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WKN: A3CN22 | ISIN: SE0015949201 | Ticker-Symbol: 1L30
Tradegate
30.01.26 | 20:38
29,340 Euro
+0,34 % +0,100
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LIFCO AB Chart 1 Jahr
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29,14029,30030.01.
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GlobeNewswire (Europe)
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Lifco AB: Year-end Report 2025

Reporting period January - December

  • Net sales increased 8.1 per cent to SEK 28,251 (26,137) million. Organically, net sales grew by 4.2 per cent.
  • EBITA increased 6.8 per cent to SEK 6,318 (5,917) million.
  • The EBITA margin was 22.4 (22.6) per cent.
  • Profit before tax grew 6.8 per cent to SEK 4,756 (4,454) million.
  • Net profit for the period grew 9.6 per cent to SEK 3,669 (3,349) million.
  • Earnings per share increased 10.0 per cent to SEK 8.00 (7.27).
  • Cash flow from operating activities increased 10.7 per cent to SEK 5,124 (4,630) million.
  • 16 new businesses were consolidated during the year with estimated total annual net sales of about SEK 2.2 billion on the acquisition dates.
  • Dividend per share is proposed at SEK 2.70 (2.40) per share, corresponding to SEK 1,226.4 (1,090.1) million.

Reporting period October - December

  • Net sales increased 5.7 per cent to SEK 7,534 (7,125) million. Organically, net sales grew by 3.8 per cent.
  • EBITA increased 5.2 per cent to SEK 1,717 (1,633) million.
  • The EBITA margin was 22.8 (22.9) per cent.
  • Profit before tax grew 4.7 per cent to SEK 1,319 (1,260) million.
  • Net profit for the period grew 7.0 per cent to SEK 1,046 (978) million.
  • Cash flow from operating activities increased 22.8 per cent to SEK 1,986 (1,617) million.

Summary of financial performance



President and CEO
Net sales increased 8.1 per cent to SEK 28,251 (26,137) million. Acquisitions contributed 7.4 per cent and organic growth amounted to 4.2 per cent. Exchange rate effects had a negative impact on sales of 3.5 per cent. All three business areas contributed to the organic growth.

The Italian companies Nobil Bio Ricerche, Toppy and UR FOG, the Dutch companies Citodent Imaging, Klemko Group and HedoN Electronic Developments, the UK companies DB Orthodontics, Heavy Duty Parts and MaxiMover, the German companies Fraga Dental and HEGUtechnik, the Swiss company Arnold Deppeler, the Swedish company Gestenco International, the Sammarinese company Italgears, the Danish company R&T Stainless and the Austrian company Stöffl were consolidated during the year. These acquisitions had estimated total annual net sales of about SEK 2.2 billion on the acquisition dates.

EBITA increased 6.8 per cent to SEK 6,318 (5,917) million, driven by acquisitions, and the EBITA margin amounted to 22.4 (22.6) per cent. Exchange rate changes had a negative impact on EBITA of 3.1 per cent.

During the year, 47 (46) per cent of EBITA was generated in EUR, 17 (18) per cent in SEK, 14 (14) per cent in GBP, 9 (11) per cent in NOK, 6 (5) per cent in DKK, 2 (3) per cent in USD and 4 (3) per cent in other currencies.

Net financial items improved to SEK -414 (-442) million.

Profit before tax grew 6.8 per cent to SEK 4,756 (4,454) million. Net profit for the period grew 9.6 per cent to SEK 3,669 (3,349) million.

Average capital employed excluding goodwill increased SEK 138 million during the year to

Net sales increased 5.7 per cent to SEK 7,534 (7,125) million in the fourth quarter. Acquisitions contributed 7.2 per cent and organic growth amounted to 3.8 per cent. Exchange rate changes had a negative impact of 5.2 per cent. The increase in sales in the quarter was due to acquisitions in Systems Solutions and organic growth in Demolition & Tools and Systems Solutions.

EBITA increased 5.2 per cent to SEK 1,717 (1,633) million, driven primarily by acquisitions. Exchange rate changes had a negative impact on EBITA of 4.6 per cent. The EBITA margin was 22.8 (22.9) per cent.

During the fourth quarter, 49 (48) per cent of EBITA was generated in EUR, 16 (17) per cent in SEK, 15 (14) per cent in GBP, 9 (9) per cent in NOK, 6 (7) per cent in DKK, 0 (2) per cent in USD and 4 (3) per cent in other currencies.

