AI assistant
Troax Group Audit Report / Information 2025
2986_10-k_2026-02-05_23bf83c9-a224-4c03-ba63-c44b07942e2a.pdf
Audit Report / Information
Open in viewerOpens in your device viewer
{0}------------------------------------------------
Troax Group AB (publ) Hillerstorp, the 5 th of February 2026
{1}------------------------------------------------
TROAX EQUALS SAFETY
FOR YOUR EVERYDAY SAFETY
Every day we strive for 'peace of mind'.
Our promise is all about creating 'peace of mind'. By offering safety solutions for industrial manufacturing and warehousing environments, we contribute to safeguard people while working ensuring they get back home safe every day. At the same time we protect assets and productivity making our customers sleep well at night.
We offer solutions within passive and active safety and we are the global market leader within indoor perimeter protection.
Troax Group AB (publ), Reg. No. 556916-4030, is a global company with a strong sales force and efficient supply chain. With local presence we offer excellent customer service and quick deliveries. We are represented in 40 countries and employ roughly 1 100 people. The Company's head office is located in Hillerstorp, Sweden and our sales amounted to 261 MEUR (2025).
troax.com troaxgroup.org
{2}------------------------------------------------
YEAR-END REPORT JANUARY- DECEMBER 2025
OCTOBER – DECEMBER
- Order intake in the quarter decreased by 5 percent compared with the same period last year and amounted to 64,4 (68,0) MEUR. Adjusted for currency and acquired and discontinued businesses, the order intake decreased by 3 percent.
- Sales in the quarter decreased by 8 percent compared with the same period last year and amounted to 61,2 (66,7) MEUR. Adjusted for currency and acquired businesses, sales decreased by 8 percent.
- Operating profit before amortizations (EBITA) decreased to 6,6 (11,5) MEUR.
- Operating margin before amortizations (EBITA margin) decreased to 10,8 (17,2) percent.
- Financial net was -1,3 (-0,4) MEUR.
- During the fourth quarter, one-off items negatively affected the result by -4.2 MEUR, of which -1.7 MEUR relates to non-cash flow impairments of assets. During the first half of 2026, one-off items are expected to negatively affect the result by -2.2 MEUR (see also page 5).
- Profit after tax decreased to 0 (8,2) MEUR.
- Adjusted earnings per share after dilution amounted to 0,07 (0,15) EUR.
- Earnings per share after dilution amounted to 0,00 (0,14) EUR.
JANUARY - DECEMBER
- Order intake in the period decreased by 6 percent compared with the same period last year and amounted to 261,4 (276,9) MEUR. Adjusted for currency and acquired and discontinued businesses, the order intake decreased by 5 percent.
- Sales in the period decreased by 6 percent compared with the same period last year and amounted to 262,4 (278,5) MEUR. Adjusted for currency and acquired businesses, sales decreased by 6 percent.
- Operating profit before amortizations (EBITA) decreased to 36,3 (48,2) MEUR.
- Operating margin before amortizations (EBITA margin) decreased to 13,8 (17,3) percent.
- Financial net was -4,9 (-4,3) MEUR.
- Profit after tax decreased to 13,5 (31,3) MEUR.
- Adjusted earnings per share after dilution amounted to 0,40 (0,56) EUR.
- Earnings per share after dilution amounted to 0,23 (0,52) EUR.
- The Board of Directors suggests a dividend of 0,24 (0,34) EUR per share.
TROAX GROUP FIGURES
| 3 Months | 3 Months | 12 Months | 12 Months | 12 Months | |
|---|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | Jan-Dec | |
| MEUR | 2025 | 2024 | 2025 | 2024 | 2023 |
| Order intake | 64,4 | 68,0 | 261,4 | 276,9 | 258,2 |
| Sales | 61,2 | 66,7 | 262,4 | 278,5 | 264,3 |
| Gross profit | 22,0 | 26,0 | 98,2 | 106,0 | 102,0 |
| Gross margin, % | 35,9 | 39,0 | 37,4 | 38,1 | 38,6 |
| Adjusted operating result EBITA | 6,6 | 11,5 | 36,3 | 48,2 | 51,9 |
| EBITA margin, % | 10,8 | 17,2 | 13,8 | 17,3 | 19,6 |
| Operating result EBIT | 1,3 | 10,6 | 22,8 | 45,1 | 50,0 |
| EBIT margin, % | 2,1 | 15,9 | 8,7 | 16,2 | 18,9 |
| Profit after tax | 0,0 | 8,2 | 13,5 | 31,3 | 35,8 |
| EBITDA | 10,5 | 14,6 | 49,1 | 60,1 | 62,2 |
| EBITDA margin, % | 17,2 | 21,9 | 18,7 | 21,6 | 23,5 |
| Net debt / EBITDA | 1,7 | 0,7 | 0,7 | ||
| Adjusted earnings per share after dilution in EUR | 0,07 | 0,15 | 0,40 | 0,56 | 0,62 |
{3}------------------------------------------------
2025 Q4 - COMMENTS FROM THE PRESIDENT AND CEO
When I summarize the fourth quarter of 2025 as well as the full year, I conclude that the weak and uncertain demand situation continued to characterise the market. We continued the intensive work to develop and streamline the business, and we passed several important milestones. I am also pleased that during the same quarter we were able to announce three acquisitions that will contribute both strategically and financially. The acquisition of Vichnet, the market leader in China in mesh panels and cable trays, will constitute an important platform for our continued growth journey in Asia. In addition, by acquiring parts of the Danish Dancop Group and the Italian Stommpy, we have created the conditions for growth in flexible protective barriers, which is an important piece of the puzzle in our customer offering. The fact that we have been able to successfully carry out several parallel acquisition processes also shows, in my opinion, that our new decentralized organisational model is working well.
