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Indutrade (INDT) investor relations material
Indutrade Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
Executive summary
Organic order intake increased 3% year-over-year, the best level since Q4 2023, with four out of five business areas and over half of companies growing organically.
Net sales declined 2% (organic -1%) to SEK 7,846 million, mainly due to currency headwinds, divestments, and tough comparables, especially in Life Science.
Strong demand in medical technology, pharmaceuticals, and improvements in infrastructure, construction, and engineering segments.
Ten acquisitions completed year-to-date, adding SEK 1.1 billion in annual sales, with a robust pipeline and margin-accretive effects.
Six acquisitions completed in Q3, with annual sales of SEK 425 million; Magistor B.V. acquired after the quarter, adding SEK 165 million.
Financial highlights
EBITA/EBITDA margin for Q3 was 14.6% (down from 14.8%), with EBITA at SEK 1,143 million, and gross margin at a record 35.5%.
Earnings per share before dilution fell 4% to SEK 1.85, mainly due to lower operational results and higher tax costs.
Cash flow from operating activities was SEK 1,016 million, stable year-over-year, with cash conversion at 133%.
Net debt/EBITDA improved to 1.4x from 1.6x last year; net debt/equity at 48% versus 56%.
Return on capital employed at 19%, unchanged year-over-year but slightly below target.
Outlook and guidance
Market uncertainty persists for the coming quarter, but a larger order book and higher acquisition pace provide confidence in the financial trend.
Cost adaptation and headcount reductions continue in companies with declining order intake, while growth companies selectively add staff.
Expectation for costs to move sideways in Q4, with further cost reductions planned.
Long-term outlook remains positive, supported by strong positions in growth industries and a scalable business model.
Acquisition strategy and integration success?
Explain gross vs EBITA margin divergence.
Market uncertainty impact on BA organic growth?
Headcount strategy for growing vs. declining units?
Why the M&A hesitation in the UK market?
Market outlook for TSS given US tariff situation?
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Indutrade: Growing Through Strategic Acquisitions
Indutrade, a Swedish serial acquirer founded in 1978, has established itself as a significant player in the field of technology and industrial business.
Frequently asked questions
Swedish Industrial Serial Acquirer
Indutrade AB is an industrial technology group based in Sweden that specializes in the development, manufacture, and distribution of high-tech products and solutions. The company operates through a diversified structure comprising multiple segments, with each division offering a variety of products such as components for flow control, hydraulic and mechanical components, industrial springs, and measurement and sensor technology equipment. Indutrade is a serial acquirer, purchasing companies that fit into its wider organizational structure. It is headquartered in Stockholm, Sweden, and its shares are listed on the Stockholm Stock Exchange.
Nils Dacke AB
The story of Indutrade begins in earnest in 1982, although its roots can be traced back to 1978. In 1982, a series of companies came together to form Nils Dacke AB, which then went public. Throughout the 1980s and 1990s, the company expanded by acquiring several small and medium-sized industrial trading companies. Indutrade got its current name after Nils Dacke was acquired by Industrivärden in 1989. The series of acquisitions didn't stop after the new name was chosen and is something that has only kept on going ever since the company was first founded. In 2005 Indutrade once again went public. Today, it has over 200 different companies in its portfolio and continues to make acquisitions through its formula which has proven successful so far.
The Acquisition Strategy
The company's strategy is centered around acquiring companies that fit a very specific set of criteria, specifically business-to-business (B2B) companies that align with Indutrad’s corporate values and whose management teams are keen on continuing their roles post-acquisition. Ideal candidates are those generating annual revenues between 50 and 500 million SEK ($5-50 million), demonstrating stable and strong profitability. Prospective companies should hold a sustainable, dominant position in a well-defined niche, offer technically advanced products that deliver significant value to customers, and have a high rate of recurring sales.
Further Reading: Indutrade: Growing Through Strategic Acquisitions
The Companies
Indutrade has a diverse portfolio, but there's a clear emphasis on businesses that operate in the industrial technology sector. This includes companies that specialize in automation, instrumentation, fluid and mechanical systems, and industrial components. These businesses often provide niche products and technical solutions aimed at improving process efficiency, quality, and safety across various industries.
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