Third quarter 2025

• Consolidated sales increased 7.5% to SEK 1,367.9 M (1,272.9).
• Organic growth amounted to 6.3% (–11.5), adjusted for acquired sales and currency effects between the years.
• Consolidated operating profit (EBITA) totaled SEK 171.3 M (171.8), with an operating margin (EBITA) of 12.5% (13.5).
• Profit after financial items amounted to SEK 139.5 M (147.8).
• Earnings per share amounted to SEK 3.87 (4.49) before and after dilution.

Nine months 2025

• Consolidated sales decreased 5.1% to SEK 4,081.7 M (4,302.3).
• Organic growth amounted to –4.4% (–1.8), adjusted for acquired sales and currency effects between the years.
• Consolidated operating profit (EBITA) totaled SEK 526.9 M (648.2), with an operating margin (EBITA) of 12.9% (15.1).
• Profit after financial items amounted to SEK 427.6 M (609.7).
• Earnings per share amounted to SEK 12.44 (19.03) before and after dilution.

Comments from VBG Group’s President & CEO Anders Erkén
In the third quarter of 2025, VBG Group’s net sales increased by 7.5% to SEK 1,368 M (1,273), with positive contributions from the acquisitions we have completed during the year. Adjusted for acquired sales and currency effects, organic growth amounted to 6.3%. Currency headwinds in the quarter negatively impacted sales performance by 7.2%.

Our long-term activities for strengthening profitability, such as price adjustments and price compensations resulting from trade tariffs, are proceeding as planned. With our adaptability, we have continued to develop and optimize our diversified operations, which has helped to create growth.

EBITA for the quarter was on a par with the comparative quarter in 2024, totaling SEK 171.3 M (171.8), with an EBITA margin of 12.5% (13.5).

The Group posted a stable operating cash flow of SEK 136 M (153), which creates good conditions for our continued growth.

Our divisions
The growth in sales for the quarter encompassed all geographical areas and divisions.

After several quarters with flagging volumes, Mobile Thermal Solutions reversed the trend and returned to growth, driven by stronger demand in the side-by-side segment. Profitability was negatively impacted by SEK 11 M in ramp-up effects and non-recurring costs related to temporary deficiencies in quality.

Truck & Trailer Equipment posted a stable quarter with strong earnings and underlying growth, driven primarily by increased sales in Europe as well as the price adjustments that were implemented. Demand in the European trailer market bottomed out during the quarter, and we are now seeing signs of gradual growth in demand in the quarters ahead.

Ringfeder Power Transmission also reported a strong quarter, with growth in all geographical areas despite negative currency effects. The division achieved its highest sales, and one of its highest operating profit, for an individual quarter. Growth was driven primarily by the completed acquisition of Malmedie as well as price adjustments.

Acquisitions promote growth and profitability
The integration of the three companies that we have acquired during the year is proceeding according to plan, and all of the acquisitions are enabling growth and profitability in line with expectations.

The latest acquisition was completed on July 1, when Ringfeder Power Transmission acquired the German company M.A.T. Malmedie Antriebstechnik GmbH. The company manufactures specialized mechanical coupling technology and Snag Overload Systems (SOS) for industrial applications. This acquisition strengthens the Group’s global footprint and expands our customer offering while creating growth opportunities in several of our product areas.

New sustainability goal
Our efforts in sustainability are continuing unabated. During the third quarter, we adopted a new Group-wide sustainability goal: a 62% reduction in our Scope 3 GHG emissions by 2040 (base year 2024). To achieve goal, we are focusing in particular on reducing the climate impact of our transport activities, materials and waste.

The future
I would like to highlight the significant efforts that our employees made during the quarter. With their commitment and perseverance, they have stabilized profitability.

After a period of waning growth early in the year, we are now seeing a recovery. During the third quarter, we gradually neared levels similar to those we saw in the year-earlier period. We have continued to grow as a Group, both organically and through strategic acquisitions, thus expanding our customer base and increasing our global presence. With our stable cash flow, we are seeing continued good conditions in the acquisition market, and we are convinced of our capacity for continued growth and delivering strong earnings going forward.

The geopolitical environment remains volatile, and uncertainty around the effects of the US trade tariffs remains. For VBG Group, the net effect is marginal. At the same time, with a growth in our order bookings, and on the basis of our visibility of three or four months, we are cautiously optimistic that demand will strengthen going forward.

Once again, I would like to thank you for your continued confidence in VBG Group.