Improvements and investments strengthen our production efficiency
We have made good progress in streamlining our factory structure during the quarter. We have completed the shutdown of our Polish production and the move to Sweden. We have also started moving into our new factory in the US, which will be fully completed by the end of the second quarter of 2026. The goal of these two major projects is to significantly strengthen our competitiveness in the medium and long term. However, in the shorter term, these projects contribute to lower results. During the fourth quarter, the Group recorded nonrecurring costs totaling 4,2 MEUR related to double rental costs, relocation costs and overlapping personnel in the US, as well as restructuring costs and impairment of tangible fixed assets and inventories. During the first half of 2026, we will have additional non-recurring costs of approximately 2,2 MEUR related to the move of the factory from Chicago to Nashville, which will be recognized in the period in which they arise.
Low volumes and operational issues in North America are putting pressure on profitability
Demand remains soft and order intake decreased organically in all regions. In both Europe and North America, demand was weaker in the automotive industry than previously but was partly offset by somewhat stronger demand in the warehouse segment. In Asia, which grew strongly in 2025, development was more modest than in previous quarters. Similar to the third quarter, order intake was negatively affected by the temporary order intake stop we introduced in connection with the shutdown and relocation of our Polish operations to Sweden. Now at the beginning of 2026, I remain cautiously optimistic about the demand development going forward.
There are many positive takeaways from the fourth quarter, but the financial impact of our efforts will become more visible in 2026. The financial result for the fourth quarter is therefore at a lower level than what we can and should achieve in the long term.
Lower volumes contributed to lower gross margin and lower profitability. If we break the development down in more detail, we can see that most parts of the Group are performing well given the conditions, while the few operations we have with more complex challenges continued to struggle. In Europe, we have had a favorable product mix, stable input costs and have mainly adapted our supply chain to the lower volumes. The exception is our commercial partitioning business, which had low volume and weak results, which negatively affected the Group's results by approximately 130 bps in the quarter. The performance in North America was weak and reduced the Group's profitability by approximately 300 bps. The price increases we have implemented have not yet had an impact on the income statement. In addition, low volume and operational problems in the current facility, that is about to be phased out, contributed negatively. With adjusted prices and with our new factory establishment, the situation will improve in 2026.
The cost-saving measures implemented earlier in the year have had the desired effect and personnel costs have decreased. The increase in administrative and selling expenses is mainly attributable to our acquisitions. Due to lower sales, our administrative and selling expenses are still too high in relative terms, but will decrease as our efficiency and digitalisation projects are completed.
In summary…
With our decentralised organization, more optimized supply chain and well-chosen acquisitions, we are working tirelessly to be our customers' natural partner in industrial safety solutions. As the market improves and our transformation projects are completed, we will be in better shape than ever to grow profitably and gain more market share.
Martin Nyström, President and CEO
{4}------------------------------------------------
THE GROUP SUMMARY
OCTOBER – DECEMBER
The total order intake decreased by 5 percent compared to the corresponding period last year and amounted to 64,4 (68,0) MEUR. Adjusted for currency and acquired and discontinued businesses the order intake decreased by 3 percent. All regions except APAC decreased their order intake compared to the corresponding period last year.
Sales amounted to 61,2 (66,7) MEUR, a decrease of 8 percent compared with the corresponding period last year. Adjusted for currency and acquired businesses, sales decreased by 8 percent. All regions except APAC decreased their sales during the period compared with the corresponding period last year.
During the fourth quarter, we have continued to work on our factory structure. As a result, we have reported one-time costs during the quarter that negatively impacted the fourth quarter result by approximately 4,2 MEUR, which has been reported as an item affecting comparability in the income statement. The costs are attributable to the work on our factory investment in North America as well as one-time write-downs of tangible assets and inventories. During the first half of 2026, one-time costs for the relocation of operations from Chicago to Nashville are estimated to be 2,2 MEUR, which will be reported as an item affecting comparability in the period in which the cost arises.
