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Sdiptech
Quarterly Report • Oct 24, 2025
2965_10-q_2025-10-24_7363d74e-c340-42c2-91d7-af02b4c12b2f.pdf
Quarterly Report
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Interim report
1 January – 30 September 2025
THIRD QUARTER 2025 Core operations
- Net sales increased by 9% to SEK 1,102 million (1,012) corresponding to an organic growth in the core operations of 5%, excluding currency effects.
- Adjusted EBITA amounted to SEK 235 million (216), corresponding to an adjusted EBITA margin of 21.3% (21.3) and an organic growth in the core operations of 2%, excluding currency effects.
- As of the third quarter of 2025, Sdiptech's operations that are part of the long-term strategic direction are reported as "Core operations".
- Businesses that are not in line with the Group's strategic direction have been separated from the core operations to be divested. These are reported separately as "Other operations" and are included in "Group".
THIRD QUARTER 2025 Group
- Net sales increased by 4% to SEK 1,253 million (1,210) corresponding to organic growth of 2%, excluding currency effects.
- EBITA amounted to SEK 245 million (238), corresponding to an EBITA margin of 19.5% (19.6).
- Adjusted EBITA amounted to SEK 242 million (231), corresponding to an adjusted EBITA margin of 19.4% (19.1) and an organic decrease of 2%, excluding currency effects.
- Profit before tax for amounted to SEK -378 million (134). Profit after tax amounted to SEK -419 million (91) and earnings per share amounted to SEK -11.14 (2.28). Impairment of goodwill and surplus values resulted in a non-cash impact from a one-off effect of SEK -500 million. Earnings per share excluding impairment amounted to SEK 2.03 (2.28).
- Cash flow from operating activities amounted to SEK 255 million (167), corresponding to a cash conversion of 94% (67), and a free cash flow per share of SEK 5.24 (2.16).
81% Cash flow conversion LTM, Group
21.7% Adj. EBITA-margin LTM, Core operations
| Financial overview and KPI | Jul-Sep 2025 |
Jul-Sep 2024 |
Jan-Sep 2025 |
Jan-Sep 2024 |
LTM Sep 2025 |
Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Core Operations | ||||||
| Net Sales, (SEK million) | 1,102 | 1,012 | 3,360 | 3,131 | 4,463 | 4,234 |
| Adjusted EBITA, (SEK million) | 235 | 216 | 713 | 683 | 970 | 940 |
| Adjusted EBITA-margin | 21,3% | 21,3% | 21,2% | 21,8% | 21,7% | 22,2% |
| Group | ||||||
| Net Sales, (SEK million) | 1,253 | 1,210 | 3,871 | 3,830 | 5,207 | 5,166 |
| Adjusted EBITA, (SEK million) | 19.4% | 19.1% | 19.0% | 19.6% | 19.1% | 19.6% |
| Adjusted EBITA-margin | 242 | 231 | 735 | 750 | 995 | 1,010 |
| EBITA, (SEK million) | 245 | 238 | 747 | 777 | 1.012 | 1,041 |
| EBIT, (SEK million) | -293 | 203 | 128 | 669 | 353 | 895 |
| Earnings for the period after tax, (SEK million) | -419 | 91 | -254 | 328 | -146 | 436 |
| Earnings per ordinary share after dilution, (SEK) | -11.14 | 2.28 | -7.00 | 8.27 | -4.27 | 11.00 |
| Earnings per ordinary share excl. impairments (SEK) | 2.03 | 2.28 | 6.17 | 8.27 | 8.90 | 11.00 |
| Free cashflow per share | 5.24 | 2.16 | 9.58 | 7.84 | 14.63 | 12.90 |
| Financial net debt/Adjusted EBITDA, multiple | 2.42 | 2.09 | 2.42 | 2.09 | 2.42 | 2.25 |
| Net debt/Adjusted EBITDA, multiple | 3.20 | 3.08 | 3.20 | 3.08 | 3.20 | 3.30 |
| Return on capital employed, % | 12.0% | 12.9% | 12.0% | 12.9% | 12.0% | 12.6% |
| Return on equity, % | -4.0% | 10.2% | -4.0% | 10.2% | -4.0% | 10.1% |
| Cash flow conversion, % | 94% | 67% | 71% | 74% | 81% | 83% |
For detailed information see Definition of alternative key figures
COMMENTS BY THE CEO
STABLE CORE OPERATIONS WITH SOLID MARGIN, GOOD CASH FLOW AND STRATEGIC INITIATIVES ACCORDING TO PLAN
In the third quarter, we implemented several key strategic initiatives to ensure a good future development in our core operations. Several main segments show stability and cautious optimism, but a more comprehensive recovery is not expected until 2026.
Development of the core operations
As previously communicated, we now report our core operation separately from businesses outside our strategic focus. The core operations consist of companies with solid underlying market trends, strong margins and niche products that are often complemented by a service offering, resulting in stable recurring revenues.
Our unit in the core operation showed good demand with a sales increase of 8.8 percent, of which 4.5 percent organic excl. currency. Higher sales volumes and completed acquisitions lifted the core operation's adjusted EBITA to SEK 235 million, an increase of 8.6 percent, of which 2.4 percent organic excluding currency. At the same time, several of the profitability measures we initiated in the previous two quarters have had an effect and stabilised profitability despite price pressure and higher costs, which resulted in us being able to maintain an adjusted EBITA margin of a solid 21.3 percent.
Our larger units within Supply Chain & Transportation have started to recover after a weaker first half of the year when uncertainties in the world resulted in several customers postponing their orders. Safety & Security also had a good quarter and several of the smaller units benefiting from strong global trends, such as data centre security and emission control, have continued to grow. In Energy & Electrification, the outcome was varied, with a couple of units driven by continued strong demand for energy efficiency. At the same time, individual units in the business area continued to have tough comparative figures from the previous year. In Water & Bioeconomy, several units have developed well, but the margin was affected by the cost situation in a couple of units within the business area, where we are working on efficiency improvements and price compensation measures.
The Group's cash flow from operating activities was back at satisfactory levels and amounted to SEK 255 million, corresponding to a cash flow generation of 94 percent. This is mainly a result of normalized inventory levels.
Acquisitions and divestments
The work to divest non-core businesses is progressing according to plan and we have extensive dialogues with several stakeholders. The sales of these units aim to streamline our business while freeing up resources in the form of both management capacity and capital for the core operations. As a result, we have carried out an impairment of goodwill and other surplus values of SEK 500 million, which highlights the strong return found in the core operation.
Our acquisition pipeline remains good and discipline in valuation and strict acquisition criteria are guiding. This affects our previously communicated target of acquiring an annual EBITA of approximately SEK 100 million by 2025, which we have adjusted down to approximately SEK 50 million.
