Fagerhult Group AB

Latest Results (21.04.2026):

Fagerhult Group AB — fourth quarter 2025: Order intake was MSEK 1,844 (organic -9.8% y/y) and net sales were MSEK 2,077 (+1.8% reported; -1.6% organic). EBITA before IAC improved to MSEK 215 (margin 10.4% vs 7.8% a year ago) and operating profit before IAC was MSEK 196 (margin 9.4%). Earnings per share before IAC were SEK 0.70 (0.32) and operating cash flow for the quarter was MSEK 345. Items affecting comparability of MSEK -13.1 relate to the phased‑out Seneco‑CityGrid operations; order backlog strengthened to MSEK 1,617.

Order intake and backlog

Fagerhult Group AB (Q4 2025) reported order intake of MSEK 1,844 (2,008), a reported decline but with Infrastructure showing organic growth while Collection drove most of the decrease; Trato TLV and Capelon contributed positively. The total order backlog rose to MSEK 1,617 (1,533).

Sales, margins and cost control

Q4 net sales were MSEK 2,077 (2,040), the strongest quarter of the year; gross margin before IAC held at 38.9%. Selling and administrative expenses fell ~5%, supporting an improved EBITA margin (10.4% vs 7.8% prior year).

Profitability and EPS

EBITA before IAC increased to MSEK 215 in Q4 (up 35% y/y) and operating profit before IAC was MSEK 196. Reported operating profit was MSEK 183 and EPS before IAC for the quarter was SEK 0.70 (0.32); full‑year EPS before IAC was SEK 1.93 and reported EPS SEK 1.80.

Cash flow and financial position

Operating cash flow in Q4 was MSEK 345 (Q4 2024: 356); full‑year operating cash flow was MSEK 740. Net debt increased to MSEK 2,990 (2,261) at year‑end, cash balance MSEK 1,307, and equity/assets ratio was 52.0%.

Business area performance

Collection and Premium delivered the strongest margins in Q4 (Collection operating margin before IAC 13.8%; Premium 12.5%). Professional grew following the Trato TLV acquisition; Infrastructure reported weaker profitability and lower margins.

M&A and strategic developments

Trato TLV and Capelon (acquired and consolidated from Q3) performed in line with plan; Trato contributed MSEK 334.2 in sales since acquisition. Group focus on circularity, smart outdoor (Capelon) and data‑center expansion were highlighted by management.

Items affecting comparability and restructuring

Q4 IAC totalled MSEK -13.1, mainly linked to the decision to phase out Seneco‑CityGrid and related write‑downs (including an ateljé Lyktan inventory write‑down). Full‑year IAC amounted to MSEK -29.8.

Dividend and outlook

The Board proposes a dividend of SEK 1.10 per share for 2025 (prior year 1.40). Management cautioned that Q1 2026 faces a tough comparison to large orders in Q1 2025, though early signals of improvement exist.