Adjusted operating result (EBITA) amounted to 6,6 (11,5) MEUR, corresponding to an EBITA margin of 10,8 (17,2) percent.
JANUARY – DECEMBER
The total order intake amounted to 261,4 (276,9) MEUR, a decrease by 6 percent compared with the corresponding period last year. Adjusted for currency and acquired and discontinued businesses the order intake decreased by 5 percent. All regions except APAC decreased their order intake compared to the corresponding period last year.
Sales amounted to 262,4 (278,5) MEUR, a decrease of 6 percent compared with the corresponding period last year. Adjusted for currency and acquired businesses, sales decreased by 6 percent. Americas and APAC increased their sales during the period compared with the corresponding period last year whereas the other markets decreased their sales.
Total costs for the period January-December for non-recurring costs, including restructuring costs caused by work to adapt the organization to the current demand situation and define our future product portfolio and factory structure, amount to 10,2 MEUR, which has been reported as an item affecting comparability in the income statement.
Adjusted operating result (EBITA) amounted to 36,3 (48,2) MEUR, corresponding to an EBITA margin of 13,8 (17,3) percent.
FINANCIAL NET
During the fourth quarter of 2025, financial net amounted to -1,3 (-0,4) MEUR and to -4,9 (-4,3) for the full year 2025.
TAXES
The tax expense was 0 (-2,0) MEUR for the fourth quarter of 2025 and was -4,4 (-9,5) for full year 2025.
NET RESULT
Net result for the fourth quarter 2025 amounted to 0 (8,2) MEUR and to 13,5 (31,3) for full year 2025.
CASH FLOW, WORKING CAPITAL AND NET DEBT
Cash flow from operating activities was 4,8 (14,4) MEUR for the fourth quarter 2025 and was 29,9 (42,4) for full year 2025. Net debt by the end of the period was 75,3 (40,6) MEUR. Net debt in relation to the 12 month rolling EBITDA was 1,7 (0,7) to be compared with the company's financial target of less than 2,5.
INVESTMENTS
During the fourth quarter of 2025, investments were 28,1 (6,9) MEUR and were 35,9 (15,9) for full year 2025. The investments mainly relate to investments in subsidiaries and machinery investments in the US.
{5}------------------------------------------------
REGIONAL DEVELOPMENT
Troax' operations are reported as one segment. As secondary information Order intake and Sales are reported based on geographical regions.
EMEA NORTH – The Nordics, UK and Central Europe EMEA SOUTH – South Europe, Middle East and Africa
AMERICAS – North and South America APAC – Asia excluding the Middle East
| 3 Months | 3 Months | 12 Months 12 Months | 12 Months | |||||
|---|---|---|---|---|---|---|---|---|
| Order intake | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | Jan-Dec | |||
| MEUR | 2025 | 2024 | Diff | 2025 | 2024 | Diff | 2023 | Diff |
| EMEA North | 35,4 | 36,8 | -4% | 137,8 | 152,3 | -10% | 138,4 | 10% |
| EMEA South | 14,7 | 14,9 | -1% | 62,5 | 66,1 | -5% | 64,7 | 2% |
| Americas | 10,9 | 11,3 | -4% | 41,4 | 43,2 | -4% | 42,0 | 3% |
| APAC | 4,0 | 4,0 | 0% | 19,8 | 14,3 | 38% | 13,1 | 9% |
| Total organic order intake | 65,0 | 67,0 | -3% | 261,5 | 275,9 | -5% | 258,2 | 7% |
| Currency effect | -1,1 | 0,0 | -2% | -1,8 | 0,0 | -1% | 0,0 | 0% |
| Order intake discontinued businesses | 0,0 | 1,0 | 0% | 0,0 | 1,0 | 0% | 0,0 | 0% |
| Order intake acquisitions | 0,5 | 0,0 | 1% | 1,7 | 0,0 | 1% | 0,0 | 0% |
| Total Order intake | 64,4 | 68,0 | -5% | 261,4 | 276,9 | -6% | 258,2 | 7% |
| 3 Months | 3 Months | 12 Months 12 Months | 12 Months | |||||
| Total Sales | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | Jan-Dec | |||
| MEUR | 2025 | 2024 | Diff | 2025 | 2024 | Diff | 2023 | Diff |
| EMEA North | 34,3 | 37,4 | -8% | 140,3 | 155,7 | -10% | 138,1 | 16% |
| EMEA South | 15,0 | 16,1 | -7% | 61,1 | 67,3 | -9% | 67,3 | 0% |
| Americas | 7,3 | 10,0 | -27% | 41,0 | 40,1 | 2% | 46,7 | -14% |
