Interim Report January-June 2026
Summary by AI BETAClose X
Reporting period January – June
- Net sales increased 7.2 per cent to SEK 14,881 (13,875) million. Organically, net sales grew by 2.9 per cent.
- EBITA increased 10.1 per cent to SEK 3,365 (3,057) million.
- The EBITA margin improved 0.6 percentage points to 22.6 (22.0) per cent.
- Profit before tax grew 12.8 per cent to SEK 2,609 (2,313) million.
- Net profit for the period grew 12.8 per cent to SEK 1,944 (1,723) million.
- Earnings per share increased 12.8 per cent till SEK 4.23 (3.75).
- Cash flow from operating activities increased 6.2 per cent to SEK 1,851 (1,744) million.
- Four new businesses were consolidated during the period with estimated total annual net sales on the acquisition dates of approximately SEK 500 million.
- From the second quarter of 2026, Lifco is organised into five business areas instead of three. This means that the Environmental Technology and Transportation Products divisions, which were part of the Systems Solutions business area, are reported as business areas as of this report.
Reporting period April – June
- Net sales increased 10.8 per cent to SEK 7,695 (6,943) million. Organically, net sales grew by 4.7 per cent.
- EBITA increased 13.7 per cent to SEK 1,776 (1,562) million.
- The EBITA margin improved 0.6 percentage points to 23.1 (22.5) per cent.
- Profit before tax grew 17.7 per cent to SEK 1,389 (1,181) million.
- Net profit for the period grew 17.7 per cent to SEK 1,035 (880) million.
- Cash flow from operating activities increased 13.7 per cent to SEK 1,104 (971) million.
Summary of financial performance
| SIX MONTHS | SECOND QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Net sales | 14,881 | 13,875 | 7.2% | 7,695 | 6,943 | 10.8% | 29,257 | 3.6% | 28,251 |
| EBITA | 3,365 | 3,057 | 10.1% | 1,776 | 1,562 | 13.7% | 6,625 | 4.9% | 6,318 |
| EBITA margin | 22.6% | 22.0% | 0.6 | 23.1% | 22.5% | 0.6 | 22.6% | 0.2 | 22.4% |
| Profit before tax | 2,609 | 2,313 | 12.8% | 1,389 | 1,181 | 17.7% | 5,052 | 6.2% | 4,756 |
| Net profit for the period | 1,944 | 1,723 | 12.8% | 1,035 | 880 | 17.7% | 3,890 | 6.0% | 3,669 |
| Earnings per share | 4.23 | 3.75 | 12.8% | 2.25 | 1.91 | 17.8% | 8.47 | 5.9% | 8.00 |
| Return on capital employed | 20.4% | 20.6% | -0.2 | 20.4% | 20.6% | -0.2 | 20.4% | -0.1 | 20.5% |
| Return on capital employed excl. goodwill | 129% | 128% | 1 | 129% | 128% | 1 | 129% | -3 | 132% |
Comments from the CEO
Net sales increased 7.2 per cent to SEK 14,881 (13,875) million in the first half of the year, driven by acquisitions and organic growth. EBITA increased 10.1 per cent to SEK 3,365 (3,057) million and the EBITA margin expanded by 0.6 percentage points to 22.6 (22.0) per cent as a result of the acquisitions and organic growth.
The Dental and Systems Solutions business areas reported a healthy sales trend in the six-month period with increased profitability, primarily as the result of acquisitions. Environmental Technology and Transportation Products reported strong organic growth and improved profitability, while Demolition & Tools grew organically with product mix negatively impacting the margin.
Earnings per share increased 12.8 per cent to SEK 4.23 (3.75) during the first six months of the year. Cash flow from operating activities increased 6.2 per cent to SEK 1,851 (1,744) million.
During the first half of the year, Lifco consolidated the UK companies Ethoss Regeneration and
Glass Umbrella as well as the German company Karl Kaps and the Italian company Metalltech. The companies are highly specialised and jointly have sales of about SEK 500 million.
From the second quarter of 2026, Lifco is organised into five operating segments instead of three. This change is made after many years of strong growth in Systems Solutions through acquisitions and organic growth. In Systems Solutions, the two divisions of Environmental Technology and Transportation Products have become so material that from this report they are reported as business areas. The Dental and Demolition & Tools business areas are not affected by the change.
Lifco’s financial position remains strong: interest-bearing net debt amounted to 1.2 times EBITDA at 30 June 2026, which is well in line with our target of interest-bearing net debt of a maximum of three times EBITDA. This means that Lifco possesses the financial scope to make additional acquisitions.
Per Waldemarson
President and CEO
GROUP PERFORMANCE IN JANUARY – JUNE
Net sales increased 7.2 per cent to SEK 14,881 (13,875) million, with growth in all business areas except Demolition & Tools. Acquisitions contributed 7.1 per cent and organic growth amounted to 2.9 per cent. Exchange rate effects had a negative impact on sales of 2.8 per cent. The UK companies Ethoss Regeneration and Glass Umbrella were consolidated during the period, as well as the German company Karl Kaps and the Italian company Metalltech.
EBITA increased 10.1 per cent to SEK 3,365 (3,057) million and the EBITA margin improved by 0.6 percentage points to 22.6 (22.0) per cent due to increased profitability in all business areas except Demolition & Tools.
Exchange rate changes had a negative impact on EBITA of 2.6 per cent. During the period, 47 (48) per cent of EBITA was generated in EUR, 15 (17) per cent in SEK, 16 (13) per cent in GBP, 11 (10) per cent in NOK, 5 (5) per cent in DKK, 2 (3) per cent in USD and 4 (4) per cent in other currencies.
Net financial items improved to SEK -171 (-207) million.
Profit before tax grew 12.8 per cent to SEK 2,609 (2,313) million and net profit for the period grew 12.8 per cent to SEK 1,944 (1,723) million.
Average capital employed excluding goodwill increased SEK 361 million during the period, to
SEK 5,131 million at 30 June 2026, compared with SEK 4,770 million at 31 December 2025. EBITA in relation to average capital employed excluding goodwill declined during the quarter to 129 per cent from 132 per cent at year-end.
The Group’s net debt increased SEK 1,301 million from 31 December 2025 to SEK 13,348 million at
30 June 2026, of which liabilities related to put/call options for acquisitions decreased SEK 143 million to SEK 2,787 million from SEK 2,930 million at year-end. Interest-bearing net debt increased during the six-month period by SEK 1,222 million to SEK 9,023 million, compared to SEK 7,801 million at 31 December 2025.
