Kvartalsrapport Q1 2025

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===== SIDA 1 =====

Interim Report Q1 
JANUARY – MARCH 2024  
Weak quarter with major structural action program initiated 
First quarter: January - March 
• Net sales amounted to 316 MSEK (326) 
• Order intake amounted to 275 MSEK (352) 
• Order backlog amounted to 1,238 MSEK (1,392) 
• Adjusted operating profit (EBITA) amounted to -3 MSEK (16) 
• Adjusted operating margin amounted to -0.9 percent (5.0) 
• Profit after tax amounted to -30 MSEK (2) 
• Adjusted profit after tax amounted to -5 MSEK (5) 
• Earnings per share amounted to -1.31 SEK (0.00) 
• Adjusted earnings per share amounted to -0.24 (0.11) 
• Operating cash flow amounted to 1 MSEK (34) 
Events during the quarter and from the end of the quarter 
• On April 8, Balco Group AB acquired an additional twenty (20) percent of the shares in Suomen ohutlevyasennus Oy 
and now owns eighty (80) percent of the company. The purchase was regulated in the original purchase agreement. 
• The banking agreement with Danske Bank with a sustainability-linked credit facility of 510 MSEK and an overdraft facil-
ity of 75 MSEK has been extended until March 31, 2028, with an option for a further two-year extension. 
 
 
 
 
 
 
 
 
 
Jan-Mar Jan-Mar Apr-Mar Jan-Dec
MSEK 2025 2024 2024/25 2024
Net sales 315,9 326,4 1 407,3 1 417,9
Order intake 275,0 352,0 1 299,8 1 376,8
Order backlog 1 238,0 1 392,2 1 238,0 1 309,3
Adjusted operating profif (EBITA) -2,7 16,3 50,6 69,6
Adjusted operating margin (EBITA), % -0,9 5,0 3,6 4,9
Net result for the period -29,6 2,3 -27,4 4,6
Adjusted net result after tax -5,1 4,9 14,1 24,1
Operating cash flow 1,2 34,1 105,6 138,5
Earnings per  share, SEK before dilution -1,31 -0,00 -1,26 0,05
Earnings per share, SEK, after dilution -1,31 -0,00 -1,26 0,05
Adjusted earnings per share, SEK, before and after dilution -0,24 0,11 0,55 0,89
 
" Major structural measures implemented and planned for 31 MSEK. The savings effect of these is estimated to 
amount to approximately 60 MSEK on a full-year basis. " 
 
" All Swedish balcony companies and our Finnish balcony company have increased their order intake during the 
first quarter compared to the previous year. “ 
 
- Camilla Ekdahl, President and CEO

===== SIDA 2 =====

2  |  Balco Group Interim Report 1 January - 31 March 2025 
Major structural action programme initiated 
Order intake and earnings 
The result for Q1 is disappointing. A number of reasons have 
contributed to this. Several major projects in Sweden have ex-
perienced delays in their processes regarding building permits 
and rent tribunals, and a number of new production projects 
in the UK and Finland have suffered delays in their schedules. 
All in all, this had a negative impact on both sales and cash 
flow in the quarter. It has also led to overcapacity in our pro-
duction units. In addition, the result is weighed down by a pro-
ject deviation in a major project at our subsidiary TBO 
Haglinds. 
Due to the weak result, we implemented several measures dur-
ing the quarter to adapt the cost level to prevailing market 
conditions. We have implemented extensive staff reductions in 
both our Finnish and Danish operations. 
We have also decided to discontinue production at our com-
pany TBO Haglinds in Arboga. Production will be moved to our 
existing facilities in Växjö and Poland. By concentrating pro-
duction to fewer units, we can increase efficiency. In parallel, 
further orga nizational changes were implemented in other 
companies during the quarter. In total, structural costs 
amounted to SEK 31 million during the quarter for both imple-
mented and future measures. The savings effect of these is es-
timated to amount to approximatel y SEK 60 million on a full -
year basis.  
Order intake for the quarter is lower than last year, which is 
mainly because in the first quarter of 2024 we had order intake 
for a number of major projects that lifted the total order intake. 
It is always difficult to match large projects in terms of time 
between quarters, which is why you should see trends in Balco 
Group's order intake over a longer period.  
Market 
Throughout 2024, we saw an increase in the number of re-
quests for quotations, and the trend continues in the first quar-
ter. However, the recovery in general growth is more pro-
tracted than all economic forecasts indicated in autumn. The 
turbulence and unrest that arose in the world around us at the 
beginning of the year, with tariff wars and an escalated tone in 
world politics, have had a negative impact on the willingness 
to invest. All in all, this means that we see a continued general 
wait for decisions in several markets, especially on the larger 
and more investment-heavy projects. However, the underlying 
need for renovation of balconies and facades remains. 
In the Swedish market, requests for quotations have continued 
to increase. However, general uncertainty and concern are 
negatively impacting our business and delaying decision-mak-
ing processes, even though interest rates are now at an ac-
ceptable level and inflation appears to be under control. De-
spite the problems we are facing, all Swedish balcony compa-
nies have had an increased order intake compared to the same 
period last year, which we see as positive signals for the future.  
 
