In the second quarter of 2025, organic sales adjusted for currency effects increased, driven by steady demand for laboratory equipment and rental of equipment for clinical studies. Operating cash flow improved in the quarter, and EBITA was in line with last year with a stronger margin. Through the new capital structure, ADDvise's annual interest expenses are expected to decrease by approximately SEK 56 million, which provides good conditions for continued growth.
April-June 2025
Net revenue was SEK 396.1 million (412.3), an organic decrease of 3.9%, an organic increase of 3.8% net of currency effects
Orders received was SEK 404.7 million (534.0), an organic decrease of 24.2%, a decrease of 18.5% net of currency effects
EBITA was SEK 61.3 million (62.3), a decrease of 1.6%
Adjusted profit for the period was SEK 10.8 million (8.5)
Basic earnings per share amounted to SEK -0.14 (0.11)
Operating cash flow was SEK 16.8 million (-18.6), an increase of 190.7%
January-June 2025
Net revenue was SEK 820.1 million (825.6), an organic decrease of 0.7%, an organic increase of 3.2% net of currency effects
Orders received was SEK 807.1 million (940.0), an organic decrease of 14.1%, a decrease of 10.7% net of currency effects
EBITA was SEK 136.6 million (140.4), a decrease of 2.7%
Adjusted profit for the period was SEK 36.5 million (46.0)
Basic earnings per share amounted to SEK -0.14 (0.29)
Operating cash flow was SEK 53.4 million (14.8), an increase of 260.8%
Net debt to EBITDA was 3.0 times (2.9)
CEO's comment
A stable quarter and improved capital structure
It is gratifying to note that we continue to grow organically underlying - adjusted for currency effects, growth amounted to 3.8 percent in the second quarter. However, we have clear headwinds from exchange rate changes, especially in relation to the US dollar and the Brazilian real. EBITA is in line with the previous year with a slightly improved margin. Despite currency headwinds, EBITA is not affected to any great extent, which is due to the fact that a majority of costs are in the same currency as revenues and are positively affected by a stronger SEK.
Market demand remains stable, but we note some hesitation regarding larger capex-related investments. This caution reflects an environment characterized by both geopolitical tensions and concerns about potential tariff changes. We note that order intake is impacted by the fact that we received a large order in the Lab business unit amounting to USD 11.3 million in Q2 2024. Adjusted for currency effects, we see a stable order intake in the healthcare segment.
Operating cash flow amounted to SEK 16.8 million compared to SEK -18.6 million last year, which is a strong improvement. As before, we are working hard and methodically with our companies to improve cash flow, which further strengthens our financial position.
An important milestone during the quarter was that we successfully established our new financing where we now expanded the financial toolbox with bank financing and new bond financing with improved terms. This change means an annual saving in interest expenses of approximately SEK 56 million. In connection with the refinancing, we have had one-off effects that have had a negative impact on our net financial items. Pro forma, based on the new financing structure, our net income for the quarter would have amounted to approximately SEK 23 million.
With the new financing in place and stable market demand, we are now well positioned to continue our acquisition strategy with more value-creating acquisitions. We continue to see good acquisition opportunities at attractive valuations and that strengthen our position in both Healthcare and Lab.
I would like to extend a warm thank you to all our employees - it is your dedication and professionalism that allows us to live up to our promise every day: save, extend and improve people's lives.
Staffan Torstensson, CEO
For further information, please contact:
Staffan Torstensson, CEO
+46(0)70-433 20 19
staffan.torstensson@addvisegroup.se
Johan Irwe, CFO
+46(0)73-731 26 11
johan.irwe@addvisegroup.se
Important information:
This information is information that ADDvise Group AB is required to disclose under the EU Market Abuse Regulation. The information was submitted for publication on July 17, 2025 at 07:45 CEST.
ADDvise's financial reports are available on ADDvise's website, https://www.addvisegroup.com/investor-relations/financial-and-annual-reports/
The interim report is published in Swedish and English. The Swedish version represents the original.
About ADDvise
ADDvise is an international life science group. Operating a decentralised ownership model, we develop and acquire high quality companies within the business areas Lab and Healthcare. The Group comprises more than 20 companies and generates annual revenues of close to SEK 1.7 billion. ADDvise is listed on Nasdaq First North Premier Growth Market. Mangold Fondkommission AB,
+46 8 503 015 50, CA@mangold.se, is the company's Certified Adviser. More information is available at www.addvisegroup.com.