The Group has bonds outstanding totalling SEK 4,750 million. In addition to bonds outstanding, Lifco has standard short-term credit facilities.
The net debt/equity ratio as of 30 June 2026 amounted to 0.7 (0.7), compared with 0.6 at year-end. Net debt in relation to EBITDA was 1.8 (1.9) times compared to 1.7 times at the end of the year. Interest-bearing net debt in relation to EBITDA was 1.2 (1.3) times compared to 1.1 times at the end of the year.
Cash flow from operating activities increased 6.2 per cent to SEK 1,851 (1,744) million during the first half of the year. Cash flow from investing activities was SEK -1,371 (-1,629) million, which was mainly attributable to acquisitions.
GROUP PERFORMANCE IN THE SECOND QUARTER
Sales increased 10.8 per cent to SEK 7,695 (6,943) million in the second quarter due to higher sales in all business areas. Acquisitions contributed 6.6 per cent and organic growth amounted to 4.7 per cent. Exchange rate changes had a negative impact on sales of 0.4 per cent.
EBITA increased 13.7 per cent to SEK 1,776 (1,562) million and the EBITA margin grew 0.6 percentage points to 23.1 (22.5) per cent due to increased profitability in all business areas.
Exchange rate changes had a negative impact on EBITA of 0.5 per cent. During the second quarter,
45 (46) per cent of EBITA was generated in EUR, 16 (18) per cent in SEK, 15 (13) per cent in GBP,
12 (10) per cent in NOK, 5 (6) per cent in DKK, 3 (3) per cent in USD and 4 (4) per cent in other currencies.
Net financial items improved to SEK -91 (-103) million.
Profit before tax grew 17.7 per cent to SEK 1,389 (1,181) million. Net profit for the period grew
17.7 per cent to SEK 1,035 (880) million.
Average capital employed excluding goodwill increased SEK 193 million to SEK 5,131 million at
30 June 2026, compared with SEK 4,938 million at 31 March 2026. EBITA in relation to average capital employed excluding goodwill amounted to 129 per cent at 30 June 2026 and to 130 per cent at 31 March 2026.
The Group’s net debt increased from SEK 1,098 million on 31 March 2026 to SEK 13,348 million, of which liabilities related to put/call options for acquisitions decreased SEK 272 million to SEK 3,060 million on 31 March 2026.
At the Annual General Meeting on 24 April 2026, the dividend for the 2025 financial year was set at SEK 2.70 (2.40) per share. The total dividend to shareholders for the 2025 financial year was SEK 1,226.4 (1,090.1) million, and was paid out on 4 May 2026.
Cash flow from operating activities increased 13.7 per cent to SEK 1,104 (971) million. Cash flow from investing activities was SEK -892 (-1,304) million, which was mainly attributable to acquisitions.
FINANCIAL PERFORMANCE – BUSINESS AREAS
Dental
| SIX MONTHS | SECOND QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Net sales | 3,324 | 3,244 | 2.5% | 1,678 | 1,599 | 4.9% | 6,411 | 1.3% | 6,331 |
| EBITA | 758 | 684 | 10.9% | 380 | 344 | 10.4% | 1,406 | 5.6% | 1,331 |
| EBITA margin | 22.8% | 21.1% | 1.7 | 22.7% | 21.5% | 1.2 | 21.9% | 0.9 | 21.0% |
The companies in Lifco’s Dental business area are leading suppliers of consumables, equipment and technical service to dentists across Europe, and the business area also has operations in the US. Lifco sells dental technology to dentists in the Nordic countries and Germany, and develops and sells medical record systems in Denmark, Sweden and Germany. The business area also includes a number of manufacturers which produce, inter alia, fitting products for dentures, disinfectants, saliva ejectors, bite registration and dental impression materials, bonding agents and other consumables that are sold to dentists through distributors around the world.
Net sales in Dental increased 2.5 per cent to SEK 3,324 (3,244) million during the first half of the year as the result of acquisitions.
EBITA increased 10.9 per cent to SEK 758 (684) million during the six-month period. The EBITA margin improved 1.7 percentage points to 22.8 (21.1) per cent as a result of acquisitions with high margins and positive mix effects from strong performances in manufacturing companies during the period.
The British company Ethoss Regeneration, which markets and sells regenerative bone graft material to dentists and facial surgeons, and the German company Karl Kaps, a niche manufacturer of medical and dental microscopes, were consolidated during the first half of the year.
Demolition & Tools
| SIX MONTHS | SECOND QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Net sales | 3,387 | 3,414 | -0.8% | 1,806 | 1,775 | 1.8% | 6,733 | -0.4% | 6,760 |
| EBITA | 808 | 861 | -6.2% | 457 | 445 | 2.7% | 1,628 | -3.2% | 1,681 |
| EBITA margin | 23.9% | 25.2% | -1.3 | 25.3% | 25.1% | 0.2 | 24.2% | -0.7 | 24.9% |
The Demolition & Tools business area develops, manufactures and sells equipment for the infrastructure, demolition and construction industries. The Group is the world’s leading supplier in the markets for demolition robots and crane attachments. The Group is also one of the leading global suppliers of attachments for forest machinery and excavators. The business area’s EBITA margin might fluctuate between quarters due to single, major special orders and changes to the product mix.
Sales decreased by 0.8 per cent during the first half of the year to SEK 3,387 (3,414) million. Organic growth in the period was counteracted by negative exchange rate effects.
EBITA decreased 6.2 per cent to SEK 808 (861) million during the first half of the year and the EBITA margin decreased 1.3 percentage points to 23.9 (25.2) per cent, primarily as a result of a weak market trend for demolition robots that led to a negative product mix in the period.
Environmental Technology
| SIX MONTHS | SECOND QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Net sales | 1,745 | 1,641 | 6.3% | 886 | 803 | 10.3% | 3,579 | 3.0% | 3,475 |
| EBITA | 460 | 410 | 12.3% | 238 | 204 | 16.6% | 963 | 5.5% | 913 |
| EBITA margin | 26.4% | 25.0% | 1.4 | 26.9% | 25.4% | 1.5 | 26.9% | 0.6 | 26.3% |
The Environmental Technology business area offers solutions that improve working environments and reduce environmental impact in the marine sector, industrial processes and recycling.
