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Troax Group Interim / Quarterly Report 2025
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Interim / Quarterly Report
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INTERIM REPORT 2025 JANUARY – JUNE
Troax Group AB (publ) Hillerstorp, the 18th of July 2025
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
INTERIM REPORT JANUARY- MARCH 2025
APRIL – JUNE
- Order intake in the quarter decreased by 6 percent compared with the same period last year and amounted to 65,3 (69,6) MEUR. Adjusted for currency and acquisitions the order intake decreased by 6 percent.
- Sales in the quarter decreased by 4 percent compared with the same period last year and amounted to 68,7 (71,9) MEUR. Adjusted for currency and acquisitions sales decreased by 5 percent.
- In the second quarter, Troax initiated a cost optimization program, with restructuring-related expenses estimated at approximately 6 MEUR. This one-off cost has been recognized as an item affecting comparability in the income statement for the second quarter. The program is estimated to provide an annual cost saving of approximately 10 MEUR.
- Operating profit before amortizations (EBITA) decreased to 9,9 (12,1) MEUR.
- Operating margin before amortizations (EBITA margin) decreased to 14,4 (16,8) percent.
- Financial net was -1,1 (-1,5) MEUR.
- Profit after tax decreased to 1,4 (7,5) MEUR.
- Adjusted earnings per share after dilution amounted to 0,11 (0,14) EUR.
- Earnings per share after dilution amounted to 0,02 (0,13) EUR.
JANUARY - JUNE
- Order intake in the period decreased by 5 percent compared with the same period last year and amounted to 134,8 (141,8) MEUR. Adjusted for currency and acquisitions the order intake decreased by 6 percent.
- Sales in the period decreased by 4 percent compared with the same period last year and amounted to 137,0 (142,8) MEUR. Adjusted for currency and acquisitions sales decreased by 5 percent.
- Operating profit before amortizations (EBITA) decreased to 19,4 (23,1) MEUR.
- Operating margin before amortizations (EBITA margin) decreased to 14,2 (16,2) percent.
- Financial net was -2,7 (-2,8) MEUR.
- Profit after tax decreased to 6,7 (14,2) MEUR.
- Adjusted earnings per share after dilution amounted to 0,21 (0,26) EUR.
- Earnings per share after dilution amounted to 0,11 (0,24) EUR.
| 3 Months | 3 Months | 6 Months | 6 Months | 12 Months | 12 Months 12 Months | ||
|---|---|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | Jan-Dec | Jul-Jun | |
| MEUR | 2025 | 2024 | 2025 | 2024 | 2024 | 2023 2024/2025 | |
| Order intake | 65,3 | 69,5 | 134,8 | 141,8 | 276,9 | 258,2 | 269,9 |
| Sales | 68,7 | 71,9 | 137,0 | 142,8 | 278,5 | 264,3 | 272,7 |
| Gross profit | 26,2 | 27,2 | 51,8 | 52,9 | 106,0 | 102,0 | 104,9 |
| Gross margin, % | 38,1 | 37,8 | 37,8 | 37,0 | 38,1 | 38,6 | 38,5 |
| Adjusted operating result EBITA | 9,9 | 12,1 | 19,4 | 23,1 | 48,2 | 51,9 | 44,5 |
| EBITA margin, % | 14,4 | 16,8 | 14,2 | 16,2 | 17,3 | 19,6 | 16,3 |
| Operating result EBIT | 3,0 | 11,4 | 11,6 | 21,6 | 45,1 | 50,0 | 35,1 |
| EBIT margin, % | 4,4 | 15,9 | 8,5 | 15,1 | 16,2 | 18,9 | 12,9 |
| Profit after tax | 1,4 | 7,5 | 6,7 | 14,2 | 31,3 | 35,8 | 23,8 |
| EBITDA | 12,9 | 15,0 | 25,4 | 28,9 | 60,1 | 62,2 | 56,6 |
| EBITDA margin, % | 18,8 | 20,9 | 18,5 | 20,2 | 21,6 | 23,5 | 20,8 |
| Net debt / EBITDA | 0,8 | 0,9 | |||||
| Adjusted earnings per share after dilution in EUR | 0,11 | 0,14 | 0,21 | 0,26 | 0,57 | 0,63 | 0,55 |
TROAX GROUP FIGURES
COMMENTS FROM THE PRESIDENT AND CEO
When I summarize the second quarter of 2025, I can say that it has been another eventful quarter. The pattern in market demand continues to be similar to the first quarter with the exception that Americas has become somewhat more cautious in the wake of 'liberation day'. Market demand continued to be mixed in Europe, with slightly lower order intake in the storage segment and the automotive segment but slightly higher in the general industry and process segment. However, we note a slightly higher activity for feasibility studies in the storage segment in Europe, which bodes well for 2026 and beyond. In general, uncertainty remains regarding the timing of our customers' decision-making processes. APAC continued to grow slightly in local currency, but this was neutralized by currency effects and the APAC region therefore entered at an unchanged level compared to the comparison quarter in 2024.
