Bufab AB

Latest Results (19.01.2026):

Bufab AB — Fourth quarter 2024 (and full‑year 2024): net sales in Q4 fell to SEK 1,863m (-4.1%) and to SEK 8,035m for the full year (-7.4%). The group delivered a record‑high gross margin of 29.7% (Q4 and FY) and adjusted EBITA of SEK 201m in Q4 (10.8% margin) and SEK 959m for the year (11.9% margin). Earnings per share were SEK 2.96 for Q4 and SEK 14.57 for the full year. Operating cash flow was weaker in the quarter (SEK 125m) but strong for the full year (SEK 1,101m). Net debt/EBITDA (adjusted) ended at 2.8x. The company completed the acquisition of VITAL S.p.A. (EUR 48m sales) in Q4 and the Board proposes a dividend of SEK 5.25 per share.

Sales and order intake

Q4 net sales: SEK 1,863m (-4.1% y/y). Full‑year net sales: SEK 8,035m (-7.4% y/y). Order intake weakened (Q4 SEK 1,835m vs SEK 2,036m a year earlier; full year SEK 7,814m vs 8,602m). Organic growth was negative: Q4 organic ≈ -1.5% (company report) and full‑year organic notably weaker (company reports organic decline materially contributing to the FY sales fall).

Profitability and margins

Gross margin reached 29.7% (Q4 and FY), the highest level reported. Adjusted EBITA Q4 was SEK 201m (10.8% margin; down from 11.8%), adjusted EBITA FY SEK 959m (11.9%; down from 12.9% prior year). Reported EBITA Q4 was SEK 179m (9.6%). Full‑year EBITA declined ~8% vs prior year.

Cash flow, working capital and leverage

Operating cash flow Q4: SEK 125m (vs SEK 321m prior year) — cash conversion 68% (vs 168%). Full‑year operating cash flow: SEK 1,101m (cash conversion 111%). Adjusted net debt at year‑end SEK 2,757m; net debt/EBITDA (adjusted) 2.8 (2.6). Working capital increased (inventories up), contributing to the weaker quarterly cash flow.

Acquisition and capital distribution

Acquired VITAL S.p.A. (closing 26 Nov 2024) for SEK 624m (EUR ~48m) — VITAL included in Europe West and contributed SEK 36m revenue and SEK 7m profit before tax from acquisition date. Purchase includes deferred and contingent elements (earn‑out up to SEK 129m). Board proposes dividend SEK 5.25 per share (up from SEK 5.00).

Regional performance (Q4 highlights)

Asia‑Pacific strongest: Q4 sales +29.4% (organic +27.4%) and adjusted EBITA margin ~16.5%. Europe West benefitted from VITAL and reported sales growth ~+7.1%. Europe North & East and Americas saw marked declines (Europe N&E Q4 -12.4%; Americas Q4 -13.3%). UK/Ireland modestly down (Q4 -0.5%).

Management commentary and outlook

CEO: 2024 seen as a good year despite softer demand — focus on improving gross margin, cost control and cash generation. Strategy implementation (including the VITAL acquisition) continues; management expects to capture market share and be well positioned when demand recovers, but notes ongoing market uncertainty and inventory/ tariff risks in some segments.