Sales increased by 6.3 per cent to SEK 1,745 (1,641) million in the first half of the year, driven by organic growth.
During the first half of the year, EBITA increased 12.3 per cent to SEK 460 (410) million and the EBITA margin improved 1.4 percentage points to 26.4 (25.0) per cent as a result of organic growth.
Transportation Products
| SIX MONTHS | SECOND QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Net sales | 2,205 | 1,772 | 24.5% | 1,100 | 902 | 22.0% | 4,255 | 11.3% | 3,822 |
| EBITA | 515 | 396 | 30.0% | 253 | 201 | 26.2% | 1,046 | 12.8% | 928 |
| EBITA margin | 23.4% | 22.4% | 1.0 | 23.0% | 22.2% | 0.8 | 24.6% | 0.3 | 24.3% |
The Transportation Products business area offers solutions and accessories for service and transport vehicles as well as material handling within industrial applications.
Net sales increased by 24.5 per cent to SEK 2,205 (1,772) million in the first half of the year, driven by acquisitions and organic growth.
During the first half of the year, EBITA increased 30.0 per cent to SEK 515 (396) million and the EBITA margin improved 1.0 percentage point to 23.4 (22.4) per cent, positively impacted by organic growth.
Systems Solutions
| SIX MONTHS | SECOND QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Net sales | 4,221 | 3,804 | 10.9% | 2,225 | 1,864 | 19.4% | 8,279 | 5.3% | 7,863 |
| EBITA | 930 | 797 | 16.7% | 502 | 409 | 22.5% | 1,776 | 8.1% | 1,643 |
| EBITA margin | 22.0% | 21.0% | 1.0 | 22.5% | 22.0% | 0.5 | 21.4% | 0.5 | 20.9% |
Through its operating units, the Systems Solutions business area operates in industries offering systems solutions. Systems Solutions is divided into three divisions: Contract Manufacturing, Infrastructure Products and Special Products.
Net sales in Systems Solutions increased 10.9 per cent to SEK 4,221 (3,804) million for the first half of the year on the back of acquisitions.
EBITA increased 16.7 per cent to SEK 930 (797) million in the first half of the year and the EBITA margin increased 1.0 percentage point to 22.0 (21.0) per cent, primarily as the result of acquisitions.
Contract Manufacturing reported a stable sales trend with improved profitability in the six-month period as the result of acquisitions.
Net sales and profitability in Infrastructure Products increased during the six-month period, primarily due to acquisitions. The Italian company Metalltech, which designs and manufactures expanded metal mesh for architectural applications, was consolidated during the second quarter, as was the UK company Glass Umbrella, a niche manufacturer of secondary glazing.
Special Products reported a healthy performance in sales in the first six months of the year as a result of acquisitions. Profitability was unchanged.
ACQUISITIONS
Lifco consolidated the following acquisitions during the first six months of the year as announced in press releases:
| Consolidated from month | Acquisitions | Business area | Operations | Net sales | Country | Number of employees |
| January | Karl Kaps | Dental | Niche manufacturer of medical and dental microscopes | EUR 10.1m | Germany | 33 |
| January | Ethoss Regeneration | Dental | Markets and sells regenerative bone graft material to dentists and facial surgeons | GBP 5.4m | United Kingdom | 16 |
| April | Metalltech | Systems Solutions | Designs and manufactures expanded metal mesh for architectural applications | EUR 15.8m | Italy | 53 |
| May | Glass Umbrella | Systems Solutions | Niche manufacturer of secondary glazing | GBP 11m | United Kingdom | 741 |
1In the Swedish press release announcing the acquisition, the number of employees was stated as 35.
Further information on the acquisitions is provided on page 17. The figures for net sales and number of employees refer to estimated annual net sales and number of employees at the acquisition date.
Taken together, the acquisitions will have a positive impact on Lifco’s results and financial position in 2026.
OTHER INFORMATION
Employees
The average number of employees calculated as full-time equivalents was 7,962 (7,483) in the first half of the year. At the end of the period, the number of employees calculated as full-time equivalents was 8,140 (7,521).
Events after the end of the reporting period
The Italian company Boscaro was consolidated in July 2026 in the Demolition & Tools business area. Boscaro designs and manufacturers construction equipment and crane attachments. The company had net sales of about EUR 9.5 million in 2025 and has 35 employees. The acquisition, which comprised the majority of the shares, was announced on 11 May 2026.
Related party transactions
During the period, customary transactions with related parties have occurred. All transactions have been carried out on market terms.
Annual General Meeting 2026
The 2026 Annual General Meeting was held on 24 April in Stockholm. The main resolutions of the Meeting were as follows: • The dividend for the 2025 financial year was set at SEK 2.70 per share. The record date for the right to a dividend was set at 28 April 2026, with the payment date at 4 May 2026. • Carl Bennet, Ulrika Dellby, Dan Frohm, Erik Gabrielson, Ulf Grunander, Anna Hallberg, Caroline af Ugglas and Per Waldemarson were re-elected members of the Board. Anders Oscarsson was elected a new member of the Board and Carl Bennet was re-elected Chairman of the Board. • The AGM elected the accounting firm Ernst & Young AB as auditor for the period until the end of the 2027 AGM. The auditor-in-charge is Johan Holmberg. • Fees for the Board and auditors were adopted. • The Board’s remuneration report and guidelines on remuneration of senior executives were approved.
Risks and uncertainties
The risk factors which have the biggest impact for Lifco are global macroeconomic factors, the competitive situation, structural changes in the market and general level of economic activity. Lifco is also exposed to financial risks, including currency risks, interest rate risks, credit and counterparty risks. Lifco is working actively to monitor and continually evaluate sustainability-related risks and their impact on the Group’s operations and earnings. The Group has established a governance structure that involves Group management and the Board and works to continually improve the company’s sustainability-related activities and minimise related risks. As part of this governance, Group management evaluates the compliance of, for example, the Code of Conduct, occupational injuries, IT security and legal disputes, for every subsidiary on a quarterly basis. The risk and sensitivity analysis are described in detail in Lifco’s 2025 Annual and Sustainability Report and have remained unchanged since this report.
The Parent Company is affected by the above risks and uncertainties in its capacity as owner of the subsidiary companies.
