Inwido (INWI) Q3 2025 earnings summary

Executive summary

• Q3 2025 ended stronger than it began, with September rebounding after a soft July and August, especially in Sweden and Ireland, but overall demand remained soft with significant variation across geographies and segments.

• Organic order intake grew by 1%, driven by the Projects segment, while organic sales growth was flat; order backlog rose 5% to SEK 2,769 million as of September 30.

• Two acquisitions were completed: RM Snickerier (Sweden) and Fast Frame (UK), both with above-average profitability, while a major Central European deal was canceled, impacting EPS due to transaction costs.

• Cost control and restructuring measures were implemented, especially in Finland, to address lower volumes and profitability.

• M&A remains a key growth driver, with a strong pipeline and financial capacity for further deals.

Financial highlights

• Q3 2025 net sales were SEK 2,224 million, down 2% year-over-year; organic sales growth was +0.2% (SEK +5 million).

• Gross margin fell from 27.1% to 25.9% due to adverse mix and lower consumer sales.

• Operating EBITA margin declined to 12.0% (down from 13.4%); operating EBITA was SEK 268 million (down from 304 million).

• Profit after tax and EPS both declined year-over-year; Q3 profit after tax was SEK 162 million (down from 198 million), and EPS for the nine-month period was SEK 6.00 (down from 6.12).

• Strong cash flow and reduced net debt (down SEK 225 million in Q3, SEK 247 million year-over-year); net debt/EBITDA at 1.0 (0.7 excluding IFRS 16).

Outlook and guidance

• Recovery in consumer demand is slower than anticipated, especially in Finland and the UK; order backlog and low gearing provide stability.

• Q4 expected to have a negative mix impact due to higher project backlog and lower consumer backlog.

• CapEx will increase in Q4 and early next year, focused on capacity and efficiency improvements.

• M&A activity is expected to remain high, with optimism for closing larger deals in the next 6–12 months.

• Strategic focus and financial targets unchanged; ambition to reach SEK 20 billion in sales by 2030.