| APAC | 4,8 | 3,2 | 50% | 19,6 | 15,4 | 27% | 12,2 | 26% |
| Total organic sales | 61,4 | 66,7 | -8% | 262,0 | 278,5 | -6% | 264,3 | 5% |
| Currency effect | -1,1 | 0,0 | -2% | -1,8 | 0,0 | -1% | 0,0 | 0% |
| Sales acquisitions | 0,9 | 0,0 | 1% | 2,2 | 0,0 | 1% | 0,0 | 0% |
| Total Sales | 61,2 | 66,7 | -8% | 262,4 | 278,5 | -6% | 264,3 | 5% |
{6}------------------------------------------------
THE GROUP - SUMMARY
INCOME STATEMENT
| 3 Months | 3 Months | 12 Months | 12 Months | 12 Months | |
|---|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | Jan-Dec | |
| MEUR | 2025 | 2024 | 2025 | 2024 | 2023 |
| Sales | 61,2 | 66,7 | 262,4 | 278,5 | 264,3 |
| Cost of goods sold | -39,2 | -40,7 | -164,2 | -172,5 | -162,3 |
| Gross profit | 22,0 | 26,0 | 98,2 | 106,0 | 102,0 |
| Sales expenses | -10,2 | -9,9 | -40,9 | -39,8 | -33,4 |
| Administrative expenses | -5,4 | -5,1 | -20,8 | -18,9 | -16,9 |
| Other operating income and expenses | 0,2 | 0,5 | -0,2 | 0,9 | 0,2 |
| Adjusted operating result (EBITA) | 6,6 | 11,5 | 36,3 | 48,2 | 51,9 |
| Amortizations and items affecting comparability | -5,3 | -0,9 | -13,5 | -3,1 | -1,9 |
| Operating result (EBIT) | 1,3 | 10,6 | 22,8 | 45,1 | 50,0 |
| Financial income and expenses | -1,3 | -0,4 | -4,9 | -4,3 | -2,6 |
| Result after financial expenses | 0,0 | 10,2 | 17,9 | 40,8 | 47,4 |
| Taxes | 0,0 | -2,0 | -4,4 | -9,5 | -11,6 |
| Net result for the period | 0,0 | 8,2 | 13,5 | 31,3 | 35,8 |
| Earnings per share before / after dilution | 0,00 € | 0,14 € | 0,23 € | 0,52 € | 0,60 € |
| Adjusted earnings per share before / after dilution | 0,07 € | 0,15 € | 0,40 € | 0,56 € | 0,62 € |
| Number of shares before / after dilution (1000's) | 60 000 | 60 000 | 60 000 | 60 000 | 60 000 |
| STATEMENT OF COMPREHENSIVE INCOME | 3 Months Oct-Dec |
3 Months Oct-Dec |
12 Months Jan-Dec |
12 Months Jan-Dec |
12 Months Jan-Dec |
| 2025 | 2024 | 2025 | 2024 | 2023 | |
| Net result for the period | 0,0 | 8,2 | 13,5 | 31,3 | 35,8 |
| Other comprehensive income: | |||||
| Items that may be reclassified to the income statement | |||||
| Translation differences | 1,7 | -0,3 | 3,9 | -1,4 | 0,9 |
| Tax related to items that may be reclassified | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| 1,7 | -0,3 | 3,9 | -1,4 | 0,9 | |
| Items that will not be reclassified to the income statement | |||||
| Actuarial gains and losses on defined-benefit pension commitment | 0,1 | 0,1 | 0,1 | 0,1 | -0,2 |
| Tax related to items that may be reclassified | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| 0,1 | 0,1 | 0,1 | 0,1 | -0,2 | |
| Other comprehensive income, net of tax | 1,8 | -0,2 | 4,0 | -1,3 | 0,7 |
| Total comprehensive income for the period | 1,8 | 8,0 | 17,5 | 30,0 | 36,5 |
| 3 Months | 3 Months | 12 Months | 12 Months | 12 Months | |
| EBITDA | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | Jan-Dec |
| 2025 | 2024 | 2025 | 2024 | 2023 | |
| Operating result (EBIT) | 1,3 | 10,6 | 22,8 | 45,1 | 50,0 |
| Amortizations and items affecting comparability | 5,3 | 0,9 | 13,5 | 3,1 | 1,9 |
| Adjusted operating result (EBITA) | 6,6 | 11,5 | 36,3 | 48,2 | 51,9 |
| Depreciations | 3,9 10,5 |
3,1 14,6 |
12,8 49,1 |
11,9 60,1 |
10,3 62,2 |
| EBITDA |
{7}------------------------------------------------
STATEMENT OF FINANCIAL POSITION
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| MEUR | 31-dec | 31-dec | 31-dec |
| Assets | |||
| Intangible assets | 140,6 | 120,5 | 115,2 |
| Tangible assets | 106,8 | 79,8 | 82,1 |
| Financial fixed assets | 11,5 | 10,9 | 6,9 |
| Total fixed assets | 258,9 | 211,2 | 204,2 |
| Inventories | 27,3 | 29,4 | 30,8 |
| Current receivables | 73,2 | 58,6 | 55,9 |
| Cash and cash equivalents | 39,7 | 29,5 | 33,2 |
| Total current assets | 140,2 | 117,5 | 119,9 |
| TOTAL ASSETS | 399,1 | 328,7 | 324,1 |
| Equity and liabilities | |||
| Equity | 177,4 | 180,1 | 172,3 |
| Long-term liabilities and provisions | 166,8 | 98,0 | 99,2 |
| Current liabilities | 54,9 | 50,6 | 52,6 |
