Asker Healthcare Group (ASKER) Q2 2025 earnings summary

Executive summary

• Net sales rose 9% year-over-year in Q2 2025 to SEK 3,987m, with organic growth of 7% and acquisitions adding up to 10%, offset by a 3–4% FX headwind.

• Adjusted EBITA/EBITDA increased 12% in Q2, with a margin of 9.5%; profit for the quarter was SEK 133m, up 13% year-over-year.

• Six acquisitions were signed in H1 2025, with four to five in Q2, including the strategic Scan Modul deal; 16 acquisitions completed in the last 12 months, adding SEK 2.5bn in sales.

• Business model focuses on organic growth and M&A, both performing well, with the acquisition pipeline at its strongest in over a decade.

• Cash flow from operating activities declined in Q2 due to higher working capital and investments in automation and distribution rights.

Financial highlights

• H1 2025 net sales reached SEK 7,982m, up 12% year-over-year; adjusted EBITA was SEK 742m, up 14%.

• Adjusted EBITA/EBITDA margin was 9.5% in Q2, trending toward the 10% midterm target.

• Net debt/EBITDA at 1.8x, down from 2.1x year-over-year, maintaining significant headroom to target (<2.5x).

• Return on net working capital (EBITA/NWC) was 65.4%, exceeding the 50% target.

• Gross margin strengthened, reaching close to 41%, mainly due to M&A and mix improvements.

Outlook and guidance

• Management expects to outperform the market's average growth rate of 3–4% per year over time.

• Confident in continued M&A activity and organic growth, supported by a strong balance sheet and robust acquisition pipeline.

• The build-up of European preparedness is expected to become more significant for the group.

• Medium-term confidence in defense-related sales in North remains, though timing is uncertain.