VBG Group (VBG) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue declined 8.8% year-over-year to SEK 1,362.4 M, mainly due to a stronger Swedish krona and weak demand, especially in North America; organic growth was -5.2%.

• Gross margin held steady at 32%, and EBITDA/EBITA margin was 13.1% in Q2 2025, down from 14.5% in Q2 2024.

• Three strategic acquisitions—Ledson, Malmedie, and Italytec—were completed or announced, expected to add SEK 200 million in H2 2025.

• Cost control and efficiency measures helped maintain margins despite lower volumes and adverse currency effects.

• Profit after financial items in Q2 was SEK 136.6 million, and earnings per share were SEK 4.00.

Financial highlights

• Q2 2025 net sales: SEK 1,362.4 million (down 8.8% year-over-year); organic growth -5.2%.

• EBITDA/EBITA was SEK 178 million (13.1% margin), down from 14.5% in Q2 2024.

• SEK 13.4 million in retroactive pandemic support received in the U.S., positively impacting EBITDA.

• Earnings per share were SEK 4.00, down from SEK 6.71 last year.

• Operative cash flow was SEK 83.7 million in Q2, and H1 cash flow from operating activities was SEK 111.6 million, both down year-over-year.

Outlook and guidance

• Order intake and visibility for 3–4 months support confidence in growth for H2 2025, with acquisitions expected to contribute SEK 200 million.

• Management remains positive due to a strong order book and expected contributions from recent acquisitions.

• No formal forecast provided for 2025; macroeconomic uncertainty persists, especially due to US trade tariffs and global geopolitical tensions.