Strong cash flow and improved underlying EBITA margin
Fourth quarter 2025
- Order intake increased by 2% and amounted to SEK 8,196 million (8,038). For comparable units, the increase was 3%.
- Net sales decreased by 1% to SEK 8,226 million (8,336). For comparable units, it was unchanged.
- EBITA decreased by 10% to SEK 1,094 million (1,221), corresponding to an EBITA margin of 13.3% (14.6%). Excluding non-recurring items, the EBITA margin was 14.9% (14.3%).
- Profit for the quarter decreased by 14% to SEK 626 million (732) and earnings per share were SEK 1.72 (2.01).
- Cash flow from operating activities amounted to SEK 1,595 million (1,599).
- The Board proposes a dividend of SEK 3.10 (3.00) per share.
CEO's message
Demand improved compared with the corresponding period in the previous year and order intake increased 2% to SEK 8.2 billion (8.0). Organic order growth was 3%, with three of five business areas, and more than half of the companies, showing a positive development. Demand varied between companies, customer segments and geographies, but was strongest among companies with customers in the energy sector, water/wastewater, and infrastructure and construction. For companies with customers in medical technology and the pharmaceutical sector, demand remained high and was in line with the previous year, despite challenging comparative figures in several companies.
Net sales decreased by 1% to SEK 8.2 billion (8.3). Organic sales were unchanged, with about half of the companies showing growth. The Industrial & Engineering business area had the strongest development, with growth of 4% for comparable units.
EBITA totalled SEK 1.1 billion (1.2), a decrease of 10% compared with the corresponding period in the previous year. The decline is attributable to non-recurring items, mainly linked to negative cost deviations in customer projects for two UK companies in the Technology & Systems Solutions business area. Excluding non-recurring items for the quarter, the EBITA margin was strong and amounted to 14.9% (14.3%). This improvement is mainly attributable to a continued strong gross margin. The Industrial & Engineering business area had the strongest EBITA margin development, primarily due to higher net sales for comparable units and solid gross margin development.
Thanks to continued reductions in inventory, cash flow from operating activities was strong and amounted to SEK 1.6 billion (1.6), in line with the previous year's high level. The debt/equity ratio is historically low, and the Group's financial position remains very strong.
Acquisitions
Demand has gradually improved in 2025, with positive development in most large customer segments. However, uncertainty regarding the overall market situation remains. We enter the new year with a slightly stronger order book, and along with the autumn's higher acquisition pace and somewhat lower comparative figures, this provides some comfort for the coming quarters.
Our focus now is fully on continuing to deliver results in line with our financial targets, annual growth of at least 10% per year over a business cycle, and a stable EBITA margin of at least 14%. In addition, Indutrade has a strong culture with continuous improvements in focus and a high level of engagement both among company MDs and the business areas. Altogether, this provides a good foundation for Indutrade to deliver sustainable and profitable growth!
Bo Annvik, President and CEO
For further information, please contact:
Patrik Johnson, CFO, tel. +46 (0)70 397 50 30.
This report will be commented upon as follows:
A webcast of the report will be presented on 29 January at 9.30 a.m. CET via the following link: https://indutrade.events.inderes.com/q4-report-2025/register
To participate in the presentation by phone and ask questions, please register using the link below. After registration, you will receive a phone number and conference ID to log into the conference call. https://events.inderes.com/indutrade/q4-report-2025/dial-in
About Indutrade
Indutrade is an international technology and industrial business group that today consists of over 220 companies in some 30 countries, mainly in Europe. In a decentralised way, we aim to provide sustainable profitable growth by developing and acquiring successful companies managed by passionate entrepreneurs. Our companies develop, manufacture, and sell components, systems and services with significant technical content in selected niches. Our value-based culture, where people make the difference, has been the foundation of our success since the start in 1978. Indutrade's net sales totalled SEK 32.2 billion in 2025, and the share is listed on Nasdaq Stockholm in Sweden.
This information is information that Indutrade 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 2026-01-29 07:30 CET.