Our Finnish acquisition Riikku also saw an increase in order in-
take during the quarter compared to last year. There has been 
a stabilization in demand with a slight tendency to increase. 
We see that there is an opportunity to increase our share in 
the reno vation segment and we will therefore increase our 
presence and investment in this segment in the coming quar-
ters.  
We continue to have a positive view of the Norwegian market 
and have ongoing dialogues on several major projects.  
Demand for balconies in the new construction segment in Ger-
many remains high. Balco is involved in discussions on several 
major projects. This segment has a lower margin, but at the 
same time there are large projects that, due to their size, are 
interesting to us. In the new construction side, early involve-
ment of construction resources is required to be successful. As 
a result, and to strengthen our local presence with market -
adapted products, the local engineering resources in Germany 
have been increased.  
Demand in the UK continues to be at a high level for our prod-
ucts with many construction projects planned. Balco is 
strengthening its market presence by adding more local engi-
neering resources to further adapt and optimize our products 
based on market demands. 
Over the past two years, we have changed our strategic focus 
on the Dutch market, from a focus on glazing for condomini-
ums, to various solutions with open balconies for transfor-
mation projects and new construction. We expect to see re-
sults from this investment in 2025. 
For our façade companies and our Danish balcony company, 
it continues to be a challenging market with fierce competition 
for projects.  
Prospects 
Our assessment that the overall market will gradually improve 
remains, but the recovery will take longer, and setbacks will 
occur as new unrest and uncertainty arise in our operating en-
vironment. The need for the services and products offered by 
Balco Group remains and we will continue to invest in sales, 
market and product development while making structural 
changes in our operations to improve our profitability. The as-
sessment is that the coming quarters will be affected in terms 
of sales and earnings, but we aim to return to an earnings level 
in line with last year.  
 
Camilla Ekdahl  
President and CEO

===== SIDA 3 =====

3  |  Balco Group Interim Report 1 January - 31 March 2025 
Group development  
 
First quarter: January – March 
Net sales amounted to 316 MSEK (326). Acquired growth was 8 percent, currency effect 
was -1 percent, and organic growth was -10 percent. Net sales increased in the rest of 
Europe and Sweden, were unchanged in Norway and Finland but decreased in Den-
mark. 
Net sales for the renovation segment increased  to 236 MSEK (222) and net sales for 
the new build segment amounted to 79 MSEK (104). 
Order intake amounted to 275 MSEK (352). Order intake for the renovation segment 
amounted to 208 MSEK (285) and order intake for the new build segment amounted 
to 67 MSEK (67). 
The order backlog amounted to 1,238 MSEK (1,392). The order backlog for the r eno-
vation segment amounted to 991 MSEK (1,038) and the order backlog for the new build 
segment amounted to 247 MSEK (354). 
Adjusted operating profit (EBITA) amounted to -3 MSEK (16), corresponding to an ad-
justed operating margin of -0.9 percent (5.0).  
Items affecting comparability of -31 MSEK (-3) were taken in the quarter linked to im-
plemented and decided structural measures in the form of restructuring of the organ-
ization and the closure and relocation of a production unit in Sweden. 
Net financial items amounted to -4 MSEK (-9), of which -0.4 MSEK (-0.4) relates to 
interest expenses linked to rights of use (leases).  
Profit after tax amounted to - 30 MSEK (2). Adjusted profit after tax amounted to - 5 
MSEK (5). Earnings per share amounted to -1.31 SEK (0.00). Adjusted earnings per share 
amounted to -0.24 SEK (0.11). 
Operating cash flow amounted to 1 MSEK (34). The phases of the projects and building 
permit processes affect the cash flow between quarters
. 
Cash flow from operating activities  before changes in working capital  amounted to  
-25 MSEK (7) and cash flow from operating activities after changes in working capital 
amounted to -45 MSEK (13).  
Cash flow from investing activities amounted to - 16 MSEK (-82), of which -2 MSEK  
(-2) was replacement investments, -4 MSEK (0) was expansion investments, -12 MSEK 
(0) reduction of long-term liabilities and 0 MSEK (-80) acquisition of shares in subsidi-
aries.  
Cash flow from financing activities amounted to - 19 MSEK (118) with the largest item 
relating to reduced (increased) utilization of the revolving credit facilities. 
Cash flow for the quarter amounted to -81 MSEK (50).  
Depreciation/amortization amounted to -12 MSEK (-13), of which -5 MSEK (-5) relates 
to depreciation related to rights of use (leasing) and -1 MSEK (-2) relates to amortiza-
tion of acquired intangible assets. 
 