Outlooks
We assess the market as stable to cautiously positive in several of our main segments, although a broader recovery does not appear to materialise until 2026. With a focused and well-diversified core business, a clear capital allocation agenda and a focus on organic growth, we are well positioned to continue creating long-term value over time.
During the autumn, we have continued our strategy work, and we look forward to sharing more at our Capital Markets Day on 28 November in Stockholm. We hope that many of you will have the opportunity to participate, and I would like to take this opportunity to extend a warm welcome to you all.
Anders Mattson, President and CEO
SALES, EARNINGS AND CASH FLOW
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 will be reported separately from the third quarter of 2025 as "Other Operations". In connection with this, a revaluation of goodwill and other intangible assets has been carried out, which is charged to the result with a non-cash one-off impact of SEK -500 million.
JULY TO SEPTEMBER
Net sales
Net sales for the core operations amounted to SEK 1,102 million (1,012) during the quarter, an increase of 9 percent compared with the corresponding period last year. Organic units in the core operations contributed SEK 1,012 million (1,012), corresponding to an increase of 5 percent excluding currency effects. Other operations contributed SEK 151 million (198). Total net sales for the Group thus amounted to SEK 1,253 million (1,210). For more detailed information, please refer to Business Areas.
The graph below refers to core operations:
Result
Operating profit, EBIT, for the quarter amounted to SEK -293 million (203), impairment of goodwill and surplus values attributable to other operations had a negative impact of SEK -500 million. Adjusted EBITA in the core operations amounted to SEK 235 million (216), corresponding to an adjusted EBITA margin of 21.3% (21.3), of which organic units contributed SEK 230 million (233), a change of 2%, excluding currency effects. Non-organic units contributed SEK 22 million to profit for the period, and central units contributed SEK -18 million (-17). Other operations also contributed SEK 8 million (15), resulting in a total adjusted EBITA of SEK 242 million (231).
Net financial items amounted to SEK -85 million (-69). The increase is affected by unrealized foreign exchange losses, which contributed SEK -14 million (-5) and interest expenses totalling SEK -68 million (-63), of which SEK -16 million (-16) related to discount rates for contingent consideration and leases.
The Group's profit after tax amounted to SEK -419 million (91), of which impairment of goodwill and surplus values had a negative impact of SEK -500 million. The Group's total profit, including operations under divestment, amounted to SEK -451 million (38). Earnings per ordinary share amounted to SEK -11.14 (2.28), adjusted for the impairment, earnings were SEK 2.03 (2.28). Earnings per ordinary share including discontinued operations amounted to SEK -11.99 (0.88), adjusted for impairment, the result was SEK 2.09 (1.75).
The return on capital employed amounted to 12.0 (12.9) percent. The decrease compared to the previous year was mainly due to an increase in capital employed. Return on capital employed, excluding goodwill and acquired intangible assets, amounted to 51 percent (54). Return on equity was -4.0 (10.2) percent.
* Excluding goodwill impairment
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 o are intended to be divested. The sale of these 11 units is aimed at streamlining the Group's operations in accordance with the strategy set in 2018/2019. For more information about each business area, please see: www.sdiptech.com
Net sales per business area Q3 2025, % Adjusted EBITA-margin % per business area
SUPPLY CHAIN & TRANSPORTATION
Sales increased by just over 3 percent during the quarter and several units have gradually started to recover after a weaker first half of the year when several customers postponed their orders. The business area's adjusted EBITA increased by 11 percent at the same time, with several units able to increase their profits more than sales through good scalability. This has resulted in a margin strengthening for the business area.
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | LTM Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| Supply chain & Transportation (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net sales | 518 | 501 | 1,574 | 1,547 | 2,100 | 2,073 |
| Adjusted EBITA | 109 | 98 | 306 | 308 | 443 | 445 |
| Adjusted EBITA margin % | 21.0% | 19.5% | 19.4% | 19.9% | 21.1% | 21.5% |
ENERGY & ELECTRIFICATION
Despite high comparable figures in individual units, sales increased by 6 percent in the quarter. This was driven primarily by good demand for energy efficiency solutions, but also by new acquisitions. Despite an increase in sales in several units, this could not compensate for the unusually high profitability levels that some of the business area's seasonal and project-oriented operations contributed to last year. This resulted in the business area's adjusted EBITA and EBITA margin decreasing in the quarter from the previous year.
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | LTM Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| Energy & Electrification (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net sales | 250 | 237 | 793 | 747 | 1,032 | 986 |
| Adjusted EBITA | 64 | 65 | 211 | 189 | 265 | 244 |
| Adjusted EBITA margin % | 25.8% | 27.5% | 26.6% | 25.4% | 25.7% | 24.7% |
WATER & BIOECONOMY
Sales increased by 6 percent in the quarter, driven by good demand in several units within the business area. At the same time, the business area's adjusted EBITA decreased by 11 percent, primarily driven by higher costs in the personnel-intensive companies in the UK, which continue to work on efficiency improvements and price compensation measures to counteract this.
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | LTM Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| Water & Bioeconomy (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net sales | 228 | 214 | 672 | 645 | 897 | 870 |
| Adjusted EBITA | 48 | 54 | 161 | 171 | 215 | 225 |
| Adjusted EBITA margin % | 21.0% | 25.0% | 23.9% | 26.5% | 24.0% | 25.9% |
SAFETY & SECURITY
Sales increased by 76 percent in the quarter. The strong development was driven partly by acquired companies, partly by good organic development where we see strong demand for our solutions within emission control, data center security and physical perimeter security. At the same time, the business area's adjusted EBITA increased by 88 percent and the already high margin in the business area has thus increased further.
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | LTM Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| Safety & Security (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net sales | 106 | 60 | 320 | 193 | 433 | 306 |
| Adjusted EBITA | 32 | 17 | 97 | 68 | 129 | 101 |
| Adjusted EBITA margin % | 30.0% | 28.1% | 30.3% | 35.4% | 29.9% | 32.9% |
OTHER OPERATIONS
The weaker market for construction-related businesses had a negative impact on sales, which decreased by 24 percent during the quarter, although some businesses in areas such as indoor climate control and energy efficiency saw increased demand. The comparison period last year was also characterized by several major projects that have now been completed, primarily in the installation of security systems and electricity and water meter replacements. The lower sales volume affects the units' profitability levels, even though we have worked to reduce the cost base for several of these operations.
| Other operations (SEK million) | Jul-Sep 2025 |
Jul-Sep 2024 |
Jan-Sep 2025 |
Jan-Sep 2024 |
LTM Sep 2025 |
Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Net sales | 151 | 198 | 511 | 699 | 743 | 931 |
| Adjusted EBITA | 8 | 15 | 23 | 68 | 25 | 71 |
| Adjusted EBITA margin % | 5.0% | 7.8% | 4.4% | 9.8% | 3.4% | 7.6% |
BALANCE SHEET AND CASH FLOW
Comments refer to Group unless otherwise stated.