Accounting policies
The Group’s interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. In respect of the Parent Company, the report has been prepared in accordance with the Annual Accounts Act and Recommendation RFR 2 Financial Reporting for Legal Entities of the Swedish Financial Reporting Board. The accounting policies have been applied in accordance with those which are presented in the 2025 Annual Report and should be read in conjunction with these.
The total figures in the tables and calculations do not always add up due to rounding differences. The aim is for each row to correspond to its original source and as such, rounding differences can affect the total figures.
This report has not been examined by the company’s auditors.
DECLARATION OF THE BOARD OF DIRECTORS
The Board of Directors and Chief Executive Officer warrant and declare that this six-month report gives a true and fair view of the Parent Company’s and Group’s operations, financial positions and results, and that it describes significant risks and uncertainties faced by the Parent Company and the companies included in the Group. The content of the interim report was confirmed on 13 July 2026.
Enköping, 14 July 2026
| Carl Bennet Chairman of the Board | Anneli Broström Director, employee representative | Ulrika Dellby Director |
| Dan Frohm Vice Chairman | Erik Gabrielson Director | Ulf Grunander Director |
| Anna Hallberg Director | Anders Oscarsson Director | Anna-Karin Rydén Director, employee representative |
| Caroline af Ugglas Director | Per Waldemarson President and CEO, Director |
FINANCIAL CALENDAR
Report for the third quarter 23 October 2026.
Year-end report and report for the fourth quarter 29 January 2027.
2026 Annual and Sustainability Report the week starting 29 March 2027.
ONLINE PRESENTATION
An online presentation with Per Waldemarson, CEO, and Therése Hoffman, CFO, will take place on Tuesday, 14 July at 9:00 a.m. CEST. The presentation can be listened to online or by calling in to the telephone conference. Questions can be asked at the telephone conference.
Time: Tuesday, 14 July at 9:00 a.m.
Link to the presentation: https://lifco.events.inderes.com/q2-report-2026
If you wish to participate at the telephone conference, you can register using the link below. Following registration, you will receive a telephone number and a conference ID to log in to the conference.
Link to register for the telephone conference:
https://events.inderes.com/lifco/q2-report-2026/dial-in
CONDENSED CONSOLIDATED INCOME STATEMENT
| SIX MONTHS | SECOND QUARTER | FULL YEAR | |||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | 2025 |
| Net sales | 14,881 | 13,875 | 7.2% | 7,695 | 6,943 | 10.8% | 28,251 |
| Cost of goods sold | -8,258 | -7,819 | 5.6% | -4,263 | -3,910 | 9.0% | -15,907 |
| Gross profit | 6,623 | 6,056 | 9.4% | 3,432 | 3,033 | 13.2% | 12,344 |
| Selling expenses | -1,709 | -1,548 | 10.4% | -870 | -782 | 11.2% | -3,345 |
| Administrative expenses | -2,001 | -1,892 | 5.7% | -1,016 | -936 | 8.5% | -3,673 |
| Development costs | -137 | -125 | 9.4% | -72 | -58 | 24.0% | -253 |
| Other income and expenses | 3 | 28 | -88.6% | 7 | 27 | -74.8% | 97 |
| Operating profit | 2,780 | 2,520 | 10.3% | 1,481 | 1,284 | 15.3% | 5,170 |
| Net financial items | -171 | -207 | -17.3% | -91 | -103 | -11.6% | -414 |
| Profit before tax | 2,609 | 2,313 | 12.8% | 1,389 | 1,181 | 17.7% | 4,756 |
| Tax | -665 | -590 | 12.8% | -354 | -301 | 17.7% | -1,087 |
| Net profit for the period | 1,944 | 1,723 | 12.8% | 1,035 | 880 | 17.7% | 3,669 |
| Profit attributable to: | |||||||
| Parent Company shareholders | 1,923 | 1,704 | 12.9% | 1,024 | 869 | 17.8% | 3,633 |
| Non-controlling interests | 20 | 20 | 3.8% | 11 | 10 | 5.9% | 36 |
| Earnings per share before and after dilution for the period, attributable to Parent Company shareholders | 4.23 | 3.75 | 12.8% | 2.25 | 1.91 | 17.8% | 8.00 |
| EBITA | 3,365 | 3,057 | 10.1% | 1,776 | 1,562 | 13.7% | 6,318 |
| Depreciation of tangible assets | 386 | 348 | 10.9% | 199 | 173 | 15.3% | 731 |
| Amortisation of intangible assets | 11 | 12 | -14.7% | 5 | 6 | -12.6% | 24 |
| Amortisation of intangible assets arising from acquisitions | 571 | 523 | 9.2% | 290 | 265 | 9.1% | 1,102 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| SIX MONTHS | SECOND QUARTER | FULL YEAR 2025 | |||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | |
| Net profit for the period | 1,944 | 1,723 | 12.8% | 1,035 | 880 | 17.7% | 3,669 |
| Other comprehensive income | |||||||
| Items which can later be reclassified to profit or loss: | |||||||
| Hedge of net investment | -132 | 82 | -261% | -53 | 31 | -275% | 186 |
| Translation differences | 835 | -905 | -192% | 375 | 267 | 40.6% | -1,676 |
| Tax pertaining to hedge of net investment | 28 | -18 | -251% | 11 | -7 | -254% | -41 |
| Total comprehensive income for the period | 2,675 | 882 | 203% | 1,368 | 1,169 | 17.0% | 2,139 |
| Comprehensive income attributable to: | |||||||
| Parent Company shareholders | 2,646 | 868 | 205% | 1,356 | 1,159 | 17.0% | 2,113 |
| Non-controlling interests | 29 | 13 | 115% | 12 | 10 | 15.5% | 26 |
| 2,675 | 882 | 203% | 1,368 | 1,169 | 17.0% | 2,139 | |
SEGMENT OVERVIEW
At the beginning of the second quarter of 2026, Lifco decided to reorganise into five operating segments instead of the previous three. This change is made after many years of strong growth in Systems Solutions through acquisitions and organic growth. Within Systems Solutions, the two divisions Environmental Technology and Transportation Products, have become so material that from the second quarter of 2026 they are reported and monitored internally by the chief operating decision-maker. As of the second quarter of 2026, Systems Solutions will consist of the Contract Manufacturing, Infrastructure Products and Special Products divisions. The Dental and Demolition & Tools operating segments are not affected by the change. The report for the first quarter of 2026 presented sales, EBITA and EBITA margin per quarter 2024–2026 and the full years 2015–2025 for the new business areas Environmental Technology and Transportation Products as well as Systems Solutions excluding Environmental Technology and Transportation Products.
