Third quarter (July – September 2025)

• Net sales decreased by -2.2 percent to SEK 701.7 million (717.1) of which organic growth for comparable units was -7.4 percent (7.5)
• EBITA increased to SEK 70.3 million (69.4) and the EBITA margin amounted to 10.0 percent (9.7)
• EBIT amounted to SEK 55.0 million (55.0)
• Cash flow from operating activities decreased to SEK 44.7 million (55.9)
• Extraordinary general meeting decided on a directed new issue of convertible bonds
• Novedo carried out a directed issue of convertible bonds in the amount of in total SEK 195.7 million
• Novedo acquired Uudenmaan Korjausrakentajat Oy (”UKR Oy”), its first acquisition in Finland
• CFO Jonas Söderkvist announced that he intends to leave Novedo

Period (January – September 2025)

• Net sales decreased by -3.0 percent to SEK 2,108.5 million (2,172.8) of which organic growth for comparable units was -7.0 percent (2.7)
• EBITA decreased by -26.1 percent to SEK 162.1 million (219.4) and the EBITA margin amounted to 7.7 percent (10.1)
• EBIT decreased by -33.6 percent to SEK 117.0 million (176.3)
• Cash flow from operating activities decreased to SEK 87.3 million (92.4)

Significant events after the balance sheet date

• Closing of the acquisition of Falks Markentreprenad AB

Per-Johan Dahlgren, President & CEO, comments on the first nine months of 2025:
The market remained cautious during the third quarter of the year due to geopolitical uncertainty and weaker economic growth. However, a slight improvement in earnings was evident, both sequentially and compared with the corresponding quarter last year, driven by developments in the Industrial segment and acquisitions that helped to strengthen margins.

Net sales for the third quarter amounted to SEK 701.7 million (717.1) and EBITA amounted to SEK 70.3 million (69.4) with a margin of 10.0 percent (9.7). Net sales for the nine-month period amounted to SEK 2,108.5 million (2,172.8) and EBITA to SEK 162.1 million (219.4) with a margin of 7.7 percent (10.1). The market situation was characterised by cautious customers and lower activity levels, resulting in increased competition and price pressure, which impacted profitability in most of our companies. Work is ongoing in each company to adjust costs and capacity, while at the same time ensuring opportunities for long-term growth in a future stronger market.

First acquisition in Finland
During the third quarter, we completed our first acquisition in Finland, UKR Oy, with sales of just over SEK 100 million on a rolling twelve-month basis and good profitability. The company specialises in facade renovations and has a strong market position in the Helsinki region. The acquisition strengthens our offering in facade renovations while creating interesting opportunities for collaboration within the Novedo Group. The company is included in the Installation & Services segment.
After the end of period, the acquisition of Falks Markentreprenad, within ground and civil engineering, was also completed. The company, with annual sales of approximately SEK 120 million and good profitability, is included in the Infrastructure segment. We are continuously evaluating new acquisition opportunities, both in our current markets and in new geographical areas, in line with our goal of building a long-term stable European industrial group.

Well positioned
My assessment is that the market climate will remain cautious, with varying demand depending on the market, customer base and geography. In the longer term, interest rate cuts, investments in infrastructure and the trend towards regional industrial production will benefit growth. My assessment is that all of Novedo's business segments will be able to benefit from this in the coming years. Our companies are well equipped to adapt to changing market conditions and are ready to take advantage of a gradually improving business climate.

Per-Johan Dahlgren
President & CEO