| TOTAL EQUITY AND LIABILITIES | 399,1 | 328,7 | 324,1 |
| Net debt | 75,3 | 40,5 | 40,8 |
| STATEMENT OF CHANGES IN EQUITY ATTRIBUTABLE | 2025 | 2024 | 2023 |
| TO THE PARENT COMPANY'S SHAREHOLDERS | 31-dec | 31-dec | 31-dec |
| Opening balance | 180,1 | 172,3 | 154,9 |
| Dividends | -20,3 | -20,4 | -19,3 |
| Received option premiums | 0,1 | 0,2 | 0,2 |
| Re-purchase of shares | 0,0 | -2,0 | 0,0 |
| Total comprehensive income for the period | 17,5 | 30,0 | 36,5 |
| Closing balance | 177,4 | 180,1 | 172,3 |
CASH FLOW STATEMENT
| 3 Months | 3 Months | 12 Months | 12 Months | 12 Months | |
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2023 | |
| MEUR | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | Jan-Dec |
| Adjusted operating result (EBITA) | 6,6 | 11,5 | 36,3 | 48,2 | 51,9 |
| Depreciations, interest received and paid, tax paid and adjustments -0,6 | -1,0 | 0,2 | -2,5 | -9,4 | |
| Changes in working capital | -1,2 | 3,9 | -6,6 | -3,3 | 7,8 |
| Cash flow from operating activities | 4,8 | 14,4 | 29,9 | 42,4 | 50,3 |
| Investments | -28,1 | -6,9 | -35,9 | -15,9 | -41,1 |
| Cash flow after investing activities | -23,3 | 7,5 | -6,0 | 26,5 | 9,2 |
| Financing activities | 30,2 | -1,8 | 16,6 | -30,2 | -13,7 |
| Cash flow for the period | 6,9 | 5,7 | 10,6 | -3,7 | -4,5 |
| Cash and cash equivalents at the start of the period | 33,2 | 23,8 | 29,5 | 33,2 | 37,5 |
| Translation difference in cash and cash equivalents | -0,4 | 0,0 | -0,4 | 0,0 | 0,2 |
| Cash and cash equivalents at the end of the period | 39,7 | 29,5 | 39,7 | 29,5 | 33,2 |
{8}------------------------------------------------
PARENT COMPANY– SUMMARY
| INCOME STATEMENT | 3 Months | 3 Months | 12 Months | 12 Months | 12 Months |
|---|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | Jan-Dec | |
| MEUR | 2025 | 2024 | 2025 | 2024 | 2023 |
| Sales | 4,2 | 0,2 | 4,4 | 1,0 | 1,0 |
| Cost of goods sold | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Gross profit | 4,2 | 0,2 | 4,4 | 1,0 | 1,0 |
| Administrative expenses | -2,4 | -1,0 | -8,1 | -4,0 | -3,7 |
| Other operating income and expenses | 0,0 | 0,0 | -0,1 | -0,1 | 0,1 |
| Operating result (EBIT) | 1,8 | -0,8 | -3,8 | -3,1 | -2,6 |
| Financial income and expenses | -0,5 | 12,9 | 4,9 | 11,2 | 29,7 |
| Result after financial expenses | 1,3 | 12,1 | 1,1 | 8,1 | 27,1 |
| Year-end appropriations | 14,2 | 2,4 | 14,2 | 2,4 | 0,6 |
| Profit before tax | 15,5 | 14,5 | 15,3 | 10,5 | 27,7 |
| Taxes | -3,1 | -3,0 | -1,2 | -2,2 | -0,6 |
| Net result for the period | 12,4 | 11,5 | 14,1 | 8,3 | 27,1 |
| STATEMENT OF COMPREHENSIVE INCOME | |||||
| Net result for the period | 12,4 | 11,5 | 14,1 | 8,3 | 27,1 |
| Other comprehensive income, net of tax | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Total comprehensive income for the period | 12,4 | 11,5 | 14,1 | 8,3 | 27,1 |
STATEMENT OF FINANCIAL POSITION
| 31-dec | 31-dec | 31-dec | |
|---|---|---|---|
| MEUR | 2025 | 2024 | 2023 |
| Assets | |||
| Shares in subsidiaries | 112,7 | 87,7 | 87,7 |
| Receivables to subsidiaries | 22,1 | 24,9 | 23,6 |
| Other long-term receivables | 1,1 | 0,9 | 0,8 |
| Total fixed assets | 135,9 | 113,5 | 112,1 |
| Receivables to subsidiaries | 18,1 | 12,2 | 18,6 |
| Current receivables | 0,1 | 0,0 | 2,6 |
| Cash and cash equivalents | 1,3 | 6,0 | 11,2 |
| Total current assets | 19,5 | 18,2 | 32,4 |
| TOTAL ASSETS | 155,4 | 131,7 | 144,5 |
| Equity and liabilities | |||
| Equity | 33,5 | 39,6 | 53,5 |
| Untaxed reserves | 0,4 | 2,6 | 5,1 |
| Long-term liabilities and provisions | 113,1 | 70,9 | 70,9 |
| Current liabilities | 8,4 | 18,6 | 15,0 |
| TOTAL EQUITY AND LIABILITIES | 155,4 | 131,7 | 144,5 |
| CASH FLOW STATEMENT | 3 Months | 3 Months | 12 Months | 12 Months | 12 Months |
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2023 | |
| MEUR | 31-dec | 31-dec | 31-dec | 31-dec | 31-dec |
| Operating result (EBIT) | 1,8 | -0,8 | -3,8 | -3,1 | -2,6 |