Group-wide functions consist mainly of costs attributable to the Board of Directors, CEO and other senior executives, audit costs and company costs for producing information to shareholders, maintaining the stock exchange listing and costs related to the annual report.
The results of the operating segments are based on EBITA. The Group’s financial income and expenses and tax are managed at Group level and are therefore not allocated to each segment. Assets and liabilities are not broken down by segment, as no such amount is regularly reported to the CEO.
NET SALES TO EXTERNAL CUSTOMERS
No sales are made between the segments.
| SIX MONTHS | SECOND QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Dental | 3,324 | 3,244 | 2.5% | 1,678 | 1,599 | 4.9% | 6,411 | 1.3% | 6,331 |
| Demolition & Tools | 3,387 | 3,414 | -0.8% | 1,806 | 1,775 | 1.8% | 6,733 | -0.4% | 6,760 |
| Environmental Technology | 1,745 | 1,641 | 6.3% | 886 | 803 | 10.3% | 3,579 | 3.0% | 3,475 |
| Transportation Products | 2,205 | 1,772 | 24.5% | 1,100 | 902 | 22.0% | 4,255 | 11.3% | 3,822 |
| Systems Solutions | 4,221 | 3,804 | 10.9% | 2,225 | 1,864 | 19.4% | 8,279 | 5.3% | 7,863 |
| Group | 14,881 | 13,875 | 7.2% | 7,695 | 6,943 | 10.8% | 29,257 | 3.6% | 28,251 |
Net sales by significant type of income:
| SIX MONTHS | SECOND QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Dental Products | 3,324 | 3,244 | 2.5% | 1,678 | 1,599 | 4.9% | 6,411 | 1.3% | 6,331 |
| Machinery and Tools | 3,387 | 3,414 | -0.8% | 1,806 | 1,775 | 1.8% | 6,733 | -0.4% | 6,760 |
| Environmental Technology | 1,745 | 1,641 | 6.3% | 886 | 803 | 10.3% | 3,579 | 3.0% | 3,475 |
| Transportation Products | 2,205 | 1,772 | 24.5% | 1,100 | 902 | 22.0% | 4,255 | 11.3% | 3,822 |
| Contract Manufacturing | 1,746 | 1,752 | -0.3% | 934 | 804 | 16.1% | 3,519 | -0.2% | 3,525 |
| Infrastructure Products | 1,311 | 980 | 33.8% | 715 | 531 | 34.7% | 2,483 | 15.4% | 2,152 |
| Special Products | 1,163 | 1,072 | 8.5% | 576 | 529 | 9.0% | 2,277 | 4.2% | 2,186 |
| Group | 14,881 | 13,875 | 7.2% | 7,695 | 6,943 | 10.8% | 29,257 | 3.6% | 28,251 |
EBITA
A breakdown of results by segment is made up to and including EBITA. EBITA is reconciled to profit before tax in accordance with the following table:
| SIX MONTHS | SECOND QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Dental | 758 | 684 | 10.9% | 380 | 344 | 10.4% | 1,406 | 5.6% | 1,331 |
| Demolition & Tools | 808 | 861 | -6.2% | 457 | 445 | 2.7% | 1,628 | -3.2% | 1,681 |
| Environmental Technology | 460 | 410 | 12.3% | 238 | 204 | 16.6% | 963 | 5.5% | 913 |
| Transportation Products | 515 | 396 | 30.0% | 253 | 201 | 26.2% | 1,046 | 12.8% | 928 |
| Systems Solutions | 930 | 797 | 16.7% | 502 | 409 | 22.5% | 1,776 | 8.1% | 1,643 |
| Central Group functions | -107 | -91 | 17.6% | -54 | -42 | 28.9% | -194 | 8.9% | -178 |
| EBITA before acquisition costs | 3,365 | 3,057 | 10.1% | 1,776 | 1,562 | 13.7% | 6,625 | 4.9% | 6,318 |
| Acquisition costs | -13 | -14 | -9.0% | -6 | -13 | -52.6% | -44 | -2.9% | -45 |
| EBITA | 3,351 | 3,043 | 10.1% | 1,770 | 1,549 | 14.3% | 6,581 | 4.9% | 6,273 |
| Amortisation of intangible assets arising from acquisitions | -571 | -523 | 9.2% | -290 | -265 | 9.1% | -1,151 | 4.4% | -1,102 |
| Net financial items | -171 | -207 | -17.3% | -91 | -103 | -11.6% | -379 | -8.6% | -414 |
| Profit before tax | 2,609 | 2,313 | 12.8% | 1,389 | 1,181 | 17.7% | 5,052 | 6.2% | 4,756 |
CONDENSED CONSOLIDATED BALANCE SHEET
| SEK million | 30 Jun 2026 | 30 Jun 2025 | 31 Dec 2025 |
| ASSETS | |||
| Intangible assets | 28,009 | 25,843 | 26,817 |
| Tangible assets | 3,419 | 3,004 | 3,150 |
| Financial assets | 497 | 451 | 467 |
| Inventories | 4,760 | 4,570 | 4,314 |
| Accounts receivable - trade | 4,222 | 3,858 | 3,434 |
| Current receivables | 1,431 | 1,101 | 1,046 |
| Cash and cash equivalents | 1,337 | 1,210 | 1,878 |
| TOTAL ASSETS | 43,673 | 40,039 | 41,106 |
| EQUITY AND LIABILITIES | |||
| Equity | 20,477 | 18,053 | 19,277 |
| Non-current interest-bearing liabilities incl. pension provisions | 5,187 | 4,265 | 5,378 |
| Other non-current liabilities and provisions | 5,564 | 5,373 | 5,663 |
| Current interest-bearing liabilities | 6,711 | 7,027 | 5,617 |
| Accounts payable - trade | 1,946 | 1,961 | 1,829 |
| Other current liabilities | 3,788 | 3,359 | 3,342 |
| TOTAL EQUITY AND LIABILITIES | 43,673 | 40,039 | 41,106 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Attributable to Parent Company shareholders |
| SEK million | 30 Jun 2026 | 30 Jun 2025 | 31 Dec 2025 |
| Opening equity | 19,137 | 18,257 | 18,257 |
| Comprehensive income for the period | 2,646 | 868 | 2,113 |
| Change in value of put/call options attributable to non-controlling interests | -229 | -109 | -143 |
| Dividend | -1,226 | -1,090 | -1,090 |
| Closing equity | 20,328 | 17,926 | 19,137 |
