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Troax Group Interim / Quarterly Report 2025
2986_10-q_2025-04-23_991d5c7b-4cad-4e10-bbf5-35c02b0eebea.pdf
Interim / Quarterly Report
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INTERIM REPORT 2025
JANUARY - MARCH
TROAX
Troax Group AB (publ)
Hillerstorp, the 23rd of April 2025
COMING TOGETHER
Caring for everyday safety
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 42 countries and employ roughly 1200 people. The Company's head office is located in Hillerstorp, Sweden and our sales amounted to 279 MEUR (2024).
troax.com
troaxgroup.org
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY-MARCH 2025
INTERIM REPORT JANUARY- MARCH 2025
JANUARY – MARCH
- Order intake in the quarter decreased by 4 percent compared with the same period last year and amounted to 69,5 (72,3) MEUR. Adjusted for currency and acquisitions the order intake decreased by 5 percent.
- Sales in the quarter decreased by 4 percent compared with the same period last year and amounted to 68,3 (70,9) MEUR. Adjusted for currency and acquisitions sales decreased by 5 percent.
- Operating profit before amortizations (EBITA) decreased to 9,5 (11,0) MEUR.
- Operating margin before amortizations (EBITA margin) decreased to 14,0 (15,5) percent.
- Financial net was -1,6 (-1,3) MEUR.
- Profit after tax decreased to 5,3 (6,7) MEUR.
- Adjusted earnings per share after dilution amounted to 0,10 (0,13) EUR.
- Earnings per share after dilution amounted to 0,09 (0,11) EUR.
TROAX GROUP FIGURES
| MEUR | 3 Months
Jan-Mar 2025 | 3 Months
Jan-Mar 2024 | 12 Months
Jan-Dec 2024 | 12 Months
Jan-Dec 2023 | 12 Months
Apr-Mar 2024/2025 |
| --- | --- | --- | --- | --- | --- |
| Order intake | 69,5 | 72,3 | 276,9 | 258,2 | 274,1 |
| Sales | 68,3 | 70,9 | 278,5 | 264,3 | 275,9 |
| Gross profit | 25,6 | 25,7 | 106,0 | 102,0 | 105,9 |
| Gross margin, % | 37,5 | 36,2 | 38,1 | 38,6 | 38,4 |
| EBITA | 9,5 | 11,0 | 48,2 | 51,9 | 46,7 |
| EBITA margin, % | 14,0 | 15,5 | 17,3 | 19,6 | 16,9 |
| EBIT | 8,6 | 10,2 | 45,1 | 50,0 | 43,5 |
| EBIT margin, % | 12,6 | 14,4 | 16,2 | 18,9 | 15,8 |
| Profit after tax | 5,3 | 6,7 | 31,3 | 35,8 | 29,9 |
| EBITDA | 12,5 | 13,9 | 60,1 | 62,2 | 58,7 |
| EBITDA margin, % | 18,4 | 19,6 | 21,6 | 23,5 | 21,3 |
| Net debt / EBITDA | | | 0,8 | 0,9 | |
| Adjusted earnings per share after dilution in EUR | 0,10 | 0,13 | 0,57 | 0,63 | 0,55 |
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY-MARCH 2025
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY-MARCH 2025
COMMENTS FROM THE PRESIDENT AND CEO
Characterized by a more nervous macroeconomic environment and a high pace of internal transformation, this quarter marked the passing of several important milestones. While our end customer segments continued to develop in roughly the same direction as in the fourth quarter overall, we are seeing growing geographical disparities—Asia and North America continue to perform well, while demand in Europe, our largest market, remains weak. During the quarter and into the beginning of the second, political discourse has also contributed to greater uncertainty, and we maintain close dialogue with our customers to understand how they are reasoning and responding.
Internally, we have continued our efforts to adapt both to current demand levels and to future-proof the Group. Our new, more decentralized organization is well set up to adjust to local conditions and minimize the impact of potential trade barriers, such as tariffs. As a result of this organizational change, from this quarter onward we will report order intake and invoicing in new geographic segments, with the aim of improving transparency.
