Sweden · Delayed Price · Currency is SEK Inwido AB Earnings Call Transcripts
Fiscal Year 2026
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Record Q2 results with 16% sales growth, 27% higher profit after tax, and a record order backlog driven by major project wins and acquisitions. Operational efficiency and cost control offset raw material inflation, while market conditions remain volatile but show cautious optimism for H2.
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Q1 2026 saw challenging conditions with harsh winter weather and geopolitical uncertainty impacting demand, but profitability returned to pre-pandemic levels. Acquisitions and cost measures supported performance, with strong momentum in March and April and continued cautious optimism for Q2.
Fiscal Year 2025
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Organic growth and stable margins were achieved despite market headwinds, with strong cash flow, successful M&A, and a maintained dividend. Segment performance varied by geography, with Sweden and e-commerce leading, while Finland and the UK remained challenging.
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A clear roadmap targets SEK 20 billion in sales by 2030, driven by both organic growth and strategic M&A, with recent acquisitions expanding geographic reach and product offerings. Despite a historic downturn, margins and cash flow remain robust, supported by operational efficiency, innovation, and a strong decentralized culture.
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Q3 2025 saw a slow start but finished stronger, with Sweden and Ireland improving while Finland and the UK remained weak. Sales declined 2% year-over-year, margins were pressured by mix and FX, and two acquisitions were completed. M&A will be key to future growth as organic recovery remains uncertain.
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Q2 2025 saw stable sales and margins, with operating EBITDA up 1% and profit after tax up 8%. Order backlog hit a record high, but order intake declined due to last year's large Irish order. Management remains optimistic, citing strong fundamentals, improving efficiency, and robust M&A activity.
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Organic net sales grew 10% and order intake rose 13% year-over-year, with operating EBITDA up 22% to SEK 111 million and margin at 5.5%. Strong performance in Scandinavia and Eastern Europe offset weaker e-commerce, while a robust balance sheet supports future M&A.
Fiscal Year 2024
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Q4 2024 marked a return to organic growth, with strong order intake and backlog, robust profitability, and margin improvements in most segments. Eastern Europe remains challenging, but outlook for 2025 is positive, supported by sustainability initiatives and active M&A pipeline.
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Order intake and backlog grew for the second straight quarter, while net sales declined 3% year-over-year but margins improved. All segments except Eastern Europe performed well, with strong cash flow and increased CapEx supporting efficiency and future growth.
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Order intake rose 22% year-over-year, with strong e-commerce and Western Europe performance, but profit and margins were impacted by restructuring costs and weak new build markets in Finland. Outlook is cautiously optimistic, with stable cash flow and increased M&A activity.