| Equity attributable to: | |||
| Parent Company shareholders | 20,328 | 17,926 | 19,137 |
| Non-controlling interests | 149 | 127 | 140 |
| 20,477 | 18,053 | 19,277 |
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
| SIX MONTHS | SECOND QUARTER | FULL YEAR | |||
| SEK million | 2026 | 2025 | 2026 | 2025 | 2025 |
| Operating activities | |||||
| Operating profit | 2,780 | 2,520 | 1,481 | 1,284 | 5,170 |
| Reversal of depreciation and amortisation | 967 | 883 | 494 | 445 | 1,858 |
| Other non-cash items | 38 | 53 | 25 | 23 | 4 |
| Interest and financial items, net | -171 | -207 | -91 | -103 | -414 |
| Tax paid | -986 | -895 | -488 | -386 | -1,580 |
| Cash flow before changes in working capital | 2,628 | 2,354 | 1,420 | 1,263 | 5,037 |
| Changes in working capital | |||||
| Inventories | -243 | -388 | -89 | -148 | -29 |
| Current receivables | -567 | -544 | -187 | -76 | -146 |
| Current liabilities | 34 | 322 | -40 | -68 | 263 |
| Cash flow from operating activities | 1,851 | 1,744 | 1,104 | 971 | 5,124 |
| Acquisitions of subsidiaries | -1,186 | -1,410 | -794 | -1,192 | -3,360 |
| Net investment in tangible assets | -169 | -205 | -88 | -103 | -432 |
| Net investment in intangible assets | -17 | -13 | -9 | -8 | -40 |
| Cash flow from investing activities | -1,371 | -1,629 | -892 | -1,304 | -3,833 |
Change interest-bearing liabilities | 523 | 1,073 | 1,170 | 1,675 | 837 |
| Repayments of lease liabilities | -180 | -162 | -92 | -81 | -338 |
| Change in non-current receivables/liabilities | 4 | 1 | 4 | 1 | -9 |
| Dividends paid | -1,226 | -1,090 | -1,226 | -1,090 | -1,090 |
| Dividends paid to non-controlling interests | -191 | -168 | -178 | -160 | -187 |
| Cash flow from financing activities | -1,070 | -346 | -322 | 345 | -788 |
| Cash flow for the period | -590 | -231 | -110 | 12 | 504 |
| Cash and cash equivalents at beginning of period | 1,878 | 1,517 | 1,423 | 1,208 | 1,517 |
| Translation differences | 49 | -75 | 23 | -10 | -143 |
| Cash and cash equivalents at end of period | 1,337 | 1,210 | 1,337 | 1,210 | 1,878 |
ACQUISITIONS IN 2026
Four new businesses were consolidated in the first six months of the year, which were announced in press releases: the UK companies Ethoss Regeneration and Glass Umbrella, the German company Karl Kaps and the Italian company Metalltech.
However, the purchase price allocation includes all acquisitions consolidated in the first half of the year. Minor add-on acquisitions were not announced in press releases. All acquisitions have been consolidated at 100 percent.
Acquisition-related expenses of SEK 13 million are included in administrative expenses in the consolidated income statement for the first half of the year. Since the respective consolidation dates, the acquired companies have added SEK 118 million to consolidated net sales and SEK 25 million to EBITA. If the businesses had been consolidated as of 1 January 2026, net sales for the year would have increased by a further SEK 113 million and EBITA would have increased by a further SEK 30 million.
Acquired net assets | |||
| Net assets, SEK million | Carrying amount | Value adjustment | Fair value |
| Intangible assets | 1 | 545 | 546 |
| Tangible assets | 46 | - | 46 |
| Inventories, accounts receivable and other receivables | 178 | -3 | 175 |
| Accounts payable and other liabilities1 | -149 | -145 | -294 |
| Cash and cash equivalents | 103 | - | 103 |
| Net assets | 178 | 397 | 575 |
| Goodwill | - | 437 | 437 |
| Total net assets | 178 | 833 | 1,011 |
| Effect on cash flow, SEK million | |||
| Consideration | 1,011 | ||
| Considerations not paid (put/call options) | -190 | ||
| Cash and cash equivalents in acquired companies | -103 | ||
| Consideration paid relating to acquisitions from previous years | 467 | ||
| Total cash flow effect | 1,186 | ||
| 1 Of which SEK 20 million refers to external interest-bearing liabilities. | |||
FINANCIAL INSTRUMENTS
| SEK million | 30 Jun 2026 | 30 Jun 2025 | 31 Dec 2025 |
| Financial assets at amortised cost | |||
| Accounts receivable - trade | 4,222 | 3,858 | 3,434 |
| Other non-current financial receivables | 41 | 24 | 44 |
| Cash and cash equivalents | 1,337 | 1,210 | 1,878 |
| Total | 5,599 | 5,093 | 5,356 |
| Liabilities at fair value | |||
| Other liabilities1 | 2,787 | 2,753 | 2,930 |
| Financial liabilities at amortised cost | |||
| Interest-bearing borrowings | 11,864 | 11,258 | 10,964 |
| Accounts payable - trade | 1,946 | 1,961 | 1,829 |
| Total | 16,597 | 15,972 | 15,723 |
1 Other liabilities classified as financial instruments refer to combined put/call options related to non-controlling interests.
The carrying amount is the same as the fair value. The fair value of short-term borrowings is equal to the carrying amount, as the discount effect is insignificant.
