 | 940 |
| Other operations 8 15 |
29 | 3 | 52 | 71 |
| Total adjusted EBITA 242 231 |
284 | 260 | 1,020 | 1,010 |
| Jul-Sep Jul-Sep |
Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| Adjusted EBITA-margin (%) 2025 2024 |
2025 | 2024 | 2025 | 2024 |
| Supply Chain & Transportation 21.0% 19.5% |
23.0% | 26.1% | 20.3% | 21.5% |
| Energy & Electrification 25.8% 27.5% |
25.9% | 22.7% | 26.4% | 24.7% |
| Water & Bioeconomy 21.0% 25.0% |
23.1% | 24.1% | 23.7% | 25.9% |
| Safety & Security 30.0% 28.1% |
28.9% | 28.6% | 29.9% | 32.9% |
| Adjusted EBITA-margin % segments 23.0% 23.1% |
24.3% | 25.2% | 23.4% | 24.0% |
| Adjusted EBITA-margin % core incl central units 21.3% 21.3% |
22.4% | 23.3% | 21.5% | 22.2% |
| Other operations 5.0% 7.8% |
15.6% | 1.2% | 7.4% | 7.6% |
| Total adjusted EBITA-margin Group 19.4% 19.1% |
21.4% | 19.5% | 19.6% | 19.6% |
{17}------------------------------------------------
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. In addition, the group's units have subsidiaries in, for example, the USA, Malaysia, Taiwan and New Zealand. The Group's business units have customers mainly locally and regionally in their respective geographies, but exports also occur.
Sales breakdown by revenue type
Over the years, Sdiptech has mainly acquired product-based companies. As an important complement, these companies have service and installation offerings for these products, which ties customers closer to the companies. The service offer also provides an underlying recurring revenue as a solid basis for sales.
The group's Net sales by geography, LTM The group's Net sales by revenue type, LTM
| Jul-Sep Jul-Sep |
Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| Timing of revenue recognition (SEK million) 2025 2024 |
2025 | 2024 | 2025 | 2024 |
| Sales direct 1,016 950 |
946 | 914 | 4,077 | 3,929 |
| Sales, over time 86 63 |
191 | 188 | 420 | 305 |
| Total Net Sales 1,102 1,012 |
1,138 | 1,103 | 4,497 | 4,234 |
{18}------------------------------------------------
Discontinued Operations
| Jul-Sep Jul-Sep Profit (SEK million) 2025 2024 |
Oct-Dec 2025 |
Oct-Dec 2024 |
Jan-Dec 2025 |
Jan-Dec 2024 |
|---|---|---|---|---|
| Net Sales 43 42 |
62 | 57 | 209 | 206 |
| Operating profit -31 -50 |
2 | -9 | -27 | -68 |
| Profit before tax -32 -53 |
1 | -10 | -35 | -76 |
| Income tax 0 0 |
-2 | -2 | -3 | -2 |
| Profit for the period -32 -53 |
-1 | -13 | -37 | -79 |
| Jul-Sep Jul-Sep |
Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Cash flow SEK (million) 2025 2024 |
2025 | 2024 | 2025 | 2024 |
| Cash flow from operating activities, net 0 -6 |
5 | -8 | 7 | -18 |
| Cash flow from investing activities, net -1 1 |
1 | 1 | -2 | -1 |
| Cash flow from financing activities, net 0 8 |
-3 | 8 | -8 | 23 |
| Total cashflow -1 3 |
3 | 1 | -3 | 4 |
| 2025 | 2025 | 2024 | ||
| Balance sheet (SEK million) | 30 Sep | 31 Dec | 31 dec | |
| Intangible assets | 4 | 4 | 27 | |
| Property, plants and equipment | 4 | 6 | 18 | |
| Right-of-use assets | 11 | 7 | 7 | |
| Financial assets | - | 0 | 1 | |
| Inventories | 14 | 12 | 14 | |
Other current receivables 14 14 13 Cash and cash equivalents 6 9 11 Total assets 83 78 125 Non-current interest-bearing liabilities 14 10 16 Non-current non-interest-bearing liabilities 3 4 3 Current interest-bearing liabilities 23 16 27 Current non-interest-bearing liabilities 30 30 38 Total liabilities 70 60 85
Business acquisitions
| PRELIMINARY ACQUISITION ANALYSIS, regarding | Fair Value | ||
|---|---|---|---|
| acquisitions during January to September 2025 | Carrying amount | adjustment | Fair value |
| (SEK million) | Total | ||
| Goodwill | - | 249 | 249 |
| Brand and trademark, IPR, Customer relations | - | 99 | 99 |
| Intangible non-current assets | - | - | - |
| Property, plant and equipment | 2 | - | 1 |
| Right of use assets | 2 | - | 2 |
| Inventories and work in progress | 44 | - | 37 |
| Cash and cash equivalents | 45 | - | 38 |
| Other current assets | 36 | - | 38 |
| Deferred tax liability | - | -26 | -26 |
| Other non-current liabilities | -2 | - | -2 |
| Other current liabilities | -27 | - | -18 |
| Total | 100 | 322 | 422 |
| Contribution of the acquired entities to Group turnover and profit | Total | ||
| Acquired units' contribution to the Group's turnover | 144 | ||
| Acquired units' contribution to the Group's profit before tax | 49 | ||
| Cash flow of acquisitions | Total | ||
| Purchase price, incl. contingent consideration | -422 | ||
| Purchase price not paid | 81 | ||
| Cash and cash equivalents acquired | 45 | ||
| Payments pertaining to previous year's acquisitions | -383 | ||
| Exchange differences | -9 | ||
| Total cash flow impact | -688 |
During the first nine 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.