During the quarter, we have worked intensively to adapt the organization to the prevailing demand situation and to define our future product portfolio and factory structure. At the end of June, we announced a number of actions that will contribute to a simpler and more cost-effective production structure. As a result, we have reduced the number of employees by approximately 100 during the quarter as an adjustment to market demand. Furthermore, we have also announced that we will relocate and close production in Poland during the second half of the year, affecting approximately additional 125 employees. Overall, this represents a significant cost reduction of approximately 10 MEUR at an annualized rate. The extraordinary one-off costs arising in connection with this amount to approximately 6 MEUR and are charged to the second quarter as a one-off cost. In parallel with the efficiency improvements in Europe, our factory investment in North America continues according to plan to increase capacity and improve cost efficiency starting in 2026.
Demand continues to be subdued, and we report a total order intake decrease of six (6) percent driven by Northern Europe and Americas. The weak demand continues in the construction and warehouse segments and has also eased somewhat in the automotive industry during the quarter. In the general industry and process segments in Europe, the situation has improved somewhat sequentially.
Sales decreased by four (4) percent during the quarter. Europe developed weaker as a result of lower order intake in previous quarters, while Americas and APAC grew compared to the previous year.
Despite the low volumes, our gross margin is at a good level and in line with our informal target. With continued price discipline, stable relatively low material costs and adjustments in our supply chain, we are compensating for the lion's share of the under-absorption effects arising from the lower volumes in Europe.
Just as in the first quarter, our selling and administrative expenses continue to be too high relative to our sales. During the quarter, we have therefore reviewed our organization and, starting in the third quarter, these costs will be reduced. The personnel reduction has been implemented in such a way that our strategic priorities are not significantly affected, but the development of a stronger sales organization, increased digitalization, and expansion into new markets and segments remains intact. I am convinced that we will be rewarded with these targeted investments in the future and that as a result we will see both higher sales and sales efficiency increased.
Despite good results in many of our operations, I am not satisfied with our EBITA margin, which landed at 14.4% compared to 16.8% last year (excluding non-recurring items affecting comparability). The result continues to be affected by low volumes but also by increasing negative FX effects. Excluding effect from FX losses, the EBITA margin in the quarter is 15.1% compared to 16.5% in the second quarter of 2024. This thus means a sequential improvement compared to the first quarter's 14.0%.
Our net debt to EBITDA ratio remained low at 1,1 (1,1). 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 good acquisitions.
Our new, more decentralized organization is starting to take shape, and I see good progress in our speed in meeting customer requirements and adapting to local and regional conditions. The work to modernize and digitize the Group has also progressed well. Troax Group is the largest player in our niche and the only global player that can serve customers with regional sales and a supply chain to global standards. With an even more streamlined decentralized organization, we will be even better prepared to grow and gain market share in the future.