Net financial items were SEK -97 (-90) million.

Profit before tax grew 4.7 per cent to SEK 1,319 (1,260) million. Net profit for the period grew 7.0 per cent to SEK 1,046 (978) million.

Average capital employed excluding goodwill declined by SEK 2 million to SEK 4,770 million at 31 December 2025, compared with SEK 4,772 million at 30 September 2025. EBITA in relation to average capital employed excluding goodwill increased by 1 percentage point from 30 September 2025 and amounted to 132 per cent.

From 30 September 2025, the Group's net debt decreased SEK 1,216 million to SEK 12,048 million at the end of the quarter. Interest-bearing net debt fell during the quarter by SEK 1,348 million to SEK 7,801 million.

Cash flow from operating activities increased 22.8 per cent to SEK 1,986 (1,617) million due to higher operating profit and reduced capital tied up. Cash flow from investing activities was SEK -590 (-1,499) million, which was mainly attributable to acquisitions.

FINANCIAL PERFORMANCE - BUSINESS AREAS

Dental


1,3311,3071.8%3183151.0%
EBITA margin21.0%20.7%0.320.0%19.3%0.7

The companies in Lifco's Dental business area are leading suppliers of consumables, equipment and technical service to dentists across Europe, and the business area also has operations in the US. Lifco sells dental technology to dentists in the Nordic countries and Germany, and develops and sells medical record systems in Denmark, Sweden and Germany. The business area also includes a number of manufacturers which produce, inter alia, fitting products for dentures, disinfectants, saliva ejectors, bite registration and dental impression materials, bonding agents and other consumables that are sold to dentists through distributors around the world.

Net sales in Dental increased 0.4 per cent to SEK 6,331 (6,306) million during the year as a result of acquisitions and organic growth.

EBITA increased 1.8 per cent to SEK 1,331 (1,307) million during the year and the EBITA margin increased to 21.0 (20.7) per cent. EBITA was positively impacted by acquisitions.

During the year, Swiss Arnold Deppeler, British DB Orthodontics, German Fraga Dental, Swedish Gestenco International, Dutch Citodent Imaging and Italian Nobil Bio Ricerche were consolidated.

Demolition & Tools


TWELVE MONTHSFOURTH QUARTER
SEK million20252024change20252024change
Net sales15,16013,38713.2%4,2613,81511.7%
EBITA3,4833,2307.8%1,0479559.6%
EBITA margin23.0%24.1%-1.124.6%25.0%-0.4

Through its operating units, the Systems Solutions business area operates in industries offering systems solutions. Systems Solutions is divided into five divisions: Contract Manufacturing, Environmental Technology, Infrastructure Products, Special Products and Transportation Products.

Net sales in Systems Solutions increased 13.2 per cent to SEK 15,160 (13,387) million during the year due to acquisitions and organic growth. EBITA increased by 7.8 per cent to SEK 3,483 (3,230) million and the EBITA margin declined by 1.1 percentage points to 23.0 (24.1) per cent due to negative organic growth in parts of Systems Solutions.

Contract Manufacturing reported strong organic sales growth for the year with weaker profitability. The German company HEGUtechnik was consolidated during the year.

Environmental Technology reported a weak increase in sales in 2025 with slightly weaker profitability.

Infrastructure Products reported a strong sales trend and improved profitability during the year, primarily as a result of acquisitions. Sammarinese Italgears, Danish R&T Stainless, Dutch Klemko Group and Italian UR FOG were consolidated during the year.

Special Products saw good sales growth during the year due to acquisitions. The weak market situation during the year led to negative organic growth and reduced profitability. The Dutch company HedoN Electronic Developments and the Austrian company Stöffl were consolidated during the year.

Transportation Products saw good sales growth during the year with stable profitability as a result of acquisitions. The market situation was weak during the year, which resulted in reduced organic sales and EBITA. The UK companies Heavy Duty Parts and MaxiMover and the Italian company Toppy were consolidated during the year.

ACQUISITIONS

Lifco consolidated the following acquisitions during the year:

Consolidated
2 The financial year ending in October 2025.
The average number of employees calculated as full-time equivalents was 7,619 (7,115) during the year. At the end of the year, the number of employees calculated as full-time equivalents was 7,814 (7,379). Acquisitions added about 460 employees.