Net sales per geographic market, MSEK  
 
Jan-Mar Jan-Mar Apr-Mar Jan-Dec
2025 2024 2024/25 2024
Sweden 135,7 132,1 609,9 606,3
Other Nordics 142,5 162,3 639,4 659,2
Other Europe 37,6 32,0 158,0 152,4
Total net sales 315,9 326,4 1 407,3 1 417,9
 
 
 
 
Order intake per segment, MSEK  
        
Order backlog, MSEK 
 
Net sales, MSEK 
  
 
 
Adjusted operating profit, MSEK 
  
 
Operating cash flow R12, MSEK 
 
 100
 200
 300
 400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
New Build Renovation
 200
 400
 600
 800
1 000
1 200
1 400
1 600
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
0
300
600
900
1 200
1 500
 100
 200
 300
 400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
0
25
50
75
100
125
- 10
 10
 20
 30
 40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
 50
 100
 150
 200
 250
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Net sales 
 R12 
Adjusted operating profit 
 R12

===== SIDA 4 =====

4  |  Balco Group Interim Report 1 January - 31 March 2025 
Financial position   
Interest-bearing net debt including lease liabilities amounted to 355 MSEK (377). In-
terest-bearing net debt  including lease liabilities in relation to adjusted EBITDA 
amounted to 3.9 times (3.2). 
Interest-bearing net debt excluding lease liabilities amounted to 285  MSEK (310). In-
terest-bearing net debt  excluding lease liabilities in relation to adjusted EBITDA 
amounted to 4.0 times (3.2). 
The Group’s equity amounted to 769 MSEK (801).  
The Group’s equity/assets ratio was 47 percent (47).  
 
Personnel  
The number of full-time employees in Balco Group amounted to 562 (673) as of the end of March 2025. The decrease is due to restruc-
turing measures implemented over the past year. 
Parent company 
The Parent Company is headquartered in Växjö and conducts business directly and through Swedish and foreign subsidiaries. The 
activities of the Parent Company are mainly focused on strategic development, financial management, corporate governance 
issues, board work and banking relations. 
Shares, share capital and shareholders 
As of the end of March 2025, the number of shares in Balco Group AB amounted to 23,021,648 shares, corresponding to a share capital 
of 138,135,310 SEK. The company has one (1) series of shares. Each share entitles the owner to one vote at the general meeting . The 
number of shareholders was 4. 686. The five largest shareholders were Familjen Hamrin, Skandrenting AB, Lannebo Kapitalförvaltning, 
Swedbank Robur fonder and AB Tuna Holding. 
 
 
 
 
Net sales per customer category, MSEK 
 
 
  