With the aim of a safer and more productive everyday life,
Martin Nyström, President and CEO
THE GROUP SUMMARY
APRIL – JUNE
The total order intake amounted to 65,3 (69,5) MEUR, A decrease by 6 percent compared with the corresponding period last year. Adjusted for currency and acquisitions the order intake decreased by 6 percent. EMEA South 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 68,7 (71,9) MEUR, a decrease of 4 percent compared with the corresponding period last year. Adjusted for currency and acquisitions, sales decreased by 5 percent. All regions except North EMEA increased their sales during the period compared with the corresponding period last year.
Adjusted operating result (EBITA) amounted to 9,9 (12,1) MEUR, corresponding to an EBITA margin of 14,4 (16,8) percent.
During the second quarter, Troax initiated a cost optimization program, with restructuring-related expenses expected to total approximately 6 MEUR of which approximately 2 MEUR relates to write-down of assets. This one-off cost has been recognized as an item affecting comparability in the income statement for the second quarter. In the balance sheet, this is reported as current liabilities and provisions. The program includes three main components: a general workforce reduction of approximately 100 employees, the closure of the company's factory in Poland affecting an additional 125 employees, and an investment in a new, modern production facility in the United States. The initiative is expected to yield annual savings of approximately 10 MEUR. Further details regarding the efficiency measures can be found in our press release dated June 25, 2025.
JANUARY – JUNE
The total order intake amounted to 134,8 (141,8) MEUR, A decrease by 5 percent compared with the corresponding period last year. Adjusted for currency and acquisitions the order intake decreased by 6 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 137,0 (142,8) MEUR, a decrease of 4 percent compared with the corresponding period last year. Adjusted for currency and acquisitions, sales decreased by 5 percent. Americas and APAC increased their sales during the period compared with the corresponding period last year whereas the other markets decreased their sales.
Adjusted operating result (EBITA) amounted to 19,4 (23,1) MEUR, corresponding to an EBITA margin of 14,2 (16,2) percent.
FINANCIAL NET
During the second quarter of 2025, financial net amounted to -1,1 (-1,5) MEUR and to -2,7 (-2,8) for the first 6 months of the year.
TAXES
The tax expense was -0,5 (-2,4) MEUR for the second quarter of 2025 and was -2,2 (-4,6) for the first six months of 2025.
NET RESULT
Net result for the second quarter 2025 amounted to 1,4 (7,5) MEUR and to 6,7 (14,2) for the first six months of 2025.
CASH FLOW, WORKING CAPITAL AND NET DEBT
Cash flow from operating activities was 8,9 (10,2) MEUR for the second quarter 2025 and was 12,5 (14,3) for the first six months of 2025. Net debt by the end of the period was 64,8 (66,1) MEUR. Net debt in relation to the 12-month rolling EBITDA was 1,1 (1,1) to be compared with the company's financial target of less than 2,5.
INVESTMENTS
During the second quarter of 2025, investments were 2,3 (1,5) MEUR and were 5,6 (4,2) for the first six months of 2025. The investments mainly relate to machinery in Sweden.
