Troax Group AB

TROAX

Equity

ISIN SE0012729366 / Valor 48373761

NASDAQ Nordic Exchange Stockholm, Equities (2026-06-29)

SEK 103.60-0.38%

Troax Group AB
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About company

Troax Group AB is a Swedish industrial manufacturer and supplier of modular steel-mesh safety and storage solutions for factories, warehouses and logistics operations. The company produces welded mesh panels, doors, gates, cages and complete machine-guarding and storage partition systems that are sold to manufacturing companies, machine builders, warehouse operators and other industrial customers; its offering includes standardized modular components, tailored layouts and installation and aftermarket services to secure people, goods and equipment and to help customers meet regulatory safety requirements. Troax operates production and sales across several countries and sells through direct and distributor channels, and it is listed on Nasdaq Stockholm.

Summarized from source with an LLMView SourceSector: Industrials

Q4 2025 performance

Q4 order intake 64.4 MEUR (‑5% vs. Q4 2024), sales 61.2 MEUR (‑8%). Adjusted EBITA fell to 6.6 MEUR (EBITA margin 10.8% vs 17.2%). Financial net was ‑1.3 MEUR and profit after tax was 0.0 MEUR (vs 8.2 MEUR). Adjusted EPS after dilution 0.07 EUR; reported EPS 0.00 EUR.

Full‑year 2025 results

Order intake 261.4 MEUR (‑6% vs 2024), sales 262.4 MEUR (‑6%). Adjusted EBITA 36.3 MEUR (EBITA margin 13.8% vs 17.3% in 2024). Profit after tax 13.5 MEUR (vs 31.3 MEUR), adjusted EPS 0.40 EUR (vs 0.56 EUR), reported EPS 0.23 EUR (vs 0.52 EUR).

One‑off costs and restructuring

Q4 included items affecting comparability of ‑4.2 MEUR (double rents, relocation, impairments); total non‑recurring costs for 2025 amounted to 10.2 MEUR. Additional one‑off costs of ~2.2 MEUR are expected in H1 2026 related to the US factory move.

Cash flow, investments and net debt

Cash flow from operations Q4: 4.8 MEUR; full year: 29.9 MEUR. Investments were elevated: 28.1 MEUR in Q4 and 35.9 MEUR for 2025 (mainly acquisitions and US machinery). Net debt at year‑end (excl. IFRS16) 75.3 MEUR; net debt/EBITDA excl. IFRS16 1.7 (company target <2.5).

Regional and operational drivers

Demand was soft across most regions; APAC grew while Europe and Americas were weaker. North America underperformance and operational issues cut margin (~300 bps impact) and a weak commercial partitioning business reduced group profitability (~130 bps) in Q4.

M&A and strategic moves

Troax completed acquisitions in Q4 2025 of Dancop (Denmark) and Stommpy (Italy); the Vichnet (China) acquisition was signed Oct 2025 and closed in early Jan 2026. Major factory shifts: Polish production moved to Sweden and US production is relocating (Chicago → Nashville) to strengthen medium‑term competitiveness.

Capital return and targets

The Board proposes a dividend of 0.24 EUR per share (vs 0.34 EUR prior year). Troax reiterated medium‑term targets announced Oct 2025: grow to ≥550 MEUR sales by 2030 (CAGR ≥15%), adjusted EBITA margin >20% over a cycle, and net debt/EBITDA normally ≤2.5.

Management view / outlook

Management describes the market as weak and uncertain but sees progress from restructuring, decentralization and acquisitions. They expect the financial benefits of the transformations to become more visible during 2026 and express cautious optimism for demand recovery.

Summarized from source with an LLMView Source

Key figures

-31.8%1Y

-51.0%3Y

-62.2%5Y

Performance

43.6%1Y

36.8%3Y

41.0%5Y

Volatility