Events after the end of the reporting period
The Board of Directors and Chief Executive Officer propose that the Annual General Meeting authorise the payment of a dividend of SEK 2.70 (2.40) per share for 2025, representing a total distribution of SEK 1,226.4 million (1,090.1). This is equal to 33.8 (33.0) per cent of the net profit for the year attributable to shareholders of Lifco AB. The proposed record date for the dividend is 30 April 2026. Euroclear Sweden expects to be able to distribute the dividend to the shareholders on 6 May 2026, subject to the resolution of the Annual General Meeting.

Related party transactions
The risk factors which have the biggest impact for Lifco are global macroeconomic factors, the competitive situation, structural changes in the market and general level of economic activity. Lifco is also exposed to financial risks, including currency risks, interest rate risks, credit and counterparty risks. Lifco is working actively to monitor and continually evaluate sustainability-related risks and their impact on the Group's operations and earnings. The Group has established a governance structure that involves Group management and the Board and works to continually improve the company's sustainability-related activities and minimise related risks. As part of this governance, Group management evaluates the compliance of, for example, the Code of Conduct, occupational injuries, IT security and legal disputes, for every subsidiary on a quarterly basis. The risks and sensitivity analysis are described in detail in Lifco's Annual and Sustainability Report for 2024 and are unchanged since this report.

The Parent Company is affected by the above risks and uncertainties in its capacity as owner of the subsidiary companies.

Accounting policies

Chairman of the Board


Ulrika Dellby

Vice Chairman
Director
Director
Anna Hallberg
Anneli Broström
Tobias Nordin
Caroline af Ugglas

Director
Per Waldemarson

FINANCIAL CALENDAR
Report for the first quarter 24 April 2026.
Report for the third quarter 23 October 2026.
Annual Report 2026 the week starting 29 March 2027.

The Annual General Meeting of Lifco AB will be held on Friday 24 April 2026, at 11 a.m. CEST, at Bonnierhuset Konferens, Torsgatan 21, Stockholm. Shareholders wishing to raise an issue for discussion at the AGM may do so by submitting their proposal to the Chairman of Lifco by e-mail: ir@lifco.se or by post to: Lifco AB, Attn:Bolagsstämmoärenden, SE-745 85 Enköping, Sweden. To ensure their inclusion in the notice and thus on the agenda for the AGM, proposals must be received by the Company no later than Friday 6 March 2026.

Tuesday 28 April was announced as the date for the Annual General Meeting in the report for the third quarter of 2025.

FURTHER INFORMATION
An online presentation with Per Waldemarson, CEO, and Therése Hoffman, CFO, will take place on Friday, 30 January 2026 at 9:00 a.m. CET. The presentation can be listened to online or by calling in to the telephone conference. Questions can be asked at the telephone conference.

Time: Friday, 30 January at 9:00 a.m. CET

Link to the presentation: https://lifco.events.inderes.com/q4-report-2025

If you wish to participate at the telephone conference, you can register using the link below. Following registration, you will receive a telephone number and a conference ID to log in to the conference.

Link to register for the telephone conference: https://conference.inderes.com/teleconference/?id=50051765

CONDENSED CONSOLIDATED INCOME STATEMENT





Profit attributable to:


Parent Company shareholders3,6333,30110.1%1,0389687.1%
Non-controlling interests3649-25.7%89-12.6%
Earnings per share before and after dilution for the period, attributable to Parent Company shareholders8.007.2710.0%2.282.137.0%
EBITA6,3185,9176.8%1,7171,6335.2%
Depreciation of tangible assets7316768.3%20315728.7%
Amortisation of intangible assets2425-5.1%57-30.8%
Amortisation of intangible assets arising from acquisitions1,10298312.2%29426710.1%

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME











Comprehensive income attributable to:


Parent Company shareholders2,1134,002-47.2%5961,345-55.7%
Non-controlling interests2650-49.4%412-63.3%

SEGMENT OVERVIEW

Lifco is organised into three operating segments: Dental, Demolition & Tools and Systems Solutions. Segment reporting is consistent with the internal reports submitted to the most senior executive, the CEO of Lifco Group. The Dental and Demolition & Tools operations have similar economic characteristics and are similar in terms of the nature of their products and services, production process and customer categories. Systems Solutions comprises a large number of separate companies which differ individually from each other in terms of the nature of their products and production processes, although the nature of their business activities is similar and they have similar economic characteristics. Systems Solutions has a business area head who is directly accountable to the CEO for the operations, financial performance, forecasts and plans.

