Sweden · Delayed Price · Currency is SEK Karnell Group AB Earnings Call Transcripts
Fiscal Year 2025
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Q4 and full year 2025 saw double-digit growth, margin improvement, and strong cash flow, driven by both organic growth and acquisitions. Niche Manufacturers outperformed, while Product Companies remained stable. Entering 2026 with positive momentum and a robust M&A pipeline.
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Revenue and EBITDA grew double digits year-over-year, with record margins and strong contributions from both business areas. The LundHalsey acquisition expanded the platform, and the M&A pipeline remains robust, especially in the U.K. and Italy.
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Q2 2025 delivered strong revenue and EBITDA growth, driven by both organic improvements and acquisitions, with niche manufacturing outperforming and product companies remaining profitable. Market stabilization and a robust balance sheet support continued expansion.
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Q1 2025 saw 26% revenue growth and 92% EBITDA growth, with all segments contributing positively. Acquisitions in Finland and the UK expanded sector exposure, while leverage remains low and market conditions show early signs of stabilization.
Fiscal Year 2024
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Q4 2024 saw 32% sales growth and 42% EBITDA growth, driven by both organic gains and acquisitions, with strong cash flow and low leverage. Product companies outperformed, while niche manufacturing faced margin pressure due to market softness and strategic choices to retain staff.
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Q3 saw record EBITA margin of 15.4% and 37% sales growth, driven by both organic gains and acquisitions. Two strategic additions, Haku and NE Engineering, strengthened the portfolio, while cash flow and leverage remained robust.
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Q2 2024 saw 23% sales growth and 14% EBITDA growth, driven by acquisitions and stable organic performance. The group maintained low leverage, completed two strategic acquisitions, and expects improved market sentiment and cash flow in H2.