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Nederman (NMAN) investor relations material
Nederman Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong profitability and continued investments despite a turbulent market, significant negative currency and tariff effects, and subdued demand for large projects.
Q3 2025 net sales grew 7.5% currency neutral to SEK 1,434m, while order intake declined 7.1% currency neutral to SEK 1,251m, reflecting fewer large investment projects but resilient base and service business.
Adjusted EBITA for Q3 was SEK 166.4m (margin 11.6%), up from SEK 160.8m (margin 11.4%) in Q3 2024; net profit rose to SEK 79.3m from SEK 70.4m.
Maintained a leading position in industrial air filtration, launched new products, and continued investments in product development, operational efficiency, and digital solutions.
Major acquisition of Euro-Equip in March 2025, with integration ongoing and positive contributions.
Financial highlights
Q3 2025 net sales: SEK 1,434m (Q3 2024: SEK 1,416m); orders received: SEK 1,251m (Q3 2024: SEK 1,437m); sales grew 7.5% currency-neutral, organic growth 2.2%.
Adjusted EBITA Q3: SEK 166.4m (margin 11.6%); net profit: SEK 79.3m; EPS: SEK 2.27.
January–September 2025 net sales: SEK 4,279m; adjusted EBITA: SEK 467.5m (margin 10.9%); net profit: SEK 207.9m; EPS: SEK 5.94.
Cash flow from operations Q3: SEK 123.2m (Q3 2024: SEK 180.9m); for the period: SEK 197.6m (2024: SEK 350.5m).
Net debt/adjusted EBITDA: 2.0x; return on equity: 13.6%; net debt/equity ratio: 78.9%.
Outlook and guidance
Demand remains subdued with a lower order backlog than a year ago, but base and service business are robust; order intake improved in September, potentially supporting Q4.
Continued investments in operational efficiency and product development are expected to strengthen market position.
Long-term prospects remain positive due to increasing awareness of air quality and regulatory drivers.
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