We have begun adjusting our capacity in Europe in line with the current market conditions, and we are prepared to make further adjustments throughout the year if needed, both upward and downward. Meanwhile, our factory investment in North America is progressing well, aiming to increase capacity and efficiency starting in 2026. In Asia, we are seeing strong growth and are planning for continued expansion.
Improved order situation in the Americas and APAC - lower volumes in Europe generate lower EBITA result
The uncertain and varied market situation in general, but the demand situation in Europe in particular, means that we report a total order intake decrease of five (-5) percent. Northern Europe accounted for weaker demand driven by warehousing, construction and general industry, while the automotive industry continued to be relatively stable. After a relatively weak start to the quarter, activity was somewhat stronger in the latter part of the quarter. In Asia, demand increased significantly in both the automotive and warehouse segments, and in the Americas, demand continued to increase, primarily driven by the warehouse segment.
Invoicing decreased during the quarter by five (-5) percent. Europe performed weaker due to lower order intake in previous quarters as well as in Q1, while the Americas and Asia showed growth compared to the previous year.
Our gross margin continued to develop steadily and was largely in line with our target for the first quarter, despite lower volumes. Continued price discipline, relatively stable and low material costs, and adjustments in our supply chain have helped offset much of the under-absorption effects arising from lower volumes in our European factories.
As in the fourth quarter, our selling and administrative expenses remain relatively high in relation to our sales. These costs are in line with our strategic plan to build a stronger sales organization, increase digitalization, and expand into new markets to gain market share. I am confident that these targeted investments will pay off going forward in the form of higher sales and improved sales efficiency.
Despite solid results in many of our businesses, I am not satisfied with our EBITA margin, which landed at 14,0% compared to 15.5% last year. The margin decrease is mainly a result of lower volumes.
Continued low debt provides opportunities for acquisitions
Our net debt to EBITDA ratio remained low (0.9). Overall, the Group continues to have a stable and strong financial position that enables further investments in profitable organic and acquired growth. In the current macro environment, this may well mean increased opportunities for acquisitions.
As a final remark
With a more decentralized organization, we are better equipped to adapt to market demand – both in seizing opportunities and addressing challenges. In addition to Troax Group being the largest player in our niche, we are the only global actor capable of meeting customers with regional sales and a supply chain that meets global standards. In an increasingly uncertain world, we are well-positioned, providing us with an excellent starting point as well as strong competitive advantages to gain market share going forward.
With the aim of a safer and more productive everyday life,
Martin Nyström,
President and CEO
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY-MARCH 2025
THE GROUP SUMMARY
JANUARY – MARCH
The total order intake amounted to 69,5 (72,3) MEUR, a decrease by 4 percent compared with the corresponding period last year. Adjusted for currency and acquisitions the order intake decreased by 5 percent. Americas and APAC increased their order intake during the period compared with the corresponding period last year whereas the other markets decreased their order intake.
Sales amounted to 68,3 (70,9) MEUR, a decrease of 4 percent compared with the corresponding period last year. Adjusted for currency and acquisitions, sales decreased by 5 percent. North America APAC increased their sales during the period compared with the corresponding period last year whereas the other markets decreased their sales.
Operating profit before amortizations (EBITA) amounted to 9,5 (11,0) MEUR, corresponding to an EBITA margin of 14,0 (15,5) percent.
FINANCIAL NET
During the first quarter, financial net amounted to -1,6 (-1,3) MEUR.
TAXES
The tax expense in the first quarter was -1,7 (-2,2) MEUR.
NET RESULT
Net result for the first quarter amounted to 5,3 (6,7) MEUR.
CASH FLOW, WORKING CAPITAL AND NET DEBT
Cash flow from operating activities was 3,6 (4,1) MEUR in the first quarter. Net debt by the end of the period was 50,7 (54,5) MEUR. Net debt in relation to the 12-month rolling EBITDA was 0,9 (0,9) to be compared with the company's financial target of less than 2,5.