Group-wide functions mainly consist of costs attributable to the Board, CEO and other senior executives, audit costs and corporate costs for preparing information for shareholders, maintaining the stock exchange listing and costs related to the annual report.

The results of the operating segments are based on EBITA. The Group's financial income and expenses and tax are managed at Group level and are therefore not allocated to each segment. Assets and liabilities are not broken down by segment, as no such amount is regularly reported to the CEO.

NET SALES TO EXTERNAL CUSTOMERS

TWELVE MONTHSFOURTH QUARTER
SEK million20252024change20252024change
Dental6,3316,3060.4%1,5941,636-2.6%
Demolition & Tools6,7606,4444.9%1,6791,6750.3%
Systems Solutions15,16013,38713.2%4,2613,81511.7%
Group28,25126,1378.1%7,5347,1255.7%

Net sales by significant type of income:


A breakdown of results by segment is made up to and including EBITA. EBITA is reconciled to profit before tax in accordance with the following table:


costs
6,3185,9176.8%1,7171,6335.2%
Acquisition costs-45-3818.6%-8-17-53.7%
EBITA6,2735,8796.7%1,7101,6165.8%
Amortisation of intangible


EQUITY AND LIABILITIES
Equity19,27718,409
Non-current interest-bearing liabilities incl. pension provisions5,3783,657
Other non-current liabilities and provisions5,6635,403
Current interest-bearing liabilities5,6176,817
Accounts payable - trade1,8291,671
Other current liabilities3,3422,932
TOTAL EQUITY AND LIABILITIES41,10638,889

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to Parent Company shareholders


Equity attributable to:
Parent Company shareholders19,13718,257
Non-controlling interests140152

CONDENSED CONSOLIDATED CASH FLOW STATEMENT






Changes in working capital

Inventories-2953331247
Current receivables-146165304220
Current liabilities263-124-42-77
Cash flow from operating activities5,1244,6301,9861,617
Business acquisitions and sales, net-3,360-2,891-450-1,426
Net investment in tangible assets-432-409-123-61
Net investment in intangible assets-40-38-16-12
Cash flow from investing activities-3,833-3,338-590-1,499



At the start of 2024, reporting procedures concerning consolidated cash flow were changed and certain unrealised exchange rate differences were entered on the incorrect row in cash flow in the 2024 Annual Report and in the interim reports. This has been corrected in the table below with these unrealised exchange rate differences now being transferred from the line item "Other non-cash items" to the line item "Translation differences item". Items with the footnote 1 have been adjusted. Adjustments have been made retroactively for all reporting periods.

Restated cash flow




2024
Q3
2024
Q1 2024
Operating profit4,8961,3501,1421,3611,044
Reversal of depreciation and amortisation1,684431444411397
Other non-cash items1-31-11883246
Interest and financial items, net-442-90-122-127-104
Tax paid-1,571-346-432-367-426
Cash flow before changes in working capital14,5351,2261,0401,310958



Cash flow from operating activities14,6301,6171,1971,061754



Cash flow from investing activities-3,338-1,499-609-1,045-186



Cash flow from financing activities-1,404-253-653143-641



Cash flow for the period1-112-135-65159-72
Cash and cash equivalents at beginning of period1,5911,6151,7071,5601,591
Translation differences13936-27-1342
Cash and cash equivalents at end of period1,5171,5171,6151,7071,560

1 Corrected items.

ACQUISITIONS IN 2025






112
Total cash flow effect



non-controlling interests.

The carrying amount is the same as the fair value. The fair value of short-term borrowings is equal to the carrying amount, as the discount effect is insignificant.

Financial instruments at fair value are classified into different levels depending on how fair value is determined. All financial instruments at fair value in the Lifco Group have been classified as level 3, i.e. non-observable inputs. The put/call options are valued on the basis of a multiple valuation whereby a relevant multiple according to the terms of the contracts is applied to an estimated future performance measure. The uncertainty in the valuation can be found in the assessment of future profitability until the maturity date. Revaluation takes place on every balance sheet date.