FINANCIAL POSITION JULY TO SEPTEMBER Cash Flow
Cash flow from operating activities after changes in working capital was SEK 255 million (167), while cash flow generation during the period was 94 percent (67). Free cash flow per share increased to SEK 5.24 (2.16) through stronger cash flow from operations and a lower level of investment in fixed assets.
Following the previous quarter's inventory build-up in units facing major deliveries, we were able to reduce inventory during the third quarter. This has had a positive impact on cash flow during the period.
Cash flow from investing activities amounted to SEK -183 million (-194), of which adjustment of contingent purchase prices during the period amounted to SEK -156 million (-136). Investments in intangible and property, plant and equipment amounted to SEK -27 million (-58). Cash flow from financing activities amounted to SEK -46 million (31), of which net borrowing was SEK -10 million (63).
Cash flow from operating activities and cash generation %, LTM
Liabilities
The net debt/equity ratio at the balance sheet date was 3.20 (3.08), impacted by acquisitions made since September previous year. Net financial debt, excluding contingent consideration liabilities, amounted to SEK 2.42 (2.09), mainly impacted by paid contingent purchase prices.
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 September 30, 2025, within the total credit line of SEK 3,825 million with the Group's lenders, amounted to a total of approximately SEK 2,325 million. Together with the Group's cash and cash equivalents of SEK 579 million, there are approximately SEK 2,079 million in available funds. In addition, the Group has an outstanding sustainability-linked bond of SEK 800 million, maturing in August 2027.
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| (SEK million) | 30 Sep | 30 Sep | 31 Dec |
| Liabilities to credit institutions | 2,329 | 1,950 | 1,910 |
| Bond liabilitities | 800 | 600 | 811 |
| Leases | 354 | 350 | 393 |
| Contingent considerations | 772 | 803 | 910 |
| Other non-current liabilities | 2 | 2 | 4 |
| Total non-current interest-bearing liabilities | 4,256 | 3,705 | 4,027 |
| Liabilities to credit institutions | 9 | 8 | 10 |
| Leases | 123 | 106 | 120 |
| Contingent considerations | 198 | 425 | 406 |
| Other current liabilities | 1 | 1 | 1 |
| Total current interest-bearing liabilities | 330 | 540 | 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 Sep | 30 Sep | 31 Dec | |
| Opening balance of the year | 1,316 | 1,193 | 1,193 | |
| Acquisitions | 71 | 169 | 281 | |
| Paid considerations realting to previous acquisitions | -383 | -218 | -288 | |
| Interest expense (discount on present value calc.) | 35 | 38 | 50 | |
| Re-valuation via operating profit | 4 | 9 | 5 | |
| Exchange differences | -73 | 37 | 73 | |
| Carrying amount at period end | 970 | 1,228 | 1,316 | |
| Repayment periods, estimated values (non | Year | Year | Year | After year |
| discounted) as of 30 September 2025 (SEK million) | 2025 | 2026-2027 | 2028-2029 | 2029 |
| Contingent considerations | - | 534 | 380 | 84 |
Total net debt, LTM Financial net debt, LTM
ACQUISITIONS
Acquisitions during the quarter
No acquisitions were completed during the quarter. For more information see: www.sdiptech.com
Acquisitions LTM September 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
JANUARY – SEPTEMBER IN BRIEF
Comments refer to Group unless otherwise stated.
JANUARY - SEPTEMBER Net Sales
Net sales for the core operations during the period amounted to SEK 3,360 million (3,131), corresponding to an increase of 7 percent. Organic units in the core operations contributed SEK 3,090 million (3,131), an increase of 2 percent excluding currency effects. In addition, other operations contributed SEK 511 million (699). For more detailed information, please refer to Business Areas.
Result
Operating profit, EBIT, amounted to SEK 128 million (669), 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 713 million (683), corresponding to an adjusted EBITA margin of 21.2 percent (21.8), of which organic units contributed SEK 710 million (736), a change of -1 percent, excluding currency effects. Non-organic units contributed SEK 64 million to profit for the period, and central units contributed SEK -61 million (53) including non-recurring items (SEK -3 million). Other operations also contributed SEK 23 million (68), resulting in a total adjusted EBITA of SEK 735 million (750).
Net financial items amounted to SEK -245 million (-197), including unrealized foreign exchange losses of SEK -42 million (-1) and interest expenses totalling SEK -201 million (-192), of which SEK -50 million (-50) related to non-cash discount rates for contingent purchase prices and leases.
The Group's profit after tax amounted to SEK -254 million (328), 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 -290 million (262). The Group's operations under divestment contributed SEK -36 million (-66) to the Group's total profit, of which SEK -33 million (-33) relates to impairment of intangible assets.
Earnings per ordinary share amounted to SEK -7.00 (8.27), adjusted for the impairment, earnings were SEK 6.17 (8.27). Earnings per ordinary share including discontinued operations amounted to SEK -7.96 (6.54), adjusted for impairment, the result was SEK 6.12 (7.41).
Cash Flow
Cash flow from operating activities after changes in working capital was SEK 558 million (533), cash flow generation during the period was 71 percent (74). Free cash flow per share increased to SEK 9.58 (7.84) mainly due to a lower level of investment in fixed assets.
Cash flow was in the second quarter affected by inventory build-up in the Group's operations that have seasonally affected sales and operations with project-based sales processing. During the third quarter, inventory levels normalized, and cash flow was back to satisfactory levels. Cash flow from investing activities amounted to SEK -741 million (-687). Cash flow is primarily linked to acquisitions and during the period amounted to new acquisitions of SEK -244 million (-327) and settlement of contingent purchase prices, which amounted to SEK -383 million (-218). Investments in intangible and property, plant and equipment amounted to SEK - 114 million (-159). Cash flow from financing activities amounted to SEK 355 million (7), of which net borrowing amounted to SEK 453 million (95).
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.
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 is due to circumstances beyond the Group's control and there is sufficient evidence that the Group will continue to carry out the divestment. Against this background, the classification according to IFRS 5.9 remains. During the period, the book value was written down by SEK -33 million (-33).
Personnel
The number of employees in the Group at the end of the period was 2,158 (2,095) 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 discontinued operations amounts to 269 (306).
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.
For information about other existing incentive programs, please refer to the Annual Report for 2024.
Financial risks and uncertainties
With 30 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.
Events after the end of the reporting period
No other significant events have occurred after the end of the period.
Nomination Committee for the Annual General Meeting 2026
At the Annual General Meeting on 22 May 2025, the Chairman of the Board of Directors was instructed to contact the largest shareholders in terms of voting rights as of 30 September 2025 and ask them to appoint members. The Nomination Committee shall consist of three members. The Chairman of the Board shall be an adjunct member of the Nomination Committee and be the convener of the Nomination Committee's meetings.
