HAKI Safety (HAKI) Q2 2025 earnings summary

Executive summary

• Net sales rose 23% year-over-year in Q2 2025 to SEK 324 M, with 6% organic growth and 20% from acquisitions/divestments, offset by a 3% negative currency effect.

• Adjusted EBITA remained flat at SEK 20 M, while operating profit increased to SEK 20 M from SEK 18 M; net result after tax was SEK 11 M.

• Gross margin declined to 35.2% from 36.6% due to an unfavorable product mix and low capacity utilization in Scaffolding Systems.

• Cash flow from operating activities improved significantly to SEK 56 M from SEK 14 M year-over-year.

• A new decentralized business area structure was implemented, and a cost-saving program in Scaffolding Systems was initiated.

Financial highlights

• Q2 2025 net sales: SEK 324 M (up 23% year-over-year); H1 2025 net sales: SEK 587 M (up 16%).

• Adjusted EBITA Q2: SEK 20 M (flat year-over-year); H1: SEK 26 M (down from SEK 34 M).

• Operating margin Q2: 6.2% (down from 6.7%); gross margin Q2: 35.2% (down from 36.6%).

• Net result after tax Q2: SEK 11 M (flat year-over-year); H1: SEK -2 M (down from SEK 15 M).

• Earnings per share Q2: SEK 0.40; H1: SEK -0.07.

Outlook and guidance

• High market activity with many inquiries and ongoing negotiations; positive outlook supported by macro trends.

• Cost-saving and efficiency program in Scaffolding Systems expected to yield full effects in 2026.

• Financial targets: SEK 2,000 M net sales by 2027, adjusted EBITA margin >10%, net debt/EBITDA <2.5.