INVESTMENTS
During the first quarter, investments were 3,3 (2,7) MEUR. The investments mainly relate to machinery in Sweden and USA.
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
| Order intake | 3 Months Jan-Mar | 3 Months Jan-Mar | Diff | 12 Months Jan-Dec | 12 Months Jan-Dec | Diff | 12 Months Apr-Mar |
|---|---|---|---|---|---|---|---|
| MEUR | 2025 | 2024 | 2024 | 2023 | 2024/2025 | ||
| EMEA North | 36,3 | 41,5 | -13% | 153,3 | 138,4 | 11% | 148,1 |
| EMEA South | 15,2 | 17,3 | -12% | 66,1 | 64,7 | 2% | 64,0 |
| Americas | 11,0 | 10,3 | 7% | 43,2 | 42,0 | 3% | 43,9 |
| APAC | 6,2 | 3,2 | 94% | 14,3 | 13,1 | 9% | 17,3 |
| Total excl Currency | 68,7 | 72,3 | -5% | 276,9 | 258,2 | 7% | 273,3 |
| Currency effect | 0,5 | 0,0 | 1% | 0,0 | 0,0 | 0% | 0,5 |
| Order intake acquisitions | 0,3 | 0,0 | 0% | 0,0 | 0,0 | 0% | 0,3 |
| Total Order intake | 69,5 | 72,3 | -4% | 276,9 | 258,2 | 7% | 274,1 |
| 3 Months Jan-Mar | 3 Months Jan-Mar | Diff | 12 Months Jan-Dec | 12 Months Jan-Dec | Diff | 12 Months Apr-Mar | |
| Total Sales | 2025 | 2024 | 2024 | 2023 | 2024/2025 | ||
| MEUR | |||||||
| EMEA North | 37,7 | 39,3 | -4% | 155,7 | 138,1 | 16% | 154,1 |
| EMEA South | 14,3 | 17,1 | -16% | 67,3 | 67,3 | 0% | 64,5 |
| Americas | 11,1 | 10,5 | 6% | 40,1 | 46,7 | -14% | 40,7 |
| APAC | 4,3 | 4,0 | 7% | 15,4 | 12,2 | 26% | 15,7 |
| Total excl Currency | 67,4 | 70,9 | -5% | 278,5 | 264,3 | 5% | 275,0 |
| Currency effect | 0,6 | 0,0 | 1% | 0,0 | 0,0 | 0% | 0,6 |
| Sales acquisitions | 0,3 | 0,0 | 0% | 0,0 | 0,0 | 0% | 0,3 |
| Total Sales | 68,3 | 70,9 | -4% | 278,5 | 264,3 | 5% | 275,9 |
- Note that organic growth is reported excluding currency effect.