| Interest paid and received, taxes, adjustments | -16,1 | 1,0 | -11,4 | -0,8 | 20,5 |
| Change in working capital | -24,0 | 5,8 | -11,2 | 21,0 | -7,2 |
| Cash flow from continuing operations | -38,3 | 6,0 | -26,4 | 17,1 | 10,7 |
| Investments | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Cash flow from investment activities | -38,3 | 6,0 | -26,4 | 17,1 | 10,7 |
| Cash flow from financing activities | 32,0 | 0,0 | 21,7 | -22,3 | -9,3 |
| Cash flow for the period | -6,3 | 6,0 | -4,7 | -5,2 | 1,4 |
| Cash and cash equivalents at the beginning of the period | 7,6 | 0,0 | 6,0 | 11,2 | 9,8 |
| Translation difference | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Cash and cash equivalents at the end of the period | 1,3 | 6,0 | 1,3 | 6,0 | 11,2 |
{9}------------------------------------------------
FINANCIAL TARGETS
The company has adopted new financial targets, presented below, on October 29th, 2025, which are linked to Troax Group's financial initiatives. All statements in this section are forward-looking statements.
| Growth | Troax Group's objective is to reach sales of at least 550 MEUR in 2030, corresponding to a CAGR of at least 15% (baseline 2025). |
|---|---|
| Profitability | Troax Group's target is to have an adjusted operating margin (adjusted EBITA) that exceeds 20% over a business cycle. |
| Financial structure | Net debt in relation to EBITDA, excluding temporary deviations in connection with acquisitions, should normally not exceed 2,5 times. |
| Dividend policy | Troax Group's target is to pay approximately 40-60 percent of net profit in dividends. The dividend proposal will take into consideration long term development potential, financial position and investment needs. |
The financial targets represent future oriented information. Future oriented information shall not be considered as guarantees for future result or development. The actual result may and can materially vary from what is expressed in the future oriented information.
OTHER INFORMATION
ACCOUNTING PRINCIPLES
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR 2, Accounting for Legal Entities. The Accounting principles that have been applied coincide with those accounting principles used for preparing the latest Annual Report. The Annual Report for 2024 is available on www.troax.com.
ALTERNATIVE KEY RATIOS
In this interim report, Troax presents certain financial measures that are not defined by IFRS, so-called alternative key ratios. The Group believes that these measures provide valuable supplementary information to investors as they enable an evaluation of the company's results and position. Since not all companies calculate financial measurements in the same way, these are not always comparable to those used by other companies. Investors should consider these financial measures as a complement rather than an IFRS financial statement. Troax uses the following alternative key figures:
Organic growth
As a large proportion of the Group's sales take place in currencies other than the reporting currency (Euro), the Group's sales are evaluated based on its organic sales growth, which enables separate evaluations of the effect of acquisitions / divestments and currency effects.
| 3 Months | 3 Months | 12 Months | 12 Months | 12 Months | |||
|---|---|---|---|---|---|---|---|
| Total Sales | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | Jan-Dec | ||
| MEUR | 2025 | 2024 | Diff | 2025 | 2024 | 2023 | Diff |
| Organic sales / growth | 61,4 | 66,7 | -8% | 262,0 | 278,5 | 264,3 | 5% |
| Currency effect | -1,1 | 0,0 | -2% | -1,8 | 0,0 | 0,0 | 0% |
| Sales from acquisitions | 0,9 | 0,0 | 1% | 2,2 | 0,0 | 0,0 | 0% |
| Total Sales | 61,2 | 66,7 | -8% | 262,4 | 278,5 | 264,3 | 5% |
Operating profit before amortizations (EBITA)
Earnings before interest, tax, depreciation on acquisition-related intangible fixed assets, acquisition-related costs and income and items affecting comparability.
