Third quarter

• Net sales amounted to SEK 2,224 million (2,273). Organic growth amounted to 0 percent.
• Total order intake increased organically by 1 percent, while the order backlog increased by 5 percent to SEK 2,769 million (2,640) as of September 30. 
• Operating EBITA amounted to SEK 268 million (304) and the operating EBITA margin amounted to 12.0 percent (13.4).
• EBIT amounted to SEK 241 million (288) and the EBIT margin amounted to 10.8 percent (12.7).
• Earnings per share before and after dilution amounted to SEK 2.65 (3.23) and SEK 2.65 (3.22) respectively.
• Net debt decreased to a multiple of 1.0 in relation to operating EBITDA (0.7 excluding IFRS 16).
• Acquisition of RM Snickerier in Vimmerby, Sweden.
• Acquisition of Fast Frame in the UK after the end of the period.

January - September 2025

• Net sales increased by 2 percent to SEK 6,562 million (6,415). Organic growth amounted to 4 percent.
• Operating EBITA amounted to SEK 643 million (657) and the operating EBITA margin amounted to 9.8 percent (10.2). 
• EBIT amounted to SEK 571 million (589) and the EBIT margin amounted to 8.7 percent (9.2).
• Return on operating capital amounted to 12.7 percent (13.1).
• Earnings per share before and after dilution amounted to SEK 6.00 (6.12) and SEK 5.98 (6.10) respectively.

CEO Comments:
After a muted start, as a result of the lower order intake in Q2, demand gradually improved during the quarter, with both sales and order intake increasing in September. A continued uncertain environment resulted in subdued demand in the quarter. It is principally the consumers who are cautious, with the exception of Sweden and Ireland. 

During the third quarter, net sales amounted to SEK 2,224 million (2,273). Organic sales were unchanged compared to the previous year. Consumer sales were 5 percent lower, while project sales increased by 2 percent. Operating EBITA amounted to SEK 268 million (304) and the operating EBITA margin amounted to 12.0 percent (13.4). Total order intake increased organically by 1 percent, while the order backlog had increased by 5 percent to SEK 2,769 million as of September 30. 

The activity in the consumer market within Inwido's various geographic areas vary considerably. In Sweden and Ireland, consumer activity is higher and the markets are developing positively. The markets in Finland and the UK remain very challenging, and we have not seen the improvement we were anticipating ahead of Q3. The consumer markets in Denmark and Norway reported no growth during the quarter. The project market in all geographic areas is demonstrating improved stability, albeit from a low starting point, and reported growth in the quarter. 

Expectations of seasonal recovery during the summer months, above all in Finland and the UK, resulted in under-absorbed costs before adjustments took effect later in the quarter. We are continuing to implement cost efficiency measures in the face of relatively high levels of uncertainty and low visibility as a result of geopolitical turmoil and volatile  markets. 

RM Snickerier in Vimmerby was acquired during the quarter, as well as Fast Frame in the UK after the end of the quarter, both small but highly profitable companies. In this way, Inwido is broadening its footprint with good opportunities for synergies in respect of both purchasing and sales. During the quarter, acquisition-related costs were incurred for a major transaction that did not come to fruition, as the seller opted late on to terminate the process and retain the company for the time being. 

The sustainability efforts yielded good results and all KPIs are developing positively. Examples of positive events during the quarter include the fact that, in August, the Haapajärvi factory reached 700 days without any accidents. In addition, Elitfönster launched an innovative threshold solution that significantly improves mobility for the disabled. 

We have welcomed two new members to the Group Management: Malin Cullin, EVP People & Culture, and Ulrika Hultgren, EVP Communications & Sustainability. As a result, Jonna Opitz has handed over Communications and is now fully focused on the role of EVP BA Western Europe.

Business Area Scandinavia increased its net sales by 5 percent during the quarter, to SEK 1,065 million (1,014). The increased sales mainly stemmed from the consumer market in Sweden. The operating EBITA margin decreased to 15.3 percent (16.5) due to a weaker segment and geographical mix. 

Business Area Eastern Europe decreased its total net sales by 2 percent. The market in Finland, which was already reporting historically low levels, remains challenging, now also in the consumer market, where sales decreased by 17 percent during the quarter. The operating EBITA margin amounted to 7.0 percent (10.8). 

Business Area e-Commerce experienced a cautious online sales market during the quarter, with the exception of the Swedish market, which accounts for around 20 percent. Sales decreased by 8 percent. At the same time, the margin was strengthened as a result of previously initiated cost measures and higher prices. The operating EBITA margin increased to 8.6 percent (7.7). 

Business Area Western Europe reported lower sales, down 11 percent, mainly due to reduced sales in the consumer market in the UK. The lower volume affected both operating EBITA and the operating EBITA margin, which decreased to 11.5 percent (13.5). 

Outlook
Inwido's strategic focus and associated financial targets remain unchanged, including the overarching ambition of achieving sales of SEK 20 billion by 2030. Long-term external drivers for our industry in general, and our Group's profitable growth in particular, remain fundamentally attractive. In addition to our own organic growth initiatives, such as new product launches and the
security derived from our order book, further tailwinds are anticipated in 2026, when the EU's energy efficiency directive (EPBD) will be launched in all Member States. In the current drawn-out economic downturn, a relatively larger proportion of the volume needs to come through acquisitions, an area that is a top priority and to which additional resources have been allocated.

MALMÖ, OCTOBER 21, 2025

Fredrik Meuller,  
President and CEO