Financial instruments at fair value are classified into different levels depending on how fair value is determined. All financial instruments at fair value in the Lifco Group have been classified as level 3, i.e. unobservable inputs. The put/call options are valued on the basis of a multiple valuation whereby a contractually determined multiple according to the terms of the contracts is applied to average EBITA/EBIT for the three immediately preceding financial years before the options can be exercised/expire. As of 30 June 2026, there were 53 option agreements (57 as of 31 December 2025), and the median value of the holdings relating to put/call options amounted to 20 per cent (20 per cent 31 December 2025) of the shares in each subsidiary. No individual option agreement has or could have a material impact on Lifco’s financial statements. The specification of the liability associated with these agreements was as follows: 80 per cent in EUR, 16 per cent in GBP, 3 per cent in DKK, and the remaining 1 per cent in SEK and NOK. The multiples ranged from 4x to 8.25x. The put/call options as of 30 June 2026 expire between 2026 and 2037.
| Combined put/call options, SEK million | 30 Jun 2026 | 30 Jun 2025 | 31 Dec 2025 |
| Opening balance | 2,930 | 2,636 | 2,636 |
| Additional | 190 | 229 | 596 |
| Revaluation recognised in equity | 229 | 109 | 143 |
| Considerations paid | -467 | - | -112 |
| Dividends paid | -172 | -138 | -157 |
| Foreign exchange differences | 77 | -84 | -176 |
| Closing equity | 2,787 | 2,753 | 2,930 |
The uncertainty in the valuation can be found in the assessment of future EBITA/EBIT until the maturity date and changes in exchange rates. Revaluation takes place on every balance sheet date based on the EBITA/EBIT for the most recent 12 months for each subsidiary. A 10 per cent change in EBITA/EBIT for all option contracts would affect the liability by approximately SEK 217 million (SEK 200 million as of 31 December 2025), corresponding to 1 per cent of equity. Higher EBITA/EBIT results in a higher liability and vice versa. A reasonably possible 10 per cent change in foreign exchange rates in relation to the SEK would affect the liability by approximately SEK 272 million (SEK 280 million as of 31 December 2025), corresponding to 1 per cent of equity. Stronger foreign exchange rates in relation to the SEK result in a higher liability and vice versa. The sensitivity analysis is calculated by applying a percentage change to each unobservable input and calculating the resulting effect on the fair value of the liability. The analyses assume that all other variables remain constant.
KEY PERFORMANCE INDICATORS
| ROLLING TWELVE MONTHS TO | 30 Jun 2026 | 31 Dec 2025 | 30 Jun 2025 |
| Net sales, SEK million | 29,257 | 28,251 | 27,282 |
| Change in net sales, % | 3.6 | 8.1 | 4.4 |
| EBITA, SEK million | 6,625 | 6,318 | 6,088 |
| EBITA margin, % | 22.6 | 22.4 | 22.3 |
| EBITDA, SEK million | 7,416 | 7,073 | 6,811 |
| EBITDA margin, % | 25.3 | 25.0 | 25.0 |
| Capital employed, SEK million | 32,464 | 30,764 | 29,546 |
| Capital employed excl. goodwill and other intangible assets, SEK million | 5,131 | 4,770 | 4,771 |