{19}------------------------------------------------
Sdiptech has also acquired all shares in STORR B.V. (STORR), a leading supplier of premium solutions for partitions for refrigerated transport, based in the Netherlands. 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 December would have amounted to approximately SEK 5,241 million and adjusted EBITA would have amounted to approximately SEK 1,042 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 December 2025 amounted to SEK 13 million (17).
Goodwill corresponding to SEK 249 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 year, payment for contingent considerations were settled in an amount of SEK 383 million.
Goodwill and intangible assets
As part of the strategic review initiated by the Board of Directors, Sdiptech has identified certain subsidiaries for which a divestment is being considered. In accordance with IAS 36, goodwill is monitored and tested at the level of cash generating units (CGUs) within the Group, which in Sdiptech's case corresponds to its operating segment.
The management has subsequently determined the fair value for each segment and for the companies included in the divestment plan through an updated impairment test for 2025, after which an impairment need of SEK 500 million for other operations has been identified.
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.
{20}------------------------------------------------
Definitions alternative performance measures
Sdiptech presents alternative financial performance measures in addition to those established under IFRS. The purpose is to provide a better understanding of the business's development and financial position. However, these performance measures should not be seen as a substitute for IFRS-based performance measures. Alternative performance measures are presented in the interim report for monitoring the Group's operations. The alternative performance measures presented in this interim report relate to adjusted EBITA, adjusted EBITDA, net debt/adjusted EBITDA, financial net debt/adjusted EBITDA, return on capital employed, cash flow generation, earnings per ordinary share and earnings per ordinary share after dilution, and free cash flow per share, which 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 tangible fixed assets before impairment. The key figure enables comparisons of profitability over time regardless of depreciation and impairment of acquisition-related intangible assets and 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 conversion
Calculated as cash flow from operating activities in relation to profit before tax, adjusted for non-cash items.
Free cash flow per share
Calculated as cash flow from operating activities, adjusted for investments in tangible and intangible assets and lease amortization, in relation to the average number of shares outstanding during the period.
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.
{21}------------------------------------------------
Adjusted EBITA
The costs and revenues that are excluded when calculating adjusted EBITA have historically amounted to the amounts below:
| Jul-Sep | Jul-Sep Oct-Dec |
Oct-Dec | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| Adjustment items, (SEK million) 2025 |
2024 2025 |
2024 | 2025 | 2024 |
| Adjustment of liability for earnouts -7 |
- 51 |
2 | 39 | -5 |
| Acquisition and divestment cost -2 |
-1 -3 |
-8 | -13 | 17 |
| Divestments - |
- 59 |
- | 59 | 12 |
| Provisions for potential adjustments of previous year in | ||||
| subsidiaries - |
- -41 |
- | -43 | - |
| Sum Adjustment items EBITDA -8 |
-1 65 |
-6 | 41 | -11 |
| Acquisition-related amortization and write-downs of non | ||||
| current assets 29 |
26 25 |
29 | 108 | 105 |
| Total Adjustment items EBITA 21 |
25 90 |
23 | 150 | 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:
| Jul-Sep Jul-Sep |
Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| Adjusted EBITA to EBIT (SEK million) 2025 2024 |
2025 | 2024 | 2025 | 2024 |
| Adjusted EBITA 242 231 |
284 | 260 | 1,020 | 1,010 |
| Adjustment items -8 -1 |
65 | -6 | 41 | -11 |
| Non-acquisition-related amortization and write-downs | ||||
| of non-current assets 11 8 |
9 | 10 | 46 | 42 |
| EBITA 245 238 |
359 | 265 | 1,108 | 1,041 |
| Non-acquisition related amortization of non-current | ||||
| assets -11 -8 |
-9 | -10 | -46 | -42 |
| Impairment of goodwill and intangible assets -500 - |
- | - | -500 | - |
| Acquisition-related amortization and write-downs of | ||||
| non-current assets -27 -26 |
-25 | -29 | -108 | -105 |
| EBIT -293 203 |
325 | 226 | 454 | 895 |
{22}------------------------------------------------
STOCKHOLM 10 FEBRUARY 2026
Anders Mattson President and CEO
*******
This interim report has not been subject to review by the company's auditors.
