Nederman (NMAN) Q3 2025 earnings summary

Executive summary

• Achieved strong profitability in Q3 2025 despite a turbulent market, significant negative currency and tariff effects, and delays in major investments; continued investments in product development and operational efficiency to strengthen market position.

• Order intake declined due to fewer large investment projects and delayed customer decisions, but business rebounded strongly in September.

• Maintained a leading position in industrial air filtration, launched new products, and expanded production facilities.

Financial highlights

• Q3 2025 net sales were SEK 1,434m (up 7.5% currency-neutral year-over-year); order intake was SEK 1,251m (down 7.1% currency-neutral); organic growth was 2.2%.

• Adjusted EBITA/EBITDA for Q3 was SEK 166.4m (margin 11.6%), up from SEK 160.8m (margin 11.4%) in Q3 2024; earnings per share increased to SEK 2.27 from SEK 2.00.

• Cash flow from operations was SEK 123m in Q3, down from SEK 181m last year.

• Net debt as of September 30, 2025, was SEK 1,978m, up from SEK 1,761m a year earlier.

Outlook and guidance

• Demand remains subdued and order backlog is lower than a year ago, but orders picked up significantly in September, potentially supporting a positive Q4.

• Continued investments in operational efficiency and product development are expected to strengthen market position.

• Long-term prospects remain positive due to regulatory and sustainability trends.