Continued progress in a cautious market
July - September 2025
• Reported total revenue amounted to SEK 782.6 million (367.8), an increase of 113%.
• Reported adjusted EBITDA amounted to SEK -14.5 million (21.7).
• LFL total revenue amounted to SEK 786.4 million (771.6), an increase of 2%.
• LFL adjusted EBITDA amounted to SEK 21.3 million (26.9), a decrease of 21%, where the comparison quarter was positively impacted by effects from the closing balance of Lapin Kumi Oy.
• During the quarter, our position was further strengthened through four acquisitions: Däck-In AB, Däckexperten i Karlskrona AB, Ljungby Däck AB and Däckcenter i Katrineholm AB.
• After the end of the reporting period, we announced three additional acquisitions, one in Sweden and two in Finland.
January - September 2025
• Reported total revenue amounted to SEK 1,840.2 million (860.7), an increase of 114%.
• Reported adjusted EBITDA amounted to SEK 4.3 million (31.3).
• LFL total revenue amounted to SEK 2,242.1 million (2,252.5).
• LFL adjusted EBITDA amounted to SEK 62.9 million (57.4), an increase of 10%.
• Eleven acquisitions were completed during the nine-month period.
• During the period, additional bonds amounting to SEK 400 million were issued.
• Net debt amounted to SEK 1,592.5 million at the end of the period, corresponding to 5.96 times LFL adjusted EBITDA and 5.39 times LFL adjusted EBITDA including synergies. Net debt is affected by the level of working capital, which is high ahead of the peak season.
Däckia integration, increasing commercial activity and continued add-on acquisitions characterize Q3 2025.
Strengthened profitability and B2B activity
During the past quarter, the market continued to show caution among both corporate and private customers, due to the uncertain global environment. However, we are seeing early signs of a gradual recovery in demand ahead of the winter season across our Nordic markets, as the need for tire changes and replacement of older tires increases. In Poland, geopolitical uncertainty has dampened freight transport, resulting in growing price pressure and an increased inflow of low-cost Asian tires.
In this market environment, our group continues to develop in the right direction. Revenue increased during the quarter (+2% Q3 '25 vs. '24), driven by success in new, larger B2B deals and recovering demand from our customers in the mining industry. Profitability has gradually improved throughout the year (LFL adjusted EBITDA +10% Jan-Sep '25 compared with '24), mainly due to improved gross margin and structural efficiency measures in our Polish cost base. The comparison quarter in '24 was affected by positive one-off effects in Finland related to the closing balance of the Lapin Kumi Oy acquisition.
During the quarter, we noted increasing activity among large national and regional B2B customers in both heavy and light vehicle segments. As a group, we are also now being invited to tenders we previously were not part of- proof of the strength of our integrated group offering. In the second half of the year, we have won seven new tenders and two tenders to expand our services with existing customers. We expect these contracts to gradually be reflected in our figures over the coming quarters.
Däckia integration progressing according to plan
Since the acquisition of the Swedish workshop chain Däckia at the end of June, Q3 has been dominated by a strong integration focus to realize the planned synergies. The work is progressing according to plan, and we have started to realize synergies within personnel, procurement, and pricing corresponding to the SEK 23 million previously communicated. A smaller portion is expected to be materialized in the coming months, and the remaining during 2026. In addition, we are now driving further initiatives to strengthen profitability in Sweden, with good potential to reduce our fixed cost base from today's level.
Strengthened leadership team
As part of our value creation agenda, we appointed Urban Tibbelin as new Country Manager Sweden at the end of Q3. He brings extensive experience in driving profitability and sales growth in private equity-owned companies and service chains. Most recently, he came from the workshop chain Werksta, where he structurally improved profitability and built a leading player among Swedish repair workshops.
During the quarter, we also welcomed Marcus Woxneborn as new Swedish Sales Director for large fleet customers. Today, the Swedish organization holds a well-established position as a service partner for heavy vehicle fleets, and newly acquired Däckia for light vehicle fleets. Together, our combined fleet business manages more than 35,000 vehicles. Marcus's task will be to drive further growth in the Swedish fleet business. He joins us from Bridgestone.
Procurement, assortment, and logistics are strategic areas for structurally improving the Group's profitability and working capital. We have therefore welcomed Olof Lethagen as new Group Head of Procurement. Olof brings proven experience from private equity-owned companies as well as from Scania and Lantmännen - industrial companies where procurement, assortment, and logistics are central to value creation.
Continued momentum in add-on acquisitions
The third quarter was characterized by continued high acquisition activity, and since July 1, we have closed seven add-on acquisitions-five workshops in Sweden and two in Finland. Our combined workshop network has now reached over 120 locations. Our acquisition activity is becoming increasingly geographically diversified, and we are currently maintaining strong momentum in Finland and Sweden, while exploring additional opportunities in both existing and new markets.
Outlook - synergy realization and commercial focus
In the coming months, our focus will be on driving profitability-enhancing synergies in our Swedish operations and continuing to strengthen our position with B2B customers alongside our acquisition agenda. We are executing with strong commitment and drive on the plan we have set out.
David Boman
CEO
For further information, please contact:
David Boman, CEO, 070-508 84 99
Monica Ljung, CFO, 070-874 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.
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 over 120 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. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-11-13 08:10 CET.