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 | 6 Months | 6 Months | 12 Months 12 Months | 12 Months | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Order intake | Apr-Jun | Apr-Jun | Jan-June | Jan-June | Jan-Dec | Jan-Dec | Jul-Jun | |||
| MEUR | 2025 | 2024 | Diff | 2025 | 2024 | Diff | 2024 | 2023 | Diff | 2024/2025 |
| EMEA North | 33,3 | 38,7 -14% | 69,6 | 80,2 -13% | 153,3 | 138,4 | 11% | 142,7 | ||
| EMEA South | 18,8 | 17,8 | 6% | 34,0 | 35,1 | -3% | 66,1 | 64,7 | 2% | 65,0 |
| Americas | 8,8 | 9,1 | -3% | 19,8 | 19,4 | 2% | 43,2 | 42,0 | 3% | 43,6 |
| APAC | 4,2 | 3,9 | 8% | 10,4 | 7,1 | 46% | 14,3 | 13,1 | 9% | 17,6 |
| Total excl Currency | 65,1 | 69,5 | -6% | 133,8 | 141,8 | -6% | 276,9 | 258,2 | 7% | 268,9 |
| Currency effect | -0,3 | 0,0 | 0% | 0,2 | 0,0 | 0% | 0,0 | 0,0 | 0% | 0,2 |
| Order intake acquisitions | 0,5 | 0,0 | 1% | 0,8 | 0,0 | 1% | 0,0 | 0,0 | 0% | 0,8 |
| Total Order intake | 65,3 | 69,5 | -6% | 134,8 | 141,8 | -5% | 276,9 | 258,2 | 7% | 269,9 |
| 3 Months | 3 Months | 6 Months | 6 Months | 12 Months 12 Months | 12 Months | |||||
| Total Sales | Apr-Jun | Apr-Jun | Jan-June | Jan-June | Jan-Dec | Jan-Dec | Jul-Jun | |||
| MEUR | 2025 | 2024 | Diff | 2025 | 2024 | Diff | 2024 | 2023 | Diff | 2024/2025 |
| EMEA North | 33,9 | 40,5 -16% | 71,6 | 79,8 -10% | 155,7 | 138,1 | 16% | 147,5 | ||
| EMEA South | ||||||||||
| 17,4 | 16,8 | 4% | 31,7 | 33,9 | -6% | 67,3 | 67,3 | 0% | ||
| Americas | 11,8 | 10,0 | 18% | 22,9 | 20,5 | 12% | 40,1 | 46,7 -14% | 65,1 42,5 |
|
| APAC | 5,5 | 4,6 | 20% | 9,8 | 8,6 | 14% | 15,4 | 12,2 | 26% | 16,6 |
| Total excl Currency | 68,6 | 71,9 | -5% | 136,0 | 142,8 | -5% | 278,5 | 264,3 | 5% | 271,7 |
| Currency effect | -0,4 | 0,0 | -1% | 0,2 | 0,0 | 0% | 0,0 | 0,0 | 0% | 0,2 |
| Sales acquisitions | 0,5 | 0,0 | 1% | 0,8 | 0,0 | 1% | 0,0 | 0,0 | 0% | 0,8 |
* Note that organic growth is reported excluding currency effect.
THE GROUP - SUMMARY
INCOME STATEMENT
| 3 Months | 3 Months | 6 Months | 6 Months | 12 Months | 12 Months 12 Months | ||
|---|---|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | Jan-Dec | Jul-Jun | |
| MEUR | 2025 | 2024 | 2025 | 2024 | 2024 | 2023 2024/2025 | |
| Sales | 68,7 | 71,9 | 137,0 | 142,8 | 278,5 | 264,3 | 272,7 |
| Cost of goods sold | -42,5 | -44,7 | -85,2 | -89,9 | -172,5 | -162,3 | -167,8 |
| Gross profit | 26,2 | 27,2 | 51,8 | 52,9 | 106,0 | 102,0 | 104,9 |
| Sales expenses | -10,6 | -10,7 | -21,1 | -20,6 | -39,8 | -33,4 | -40,3 |
| Administrative expenses | -5,2 | -4,6 | -10,8 | -9,3 | -18,9 | -16,9 | -20,4 |
| Other operating income and expenses | -0,5 | 0,2 | -0,5 | 0,1 | 0,9 | 0,2 | 0,3 |
| Adjusted operating result (EBITA) | 9,9 | 12,1 | 19,4 | 23,1 | 48,2 | 51,9 | 44,5 |
| Amortizations and items affecting comparability | -6,9 | -0,7 | -7,8 | -1,5 | -3,1 | -1,9 | -9,4 |
