Strengthened profitability and ambitious acquisition pace
April - June 2025
• Reported total revenues amounted to SEK 663.0 million (290.1), an increase of 129%.
• Reported adjusted EBITDA amounted to SEK 54.0 million (12.7).
• LFL total revenues amounted to SEK 887.3 million (919.8), a decrease of 4%.
• LFL adjusted EBITDA amounted to SEK 109.8 million (99.4), an increase of 10%.
• During the quarter, our position was further strengthened through two acquisitions: Däckia AB in Sweden and Nummelan Rengasmyynti Oy in Finland.
• After the end of the reporting period, we announced three additional acquisitions in Sweden.
January - June 2025
• Reported total revenues amounted to SEK 1,073.4 million (492.9), an increase of 118%.
• Reported adjusted EBITDA amounted to SEK 20.9 million (9.9).
• LFL total revenues amounted to SEK 1,431.2 million (1,456.6), a decrease of 2%.
• LFL adjusted EBITDA amounted to SEK 37.7 million (29.5), an increase of 28%.
• Seven acquisitions were completed during the first half of the year.
• During the period, additional bonds amounting to SEK 400 million were issued.
• Net debt amounted to SEK 1,407.8 million at the end of the period, corresponding to 5.27 times LFL adjusted EBITDA and 4.85 times LFL adjusted EBITDA including synergies.
High commercial activity, improved profitability, and an ambitious acquisition pace characterize the first half of 2025.
Strengthened profitability
We have seen that global uncertainty during the first half of 2025 has had a negative impact on the market. This has contributed to subdued demand and more cautious purchasing behavior in both B2B and B2C segments. Ahead of the upcoming winter season, we expect a gradual normalization of demand, primarily driven by a need to replace worn-out tires after a period of restraint.
The Group's commercial initiatives continued during the second quarter of the year, with a primary focus on strengthening the gross profit margin across all business areas. Revenue decreased slightly in the second quarter (-4% LFL Q2 2025 vs. 2024) due to lower demand, particularly within the mining industry. However, adjusted EBITDA increased both during the quarter (+10% LFL) and for the first half of the year as a whole (+28%), mainly as a result of implementing strategic projects to improve gross profit. Investments in the Group's development have continued, and we consider ourselves well positioned to pursue our ongoing growth journey.
Däckia integration and optimization Swedish organization
At the end of Q2, following approval from the Swedish Competition Authority, the acquisition of Däckia was completed. In connection with the acquisition, an integration plan was launched with the aim of realizing synergies between the companies while streamlining the structure and cost base. The plan covers the entire Swedish operation and is designed for rapid execution through multiple parallel workstreams. Already during the evaluation phase, potential synergies of over SEK 40 million were identified within procurement, personnel, and operational optimization. Following the takeover, a number of initiatives have started, with SEK 23 million conservatively included in the net debt calculation - these synergies are expected to be realized within 9-12 months.
Our assessment is that the Swedish market continues to be characterized by a cautious approach in both light and heavy product segments. At the same time, we see signs of pent-up demand for tires and tire services, as the total number of kilometers driven is not expected to decrease significantly. Despite a -3% decrease in revenue compared to the same quarter last year, EBITDA improved by +3% as a result of commercial initiatives aimed at strengthening gross profit.
Development other home markets
The business in Finland continues to deliver organic growth and strong results. In the quarter, revenue increased by 3% and adjusted EBITDA strengthened significantly. For the first half of the year, the trend is even stronger, with revenue growth of 11% compared to the same period last year. Key drivers are high commercial activity, strong customer service and cost-efficient operations, supported by successful integration of acquisitions and organic expansion through new site openings.
In Poland, we continue to be affected by the challenging external environment resulting from the war in Ukraine. The current economic climate is marked by uncertainty, which negatively impacts trade flows and the transport sector in the region. Our revenue declined by -5% in the second quarter and by -4% for the first half of the year. Adjusted EBITDA strengthened in the quarter but did not fully offset the lag from the first quarter. We are putting significant effort into sharpening our commercial offering and expanding our customer base in Poland and neighboring countries.
Our business in Norway shows solid organic growth both in the quarter and in the first half of the year. Dedicated commercial initiatives, combined with a favorable assortment management drives growth, which also strengthens the profitability of the business.
Ambitious acqusition pace
The second quarter was characterized by continued high acquisition activity, with a particular focus on Däckia and the ongoing integration. As the transaction was subject to regulatory approval, other acquisitions in Sweden were temporarily put on hold. Following the closing, three additional acquisitions were completed, and we continue to pursue strategic add-on acquisitions where needed, while now placing increased focus on our other home markets, particularly Finland and Norway.
Outlook - profitable organic growth in focus
In a market marked by caution, we have demonstrated our ability to deliver increased profitability and advance our strategy. With strong confidence in our direction and organization, we enter the second half of the year with confidence and a clear focus on profitable organic growth - while continuing to develop our business, our customer offering and our organization for the future.
David Boman
CEO
For further information, please contact:
David Boman, CEO, 070-508 84 99
Monica Ljung, CFO, 0708-74 85 20
Forward-looking information
Some statements in this report are forward-looking and the actual outcome may be significantly different. In addition to the factors specifically highlighted, other factors may have a material impact on the actual outcome. Such factors include, but are not limited to, the general economic situation, changes in exchange rates and interest rates, political developments, the impact of competing products and their prices and disruptions in the supply of materials.
This information is such information that Citira Holding AB (publ.) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was published by the above-mentioned contact persons on Aug 13, 2025, at 08:10 am (CET).
About Citira Group
Citira is a leading, brand-independent platform for tire services, primarily focused on commercial vehicles serving trucks, buses, and heavy equipment operators. We have more than 1 000 employees across Sweden, Finland, Norway, and Poland.
Our operations include 114 own service stations, 39 affiliated service stations and 5 retreading sites,
More information about Citira Group is available at www.citira.com.
This information is information that Citira Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-08-13 08:10 CEST.
