Inwido (INWI) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 were SEK 2,339 million, up 3% organically year-over-year, with stable gross margin at 25.6% despite challenging markets and delayed recovery.

• Operating EBITDA/EBITA for Q2 was SEK 264 million, margin unchanged at 11.3%; profit after tax rose 8% to SEK 165 million, and EPS increased 7% to SEK 2.69.

• Order backlog reached an all-time high of SEK 2.829 billion, up 9% quarter-on-quarter and 7% year-over-year, while order intake declined 7% due to a large one-off order last year.

• Progress on strategic priorities, including M&A activity, digitalization, and sustainability initiatives, with improved climate leadership rankings.

• Management remains optimistic, citing strong fundamentals, robust M&A pipeline, and strengthened market positions.

Financial highlights

• H1 2025 net sales rose 5% to SEK 4,338 million (organic +6%), operating EBITA up 6% to SEK 375 million (margin 8.6%), and profit after tax up 15% to SEK 209 million.

• Rolling 12-month sales at SEK 9.34 billion, operating EBITDA SEK 975 million (margin 10.8%), and EPS at 9.74.

• Cash flow from operating activities in Q2 improved to SEK 289.9 million; cash and equivalents at SEK 589 million.

• Net debt at SEK 1.517 billion, net debt/EBITDA at 1.2x (0.9x excl. IFRS 16), both below 2.5x target.

• Return on operating capital improved to 13.4%, still below the 15% target.

Outlook and guidance

• Market recovery is delayed, but fundamentals remain strong with all-time high order backlog and positive macro indicators.

• M&A activity remains high, with management expecting to close at least one or two acquisitions by year-end.

• Energy Performance of Buildings Directive (EPBD) and green transition expected to drive demand from 2026, with early customer interest.

• Acquisitions are key to reaching the SEK 20 billion sales target by 2030.