| Operating result (EBIT) | 3,0 | 11,4 | 11,6 | 21,6 | 45,1 | 50,0 | 35,1 |
| Financial income and expenses | -1,1 | -1,5 | -2,7 | -2,8 | -4,3 | -2,6 | -4,2 |
| Result after financial expenses | 1,9 | 9,9 | 8,9 | 18,8 | 40,8 | 47,4 | 30,9 |
| Taxes | -0,5 | -2,4 | -2,2 | -4,6 | -9,5 | -11,6 | -7,1 |
| Net result for the period | 1,4 | 7,5 | 6,7 | 14,2 | 31,3 | 35,8 | 23,8 |
| Earnings per share before / after dilution | 0,02 € | 0,13 € | 0,11 € | 0,24 € | 0,52 € | 0,60 € | 0,40 € |
| Adjusted earnings per share before / after dilution | 0,11 € | 0,14 € | 0,21 € | 0,26 € | 0,57 € | 0,63 € | 0,55 € |
| Number of shares before / after dilution (1000's) | 60 000 | 60 000 | 60 000 | 60 000 | 60 000 | 60 000 | 60 000 |
STATEMENT OF COMPREHENSIVE INCOME
| 3 Months | 3 Months | 6 Months | 6 Months | 12 Months | 12 Months 12 Months | ||
|---|---|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | Jan-Dec | Jul-Jun | |
| 2025 | 2024 | 2025 | 2024 | 2024 | 2023 2024/2025 | ||
| Net result for the period | 1,4 | 7,5 | 6,7 | 14,2 | 31,3 | 35,8 | 23,8 |
| Other comprehensive income: | |||||||
| Items that may be reclassified to the income statement | |||||||
| Translation differences | -4,6 | 1,9 | 2,2 | -1,1 | -1,4 | 0,9 | 1,9 |
| Tax related to items that may be reclassified | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| -4,6 | 1,9 | 2,2 | -1,1 | -1,4 | 0,9 | 1,9 | |
| Items that will not be reclassified to the income statement | |||||||
| Actuarial gains and losses on defined-benefit pension commitment | 0,0 | 0,0 | 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 |
| 0,0 | 0,0 | 0,0 | 0,0 | 0,1 | -0,2 | 0,1 | |
| Other comprehensive income, net of tax | -4,6 | 1,9 | 2,2 | -1,1 | -1,3 | 0,7 | 2,0 |
| Total comprehensive income for the period | -3,2 | 9,4 | 8,9 | 13,1 | 30,0 | 36,5 | 25,8 |
| 3 Months | 3 Months | 6 Months | 6 Months | 12 Months | 12 Months 12 Months | ||
|---|---|---|---|---|---|---|---|
| EBITDA | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | Jan-Dec | Jul-Jun |
| 2025 | 2024 | 2025 | 2024 | 2024 | 2023 2024/2025 | ||
| Operating result (EBIT) | 3,0 | 11,4 | 11,6 | 21,6 | 45,1 | 50,0 | 35,1 |
| Amortizations and items affecting comparability | 6,9 | 0,7 | 7,8 | 1,5 | 3,1 | 1,9 | 9,4 |
| Adjusted operating result (EBITA) | 9,9 | 12,1 | 19,4 | 23,1 | 48,2 | 51,9 | 44,5 |
| Depreciations | 3,0 | 2,9 | 6,0 | 5,8 | 11,9 | 10,3 | 12,1 |
| EBITDA | 12,9 | 15,0 | 25,4 | 28,9 | 60,1 | 62,2 | 56,6 |
STATEMENT OF FINANCIAL POSITION
| 2025 | 2024 | 2024 | 2023 | |
|---|---|---|---|---|
| MEUR | 30-jun | 30-jun | 31-dec | 31-dec |
| Assets | ||||
| Intangible assets | 121,7 | 115,1 | 120,5 | 115,2 |
| Tangible assets | 82,0 | 79,5 | 79,8 | 82,1 |
| Financial fixed assets | 10,5 | 6,7 | 10,9 | 6,9 |
| Total fixed assets | 214,2 | 201,3 | 211,2 | 204,2 |