Accordingly, the following persons have been appointed as members of the Nomination Committee for the 2026 Annual General Meeting:
- Helen Fasth Gillstedt (representing Handelsbanken Fonder)
- Alex Fortune (representing Blacksheep Fund Management)
- Ashkan Pouya
Proposals to the Nomination Committee from shareholders may be sent by post to the company's address for onward delivery or sent by e-mail to: [email protected]
Consolidated income statement in summary
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | LTM Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| Group (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net Sales | 1,253 | 1,210 | 3,871 | 3,830 | 5,207 | 5,166 |
| Other operating income | 6 | 8 | 23 | 42 | 35 | 54 |
| Total income | 1,258 | 1,219 | 3,894 | 3,873 | 5,241 | 5,220 |
| Operating expenses | ||||||
| Materials, contracting and subcontracting | -496 | -488 | -1,533 | -1,552 | -2,048 | -2,067 |
| Other external expenses | -117 | -110 | -360 | -338 | -491 | -469 |
| Employee expenses | -349 | -333 | -1,101 | -1,060 | -1,486 | -1,445 |
| Depreciation of tangible and intangible assets1 | -589 | -83 | -770 | -253 | -862 | -344 |
| Operating profit | -293 | 203 | 128 | 669 | 354 | 895 |
| Finance net | -85 | -69 | -245 | -197 | -308 | -260 |
| Earning before tax | -378 | 134 | -116 | 472 | 47 | 635 |
| Tax | -41 | -44 | -137 | -146 | -192 | -200 |
| Earnings after tax from continued operations | -419 | 91 | -254 | 328 | -146 | 436 |
| Profit/loss from discontinued operations | -32 | -53 | -36 | -66 | -49 | -79 |
| Total Profit for the period | -451 | 38 | -290 | 262 | -195 | 357 |
| 1 Operating profit includes: | ||||||
| Amortisation of intangible assets related to acquisitions | -27 | -26 | -83 | -76 | -112 | -105 |
| Impairment of goodwill and intangible assets | -500 | - | -500 | - | -500 | - |
| Profit attributable to continued operations: | ||||||
| Continued operations, Parent Company's shareholders | -420 | 90 | -255 | 325 | -148 | 432 |
| Discontinued operations, Parent Company's shareholders | -32 | -53 | -36 | -66 | -49 | -79 |
| Continued operations, non-controlling interests | 1 | 1 | 2 | 3 | 2 | 4 |
| Earnings per share | ||||||
| Earnings per share, Group | -11.14 | 2.28 | -7.00 | 8.27 | -4.27 | 11.00 |
| Earnings per share, Group excl. impairment | 2.03 | 2.28 | 6.17 | 8.27 | 8.90 | 11.00 |
| Earnings per share, incl. discontinued operations | -11.99 | 0.88 | -7.96 | 6.54 | -5.57 | 8.93 |
| Adjusted EBITA, Group | 242 | 231 | 735 | 750 | 995 | 1,010 |
| Adjusted EBITA, Core operations | 235 | 216 | 713 | 683 | 970 | 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 | Jan-Sep | Jan-Sep | LTM Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Profit for the period | -451 | 38 | -290 | 262 | -195 | 357 |
| Other comprehensive income | ||||||
| Changes in accumulated translation differences | -64 | 4 | -209 | 103 | -157 | 154 |
| Total comprehensive income | -516 | 42 | -499 | 365 | -353 | 511 |
| Attributable to: | ||||||
| Parent company's shareholders | -516 | 39 | -500 | 362 | -355 | 507 |
| Non-controlling interest | 1 | 3 | 2 | 3 | 2 | 4 |
Condensed consolidated balance sheet
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| (SEK million) | 30 Sep | 30 Sep | 31 Dec |
| Assets | |||
| Goodwill | 4,767 | 5,022 | 5,357 |
| Other intangible assets | 1,395 | 1,355 | 1,493 |
| Property, plant and equipment | 475 | 480 | 504 |
| Right-of-use assets | 463 | 446 | 503 |
| Other non-current assets | 20 | 16 | 15 |
| Inventories | 752 | 731 | 733 |
| Trade receivable | 937 | 891 | 981 |
| Other receivables | 320 | 317 | 296 |
| Cash and cash equivalents | 579 | 418 | 435 |
| Assets held for sale | 83 | 137 | 125 |
| Total assets | 9,790 | 9,812 | 10,441 |
| Equity and liabilities | |||
| Equity | 3,938 | 4,310 | 4,451 |
| Non-current interest-bearing long-term liabilities | 4,256 | 3,705 | 4,027 |
| Non-current non-interest-bearing long-term liabilities | 329 | 328 | 358 |
| Current interest-bearing liabilities | 330 | 540 | 537 |
| Trade payables | 363 | 357 | 365 |
| Current liabilities | 503 | 484 | 618 |
| Liabilities held for sale | 70 | 87 | 85 |
| Total equity and liabilities | 9,790 | 9,812 | 10,441 |
Condensed consolidated statement of changes in equity
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | LTM Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Opening equity | 4,461 | 4,273 | 4,451 | 3,957 | 4,311 | 3,957 |
| Profit for the period | -451 | 38 | -290 | 262 | -195 | 357 |
| Other comprehensive income for the period | -65 | 5 | -209 | 103 | -158 | 154 |
| Total income for the period | -516 | 43 | -499 | 365 | -353 | 511 |
| Shareholder transactions | ||||||
| Dividend to preference shareholders | -4 | -4 | -11 | -11 | -14 | -14 |
| Dividend to non-controlling interests | -4 | -2 | -4 | -2 | -6 | -4 |
| Share-based remuneration | 0 | 1 | - | 1 | 1 | 2 |
| Closing equity | 3,938 | 4,310 | 3,938 | 4,310 | 3,938 | 4,451 |
| 2025 | 2024 | 2024 | ||||
| Equity attributable to | 30 Sep | 30 Sep | 31 dec | |||
| Parent Company shareholders | 3,930 | 4,302 | 4,445 | |||
| Non-controlling interests | 8 | 8 | 6 |
Condensed consolidated cash flow
| Group (SEK million) | Jul-Sep 2025 |
Jul-Sep 2024 |
Jan-Sep 2025 |
Jan-Sep 2024 |
LTM Sep 2025 |
Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Earnings before tax | -378 | 134 | -116 | 472 | 47 | 635 |
| Noncash items1) | 650 | 114 | 900 | 252 | 1,007 | 359 |
