HANZA (HANZA) Q3 2025 earnings summary

Executive summary

• Completed major acquisitions, including Milectria and BMK, finalizing the 2025 strategy and positioning as Europe's largest listed contract manufacturer, with a balanced manufacturing platform across Europe and significant expansion in Sweden, Finland, and Estonia.

• Launched the LYNX program to boost defense industry capacity, supported by Milectria acquisition and new investments in Estonia.

• Pro forma sales for 2025 expected to reach SEK 10 billion, with organic growth and profitability set to accelerate from Q4 2025.

Financial highlights

• Net sales rose 27% year-over-year to SEK 1,404 million in Q3 2025, with 2% organic growth and strong contributions from acquisitions.

• Gross margin increased by approximately 4% in Q3 2025 compared to Q3 2024, with Q3 gross margin at 44.6%.

• Operating profit reached SEK 124 million (margin 8.8%), adjusted operating profit SEK 96 million (margin 6.9%), and earnings per share SEK 1.69 for Q3.

• Net debt decreased by SEK 69 million to SEK 1.067 billion; net debt/EBITDA ratio at 1.8, below the 2.5 target.

• Equity ratio improved to 36%, exceeding the 30% target.

Outlook and guidance

• Organic growth and profitability expected to accelerate from Q4 2025, with strong order intake and margin target of 8% for full year 2025.

• BMK acquisition to close by year-end, with expected positive impact on earnings per share and group sales above SEK 10 billion in 2026.

• New strategic phase, HANZA 2028, to be launched after BMK deal closure.