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY-MARCH 2025
THE GROUP - SUMMARY
INCOME STATEMENT
| 3 Months | 3 Months | 12 Months | 12 Months | 12 Months | |
|---|---|---|---|---|---|
| MEUR | Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Apr-Mar |
| 2025 | 2024 | 2024 | 2023 | 2024/2025 | |
| Sales | 68,3 | 70,9 | 278,5 | 264,3 | 275,9 |
| Cost of goods sold | -42,7 | -45,2 | -172,5 | -162,3 | -170,0 |
| Gross profit | 25,6 | 25,7 | 106,0 | 102,0 | 105,9 |
| Sales expenses | -10,5 | -9,9 | -39,8 | -33,4 | -40,4 |
| Administrative expenses | -5,6 | -4,7 | -18,9 | -16,9 | -19,8 |
| Other operating income and expenses | 0,0 | -0,1 | 0,9 | 0,2 | 1,0 |
| Operating profit before Amortizations (EBITA) | 9,5 | 11,0 | 48,2 | 51,9 | 46,7 |
| Amortization | -0,9 | -0,8 | -3,1 | -1,9 | -3,2 |
| Operating profit (EBIT) | 8,6 | 10,2 | 45,1 | 50,0 | 43,5 |
| Financial income and expenses | -1,6 | -1,3 | -4,3 | -2,6 | -4,6 |
| Result after financial expenses | 7,0 | 8,9 | 40,8 | 47,4 | 38,9 |
| Taxes | -1,7 | -2,2 | -9,5 | -11,6 | -9,0 |
| Net result for the period | 5,3 | 6,7 | 31,3 | 35,8 | 29,9 |
| Earnings per share before / after dilution | 0,09 € | 0,11 € | 0,52 € | 0,60 € | 0,50 € |
| Adjusted earnings per share before / after dilution | 0,10 € | 0,13 € | 0,57 € | 0,63 € | 0,55 € |
| Number of shares before / after dilution in thousands | 60 000 | 60 000 | 60 000 | 60 000 | 60 000 |
STATEMENT OF COMPREHENSIVE INCOME
| 3 Months | 3 Months | 12 Months | 12 Months | 12 Months | |
|---|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Apr-Mar | |
| 2025 | 2024 | 2024 | 2023 | 2024/2025 | |
| Net result for the period | 5,3 | 6,7 | 31,3 | 35,8 | 29,9 |
| Other comprehensive income: | |||||
| Items that may be reclassified to the income statement | |||||
| Translation differences | 6,8 | -3,0 | -1,4 | 0,9 | 8,4 |
| Tax related to items that may be reclassified | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| 6,8 | -3,0 | -1,4 | 0,9 | 8,4 | |
| Items that will not be reclassified to the income statement | |||||
| Actuarial gains and losses on defined-benefit pension comm | 0,0 | 0,0 | 0,1 | -0,2 | 0,1 |
| Tax related to items that may be reclassified | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| 0,0 | 0,0 | 0,1 | -0,2 | 0,1 | |
| Other comprehensive income, net of tax | 6,8 | -3,0 | -1,3 | 0,7 | 8,5 |
| Total comprehensive income for the period | 12,1 | 3,7 | 30,0 | 36,5 | 38,4 |
| EBITDA | 3 Months | 3 Months | 12 Months | 12 Months | 12 Months |
| --- | --- | --- | --- | --- | --- |
| Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Apr-Mar | |
| 2025 | 2024 | 2024 | 2023 | 2024/2025 | |
| Operating result (EBIT) | 8,6 | 10,2 | 45,1 | 50,0 | 43,5 |
| Amortizations | 0,9 | 0,8 | 3,1 | 1,9 | 3,2 |
| Adjusted operating result (EBITA) | 9,5 | 11,0 | 48,2 | 51,9 | 46,7 |
| Depreciations | 3,0 | 2,9 | 11,9 | 10,3 | 12,0 |
| EBITDA | 12,5 | 13,9 | 60,1 | 62,2 | 58,7 |
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY-MARCH 2025
STATEMENT OF FINANCIAL POSITION
| 2025 | 2024 | 2024 | 2023 | |
|---|---|---|---|---|
| MEUR | 31-mar | 31-mar | 31-dec | 31-dec |
| Assets | ||||
