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Edge19 Apr 2024
The Three Cornerstones of Serial Acquirer Success
Explore what is behind successful serial acquirers: efficient capital use, decentralization, and a strong focus on people.
Indutrade
Indutrade (INDT) investor relations material
Indutrade Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
2025 was marked by market uncertainty and dampened demand, but gradual operational and financial improvements were achieved, with a fully established new segment structure and strengthened scalability for sustainable profitable growth.
Organic order intake grew 2% for the year and 3% in Q4, with strongest demand in energy, water, wastewater, and infrastructure; positive development in most customer segments.
Net sales decreased 1% for the year and were flat organically in Q4; backlog reductions from prior years impacted sales.
Thirteen profitable acquisitions were completed, adding SEK 1.3 billion in annual turnover, with acquisition pace increasing in the second half and four announced in Q4.
Board proposes a dividend increase to SEK 3.10 per share.
Financial highlights
EBITDA/EBITA margin for the year was 13.8%, or 14.1% excluding extraordinary one-offs; Q4 reported margin was 13.3%, but underlying margin was 14.9%.
Cash flow from operating activities remained strong at SEK 1,595–1,600 million in Q4, with continued inventory reductions.
Full-year net sales were SEK 32,229 million, down 1% year-over-year; EBITA for the year was SEK 4,446 million, down 5%.
Earnings per share for the year was SEK 7.03, down 7% year-over-year, mainly due to one-offs; Q4 EPS was SEK 1.72, down 14%.
Cash conversion exceeded 130% for the ninth consecutive quarter.
Outlook and guidance
Entering 2026 with a slightly larger order book, higher acquisition pace, and a strong acquisition pipeline, aiming for annual growth of at least 10% and a stable EBITDA/EBITA margin of at least 14%.
Management expects gradual improvement in organic performance across all business areas in 2026.
Market uncertainty persists, but lower references and robust financial position provide comfort for the earnings trend.
Q4 EBITA margin: non-recurring item impact?
How will internal network drive future acquisitions?
Explain varied Q4 organic sales across business areas
Are all UK project one-off costs fully resolved?
What is the expected acquisition pace for 2026?
TSS organic growth was -6%. What was it ex-UK?
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Next Indutrade earnings date
Q1 202624 Apr, 2026
Indutrade
Next Indutrade earnings date
Q1 202624 Apr, 2026
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Indutrade: Growing Through Strategic Acquisitions
Indutrade, a Swedish serial acquirer founded in 1978, has established itself as a significant player in the field of technology and industrial business.
Frequently asked questions
Swedish Industrial Serial Acquirer
Indutrade AB is an industrial technology group based in Sweden that specializes in the development, manufacture, and distribution of high-tech products and solutions. The company operates through a diversified structure comprising multiple segments, with each division offering a variety of products such as components for flow control, hydraulic and mechanical components, industrial springs, and measurement and sensor technology equipment. Indutrade is a serial acquirer, purchasing companies that fit into its wider organizational structure. It is headquartered in Stockholm, Sweden, and its shares are listed on the Stockholm Stock Exchange.
Nils Dacke AB
The story of Indutrade begins in earnest in 1982, although its roots can be traced back to 1978. In 1982, a series of companies came together to form Nils Dacke AB, which then went public. Throughout the 1980s and 1990s, the company expanded by acquiring several small and medium-sized industrial trading companies. Indutrade got its current name after Nils Dacke was acquired by Industrivärden in 1989. The series of acquisitions didn't stop after the new name was chosen and is something that has only kept on going ever since the company was first founded. In 2005 Indutrade once again went public. Today, it has over 200 different companies in its portfolio and continues to make acquisitions through its formula which has proven successful so far.
The Acquisition Strategy
The company's strategy is centered around acquiring companies that fit a very specific set of criteria, specifically business-to-business (B2B) companies that align with Indutrad’s corporate values and whose management teams are keen on continuing their roles post-acquisition. Ideal candidates are those generating annual revenues between 50 and 500 million SEK ($5-50 million), demonstrating stable and strong profitability. Prospective companies should hold a sustainable, dominant position in a well-defined niche, offer technically advanced products that deliver significant value to customers, and have a high rate of recurring sales.
Further Reading: Indutrade: Growing Through Strategic Acquisitions
The Companies
Indutrade has a diverse portfolio, but there's a clear emphasis on businesses that operate in the industrial technology sector. This includes companies that specialize in automation, instrumentation, fluid and mechanical systems, and industrial components. These businesses often provide niche products and technical solutions aimed at improving process efficiency, quality, and safety across various industries.
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