{10}------------------------------------------------
OTHER INFORMATION (CONT.)
| Income and expenses from acquisitions | 3 Months | 3 Months | 12 Months | 12 Months |
|---|---|---|---|---|
| and items affecting comparability | Okt-Dec | Okt-Dec | Jan-Dec | Jan-Dec |
| MEUR | 2025 | 2024 | 2025 | 2024 |
| EBITA | 6,6 | 11,5 | 36,3 | 48,2 |
| Amortizations from acquisition-related assets | -0,9 | -0,9 | -3,6 | -3,1 |
| Acquisition costs | -0,7 | 0,0 | -0,7 | 0,0 |
| Effect from changes in earn-out estimations | 0,5 | 0,0 | 0,8 | 0,0 |
| Result from sale of shares in subsidiaries | 0,0 | 0,0 | 0,2 | 0,0 |
| Other items affecting comparability | -4,2 | 0,0 | -10,2 | 0,0 |
| Income and expenses from acquisitions and items | ||||
| affecting comparability | -5,3 | -0,9 | -13,5 | -3,1 |
| EBIT | 1,3 | 10,6 | 22,8 | 45,1 |
Adjusted earnings per share after dilution
Profit after tax excluding amortizations of fixed assets related to surplus values from acquisitions, acquisition-related costs and income and items affecting comparability in relation to the weighted average number of outstanding shares. None of the group's outstanding call option programs are deemed to result in significant future dilution.
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | 31-dec | |
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2023 | |
| Earnings per share | |||||
| Net income after tax (MEUR) | 0,0 | 8,2 | 13,5 | 31,3 | 35,8 |
| Adjusted earnings per share | 0,00 | 0,14 | 0,23 | 0,52 | 0,60 |
| Adjusted earnings per share | |||||
| Net income after tax (MEUR) | 0,0 | 8,2 | 13,5 | 31,3 | 35,8 |
| Adjustments | |||||
| Items affecting comparability after tax | 3,2 | - | 7,6 | - | - |
| Amortizations and other acquisition related costs after tax | 0,8 | 0,7 | 3,0 | 2,3 | 1,4 |
| Adjusted earnings per share | 0,07 | 0,15 | 0,40 | 0,56 | 0,62 |
| Number of shares | 60 000 000 | 60 000 000 | 60 000 000 | 60 000 000 | 60 000 000 |
Net debt / EBITDA
Troax' definition of net debt is the sum of interest-bearing liabilities (including leasing liabilities according to IFRS 16 but excluding pension liabilities) less cash and cash equivalents. Net debt is used by Group management to monitor and analyze the debt development in the Group and evaluate the Group's refinancing needs. Net debt compared with EBITDA provides a key figure for net debt in relation to cashgenerating operating results, which gives an indication of the business' ability to pay its debts.
| 31-dec | 31-dec | 31-dec | |
|---|---|---|---|
| MEUR | 2025 | 2024 | 2023 |
| Short term loans | 0,0 | 0,0 | 4,0 |
| Long term loans | 114,9 | 70,0 | 70,0 |
| Liabilities for leases (IFRS 16) | 29,6 | 9,3 | 12,6 |
| Total debt | 144,5 | 79,3 | 86,6 |
| cash | 39,7 | 29,5 | 33,2 |
| Net debt incl IFRS 16 | 104,9 | 49,8 | 53,4 |
| 12 month rolling EBITDA incl IFRS 16 | 49,1 | 60,1 | 62,2 |
| Net debt / EBITDA incl IFRS 16 | 2,1 | 0,8 | 0,9 |
| Net debt excl IFRS 16 | 75,3 | 40,5 | 40,8 |
| 12 month rolling EBITDA excl IFRS 16 | 44,7 | 55,5 | 57,8 |
| Net debt / EBITDA excl IFRS 16 | 1,7 | 0,7 | 0,7 |
RISKS AND RISK MANAGEMENT
Exposure to risks is a natural part of business operations and this reflects Troax' approach to risk management. This aims to identify and prevent the occurrence of risks and to limit any damage from these risks. The most significant risks to which the Group is exposed are related to the cyclical impact on demand. For further information, see the Management Report and Note 27 in the Annual Report 2024.
{11}------------------------------------------------
OTHER INFORMATION (CONT.)