| Intangible assets | 124,6 | 118,6 | 120,5 | 115,2 |
| Tangible assets | 84,0 | 72,5 | 79,8 | 82,1 |
| Financial fixed assets | 10,8 | 6,7 | 10,9 | 6,9 |
| Total fixed assets | 219,4 | 197,8 | 211,2 | 204,2 |
| Inventories | 30,3 | 30,1 | 29,4 | 30,8 |
| Current receivables | 60,9 | 59,7 | 58,6 | 55,9 |
| Cash and cash equivalents | 28,7 | 30,5 | 29,5 | 33,2 |
| Total current assets | 119,9 | 120,3 | 117,5 | 119,9 |
| TOTAL ASSETS | 339,3 | 318,1 | 328,7 | 324,1 |
| Equity and liabilities | ||||
| Equity | 192,2 | 174,0 | 180,1 | 172,3 |
| Long-term liabilities | 99,8 | 95,0 | 98,0 | 99,2 |
| Current liabilities | 47,3 | 49,1 | 50,6 | 52,6 |
| TOTAL EQUITY AND LIABILITIES | 339,3 | 318,1 | 328,7 | 324,1 |
| Net debt | 50,7 | 54,5 | 56,8 | 53,4 |
| STATEMENT OF CHANGES IN EQUITY ATTRIBUTABLI | 2025 | 2024 | 2024 | 2023 |
| TO THE PARENT COMPANY'S SHAREHOLDERS | 31-mar | 31-mar | 31-dec | 31-dec |
| Opening balance | 180,1 | 172,3 | 172,3 | 154,9 |
| Dividends | 0,0 | 0,0 | -20,4 | -19,3 |
| Received option premiums | 0,0 | 0,0 | 0,2 | 0,2 |
| Re-purchase of shares | 0,0 | -2,0 | -2,0 | 0,0 |
| Total comprehensive income for the period | 12,1 | 3,7 | 30,0 | 36,5 |
| Closing balance | 192,2 | 174,0 | 180,1 | 172,3 |
CASH FLOW STATEMENT
| 3 Months | 3 Months | 12 Months | 12 Months | |
|---|---|---|---|---|
| 2025 | 2024 | 2024 | 2023 | |
| MEUR | 31-mar | 31-mar | 31-dec | 31-dec |
| Operating profit before Amortizations (EBITA) | 9,5 | 11,0 | 48,2 | 51,9 |
| Depreciations, interest received and paid, tax paid and ad | 0,7 | -0,2 | -2,5 | -9,4 |
| Changes in working capital | -6,6 | -6,7 | -3,3 | 7,8 |
| Cash flow from operating activities | 3,6 | 4,1 | 42,4 | 50,3 |
| Investments | -3,3 | -2,7 | -15,9 | -41,1 |
| Cash flow after investing activities | 0,3 | 1,4 | 26,5 | 9,2 |
| Financing activities | -1,1 | -4,1 | -30,2 | -13,7 |
| Cash flow for the period | -0,8 | -2,7 | -3,7 | -4,5 |
| Cash and cash equivalents at the start of the period | 29,5 | 33,2 | 33,2 | 37,5 |
| Translation difference in cash and cash equivalents | 0,0 | 0,0 | 0,0 | 0,2 |
| Cash and cash equivalents at the end of the period | 28,7 | 30,5 | 29,5 | 33,2 |
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY-MARCH 2025
PARENT COMPANY– SUMMARY
| INCOME STATEMENT | 3 Months
Jan-Mar | 3 Months
Jan-Mar | 12 Months
Jan-Dec | 12 Months
Jan-Dec |
| --- | --- | --- | --- | --- |
| MEUR | 2025 | 2024 | 2024 | 2023 |
| Sales | 0,0 | 0,2 | 1,0 | 1,0 |
| Cost of goods sold | 0,0 | 0,0 | 0,0 | 0,0 |
| Gross profit | 0,0 | 0,2 | 1,0 | 1,0 |
| Administrative expenses | -1,8 | -1,0 | -4,0 | -3,7 |
| Other operating income and expenses | -0,1 | 0,0 | -0,1 | 0,1 |
| Operating profit before Amortizations (EBITA) | -1,9 | -0,8 | -3,1 | -2,6 |
| Financial income and expenses | -1,2 | 0,1 | 11,2 | 29,7 |
| Result after financial expenses | -3,1 | -0,7 | 8,1 | 27,1 |
| Year-end appropriations | 0,0 | 0,0 | 2,4 | 0,6 |
| Profit before tax | -3,1 | -0,7 | 10,5 | 27,7 |
| Taxes | 0,6 | 0,1 | -2,2 | -0,6 |
| Net result for the period | -2,5 | -0,6 | 8,3 | 27,1 |
STATEMENT OF COMPREHENSIVE INCOME
| Net result for the period | -2,5 | -0,6 | 8,3 | 27,1 |
|---|---|---|---|---|