| Paid tax | -21 | -50 | -168 | -154 | -210 | -196 |
| Cash flow from operations before change in working capital | 251 | 198 | 615 | 570 | 843 | 798 |
| Change in working capital | ||||||
| Increase(-)/decrease(+) in stock | 25 | - | -28 | -8 | -2 | 18 |
| Increase(-)/decrease(+) in operating receivables | -3 | 79 | -5 | 49 | -66 | -12 |
| Increase(+)/decrease(-) in operating liabilities | -18 | -110 | -24 | -78 | 73 | 19 |
| Cash flow from operating activities | 255 | 167 | 558 | 533 | 848 | 823 |
| Investing activities | ||||||
| Acquisitions of subsidiaries | - | - | -244 | -327 | -497 | -580 |
| Acquisitions of subsidiaries, paid contingent considerations | -156 | -136 | -383 | -218 | -453 | -288 |
| Disinvestments of subsidiaries | - | - | - | 17 | - | 17 |
| Net capital expenditures in non-current assets | -27 | -58 | -114 | -159 | -182 | -227 |
| Cash flow from investing activities | -183 | -194 | -741 | -687 | -1,132 | -1,078 |
| Financing activities | ||||||
| Borrowings/repayment of borrowings, net | -10 | 63 | 453 | 95 | 599 | 241 |
| Repayment of lease liabilities | -29 | -27 | -80 | -76 | -110 | -106 |
| Dividend paid | -8 | -5 | -14 | -12 | -20 | -18 |
| Cash flow from financing activities | -46 | 31 | 355 | 7 | 465 | 117 |
| Cash flow for the period | 26 | 4 | 175 | -147 | 185 | -138 |
| Cash and cash equivalents at beginning of the period | 561 | 415 | 435 | 550 | 418 | 550 |
| Exchange rate difference in cash and cash equivalents | -7 | -1 | -32 | 15 | -24 | 23 |
| Cash and cash equivalents at end of period | 579 | 418 | 579 | 418 | 579 | 435 |
| Cash and cash equivalents at end of period, discontinued operations |
6 | 10 | 6 | 10 | 6 | 11 |
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) | Jul-Sep 2025 |
Jul-Sep 2024 |
Jan-Sep 2025 |
Jan-Sep 2024 |
LTM Sep 2025 |
Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Net sales | 8 | 7 | 25 | 21 | 32 | 28 |
| Total income | 8 | 7 | 25 | 21 | 32 | 28 |
| Operating expenses | ||||||
| Other external expenses | -6 | -6 | -18 | -16 | -22 | -20 |
| Employee expenses | -18 | -17 | -56 | -51 | -75 | -70 |
| Depreciation of tangible and intangible assets | 0 | 0 | -1 | -1 | -1 | -1 |
| Operating profit | -16 | -16 | -50 | -47 | -65 | -62 |
| Financial net | -22 | -4 | -64 | -10 | -65 | -12 |
| Profit/loss after financial items | -38 | -20 | -114 | -58 | -130 | -74 |
| Group contributions received | - | - | - | - | 81 | 81 |
| Profit/loss for the period | -38 | -20 | -114 | -58 | -49 | 7 |
Parent company condensed balance sheet
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| (SEK million) | 30 Sep | 30 Sep | 31 dec |
| Intangible assets | 1 | - | - |
| Tangible assets | 1 | 1 | 1 |
| Financial assets | 2,810 | 2,469 | 2,958 |
| Current receivables | 977 | 1,378 | 1,288 |
| Cash and cash equivalents | 7 | 14 | 13 |
| Total assets | 3,796 | 3,862 | 4,260 |
| Equity | 2,190 | 2,253 | 2,314 |
| Long-term interest-bearing liabilities | 1,389 | 1,176 | 1,538 |
| Short-term liabilities | 217 | 433 | 407 |
| Total equity and liabilities | 3,796 | 3,862 | 4,260 |
Key figures and financial information
| Financial overview, Group | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|
| Net sales, (SEK million) | 1,253 | 1,288 | 1,330 | 1,336 | 1,210 |
| Sales growth compared to previous year, % | 4% | -4% | 4% | 3% | 7% |
| EBITDA (SEK million) | 296 | 296 | 306 | 317 | 286 |
| Adjusted EBITDA, (SEK million) | 305 | 303 | 315 | 323 | 287 |
| EBITA, (SEK million) | 245 | 248 | 255 | 265 | 238 |
| Adjusted EBITA (SEK million) | 242 | 242 | 251 | 260 | 231 |
| Adjusted EBITA margin, % | 19.3% | 18.8% | 18.9% | 19.5% | 19.1% |
| EBIT, (SEK million) | -293 | 207 | 214 | 226 | 203 |
| Profit for the year from Group, (SEK million) | -419 | 92 | 74 | 108 | 91 |
| Profit for the year after deduction of minority (SEK million) | -420 | 91 | 73 | 107 | 90 |
| Capital employed, closing balance, (SEK million) | 7,923 | 8,624 | 8,479 | 8,580 | 8,138 |
| Capital employed, average (SEK million) | 8,402 | 8,456 | 8,337 | 8,257 | 7,975 |
| Return on capital employed (ROCE), % | 12.0% | 11.9% | 12.5% | 12.6% | 12.9% |
| Equity, average adjusted for preference shares (SEK million) | 4,112 | 4,206 | 4,159 | 4,123 | 4,000 |
| Return on equity, % | -4.0% | 8.3% | 9.2% | 10.1% | 10.2% |
| Interest-bearing liabilities, closing balance (SEK million) | 3,985 | 4,163 | 4,153 | 4,129 | 3,828 |
| Net debt/Adjusted EBITDA, times | 3.20 | 3.39 | 3.31 | 3.30 | 3.08 |
| Interest-bearing liabilities to credit institutions, incl. leases | 3,016 | 3,033 | 2,820 | 2,813 | 2,597 |
| Financial net debt/Adjusted EBITDA, times | 2.42 | 2.47 | 2.25 | 2.25 | 2.09 |
| Equity capital including minority interests | 3,938 | 4,461 | 4,327 | 4,451 | 4,310 |
| Equity capital, attributed to parent | 3,930 | 4,454 | 4,320 | 4,445 | 4,304 |
| Equity/assets ratio, % | 40.2% | 42% | 42% | 43% | 44% |
| Cash flow generation, % | 94% | 45% | 74% | 109% | 67% |
| Number of employees at the end of the period | 2,158 | 2,156 | 2,185 | 2,169 | 2,095 |
| Attributable to Parent Company shareholders | |||||
| Key figures per share | |||||
| Earnings per ordinary share (SEK) | -11.14 | 2.30 | 1.83 | 2.72 | 2.28 |
| Equity per share, (SEK) | 10.34 | 11.72 | 11.37 | 11.70 | 11.33 |
| Cash flow from operating activities per share, (SEK) | 6.71 | 3.47 | 4.47 | 7.61 | 4.40 |
| Free operating cash flow per share, (SEK) | 5.24 | 1.50 | 2.76 | 5.00 | 2.16 |
| 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.