31-mar 31-mar 31-dec
MSEK 2025 2024 2024
Non-current liabilities to credit institutions 349,6 343,5 362,9
Leasing liabilities non-current 50,3 49,4 46,3
Current liabilities to credit institutions - 15,7 -
Leasing liabilities current 20,0 17,3 16,6
Cash and cash equivalents -64,7 -49,1 -103,1
Interest-bearing net debt incl leasing debt 355,3 376,7 322,8
Interest-bearing net debt excl leasing debt 284,9 310,1 259,9
Interest-bearing net debt incl. leasing/EBITDA (12 months), times 3,9 x 3,2 x 2,9 x
Interest-bearing net debt excl. leasing/EBITDA (12 months), times 4,0 x 3,2 x 2,8 x
Equity/assets ratio, % 47,2 46,9 48,8
Jan-Mar Jan-Mar Apr-Mar Jan-Dec
2025 2024 2024/25 2024
Tenant-owner associations 200,0 153,7 786,8 740,6
Private landlords 8,5 22,3 71,2 84,9
Publicly owned companies 6,2 12,1 46,9 52,8
Construction companies 101,2 138,3 502,4 539,5
Total net sales 315,9 326,4 1 407,3 1 417,9
External interest-bearing net debt  
In relation to EBITDA (proforma)  
         
 
 0,0
 1,0
 2,0
 3,0
 4,0
 5,0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025

===== SIDA 5 =====

5  |  Balco Group Interim Report 1 January - 31 March 2025 
Development per segment 
Renovation 
First quarter 
Net sales increased by 6 percent to 236 MSEK (222), corresponding to 75 percent (68) of total net sales.  
Order intake amounted to 208 MSEK (285), corresponding to 76 percent (81) of total order intake.  
The adjusted operating profit (EBITA) amounted to -5 MSEK (11), entailing an adjusted operating margin of -1.9 percent (4.8).  
The order backlog amounted to 991 (1,038), corresponding to 80 percent (75) of the total order backlog. 
 
 
 
New build 
First quarter 
Net sales amounted to 79 MSEK (104), corresponding to 25 percent (32) of total net sales.  
Order intake amounted to 67 MSEK (67), corresponding to 24 percent (19) of total order intake.  
The adjusted operating profit (EBITA) amounted to 2 MSEK (6), entailing an adjusted operating margin of 2.8 percent (5.3).  
The order backlog amounted to 247 MSEK (354), corresponding to 20 percent (25) of the total order backlog. 
 
 
 
 
 
  
Jan-Mar Jan-Mar Apr-Mar Jan-Dec
Renovation, MSEK 2025 2024 2024/25 2024
Net sales 236,4 222,0 1 014,6 1 000,2
Adjusted operating profit (EBITA) -4,6 10,7 40,5 55,8
Adhusted operating margin (EBITA), % -1,9 4,8 4,0 5,6
Order intake 208,0 284,9 997,3 1 074,2
Order backlog 991,1 1 037,8 991,1 1 044,3
Jan-Mar Jan-Mar Apr-Mar Jan-Dec
New Build, MSEK 2025 2024 2024/25 2024
Net sales 79,4 104,4 392,8 417,7
Adjusted operating profit (EBITA) 2,2 5,6 15,2 18,6
Adhusted operating margin (EBITA), % 2,8 5,3 3,9 4,5
Order intake 67,0 67,1 302,5 302,6
Order backlog 246,9 354,4 246,9 265,0

===== SIDA 6 =====

6  |  Balco Group Interim Report 1 January - 31 March 2025 
Operations and segment description 
Balco Group is a market leader in the balcony industry and offers a range of services, from development and manufacturing to 
sales and installation of in-house manufactured open and glazed balcony systems. Balco has a unique method, known as the 
Balco method, to deliver glazed balconies and balcony solutions. The method involves removing existing balconies and replac-
ing them with new, larger, glazed balconies with a lifespan of over 90 years, which provides the market's most economical and 
sustainable solution.  
To offer complete and customized solutions in the balcony industry, Balco Group has several subsidiaries that work together to 
offer a complete solution in areas such as the manufacture and delivery of balconies, masonry and tile services, technical solutions 
and façade services such as renovation, window replacement and façade cleaning. Balco Group strives to meet the customers’  
needs and requirements by offering a combination of specialized services and expertise. Balco Group's offering contributes to  
increased quality of life, security and value increase for residents in apartment buildings and provides energy savings of up  to 30 
percent. The Group takes full responsibility for the project and guides the customer through the entire process from project 
planning to final inspection and service. 
Segment - Renovation  Segment - New Build 
 
 
 
Brf Muraren in Kinna, Sweden  Southwark Park Road in London, UK 
The segment includes the replacement and expansion of exist-
ing balconies, mainly glazed balconies. The main driving force 
is the pent -up need for renovation and the age profile of the 
properties. The offer also includes façade renovation. 
 The segment includes balconies in the construction of multi -
dwelling properties. Demand is driven by the pace of new 
housing production. The offer also includes façade work in 
new construction. 
Sales development per quarter, MSEK  Operating margin per quarter, % 
 
 
 
Sustainability 
Sustainability is a prerequisite for long-term profitability for Balco Group. By focusing on sustainability, we can create a 
strong brand, increase customer trust, and improve our competitiveness in the long term.  
The risk rating according to Sustainalytics was lowered/improved to 17.2 (19.1), which means that we are among the 6 per-
cent with the lowest risk rating in our industry and among the 20 percent with the lowest risk rating of all companies. 
 