For additional information. please contact:
Anders Mattson, CEO, +46 706 26 54 80, [email protected]
Bengt Lejdström, CFO, +46 702 74 22 00, [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 10 February 2026 at 08.00 CET.
Financial calendar
Annual Report 2025 20 April 2026 Interim report January - March 2026 28 April 2026 Annual General Meeting 25 May 2026 Interim report April - June 2026 17 July 2026 Interim report July – September 2026 23 October 2026 Year-end report for 2026 10 February 2027
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:
• 13 March 2026
{23}------------------------------------------------
COMPANIES WITHIN SDIPTECH'S BUSINESS AREAS
Companies within Supply Chain & Transportation
• Certus Technologies Holding B.V. Solutions for automation in ports, terminals, and logistics distribution centres • e-l-m- Kragelund A/S Develops and manufactures innovative attachments for forklift trucks
• GAH (Refrigeration) Ltd Manufacturing and servicing of transport refrigeration solutions
• JR Industries Ltd Manufacturer of roller shutter doors and partitions for commercial vehicles • Oy Hilltip Ab Manufacturer of road maintenance equipment, particularly for winter
conditions
• Mecno Service S.r.l. Products and services for railway maintenance • RedSpeed International Ltd Digital cameras for speed and traffic monitoring
• Storadio Aero AB Infrastructure and communication hubs for backup communication to air
traffic and radio-based maritime services
• STORR B.V. (as of Dec -25) Partitions for refrigerated transport
Companies within Energy & Electrification
• HeatWork AS Manufacturer of mobile hydronic heating solutions
• IDE Systems Ltd och IDE Rental Ltd Temporary power solutions and monitoring systems for electricity usage • Resource Data Management Ltd Specialized in control and monitoring of refrigeration and building
management systems
• Rolec Services Ltd (& One Stop Europe Ltd) Developer and manufacturer of charging equipment and systems for electric
vehicles
• Unipower AB Measurement systems for monitoring power quality
• Phase 3 Connectors Ltd (as of Feb -25) Design and manufacture of high-quality single-pole power connectors
Companies within Water & Bioeconomy
• Agrosistemi Srl Treatment and recycling of biological sludge • Auger Site Investigation Ltd Subsurface infrastructure damage management
• Kemi-tech ApS Tailor-made chemical solutions for industrial water treatment
• Pure Water Scandinavia AB Manufacturer of products for ultra-pure water
• Rogaland Industri Automasjon AS Control and automation systems for water and wastewater facilities • Topas Vatten AB Installation and servicing of small-scale water and wastewater treatment
plants
• WaterTech of Sweden AB Tailor-made chemical solutions for industrial water treatment
• Water Treatment Products Ltd Preparation and manufacture of chemical products for water treatment • Wintex Agro ApS Manufacturer of precision soil sampling solutions for sustainable agriculture
Companies within Safety & Security
• Alerter Group Ltd Emergency communication systems for people with disabilities • Cryptify AB Software company providing secure communication solutions • Dado Lab Srl Manufacturer of instruments used for emission measurements and
environmental sampling
• Eagle Automation Systems Ltd Full-service provider of physical perimeter security
• Medicvent AB Systems for the evacuation of toxic gases
• Patol Ltd Designs and manufactures specialized products for fire, smoke, and heat
detection
• TEL UK Ltd Designs and manufactures electronic airflow controls and monitors
OTHER OPERATIONS CentralByggarna Sverige AB Manufacturer of customized electrical switchboards and
automation systems
• Centralmontage i Nyköping AB Manufacturer of customized electrical switchboards and automation systems
• Cliff Models AB Prototypes for industrial product development
• EuroTech Sire System AB Installation and servicing of uninterruptible power supply systems
• Hansa Vibrations & Omgivningskontrol AB Vibration measurement for infrastructure projects
• Hydrostandard Mätteknik Nordic AB Replacement, renovation, and calibration of water and electricity meters
• KSS Klimat & Styrsystem AB (until Nov 2025)Control of indoor climate, ventilation, and energy efficiency
• Multitech Site Services Ltd Temporary infrastructure such as power, water, fire protection, and lighting
• Optyma Security Systems Ltd Integrated security systems for public and private environments
• Polyproject Environment AB Facilities and components for water treatment in industry and municipalities • Thors Trading AB Durable products, including hard metal components, for motor and equestrian
sports
DISCONTINUED OPERATIONS
• Metus d.o.o. Manufacturer of custom-designed special elevators, provider of local elevator services, and supplier of resources to global elevator manufacturers