| Other comprehensive income, net of tax | 0,0 | 0,0 | 0,0 | 0,0 |
| Total comprehensive income for the period | -2,5 | -0,6 | 8,3 | 27,1 |
| 31-mar | 31-mar | 31-dec | 31-dec | |
| --- | --- | --- | --- | |
| MEUR | 2025 | 2024 | 2024 | |
| Assets | ||||
| Shares in subsidiaries | 87,7 | 87,7 | 87,7 | |
| Receivables to subsidiaries | 24,1 | 24,1 | 24,9 | |
| Other long-term receivables | 1,0 | 0,8 | 0,9 | |
| Total fixed assets | 112,8 | 112,6 | 113,5 | |
| Receivables to subsidiaries | 0,0 | 14,6 | 12,2 | |
| Current receivables | 0,0 | 0,1 | 0,0 | |
| Cash and cash equivalents | 3,8 | 9,3 | 6,0 | |
| Total current assets | 3,8 | 24,0 | 18,2 | |
| TOTAL ASSETS | 116,6 | 136,6 | 131,7 | |
| Equity and liabilities | ||||
| Equity | 37,1 | 51,0 | 39,6 | |
| Untaxed reserves | 2,6 | 5,1 | 2,6 | |
| Long-term liabilities | 70,9 | 70,8 | 70,9 | |
| Current liabilities | 6,0 | 9,7 | 18,6 | |
| TOTAL EQUITY AND LIABILITIES | 116,6 | 136,6 | 131,7 | |
| CASH FLOW STATEMENT | 3 Months | 3 Months | 12 Months | 12 Months |
| --- | --- | --- | --- | --- |
| 2025 | 2024 | 2024 | 2023 | |
| MEUR | 31-mar | 31-mar | 31-dec | 31-dec |
| Operating profit before financial items | -1,9 | -0,8 | -3,1 | -2,6 |
| Interest paid and received, taxes, adjustments | -0,8 | -0,3 | -0,8 | 20,5 |
| Change in working capital | 0,5 | 1,2 | 21 | -7,2 |
| Cash flow from continuing operations | -2,2 | 0,1 | 17,1 | 10,7 |
| Investments | 0,0 | 0,0 | 0,0 | 0,0 |
| Cash flow from investment activities | -2,2 | 0,1 | 17,1 | 10,7 |
| Cash flow from financing activities | 0,0 | -2,0 | -22,3 | -9,3 |
| Cash flow for the period | -2,2 | -1,9 | -5,2 | 1,4 |
| Cash and cash equivalents at the beginning of the period | 6,0 | 11,2 | 11,2 | 9,8 |
| Translation difference | 0,0 | 0,0 | 0,0 | 0,0 |
| Cash and cash equivalents at the end of the period | 3,8 | 9,3 | 6,0 | 11,2 |
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY-MARCH 2025
FINANCIAL TARGETS
Troax Group's financial targets connected to the company's strategic initiatives are presented below. All expressed opinions in this part are future orientated.
| Growth | Troax's objective is to grow in its current markets, both organically and by selective acquisitions |
|---|---|
| Profitability | Troax's target is to have an operating margin (EBITA) in excess of 20 per cent. |
| Financial structure | Net debt in relation to the 12-month rolling EBITDA, excluding temporary deviations, shall not exceed 2,5 times. |
| Dividend policy | Troax's target is to pay approximately 50 per cent of its net profit in dividends. The dividend proposal shall consider Troax's long-term development potential, its financial position and its 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.
| Total Sales | 3 Months Jan-Mar | 3 Months Jan-Mar | Diff | 12 Months Jan-Dec | 12 Months Jan-Dec | Diff |
|---|---|---|---|---|---|---|
| MEUR | 2025 | 2024 | 2024 | 2023 | ||
| Organic sales / growth | 67,4 | 70,9 | -5% | 278,5 | 264,3 | 5% |
| Currency effect | 0,6 | 0,0 | 1% | 0,0 | 0,0 | 0% |
| Sales from acquisitions | 0,3 | 0,0 | 0% | 0,0 | 0,0 | 0% |
| Total Sales | 68,3 | 70,9 | -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.
