Interim report 1 January – 30 September 2026

Third quarter 2026

• Order intake increased by 16% and amounted to SEK 8,991 million (7,735). For comparable units, the increase was 6%.
• Net sales increased by 13% and amounted to SEK 8,871 million (7,846). For comparable units, the increase was 5%.
• EBITA increased by 19% to SEK 1,358 million (1,143), corresponding to an EBITA margin of 15.3% (14.6%).
• Profit for the quarter increased by 19% to SEK 804 million (674) and earnings per share amounted to SEK 2.21 (1.85).
• Cash flow from operating activities amounted to SEK 1,216 million (1,016).

CEO’s message

Third quarter
Demand continued to improve in the third quarter. Order intake amounted to SEK 9.0 billion (7.7), an increase of 16%, of which 6% was organic. Development was positive in all business areas and the majority of the companies. The increase was largest in companies with customers in medical technology and pharmaceuticals, energy and engineering. The book-to-bill ratio was positive, thus further strengthening the order backlog.

Net sales increased 13% to SEK 8.9 billion (7.8), with acquisitions contributing 8% and organic growth 5%. All business areas grew organically, with Process, Energy & Water seeing the strongest development. In Process, Energy & Water, deliveries increased due to the strong order backlog built up in recent quarters, primarily in the energy segment. In Life Science and Industrial & Engineering, the majority of companies developed positively. Development was positive also in Infrastructure & Construction and Technology & Systems Solutions, although from slightly lower levels.

EBITA increased 19% to SEK 1.4 billion (1.1), corresponding to an EBITA margin of 15.3% (14.6%). The margin improvement was mainly driven by the strong organic sales growth, as well as positive effects from acquisitions. Thanks to successful pricing efforts, the gross margin remained at a stable high level. The EBITA margin improved in three out of the five business areas compared with the corresponding period in the previous year, with Industrial & Engineering showing the strongest development.

Cash flow from operating activities improved and amounted to SEK 1.2 billion (1.0), due primarily to the strong earnings. Despite the good acquisition pace, the debt/equity ratio is low and the Group’s financial position remains very strong.

Acquisitions
To date this year, we have acquired or signed agreements to acquire 13 companies with combined annual sales totalling SEK 2.1 billion. Acquisition effects on net sales and EBITA increased and amounted to 8% and 10% respectively. Since the end of the quarter, we have announced the acquisition of two life science companies, Euromed and Sinmed, which will strengthen our presence in Poland, as well as Schraner, a German company specialising in fire protection systems.

The inflow of acquisition candidates remains high, and our business areas are working to generate more acquisition candidates through the internal network. Our financial position is strong, laying a firm foundation for a continued good acquisition pace moving forward.

Outlook
The strong order backlog and continued high acquisition pace lay a good foundation for upcoming quarters. Some of the growth in order backlog is driven by the major investments in energy being made across Europe, projects that generally have long lead times. There is however remaining uncertainty in the general economy, mainly linked to the geopolitical situation.

Several of our companies are well positioned in structurally growing markets, and our decentralised model provides a solid platform for continued, sustainable profitable growth.

Bo Annvik, President and CEO

For further information, please contact:
Bo Annvik, President and CEO, tel. +46 (0) 8 703 03 00,
Jan Öhman, Interim CFO, tel. +46 70 226 75 34

Report webcast:
A webcast of the report will be presented on 23 October at 9.30 a.m. CEST via the following link:
https://events.inderes.com/indutrade/q3-report-2026

To participate in the presentation by phone and ask questions, please register using the link below. After registration, you will receive a phone number and conference ID to log into the conference call.
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