HAKI Safety (HAKI) Q3 2025 earnings summary

Executive summary

• Net sales rose 14% year-over-year in Q3 2025 to SEK 288 M, with organic growth of 2% and a 15% boost from acquisitions, offset by a 3% negative currency effect.

• Adjusted EBITA increased to SEK 24 M from SEK 18 M, and net result after tax doubled to SEK 32 M.

• A SEK 50 M rights issue was completed to repay acquisition-related bridge loans, oversubscribed at 104.3%.

Financial highlights

• Q3 gross margin improved to 37.2% (from 34.4%), and adjusted EBITA margin reached 8.3% (from 7.1%).

• Operating profit was SEK 30 M (up from SEK 25 M), with a SEK 9 M positive effect from earnout revaluations.

• Cash flow from operating activities was SEK 1 M, a turnaround from SEK -15 M last year.

• For the first nine months, net sales grew 15% to SEK 875 M, with adjusted EBITA at SEK 50 M (down from SEK 52 M).

Outlook and guidance

• Management remains positive about future prospects, citing high market activity and strong demand in energy and infrastructure, despite ongoing global uncertainties.

• The cost-saving and efficiency program in Scaffolding Systems is on track, expected to yield SEK 10-15 M in annual savings by 2026.

• Financial targets include SEK 2,000 M net sales by 2027 and an adjusted EBITA margin above 10%.