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. The unit is reported separately as of the third quarter of 2024 and for all comparable periods under the line OpeDiscontinued operations in accordance with IFRS 5. The sale has not yet been completed at the end of September 2025. The delay is due to circumstances beyond the Group's control and there is sufficient evidence that the Group will continue to carry out the divestment. Against this background, the classification according to IFRS 5.9 remains.
Segment information Group
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | LTM Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| Net Sales (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Supply Chain & Transportation | 518 | 501 | 1,574 | 1,547 | 2,100 | 2,073 |
| Energy & Electrification | 250 | 237 | 793 | 747 | 1,032 | 986 |
| Water & Bioeconomy | 228 | 214 | 672 | 645 | 897 | 870 |
| Safety & Security | 106 | 60 | 320 | 193 | 433 | 306 |
| Sum core operations | 1,102 | 1,012 | 3,360 | 3,131 | 4,463 | 4,234 |
| Other operations | 151 | 198 | 511 | 699 | 743 | 931 |
| Total net sales | 1,253 | 1,210 | 3,871 | 3,830 | 5,207 | 5,166 |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | LTM Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| Adjusted EBITA (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Supply Chain & Transportation | 109 | 98 | 306 | 308 | 443 | 445 |
| Energy & Electrification | 64 | 65 | 211 | 189 | 265 | 244 |
| Water & Bioeconomy | 48 | 54 | 161 | 171 | 215 | 225 |
| Safety & Security | 32 | 17 | 97 | 68 | 129 | 101 |
| Sum segments | 253 | 233 | 774 | 737 | 1,053 | 1,015 |
| Central units | -18 | -17 | -62 | -53 | -83 | -75 |
| Sum core operations | 235 | 216 | 713 | 683 | 970 | 940 |
| Other operations | 8 | 15 | 23 | 68 | 25 | 71 |
| Total adjusted EBITA | 242 | 231 | 735 | 750 | 995 | 1,010 |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | LTM Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| Adjusted EBITA-margin (%) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Supply Chain & Transportation | 21.0% | 19.5% | 19.4% | 19.9% | 21.1% | 21.5% |
| Energy & Electrification | 25.8% | 27.5% | 26.6% | 25.4% | 25.7% | 24.7% |
| Water & Bioeconomy | 21.0% | 25.0% | 23.9% | 26.5% | 24.0% | 25.9% |
| Safety & Security | 30.0% | 28.1% | 30.3% | 35.4% | 29.9% | 32.9% |
| Adjusted EBITA-margin % segments | 23.0% | 23.1% | 23.1% | 23.5% | 23.6% | 24.0% |
| Adjusted EBITA-margin % core incl central units | 21.3% | 21.3% | 21.2% | 21.8% | 21.7% | 22.2% |
| Other operations | 5.0% | 7.8% | 4.4% | 9.8% | 3.4% | 7.6% |
| Total adjusted EBITA-margin Group | 19.4% | 19.1% | 19.0% | 19.6% | 19.1% | 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 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 | Jan-Sep | Jan-Sep | LTM Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| Timing of revenue recognition (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Sales direct | 1,016 | 950 | 3,130 | 2,924 | 4,135 | 3,929 |
| Sales, over time | 86 | 63 | 230 | 208 | 327 | 305 |
| Total Net Sales | 1,102 | 1,012 | 3,360 | 3,131 | 4,463 | 4,234 |
Discontinued Operations
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | LTM Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| Profit (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net Sales | 43 | 42 | 147 | 149 | 204 | 206 |
| Operating profit | -31 | -50 | -29 | -59 | -38 | -68 |
| Profit before tax | -32 | -53 | -35 | -65 | -46 | -76 |
| Income tax | 0 | 0 | -1 | -1 | -2 | -2 |
| Profit for the period | -32 | -53 | -36 | -66 | -49 | -79 |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | LTM Sep | Jan-Dec | |
| Cash flow SEK (million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Cash flow from operating activities, net | 0 | -6 | 3 | -9 | -6 | -18 |
| Cash flow from investing activities, net | -1 | 1 | 0 | -2 | 1 | -1 |
Cash flow from financing activities, net 0 8 -8 15 0 23 Total cashflow -1 3 -5 4 -5 4
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| Balance sheet (SEK million) | 30 Sep | 30 Sep | 31 dec |
| Intangible assets | 4 | 24 | 27 |
| Property, plants and equipment | 4 | 18 | 18 |
| Right-of-use assets | 11 | 8 | 7 |
| Financial assets | - | 1 | 1 |
| Inventories | 14 | 14 | 14 |
| Trade receivables | 30 | 33 | 34 |
| Other current receivables | 14 | 28 | 13 |
| Cash and cash equivalents | 6 | 10 | 11 |
| Total assets | 83 | 137 | 125 |
| Non-current interest-bearing liabilities | 14 | 16 | 16 |
| Non-current non-interest-bearing liabilities | 3 | 1 | 3 |
| Current interest-bearing liabilities | 23 | 23 | 27 |
| Current non-interest-bearing liabilities | 30 | 47 | 38 |
| Total liabilities | 70 | 87 | 85 |
Business acquisitions
| PRELIMINARY ACQUISITION ANALYSIS, regarding | Fair Value | ||
|---|---|---|---|
| acquisitions during January to September 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 | 110 | ||
| Acquired units' contribution to the Group's profit before tax | 33 | ||
| 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 | -383 | ||
| Exchange differences | -4 | ||
| Total cash flow impact | -627 |
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. 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 September would have amounted to approximately SEK 3,885 million and adjusted EBITA would have amounted to approximately SEK 749 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 September 2025 amounted to SEK 10 million (9).
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 156 million, for the first nine months of the year 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.
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 generation
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.
Adjusted EBITA
The costs and revenues that are excluded when calculating adjusted EBITA have historically amounted to the amounts below:
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | LTM Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| Adjustment items, (SEK million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Adjustment of liability for earnouts | -7 | - | -12 | -8 | -9 | -5 |
| Acquisition and divestment cost | -2 | -1 | -10 | -9 | -19 | 17 |
| Divestments | - | - | - | 12 | - | 12 |
| Adjustment of previous year, non-material | - | - | -2 | - | -2 | - |
| Sum Adjustment items EBITDA | -8 | -1 | -24 | -4 | -30 | -11 |
| Acquisition-related amortization and write-downs of | ||||||
| non-current assets | 29 | 26 | 85 | 76 | 114 | 105 |
| Total Adjustment items EBITA | 21 | 25 | 61 | 72 | 94 | 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:
| Adjusted EBITA to EBIT (SEK million) | Jul-Sep 2025 |
Jul-Sep 2024 |
Jan-Sep 2025 |
Jan-Sep 2024 |
LTM Sep 2025 |
Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Adjusted EBITA | 242 | 231 | 735 | 751 | 995 | 1,010 |
| Adjustment items | -8 | -1 | -24 | -4 | -30 | -11 |
| Non-acquisition-related amortization and write-downs | ||||||
| of non-current assets | 11 | 8 | 36 | 31 | 47 | 42 |
| EBITA | 245 | 238 | 747 | 777 | 1,012 | 1,041 |
| Non-acquisition related amortization of non-current | ||||||
| assets | -11 | -8 | -36 | -31 | -47 | -42 |
| Impariment of goodwill and intangible assets | -500 | - | -500 | - | -500 | - |
| Acquisition-related amortization and write-downs of | ||||||
| non-current assets | -27 | -26 | -83 | -76 | -112 | -105 |
| EBIT | -293 | 203 | 128 | 669 | 354 | 895 |
STOCKHOLM 24 OCTOBER 2025
Anders Mattson President and CEO
*******
This interim report has been subject to review by the company's auditors.