KEY PERFORMANCE INDICATORS


CONDENSED PARENT COMPANY INCOME STATEMENT


2 Net financial items include SEK 2,068 (1,891) million in dividends received during the twelve-month period.

CONDENSED PARENT COMPANY BALANCE SHEET

SEK million31 Dec 202531 Dec 2024
ASSETS
Financial assets8,9689,520
Current receivables14,94912,525
Cash and cash equivalents805539
TOTAL ASSETS24,72222,584



Return on capital employedEBITA before acquisition costs divided by capital employed.
EBITA before acquisition costs divided by capital employed excluding goodwill and other intangible assets.
EBITA marginEBITA divided by net sales.
EBITDA marginEBITDA divided by net sales.
Net debtLifco uses the alternative KPI net debt. Lifco considers that this is a useful additional KPI which allows users of the financial statements to assess the Group's ability to pay dividends, make strategic investments and meet its financial obligations. Lifco defines the KPI as follows: current and non-current liabilities to credit institutions, bonds, interest-bearing pension provisions, liabilities related to put/call options relating to acquisitions as well as lease liabilities less cash and cash equivalents.

Earnings per shareProfit after tax attributable to Parent Company shareholders, divided by the average number of shares outstanding.

Interest-bearing net debtLifco uses the alternative KPI interest-bearing net debt. Lifco considers that this is a useful additional KPI which allows users of the financial statements to assess the Group's ability to pay dividends, make strategic investments and meet its financial obligations. Lifco defines the KPI as follows: current and non-current liabilities to credit institutions, bonds as well as interest-bearing pension provisions less cash and cash equivalents.

Equity/assets ratioEquity divided by total assets (balance sheet total).

goodwill and other intangible assets





Capital employed excluding goodwill and other intangible assets is a measure which Lifco uses for calculating the return on capital employed and for measuring how efficient the Group is. Lifco considers that capital employed excluding goodwill and other intangible assets is useful in helping users of the financial statements to understand the impact of goodwill and other intangible assets on that capital which requires a return. Lifco defines capital employed excluding goodwill and other intangible assets as total assets less cash and cash equivalents, interest-bearing pension provisions, non-interest-bearing liabilities with the exception of liabilities related to put/call options relating to acquisitions, goodwill and other intangible assets, calculated as the average of the last four quarters.
The year-end report presents alternative key performance indicators for assessing the Group's performance that are considered material for analysis and understanding of the Group's earnings and financial position. The primary alternative KPIs presented in this year-end report are EBITA, EBITDA, net debt and capital employed. Definitions of the alternative KPIs are presented on pages 2021.

EBITA compared with financial statements in accordance with IFRS

SEK millionTWELVE MONTHS
2024

Operating profit4,896
Amortisation of intangible assets arising from acquisitions1,102983
EBITA6,2735,879
Acquisition costs4538
EBITA before acquisition costs6,3185,917

EBITDA compared with financial statements in accordance with IFRS

SEK millionTWELVE MONTHS
2024

Operating profit4,896
Depreciation of tangible assets731676
Amortisation of intangible assets2425
Amortisation of intangible assets arising from acquisitions1,102983
EBITDA7,0286,580
Acquisition costs4538
EBITDA before acquisition costs7,0736,618

Net debt compared with financial statements in accordance with IFRS

SEK million31 Dec 202531 Dec 2024
Non-current interest-bearing liabilities including pension provisions4,3892,762
Current interest-bearing liabilities5,2906,505
Cash and cash equivalents-1,878-1,517
Interest-bearing net debt7,8017,750
Put/call options2,9302,636
Lease liability1,3171,207
Net debt12,04811,594




2025

Q3
2025

Capital employed excluding goodwill and other intangible assets4,7704,4764,8985,0104,696
Total



Return on capital employed
20.5%




For more information, please contact:
Media and investor relations manager
Phone +46 730 244 872, e-mail ir@lifco.se

About Us
Lifco offers a safe haven for small and medium-sized businesses. Lifco's business concept is to acquire and develop market-leading niche businesses with the potential to deliver sustainable earnings growth and robust cash flows. Lifco is guided by a clear philosophy centred on long-term growth, a focus on profitability and a strongly decentralised organisation. The Group has three business areas: Dental, Demolition & Tools and Systems Solutions. At year-end 2025, the Lifco Group consisted of 275 operating companies in 37 countries. In 2025, Lifco reported EBITA of SEK 6.3 billion on net sales of SEK 28.3 billion. The EBITA margin was 22.4 per cent. Read more at lifco.se.

This information is information that Lifco AB (publ) 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 2026-01-30 07:30 CET.

© 2026 GlobeNewswire (Europe)
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