| Inventories | 30,0 | 30,9 | 29,4 | 30,8 |
| Current receivables | 60,4 | 63,5 | 58,6 | 55,9 |
| Cash and cash equivalents | 24,8 | 16,0 | 29,5 | 33,2 |
| Total current assets | 115,2 | 110,4 | 117,5 | 119,9 |
| TOTAL ASSETS | 329,4 | 311,7 | 328,7 | 324,1 |
| Equity and liabilities | ||||
| Equity | 168,6 | 163,1 | 180,1 | 172,3 |
| Long-term liabilities | 98,9 | 96,4 | 98,0 | 99,2 |
| Current liabilities and provisions | 61,9 | 52,2 | 50,6 | 52,6 |
| TOTAL EQUITY AND LIABILITIES | 329,4 | 311,7 | 328,7 | 324,1 |
| Net debt | 64,8 | 66,1 | 56,8 | 53,4 |
| STATEMENT OF CHANGES IN EQUITY ATTRIBUTABLE | 2025 | 2024 | 2024 | 2023 |
|---|---|---|---|---|
| TO THE PARENT COMPANY'S SHAREHOLDERS | 30-jun | 30-jun | 31-dec | 31-dec |
| Opening balance | 180,1 | 172,3 | 172,3 | 154,9 |
| Dividends | -20,3 | -20,3 | -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 | 8,9 | 13,1 | 30,0 | 36,5 |
| Closing balance | 168,7 | 163,1 | 180,1 | 172,3 |
CASH FLOW STATEMENT
| 3 Months | 3 Months | 6 Months | 6 Months | 12 Months | 12 Months | |
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | 2023 | |
| MEUR | 30-jun | 30-jun | 30-jun | 30-jun | 31-dec | 31-dec |
| Adjusted operating result (EBITA) | 9,9 | 12,1 | 19,4 | 23,1 | 48,2 | 51,9 |
| Depreciations, interest received and paid, tax paid and adjustments -1,6 | -0,4 | -0,9 | -0,6 | -2,5 | -9,4 | |
| Changes in working capital | 0,6 | -1,5 | -6,0 | -8,2 | -3,3 | 7,8 |
| Cash flow from operating activities | 8,9 | 10,2 | 12,5 | 14,3 | 42,4 | 50,3 |
| Investments | -2,3 | -1,5 | -5,6 | -4,2 | -15,9 | -41,1 |
| Cash flow after investing activities | 6,6 | 8,7 | 6,9 | 10,1 | 26,5 | 9,2 |
| Financing activities | -10,5 | -23,2 | -11,6 | -27,3 | -30,2 | -13,7 |
| Cash flow for the period | -3,9 | -14,5 | -4,7 | -17,2 | -3,7 | -4,5 |
| Cash and cash equivalents at the start of the period | 28,7 | 30,5 | 29,5 | 33,2 | 33,2 | 37,5 |
| Translation difference in cash and cash equivalents | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,2 |
| Cash and cash equivalents at the end of the period | 24,8 | 16,0 | 24,8 | 16,0 | 29,5 | 33,2 |
PARENT COMPANY– SUMMARY
| INCOME STATEMENT | 3 Months | 3 Months | 6 Months | 6 Months | 12 Months | 12 Months |
|---|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-June | Jan-June | Jan-Dec | Jan-Dec | |
| MEUR | 2025 | 2024 | 2025 | 2024 | 2024 | 2023 |
| Sales | 0,2 | 0,3 | 0,2 | 0,5 | 1,0 | 1,0 |
| Cost of goods sold | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Gross profit | 0,2 | 0,3 | 0,2 | 0,5 | 1,0 | 1,0 |
| Administrative expenses | -2,1 | -1,1 | -3,9 | -2,1 | -4,0 | -3,7 |
| Other operating income and expenses | 0,0 | -0,2 | -0,1 | -0,2 | -0,1 | 0,1 |
| Operating profit before Amortizations (EBITA) | -1,9 | -1,0 | -3,8 | -1,8 | -3,1 | -2,6 |
| Financial income and expenses | 7,1 | -0,3 | 5,9 | -0,2 | 11,2 | 29,7 |
| Result after financial expenses | 5,2 | -1,3 | 2,1 | -2,0 | 8,1 | 27,1 |
| Year-end appropriations | 0,0 | 0,0 | 0,0 | 0,0 | 2,4 | 0,6 |
| Profit before tax | 5,2 | -1,3 | 2,1 | -2,0 | 10,5 | 27,7 |
| Taxes | 0,8 | 0,3 | 1,4 | 0,4 | -2,2 | -0,6 |
| Net result for the period | 6,0 | -1,0 | 3,5 | -1,6 | 8,3 | 27,1 |
STATEMENT OF COMPREHENSIVE INCOME
| Net result for the period | 6,0 | -1,0 | 3,5 | -1,6 | 8,3 | 27,1 |
|---|---|---|---|---|---|---|
| Other comprehensive income, net of tax | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Total comprehensive income for the period | 6,0 | -1,0 | 3,5 | -1,6 | 8,3 | 27,1 |
STATEMENT OF FINANCIAL POSITION
| 30-jun | 30-jun | 31-dec | 31-dec | |
|---|---|---|---|---|
| MEUR | 2025 | 2024 | 2024 | 2023 |
| Assets | ||||
| Shares in subsidiaries | 87,7 | 87,7 | 87,7 | 87,7 |
| Receivables to subsidiaries | 22,7 | 24,3 | 24,9 | 23,6 |
| Other long-term receivables | 0,8 | 0,8 | 0,9 | 0,8 |
| Total fixed assets | 111,2 | 112,8 | 113,5 | 112,1 |
| Receivables to subsidiaries | 0,0 | 0,0 | 12,2 | 18,6 |
| Current receivables | 0,2 | 0,4 | 0,0 | 2,6 |
| Cash and cash equivalents | 3,8 | 0,3 | 6,0 | 11,2 |
| Total current assets | 4,0 | 0,7 | 18,2 | 32,4 |
| TOTAL ASSETS | 115,2 | 113,5 | 131,7 | 144,5 |
| Equity and liabilities | ||||
| Equity | 22,9 | 29,7 | 39,6 | 53,5 |
| Untaxed reserves | 2,6 | 5,1 | 2,6 | 5,1 |
| Long-term liabilities | 80,9 | 70,8 | 70,9 | 70,9 |
| Current liabilities | 8,8 | 7,9 | 18,6 | 15,0 |
| TOTAL EQUITY AND LIABILITIES | 115,2 | 113,5 | 131,7 | 144,5 |
| CASH FLOW STATEMENT | 3 Months | 3 Months | 6 Months | 6 Months | 12 Months | 12 Months |
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | 2023 | |
| MEUR | 30-jun | 30-jun | 30-jun | 30-jun | 31-dec | 31-dec |
| Operating profit before financial items | -1,9 | -1,0 | -3,8 | -1,8 | -3,1 | -2,6 |
| Interest paid and received, taxes, adjustments | 10,4 | -0,2 | 9,6 | -0,5 | -0,8 | 20,5 |
| Change in working capital | 1,8 | 12,5 | 2,3 | 13,7 | 21 | -7,2 |
| Cash flow from continuing operations | 10,3 | 11,3 | 8,1 | 11,4 | 17,1 | 10,7 |
| Investments | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Cash flow from investment activities | 10,3 | 11,3 | 8,1 | 11,4 | 17,1 | 10,7 |
| Cash flow from financing activities | -10,3 | -20,3 | -10,3 | -22,3 | -22,3 | -9,3 |
| Cash flow for the period | 0,0 | -9,0 | -2,2 | -10,9 | -5,2 | 1,4 |
| Cash and cash equivalents at the beginning of the period | 3,8 | 9,3 | 6,0 | 11,2 | 11,2 | 9,8 |
| Translation difference | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Cash and cash equivalents at the end of the period | 3,8 | 0,3 | 3,8 | 0,3 | 6,0 | 11,2 |
9
FINANCIAL TARGETS
Troax Groups financial targets connected to the companys 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.