Auditor's report
Sdiptech AB (publ) org nr 556672-4893
Introduction
We have conducted a limited review of the condensed interim financial information (interim report) for Sdiptech AB (publ) as of 30 September 2025, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review.
The focus and scope of the limited review
We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has.
Conclusion
Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act.
Stockholm, 24 October 2025
Öhrlings PricewaterhouseCoopers AB
Anna Rosendal Andreas Skogh
Auktoriserad revisor Auktoriserad revisor
Huvudansvarig revisor
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 24 October 2025 at 08.00 CEST.
Upcoming reports
Year-end report for 2025 10 February 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:
- 15 December 2025
- 13 March 2026
Segment Reporting, Pro Forma Q1 2023 – Q3 2025
Sdiptech acquired and operated companies up until the turn of the year 2018/2019 based on a strategy and set of criteria that differ from those applied today. At that time, "Sdiptech 2.0" was launched, marking a shift in focus for the core operations, both in terms of business orientation and financial criteria. As part of the ambition to allocate capital more efficiently and concentrate on operations with the strongest long-term potential, a group of companies has been identified that Sdiptech intends to find new owners for. Starting from the third quarter of 2025, these companies will be reported separately as "Other Operations."
A pro forma presentation of the Group's core operations and the Other Operations' revenue, adjusted EBITA, and margin is shown below:
SUPPLY CHAIN & TRANSPORTATION
Units offering innovative solutions aimed at modernizing and streamlining transport and delivery chains, driven by an increasing demand for more sustainable and efficient logistics solutions.
| Supply chain & Transportation (SEK million) | jul-sep Jan-Mar 2024 2025 |
Apr-Jun 2025 |
Jul-Sep 2025 |
Jan-Sep 2025 |
|
|---|---|---|---|---|---|
| Net sales | 522 | 534 | 518 | 1,574 | |
| Adjusted EBITA | 91 | 107 | 109 | 306 | |
| Adjusted EBITA margin % | 17.4% | 19.9% | 21.0% | 19.4% | |
| Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Dec | |
| 2024 | 2024 | 2024 | 2024 | 2024 | |
| Net sales | 492 | 554 | 501 | 526 | 2,073 |
| Adjusted EBITA | 90 | 120 | 98 | 137 | 445 |
| Adjusted EBITA margin % | 18.3% | 21.7% | 19.5% | 26.1% | 21.5% |
| Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Dec | |
| 2023 | 2023 | 2023 | 2023 | 2023 | |
| Net sales | 319 | 410 | 418 | 501 | 1,648 |
| Adjusted EBITA | 58 | 86 | 76 | 110 | 331 |
| Adjusted EBITA margin % | 18.2% | 21.1% | 18.2% | 21.9% | 20.1% |
ENERGY & ELECTRIFICATION
Businesses providing niche solutions within areas such as energy efficiency, electrification, power supply, and temporary electricity. The units' growth potential is driven by the transition toward future energy systems that enable sustainable production and efficient consumption of energy.
| Energy & Electrification (SEK million) | jul-sep Jan-Mar 2024 2025 |
Apr-Jun 2025 |
Jul-Sep 2025 |
Jan-Sep 2025 |
|
|---|---|---|---|---|---|
| Net sales | 423 288 |
255 | 250 | 793 | |
| Adjusted EBITA | 92 81 |
65 | 64 | 211 | |
| Adjusted EBITA margin % | 21,7% 28.1% |
25.6% | 25.8% | 26.6% | |
| Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Dec | |
| 2024 | 2024 | 2024 | 2024 | 2024 | |
| Net sales | 423 270 |
239 | 237 | 240 | 986 |
| Adjusted EBITA | 92 64 |
60 | 65 | 55 | 244 |
| Adjusted EBITA margin % | 21,7% 23.7% |
25.2% | 27.5% | 22.8% | 24.7% |
| Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Dec | |
| 2023 | 2023 | 2023 | 2023 | 2023 | |
| Net sales | 423 237 |
240 | 236 | 270 | 984 |
| Adjusted EBITA | 92 65 |
65 | 65 | 61 | 256 |
| Adjusted EBITA margin % | 21,7% 27.2% |
26.9% | 27.6% | 22.7% | 26.0% |
WATER & BIOECONOMY
Units specialized in systems and technologies related to water, water purification, waste management, and the efficient and circular use of natural resources. Growth is driven by population growth, urbanization, increased consumption, and regulatory requirements for the modernization of infrastructure.
| Water & Bioeconomy (SEK million) | jul-sep Jan-Mar 2024 2025 |
Apr-Jun 2025 |
Jul-Sep 2025 |
Jan-Sep 2025 |
|
|---|---|---|---|---|---|
| Net sales | 423 228 |
216 | 228 | 672 | |
| Adjusted EBITA | 92 61 |
52 | 48 | 161 | |
| Adjusted EBITA margin % | 21,7% 26.7% |
24.1% | 21.0% | 23.9% | |
| Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Dec | |
| 2024 | 2024 | 2024 | 2024 | 2024 | |
| Net sales | 423 199 |
231 | 214 | 225 | 870 |
| Adjusted EBITA | 92 62 |
55 | 54 | 54 | 225 |
| Adjusted EBITA margin % | 21,7% 31.1% |
24.0% | 25.0% | 24.1% | 25.9% |
| Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Dec | |
| 2023 | 2023 | 2023 | 2023 | 2023 | |
| Net sales | 423 165 |
183 | 198 | 197 | 743 |
| Adjusted EBITA | 92 45 |
44 | 58 | 49 | 195 |
| Adjusted EBITA margin % | 21,7% 27.6% |
23.9% | 29.2% | 24.7% | 26.3% |
SAFETY & SECURITY
Businesses that address the growing need to protect people, physical assets and facilities, as well as information. The business area focuses partly on safety, which involves preventing unintentional harm, partly on security, which concerns protection against intentional harm caused by external factors.