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.
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY-MARCH 2025
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY-MARCH 2025
OTHER INFORMATION (CONT.)
| 31-mar 2025 | 31-mar 2024 | 31-dec 2024 | 31-dec 2023 | |
|---|---|---|---|---|
| Earnings per share | ||||
| Net income after tax (MEUR) | 5,3 | 6,7 | 31,3 | 35,8 |
| Adjusted earnings per share | 0,09 | 0,11 | 0,52 | 0,60 |
| Adjusted earnings per share | ||||
| Net income after tax (MEUR) | 5,3 | 6,7 | 31,3 | 35,8 |
| Adjustments | ||||
| Amortizations | 0,90 | 0,76 | 3,10 | 1,90 |
| Adjusted earnings per share | 0,10 | 0,13 | 0,57 | 0,63 |
| Number of shares | 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 cash-generating operating results, which gives an indication of the business' ability to pay its debts.
| MEUR | 31-mar 2025 | 31-mar 2024 | 31-dec 2024 | 31-dec 2023 |
|---|---|---|---|---|
| Short term loans | 0,0 | 3,0 | 0,0 | 4,0 |
| Long term loans | 70,0 | 70,0 | 70,0 | 70,0 |
| Liabilities for leases (IFRS 16) | 9,4 | 12,0 | 9,3 | 12,6 |
| Total debt | 79,4 | 85,0 | 79,3 | 86,6 |
| cash | 28,7 | 30,5 | 29,5 | 33,2 |
| Net debt incl IFRS 16 | 50,7 | 54,5 | 49,8 | 53,4 |
| 12 month rolling EBITDA incl IFRS 16 | 58,7 | 60,3 | 60,1 | 62,2 |
| Net debt / EBITDA incl IFRS 16 | 0,9 | 0,9 | 0,8 | 0,9 |
| Net debt excl IFRS 16 | 41,3 | 42,5 | 40,5 | 40,8 |
| 12 month rolling EBITDA excl IFRS 16 | 54,2 | 55,9 | 55,5 | 57,8 |
| Net debt / EBITDA excl IFRS 16 | 0,8 | 0,8 | 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 exposes are related to the cyclical impact on demand. For further information, see the Management Report and Note 27 in the Annual Report 2024.
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.
TRANSACTIONS WITH RELATED PARTIES
No significant transactions with related parties have taken place during the period.
RE-PURCHASE OF SHARES
As of the 31st of March 2025, Troax Group AB (publ) owned 154,668 own shares.
EMPLOYEES
At the end of the period the Group had 1 221 (1 236) employees.
OTHER EVENTS AFTER THE QUARTER
There is no significant information to report after the quarter.
11
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY-MARCH 2025
OTHER INFORMATION (CONT.)
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 Q2 2025, 18th of July 2025
Interim report Q3 2025, 29th of October 2025
Year-end report Q4 2025, 5th of February 2026
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 23rd of April 2025 at 15:00 CET. The conference will be held in English. For more information, please refer to https://www.troax.com/investors/press-releases/
12
INTERIM REPORT 2025
JANUARY – MARCH
TROAX
MARTIN NYSTRÖM
President and CEO
Phone +46 (0)370-828 31
[email protected]
ANDERS EKLÖF
CFO
Phone +46 (0)370-828 25
[email protected]
Troax Group AB (publ)
Hillerstorp, 23rd of April 2025
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 23rd of April 2025.
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY-MARCH 2025