• Net sales amounted to SEK 1,605 (1,539) million.
• Growth was 4 percent, of which organic growth amounted to -3 percent.
• EBITA decreased by 12 percent to SEK 114 (130) million. Project write-downs in a subsidiary were charged to earnings by SEK 21 million, adjusted for which EBITA amounted to SEK 135 million.
• The EBITA margin amounted to SEK 7.1 (8.4) percent.
• Cash flow from operating activities amounted to SEK 47 (121) million.
• Earnings per share, basic and diluted, were SEK 0.56 (0.96).
• In July, the German company, Tessmer & Sohn Straßenbaugesellschaft mbH, was acquired, with net sales in 2024 of EUR 16 million (SEK 176 million).

CEO comments

The market in which we operate has been challenging for quite some time, but our subsidiaries have demonstrated strong initiative and adaptability, supported by close customer relationships and local insight. During the last 12-month period, our net sales remained stable at SEK 6,211 million. EBITA fell by 11 percent to SEK 463 million, which corresponds to a margin of 7.5 percent and is partly attributable to the mild winter. Our newly acquired companies are also making a positive contribution. The earnings-strengthening measures we are implementing are effective but offset by the continued weakness in the market. We are focused on improving profitability and cash flow. These initiatives strengthen our position regardless of market conditions.

Weak in Sweden and Norway, strong in Other Europe
Net sales for the third quarter increased by 4 percent and amounted to SEK 1,605 (1,539) million. Organic growth was -3 percent, acquisitions contributed with 7 percent and currency effects with 1 percent. Growth was impacted by lower volumes in the Sweden and Norway segments, where demand remains subdued and market conditions continue to be weak. Organic growth at the Group level declined by 1 percent driven by underperforming units in Segment Sweden. The measures we are taking will, however, significantly strengthen profitability and cash flow as we move into 2026.
EBITA amounted to SEK 114 (130) million, corresponding to an EBITA margin of 7.1 (8.4) percent. There was an earnings impact of SEK 21 (0) million during the period from project write-downs at one of our Norwegian subsidiaries, which did not impact cash flow. Performance in the Other Europe segment has been positive, where our existing and newly acquired companies alike contributed to the strong growth and solid profitability.
Cash flow from operating activities amounted to SEK 47 (121) million. Although the comparison period was stronger than normal, we had expected a better outcome. I expect cash flow to strengthen in the fourth quarter in line with normal seasonality. Indebtedness, expressed as net debt in relation to EBITDA pro-forma RTM amounted to 3.0 (2.7) times.

Climate change – we are a part of the solution
As in previous years, Europe experienced several weather-related disruptions resulting from changing climate patterns. Examples are the severe storms and flooding that have affected Northern and Central Europe. Within Green Landscaping Group, we have observed the effects of this in growing customer demand for our support in remedying sudden damage and for preventive solutions aimed at reducing future climate-related risks.

Renewed, expanded financing
We successfully renewed our bank loans subsequent to the end of the quarter. In combination with the bonds issued during the second quarter, we have thus secured and broadened our financing for the coming years. The new loan terms are clearly more favorable than the previous ones, which will lower our interest costs going forward. In addition, it signals that the credit market has good confidence in us and that it has steadily increased over the years.

During the quarter, Tessmer & Sohn Straßenbaugesellschaft mbH in Germany joined Green Landscaping Group. It has a full-range offering of services in landscaping and groundwork for customers in the Hannover region of Germany. We remain committed in our ambition of achieving acquired EBITA of SEK 80–100 million in 2025.

Presentation of the report:

Green Landscaping Group CEO Johan Nordström and CFO Marcus Holmström will present the report in a teleconference/audiocast on 23 October 2025 at 13:00 CEST. The presentation will be held in English.

If you would like to participate in the webcast, please visit the link below.
https://green-landscaping-group.events.inderes.com/q3-report-2025

If you would like to participate in the teleconference, you will need to register via the link below. Once you have registered, you will receive the phone number and a conference ID for logging in. There are opportunities for asking questions via the teleconference.
https://events.inderes.com/green-landscaping-group/q3-report-2025/dial-in