| Safety & Security (SEK million) | jul-sep Jan-Mar 2024 2025 |
Apr-Jun 2025 |
Jul-Sep 2025 |
Jan-Sep 2025 |
|
|---|---|---|---|---|---|
| Net sales | 423 107 |
108 | 106 | 320 | |
| Adjusted EBITA | 92 34 |
31 | 32 | 96 | |
| Adjusted EBITA margin % | 21,7% 31.6% |
28.7% | 30.0% | 30.1% | |
| jul-sep Jan-Mar |
Apr-Jun | Jul-Sep | Oct-Dec | Jan-Dec | |
| 2024 2024 |
2024 | 2024 | 2024 | 2024 | |
| Net sales | 423 64 |
68 | 60 | 113 | 306 |
| Adjusted EBITA | 92 25 |
26 | 17 | 32 | 101 |
| Adjusted EBITA margin % | 21,7% 39.5% |
37.9% | 28.1% | 28.6% | 32.9% |
| Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Dec | |
| 2023 | 2023 | 2023 | 2023 | 2023 | |
| Net sales | 423 63 |
64 | 64 | 57 | 247 |
| Adjusted EBITA | 92 23 |
21 | 21 | 18 | 83 |
| Adjusted EBITA margin % | 21,7% 36.5% |
33.2% | 33.6% | 30.9% | 33.6% |
CORE OPERATIONS
| Totala kärnverksamheten (Mkr) | Jan-Mar 2025 |
Apr-Jun 2025 |
Jul-Sep 2025 |
Jan-Sep 2025 |
|
|---|---|---|---|---|---|
| Net sales | 1 145 | 1 113 | 1 102 | 3 360 | |
| Adjusted EBITA | 245 | 233 | 235 | 713 | |
| Adjusted EBITA margin % | 21,4% | 20,9% | 21,3% | 21,2% | |
| Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Dec | |
| 2024 | 2024 | 2024 | 2024 | 2024 | |
| Net sales | 1 026 | 1 093 | 1 012 | 1 103 | 4 234 |
| Adjusted EBITA | 224 | 243 | 216 | 257 | 940 |
| Adjusted EBITA margin % | 21,8% | 22,2% | 21,3% | 23,3% | 22,2% |
| Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Dec | |
| 2023 | 2023 | 2023 | 2023 | 2023 | |
| Net sales | 784 | 897 | 916 | 1 024 | 3 621 |
| Adjusted EBITA | 173 | 201 | 203 | 220 | 797 |
| Adjusted EBITA margin % | 22,0% | 22,4% | 22,2% | 21,4% | 22,0% |
OTHER OPERATIONS
Businesses offering solutions within fire and personal safety, enhanced security in workplaces and public environments, as well as information security. These units are supported by strong underlying drivers such as technological development, evolving societal needs, and increasing safety requirements.
| Other operations (SEK million) | jul-sep Jan-Mar 2024 2025 |
Apr-Jun 2025 |
Jul-Sep 2025 |
Jan-Sep 2025 |
|
|---|---|---|---|---|---|
| Net sales | 423 185 |
175 | 151 | 511 | |
| Adjusted EBITA | 92 6 |
9 | 8 | 23 | |
| Adjusted EBITA margin % | 21,7% 3.1% |
5.3% | 5.0% | 4.4% | |
| jul-sep Jan-Mar |
Apr-Jun | Jul-Sep | Oct-Dec | Jan-Dec | |
| 2024 2024 |
2024 | 2024 | 2024 | 2024 | |
| Net sales | 423 257 |
245 | 198 | 232 | 931 |
| Adjusted EBITA | 92 28 |
25 | 15 | 3 | 71 |
| Adjusted EBITA margin % | 21,7% 11.0% |
10.1% | 7.8% | 1.2% | 7.6% |
| Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Dec | |
| 2023 | 2023 | 2023 | 2023 | 2023 | |
| Net sales | 423 236 |
234 | 214 | 276 | 959 |
| Adjusted EBITA | 92 32 |
27 | 28 | 36 | 123 |
| Adjusted EBITA margin % | 21,7% 13.3% |
11.7% | 12.9% | 13.1% | 12.8% |
ORGANIC GROWTH – CORE OPERATIONS
| Organic growth excl. units under divestment (%) | jul sep Jan-Mar 2024 2025 |
Apr-Jun 2025 |
Jul-Sep 2025 |
Jan-Sep 2025 |
|
|---|---|---|---|---|---|
| Net sales | 423 2% |
-1% | 5% | 2% | |
| Adjusted EBITA | 92 0% |
-6% | 2% | -1% | |
| jul-sep Jan-Mar 2024 2024 |
Apr-Jun 2024 |
Jul-Sep 2024 |
Oct-Dec 2024 |
Jan-Dec 2024 |
|
| Net sales | 423 12% |
9% | 3% | -4% | 4% |
| Adjusted EBITA | 92 8% |
7% | -3% | 5% | 5% |
| Jan-Mar 2023 |
Apr-Jun 2023 |
Jul-Sep 2023 |
Oct-Dec 2023 |
Jan-Dec 2023 |
|
| Net sales | 423 15% |
19% | 20% | 22% | 19% |
| Adjusted EBITA | 92 8% |
17% | 23% | 7% | 14% |
ORGANIC GROWTH INCLUDING OTHER OPERATIONS
| Organic growth (%) | jul-sep Jan-Mar 2024 2025 |
Apr-Jun 2025 |
Jul-Sep 2025 |
Jan-Sep 2025 |
|
|---|---|---|---|---|---|
| Net sales | 423 -4% |
-4% | 2% | -1% | |
| Adjusted EBITA | 92 -8% |
-9% | -2% | -6% | |
| jul-sep Jan-Mar |
Apr-Jun | Jul-Sep | Oct-Dec | Jan-Dec | |
| 2024 2024 |
2024 | 2024 | 2024 | 2024 | |
| Net sales | 423 11% |
8% | 1% | -6% | 3% |
| Adjusted EBITA | 92 5% |
5% | -8% | -8% | -2% |
| Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Dec | |
| 2023 | 2023 | 2023 | 2023 | 2023 | |
| Net sales | 423 15% |
18% | 18% | 22% | 18% |
| Adjusted EBITA | 92 12% |
16% | 20% | 7% | 13% |
COMPANIES WITHIN THE BUSINESS AREAS
Companies within Supply Chain & Transportation (in alphabetical order)
• 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
Companies within Energy & Electrification (in alphabetical order)
• 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 (in alphabetical order):
• 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 (as of Dec -24) Manufacturer of precision soil sampling solutions for sustainable agriculture
Companies within Safety & Security (in alphabetical order)
• Alerter Group Ltd Emergency communication systems for people with disabilities • Cryptify AB Software company providing secure communication solutions • Dado Lab Srl (as of Nov -24) Manufacturer of instruments used for emission measurements and
environmental sampling
• Eagle Automation Systems Ltd Full-service provider of physical perimeter security
• (as of Oct -24)
• 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
ÖVRIGA VERKSAMHETER (in alphabetical order)
• 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 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