| Return on capital employed, % | 20.4 | 20.5 | 20.6 |
| Return on capital employed excl. goodwill, % | 129 | 132 | 128 |
| Return on equity, % | 19.7 | 19.8 | 19.3 |
| Net debt, SEK million | 13,348 | 12,048 | 12,835 |
| Net debt/equity ratio | 0.7 | 0.6 | 0.7 |
| Net debt/EBITDA | 1.8 | 1.7 | 1.9 |
| Interest-bearing net debt, SEK million | 9,023 | 7,801 | 8,880 |
| Interest-bearing net debt/EBITDA | 1.2 | 1.1 | 1.3 |
| Equity/assets ratio, % | 46.9 | 46.9 | 45.1 |
| Number of shares, thousands | 454,216 | 454,216 | 454,216 |
| Average number of employees, full-time equivalents | 7,962 | 7,619 | 7,483 |
CONDENSED PARENT COMPANY INCOME STATEMENT
| SIX MONTHS | SECOND QUARTER | FULL YEAR | |||
| SEK million | 2026 | 2025 | 2026 | 2025 | 2025 |
| Administrative expenses | -85 | -82 | -41 | -41 | -154 |
| Other operating items1 | 0 | -1 | 0 | 0 | 88 |
| Operating loss | -85 | -84 | -41 | -40 | -67 |
| Net financial items2 | 1,760 | 2,177 | 1,784 | 2,060 | 2,408 |
| Profit after financial items | 1,675 | 2,093 | 1,743 | 2,020 | 2,341 |
| Appropriations | - | - | - | - | 178 |
| Tax | 68 | 27 | 8 | -1 | -9 |
| Net profit for the period | 1,743 | 2,120 | 1,751 | 2,018 | 2,510 |
1 Includes invoicing of Group-wide services.
2 Net financial items include SEK 1,783 (2,014) million in dividends received during the six-month period.
CONDENSED PARENT COMPANY BALANCE SHEET
| SEK million | 30 Jun 2026 | 30 Jun 2025 | 31 Dec 2025 |
| ASSETS | |||
| Financial assets | 9,273 | 8,586 | 8,968 |
| Current receivables | 15,609 | 13,533 | 14,949 |
| Cash and cash equivalents | 347 | 369 | 805 |
| TOTAL ASSETS | 25,229 | 22,489 | 24,722 |
| EQUITY AND LIABILITIES | |||
| Equity | 7,952 | 7,045 | 7,435 |
| Untaxed reserves | - | 4 | - |
| Provisions | - | 20 | 17 |
| Non-current interest-bearing liabilities | 3,952 | 3,307 | 4,329 |
| Current interest-bearing liabilities | 6,342 | 6,698 | 5,274 |
| Current non-interest-bearing liabilities | 6,983 | 5,415 | 7,666 |
| TOTAL EQUITY AND LIABILITIES | 25,229 | 22,489 | 24,722 |
DEFINITIONS AND OBJECTIVES
| Return on equity | Net profit for the period divided by average equity. |
| Return on capital employed | EBITA before acquisition costs divided by capital employed. |
| Return on capital employed excluding goodwill and other intangible assets | EBITA before acquisition costs divided by capital employed excluding goodwill and other intangible assets. |
| EBITA | EBITA is a measure which Lifco considers relevant for investors who wish to understand the earnings generated after investments in tangible and intangible assets requiring reinvestment but before investments in intangible assets attributable to acquisitions. Lifco defines earnings before interest, tax and amortisation (EBITA) as operating profit before amortisation and impairment of intangible assets arising from acquisitions excluding acquisition costs. |
| EBITA margin | EBITA divided by net sales. |
| EBITDA | EBITDA is a measure which Lifco considers relevant for investors who wish to understand the earnings generated before investments in non-current assets. Lifco defines earnings before interest, tax, depreciation and amortisation (EBITDA) as operating profit before depreciation, amortisation and impairment of tangible and intangible assets excluding acquisition costs. |
| EBITDA margin | EBITDA divided by net sales. |
| Net debt/equity ratio | Net debt divided by equity. |
| Net debt | Lifco uses the alternative KPI net debt. Lifco considers that this is a useful additional KPI which allows users of the financial statements to assess the Group’s ability to pay dividends, make strategic investments and meet its financial obligations. Lifco defines the KPI as follows: current and non-current liabilities to credit institutions, bonds, interest-bearing pension provisions, liabilities related to put/call options relating to acquisitions as well as lease liabilities less cash and cash equivalents. |
| Earnings per share | Profit after tax attributable to Parent Company shareholders, divided by the average number of shares outstanding. |
| Interest-bearing net debt | Lifco uses the alternative KPI interest-bearing net debt. Lifco considers that this is a useful additional KPI which allows users of the financial statements to assess the Group’s ability to pay dividends, make strategic investments and meet its financial obligations. Lifco defines the KPI as follows: current and non-current liabilities to credit institutions, bonds as well as interest-bearing pension provisions less cash and cash equivalents. |
| Equity/assets ratio | Equity divided by total assets (balance sheet total). |
| Capital employed | Capital employed is a measure which Lifco uses for calculating the return on capital employed and for measuring how efficient the Group is. Lifco considers that capital employed is useful in helping users of the financial statements to understand how the Group finances itself. Lifco defines capital employed as total assets less cash and cash equivalents, interest-bearing pension provisions and non-interest-bearing liabilities with the exception of liabilities related to put/call options relating to acquisitions, calculated as the average of the last four quarters. |
| Capital employed excluding goodwill and other intangible assets | Capital employed excluding goodwill and other intangible assets is a measure which Lifco uses for calculating the return on capital employed and for measuring how efficient the Group is. Lifco considers that capital employed excluding goodwill and other intangible assets is useful in helping users of the financial statements to understand the impact of goodwill and other intangible assets on that capital which requires a return. Lifco defines capital employed excluding goodwill and other intangible assets as total assets less cash and cash equivalents, interest-bearing pension provisions, non-interest-bearing liabilities with the exception of liabilities related to put/call options relating to acquisitions, goodwill and other intangible assets, calculated as the average of the last four quarters. |
RECONCILIATION OF ALTERNATIVE KEY PERFORMANCE INDICATORS
The interim report presents alternative key performance indicators for assessing the Group’s performance that are considered material for analysis and understanding of the Group’s earnings and financial position. The primary alternative KPIs presented in this interim report are EBITA, EBITDA, net debt and capital employed. Definitions of the alternative KPIs are presented on pages 2122.
EBITA compared with financial statements in accordance with IFRS
| SEK million | SIX MONTHS 2026 | SIX MONTHS 2025 | FULL YEAR 2025 |
| 2,780 | |||
| Operating profit | 2,520 | 5,170 | |
| Amortisation of intangible assets arising from acquisitions | 571 | 523 | 1,102 |
| EBITA | 3,351 | 3,043 | 6,273 |
| Acquisition costs | 13 | 14 | 45 |
| EBITA before acquisition costs | 3,365 | 3,057 | 6,318 |
EBITDA compared with financial statements in accordance with IFRS
| SEK million | SIX MONTHS 2026 | SIX MONTHS 2025 | FULL YEAR 2025 |
| 2,780 | |||
| Operating profit | 2,520 | 5,170 | |
| Depreciation of tangible assets | 386 | 348 | 731 |
| Amortisation of intangible assets | 11 | 12 | 24 |
| Amortisation of intangible assets arising from acquisitions | 571 | 523 | 1,102 |
| EBITDA | 3,747 | 3,403 | 7,028 |
| Acquisition costs | 13 | 14 | 45 |
| EBITDA before acquisition costs | 3,761 | 3,417 | 7,073 |
Net debt compared with financial statements in accordance with IFRS
| SEK million | 30 Jun 2026 | 30 Jun 2025 | 31 Dec 2025 |
| Non-current interest-bearing liabilities including pension provisions | 4,005 | 3,372 | 4,389 |
| Current interest-bearing liabilities | 6,355 | 6,718 | 5,290 |
| Cash and cash equivalents | -1,337 | -1,210 | -1,878 |
| Interest-bearing net debt | 9,023 | 8,880 | 7,801 |
| Put/call options | 2,787 | 2,753 | 2,930 |
| Lease liability | 1,538 | 1,202 | 1,317 |
| Net debt | 13,348 | 12,835 | 12,048 |
Capital employed and capital employed excluding goodwill and other intangible assets compared with financial statements in accordance with IFRS
| SEK million | 30 Jun 2026 | 31 Mar 2026 | 31 Dec 2025 | 30 Sep 2025 |
| Total assets | 43,673 | 42,388 | 41,106 | 41,789 |
| Cash and cash equivalents | -1,337 | -1,423 | -1,878 | -1,467 |
| Interest-bearing pension provisions | -34 | -33 | -31 | -35 |
| Non-interest-bearing liabilities | -8,511 | -8,168 | -7,904 | -8,278 |
| Capital employed | 33,792 | 32,765 | 31,293 | 32,007 |
| Goodwill and other intangible assets | -28,009 | -27,397 | -26,817 | -27,109 |
| Capital employed excluding goodwill and other intangible assets | 5,783 | 5,368 | 4,476 | 4,898 |
Capital employed and capital employed excluding goodwill and other intangible assets calculated as the average of the last four quarters compared with financial statements in accordance with IFRS
SEK million | Average | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | |
| Capital employed | 32,464 | 33,792 | 32,765 | 31,293 | 32,007 | |
| Capital employed excluding goodwill and other intangible assets | 5,131 | 5,783 | 5,368 | 4,476 | 4,898 | |
| Total | ||||||
| EBITA | 6,625 | 1,776 | 1,588 | 1,717 | 1,543 | |
Return on capital employed | 20.4% | |||||
| Return on capital employed excluding goodwill and other intangible assets | 129% |
Latest directors dealings
- 23 hours ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund