Interim Report January-March 2025, Coor Service Management Holding AB.
First quarter of 2025
- Net sales in the first quarter amounted to SEK 3,052 (3,124) million. Organic growth was -2 per cent and growth from acquisitions 0 per cent, while exchange rate effects accounted for -1 per cent.
- Adjusted EBITA amounted to SEK 144 (160) million and the operating margin was 4.7 (5.1) per cent.
- EBIT was SEK 110 (125) million. Profit after tax was SEK 50 (62) million.
- Earnings per share were SEK 0.5 (0.7).
- Cash conversion for the most recent 12-month period amounted to 81 (90) per cent.
- Leverage in relation to adjusted EBITDA was 2.8 (2.4).
"During my first few months at Coor, I have spent time visiting with many of our customers and operations and meeting our employees in the field. I can say that we have fantastic employees who are highly knowledgeable and driven as well as strong customer relationships. We are currently conducting an analysis to determine the right path forward for Coor. Whatever the outcome of this analysis, our focus will always be on maintaining strong deliveries to our customers, while also continuing to improve our operational efficiency and profitability".
Ola Klingenborg, President and CEO, Coor
Quarterly summary
- During the quarter, it was announced that Ola Klingenborg had been appointed as the new President and CEO of Coor and will take office on 1 March 2025. Ola Klingenborg will also take over as head of Coor's Swedish operations until a permanent replacement has been appointed.
- During the first quarter, Coor continued to provide strong customer deliveries and earn trust from customers in a stable market. Coor successfully extended important contracts and won new business.
- Profitability in the first quarter improved compared with the preceding quarter.
- Measures related to the operational challenges in parts of the Swedish and Danish operations are ongoing, and the company will continue to focus on improving its operational efficiency with the aim of restoring profitability to the expected level.
- The company's previously announced reorganisation, which includes a reduction of 130 positions and expected full-year savings of approximately SEK 120 million, took effect on 1 April 2025. The introduction of the new organisation is a major change, and the implementation has proceeded well. The set schedule has been adhered to and the risks associated with the change has been managed in a structured manner. The purpose of the new organisation structure has been well received in the company, and we now see that the company's staff functions have a partially new assignment with greater focus on operational efficiency.
- Working capital was reduced by approximately SEK 200 million during the quarter, which means that a large portion of the increase from last year has been restored. As a result of the reduction in working capital, cash conversion improved significantly to 81 per cent, from 57 per cent in the preceding quarter.
GROUP EARNINGS SUMMARY
? | Jan-Mar | ? | Rolling | Jan-Dec | |
? | 2025 | 2024 | ? | 12 mth. | 2024 |
Net sales, SEK m | 3,052 | 3,124 | 12,367 | 12,439 | |
Organic growth, % | -2 | 2 |
| -1 | -1 |
Acquired growth, % | 0 | 3 |
| 0 | 1 |
FX-effects, % | -1 | -0 |
| -1 | -1 |
Adjusted EBITA, SEK m | 144 | 160 | 530 | 546 | |
Adjusted EBITA-margin, % | 4.7 | 5.1 | 4.3 | 4.4 | |
EBIT, SEK m | 110 | 125 | 358 | 372 | |
Income for the period, SEK m | 50 | 62 | 114 | 126 | |
Earnings per share, SEK | 0.5 | 0.7 | 1.2 | 1.3 | |
Cash conversion, % | - | - | 81 | 57 | |
Leverage, times | - | - | 2.8 | 3.0 | |
Invitation to a press and analyst presentation
On 23 April 2025 at 10:00 CEST, the company's President and CFO will give a presentation on developments in the first quarter via a webcast. To participate in the webcast, please register in advance via the following links. The audio link is for listening only and when the participant wants to ask a verbal question. If the participants are not going to ask any questions, but want to see the presentation, just click on the link for the webcast.
Webcast Audience URL (to register for the web presentation without asking questions):
https://onlinexperiences.com/Launch/QReg/ShowUUID=9FD4BB48-7A5F-43D1-A292-8B8A1B49B919
Audio Conference Call Access (to register to listen to the presentation and to ask questions):
https://emportal.ink/4hIQdZY
The power point presented as well as a recording of the webcast will be published on the Company's website www.coor.com under the Investors/Financial reports and presentations-tab.
For further information
For questions concerning the financial report, please contact our CFO and Director of Investor Relations Andreas Engdahl (+46 10 559 54 63).
For questions concerning the operations or the company in general, please contact Ola Klingenborg, President and CEO, (+46 702 686 430) or Magdalena Öhrn, Director of Communications (+46 10 559 55 19).
More information is also available on our website: www.coor.com.
You will find the Q1 report here: Financial reports and presentations
This constitutes information which Coor Service Management Holding AB is required to publish under the EU's Market Abuse Regulation. The information was submitted for publication through the above contact person on 23 April 2025 at 7:30 a.m. CEST.
About Coor:
As the leading provider of facility management services, Coor aims to create the happiest, healthiest, and most prosperous workplace environments in the Nordic region. Coor offers specialist expertise in workplace services, property services and strategic advisory services. Coor creates value by executing, developing, and streamlining our customers' service activities. This enables our customers to do what they do best.
Coor's customer base includes many large and small companies and public-sector organisations across the Nordic region, including ABB, Aibel, Alleima, the Danish Building and Property Agency, DNV, DSB, Equinor, ICA, IKEA, Karolinska University Hospital in Solna, PKA - "Danish Police, Public Prosecution Authority and Prison and Probation Service", PostNord, Saab, SAS, Skanska, Swedbank, Telia Company, Vasakronan and Volvo Cars.
Coor was founded in 1998 and has been listed on Nasdaq Stockholm since 2015. Coor takes responsibility for the operations it conducts, in relation to its customers, employees and shareholders, as well as for its wider impact on society and the environment. Read more at www.coor.com