SEASONAL VARIATIONS
Seasonal variations have some impact on Troax business. Sales are normally in general stable between the quarters but can fluctuate between the months in the quarter. Sales can be somewhat lower in the summer months (July-August) and from December to January. In periods of high production, the company normally ties up more money in Working Capital. Cash is then released from working capital after a high season when manufactured goods are installed and the customer's receivables paid.
CALL OPTION PROGRAM FOR SENIOR EXECUTIVES AND OTHER KEY PERSONNEL
Outstanding share-based incentive programs for the CEO, senior executives and certain other key personnel within the Group are set out in Note 1 of the Annual Report for 2024. At the Annual General Meeting for 2025, the Board was instructed to issue additional call options corresponding to a maximum of 300 000 shares, corresponding to a maximum of 0,5 percent of the total number of shares and votes in the company. An offer to subscribe for call options took place during the fourth quarter of 2025, in which 89 500 options were subscribed for at the option premium of SEK 14:02 SEK and at a subscription price amounting to 184:42 SEK per share.
TRANSACTIONS WITH RELATED PARTIES
No significant transactions with related parties have taken place during the period.
RE-PURCHASE OF SHARES
As of the 31 st of December 2025, Troax Group AB (publ) owned 154,668 own shares.
ACQUISITIONS
On the 20th of November, Troax acquired the Danish company Dancop A/S and two associated subsidiaries. Dancop develops and manufactures flexible safety barriers and high-quality traffic, observation and safety mirrors in industrial safety. The company was founded in 1975 and is headquartered in Slangerup, Denmark. The acquired business has an international presence through European sales companies and distributors.
On the 15th of December, Troax acquired the Italian company Stommpy S.p.A and an associated subsidiary. Stommpy develops high-quality flexible barriers that differentiate from its largest competitors and has a strong position in customer segments with high demands, such as food and pharmaceuticals. The company was founded in Italy in 2000 and sells its products under its own management on the Italian market and exports its products worldwide through external distributors.
The acquired company's net assets at the time of acquisition were:
| MEUR | Fair value reported in the Group |
|---|---|
| Acquired net assets | 10,0 |
| Purchase price paid | 20,8 |
| Surplus value intangible fixed assets and goodwill | 10,8 |
In addition to the above acquisitions, Troax signed an agreement to acquire the Chinese company Vichnet on October 31, 2025, a transaction that was completed in early January 2026.
EMPLOYEES
At the end of the period the Group had 1 132 (1 191) employees.
OTHER EVENTS AFTER THE QUARTER
In early January 2026, the acquisition of Vichnet, the market leader in machine guards and cable ladders in China, was completed. More information can be found on Troax's website: www.troax.com.
DEVELOPMENT IN THE PARENT COMPANY
There is no significant information to report for the quarter.
AUDIT
This report has not been comprehensively reviewed by the auditors.
NEXT REPORTS
Interim report Q1 2026, 21st of April 2026 Interim report Q2 2026, 15th of July 2026 Interim report Q3 2026, 29th of October 2026 Year-end report Q4 2026, 3rd of February 2027
{12}------------------------------------------------
OTHER INFORMATION (CONT.)
DIVIDEND
The board suggests a dividend of 0,24 (0,34) EUR per share to the shareholders. Total suggested dividend, 14,4 (20,4) MEUR, represents 60% (60%) of the net income in 2025 excluding income and expense from acquisitions and one-off items. The proposed reconciliation date for the dividend is the 24th of April 2026.
SHAREHOLDERS MEETING
The Annual General Meeting will be held at Troax in Hillerstorp on the 22nd of April 2026, at 15:00hrs. Shareholders who wish to add topics to be handled during the Shareholders Meeting can send their suggestions to the Chairman, Troax Group AB, attention "Topic for the Shareholders Meeting", Box 89, 335 04 Hillerstorp, Sweden. The topics must arrive at least seven weeks prior to the meeting, and by the 4 th of March 2026 at the latest.
TEAMS WEBINAR
Invitation to presentation of the latest quarter result:
Martin Nyström, CEO, and Anders Eklöf, CFO, will present the results at a Teams webinar on the 5 th of February 2026 at 13:00 CET. The conference will be held in English. For more information, please refer to https://www.troax.com/investors/press-releases/
{13}------------------------------------------------
MARTIN NYSTRÖM President and CEO Phone +46 (0)370-828 31 [email protected]
ANDERS EKLÖF CFO Phone +46 (0)370-828 25 [email protected]
Headquarters:
Troax Group AB
Box 89, SE-335 04 Hillerstorp, Sweden Phone: +46 (0)370-828 00 Fax +46 (0)370-824 86 www.troax.com
This information is information that Troax Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at 12:30 CET on the 5 th of February 2026.
Troax Group AB (publ) Hillerstorp, 5 th of February 2026