| 3 Months | 3 Months | 6 Months | 6 Months | 12 Months 12 Months | |||||
|---|---|---|---|---|---|---|---|---|---|
| Total Sales | Apr-Jun | Apr-Jun | Jan-June | Jan-June | Jan-Dec | Jan-Dec | |||
| MEUR | 2025 | 2024 | Diff | 2025 | 2024 | Diff | 2024 | 2023 | Diff |
| Organic sales / growth | 68,6 | 71,9 | -5% | 136,0 | 142,8 | -5% | 278,5 | 264,3 | 5% |
| Currency effect | -0,4 | 0,0 | -1% | 0,2 | 0,0 | 0% | 0,0 | 0,0 | 0% |
| Sales from acquisitions | 0,5 | 0,0 | 1% | 0,8 | 0,0 | 1% | 0,0 | 0,0 | 0% |
| Total Sales | 68,7 | 71,9 | -4% | 137,0 | 142,8 | -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.
OTHER INFORMATION (CONT.)
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | 31-dec | |
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| Earnings per share | |||||
| Net income after tax (MEUR) | 1,4 | 7,5 | 6,7 | 14,2 | 31,3 |
| Adjusted earnings per share | 0,02 | 0,13 | 0,11 | 0,24 | 0,52 |
| Adjusted earnings per share | |||||
| Net income after tax (MEUR) | 1,4 | 7,5 | 6,7 | 14,2 | 31,3 |
| Adjustments | |||||
| Items affecting comparability | 4,4 | 4,4 | |||
| Amortizations | 0,9 | 0,7 | 1,8 | 1,5 | 3,1 |
| Adjusted earnings per share | 0,11 | 0,14 | 0,21 | 0,26 | 0,57 |
| 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.
| 30-jun | 30-jun | 31-dec | 31-dec | |
|---|---|---|---|---|
| MEUR | 2025 | 2024 | 2024 | 2023 |
| Short term loans | 0,9 | 1,1 | 0,0 | 4,0 |
| Long term loans | 80,0 | 70,0 | 70,0 | 70,0 |
| Liabilities for leases (IFRS 16) | 8,7 | 11,0 | 9,3 | 12,6 |
| Total debt | 89,6 | 82,1 | 79,3 | 86,6 |
| cash | 24,8 | 16,0 | 29,5 | 33,2 |
| Net debt incl IFRS 16 | 64,8 | 66,1 | 49,8 | 53,4 |
| 12 month rolling EBITDA incl IFRS 16 | 56,5 | 60,4 | 60,1 | 62,2 |
| Net debt / EBITDA incl IFRS 16 | 1,1 | 1,1 | 0,8 | 0,9 |
| Net debt excl IFRS 16 | 56,1 | 55,1 | 40,5 | 40,8 |
| 12 month rolling EBITDA excl IFRS 16 | 52,0 | 56,0 | 55,5 | 57,8 |
| Net debt / EBITDA excl IFRS 16 | 1,1 | 1,0 | 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.
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 30 th of June 2025, Troax Group AB (publ) owned 154,668 own shares.
EMPLOYEES
At the end of the period the Group had 1 164 (1 219) employees.
OTHER EVENTS AFTER THE QUARTER
There is no significant information to report after the quarter.
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 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 18th of July 2025 at 14:00 CET. The conference will be held in English. For more information, please refer to https://www.troax.com/investors/press-releases/
Hillerstorp 2025-07-18
Martin Nyström President & CEO
Thomas Widstrand
Anna Stålenbring Eva Nygren
Marie Landfors
Anders Mörck Chairman
Bertil Persson
Stefan Lundgren Employee repr.
Fredrik Hansson
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 and the Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person set out above, at 12:30 CET on the 18th of July 2025.
Troax Group AB (publ) Hillerstorp, 18th of July 2025