Sweden · Delayed Price · Currency is SEK Momentum Group AB Earnings Call Transcripts
Fiscal Year 2026
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Organic growth and margins improved in Q2, driven by higher service activity, postponed maintenance, and acquisitions. Sweden leads market recovery, while Denmark lags due to weak project sales. Strong cash flow supports ongoing acquisitions and investments.
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Revenue and earnings rose in Q2, driven by improved Nordic market conditions and acquisitions. EBITDA margin improved to 12.8%, with strong cash flow and disciplined capital allocation supporting growth ambitions. Customer caution persists, but gradual recovery is expected.
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Organic growth fell 6% in Q1, mainly due to timing and temporary market caution, with improvement seen late in the quarter. Gross margin improved on pricing discipline, while infrastructure margins were hit by lower utilization. Acquisitions and UK expansion continue to support growth.
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Revenue was flat as acquisitions offset a 6% organic decline, with improved gross margins and lower costs. EBITDA fell 8% year-over-year, but the group remains focused on cost control, acquisitions, and long-term growth targets despite ongoing geopolitical and market uncertainty.
Fiscal Year 2025
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Q4 margins declined mainly due to lower Specialist volumes and reduced acquisition impact, while power transmission margins remained stable. Danish market slowdown affected Specialist, but future growth is expected to align with other Nordics. Working capital improved, and gradual market recovery is anticipated in 2026.
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Revenue and earnings grew in Q4 2025, driven by acquisitions and improved organic growth, despite cautious Nordic markets. Infrastructure outperformed, while industry lagged. Strong cash flow enabled continued acquisitions, and the group met its EBITA target a year early.
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Sales for comparable units declined 4% year-over-year, with September showing a rebound driven by project deliveries and service demand. Acquisitions contributed SEK 82 million to revenue and supported earnings, while a gradual recovery is expected through 2026.
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Q3 2025 saw 7% revenue growth and record EBITDA, driven by acquisitions and cost controls amid a cautious Nordic market. Infrastructure outperformed, while industry lagged; strong cash flow and balance sheet support continued growth and acquisition strategy.
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Revenue grew 7% and EBITDA rose 5% year-over-year in Q2 2025, driven by acquisitions amid soft demand. Cash flow and financial position remain strong, with a continued focus on acquisitions and organic growth to achieve long-term targets.
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Direct tariff impact is limited, but CapEx-heavy sectors show caution, affecting growth and margins. Industry segment performed strongly, while infrastructure saw lower service revenue. New warehouse boosts logistics, and acquisition activity remains robust despite market uncertainty.
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Revenue grew 11% year-over-year, driven by acquisitions, with EBITDA up 1% and strong cash flow. The group maintained a robust financial position and continued high acquisition pace, despite market uncertainties and subdued demand.
Fiscal Year 2024
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Organic growth has slowed but remains stable, with a strong aftermarket focus providing resilience. The central warehouse relocation was completed smoothly, and the acquisition pipeline is robust. EBITDA margins are stable, and minimal direct impact is expected from U.S. tariffs.
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Q4 2024 saw 12% sales growth, driven mainly by acquisitions, with organic growth at 1%. Profitability was impacted by lower automotive demand and one-time costs, but full-year results exceeded targets, supported by strong cash flow and eight acquisitions.
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Organic sales grew 3% amid mixed demand, with record EBITA margin driven by cost control and acquisitions. Economic improvement is now expected next year, but the outlook remains optimistic, supported by a strong business portfolio and selective acquisitions.
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Revenue grew 20% year-on-year in Q3, driven by acquisitions and improved organic growth, with EBITA up 27% and margins at record levels. Both business areas delivered strong results, and financial flexibility supports continued growth and acquisitions.
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Stable demand and a strong acquisition pipeline support growth, despite a slowdown in organic sales and sector-specific challenges. Margin improvement efforts continue for acquired units, and pricing is being adjusted to offset rising procurement costs.
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Revenue grew 41% year-over-year in Q2, driven by acquisitions and resilient aftermarket sales, with EBITA up 35% and EPS up 17%. Six acquisitions expanded the group into new segments, supporting strong cash flow and a robust financial position.