 
 
 100
 200
 300
 400
2024
2025
2024
2025
2024
2025
2024
2025
Q1 Q2 Q3 Q4
New Build Renovation
- 5,0
 5,0
 10,0
2024
2025
2024
2025
2024
2025
2024
2025
Q1 Q2 Q3 Q4
New Build Renovation

===== SIDA 7 =====

7  |  Balco Group Interim Report 1 January - 31 March 2025 
Other information 
Seasonality  
Balco's sales and earnings are partly affected by the timing of orders, seasonal variations and the fact that the general meeting season in 
tenant-owner associations normally falls in the second and fourth quarters. Furthermore, the Group is positively affected by months with 
many working days and lack of time off, as well as negatively affected  by weather factors where winters with significant snowfall mean 
increased costs.  
Related party transactions 
The related parties consist of the Board of Directors, Group Management and the CEO, partly through ownership in Balco and pa rtly 
through the role of senior executive. The related parties also include the company's largest shareholders, the Hamrin family,  which is 
represented on the board by Carl-Mikael Lindholm, and Skandrenting, which is represented on the board by Johannes Nyberg. Transac-
tions with related parties are carried out on a market basis. For further information, see the Annual Report 2024 on pages 79 and 99. 
Incentive program 
Balco Group AB has two long-term incentive programs aimed at the company's senior executives and additional key employees, a total 
of approximately 40 employees. The incentive programs comprise a maximum of 450,000 warrants in total, which entitles  the holder to 
subscribe for a maximum of the corresponding number of shares. Balco's total cost for the incentive programs during the term of the 
programs is expected to amount to approximately 3 MSEK. The programs entail a dilution corresponding to approximately 2 percent of 
the company's total number of shares. The senior executives of Balco have acquired 1 30,000 warrants amounting to a total value of 
591,200 SEK. The purpose of the incentive programs is to encourage broad shareholding among Balco's employees, facilitate recruitment, 
retain competent employees and increase motivation to achieve or exceed the company's financial targets. For more information, see the 
Annual Report 2024 on pages 46, 78 and 113.   
Risks and uncertainty factors  
The Group and the Parent Company are exposed to various types of risks through their operations. The risks can be divided into industry- 
and market-related risks, business-related risks and financial risks. Industry- and market-related risks include, among other things, changes 
in demand because of a weaker economy or other macroeconomic changes, a changed price for raw materials that are central to Balco's 
production, and changes in competition or price pressure. Business-related risks include Balco's ability to develop and sell new innovative 
products and solutions, that the Group can attract and retain qualified employees, and that Balco's profitability is dependent on the results 
of the individual projects, i.e. the Group's ability to predict, calculate and deliver the projects within set financial frameworks. The financial 
risks are summarized under financing risk, liquidity risk, credit risk and interest rate risk. Balco's risks and uncertainties are described on  
pages 32–37, 43, 51, 55, 87–88, 91 and 94 of the Annual Report for 2024.  
Outlook 
Balco Group is one of the few complete balcony suppliers on the market that provides customized and innovative balcony solutions on a 
turnkey contract. Balco Group is the market leader in the Nordic region and has a challenging position in other markets where the Group 
operates. The market is fragmented and growing throughout Northern Europe. The value of the balcony market in the countries w here 
Balco Group is represented is estimated at just over 40 billion SEK. 
Balco Group continuously evaluates selective acquisitions that can strengthen our market position in existing markets. The ti ming of 
building permits and the phases of projects affects cash flow between quarters. The lower order intake over the past year will affect sales 
and earnings in the coming quarters. We continue to focus on costs and adjust  the organization based on changes in occupancy and 
order intake but retain important expertise so that the company is not damaged in the long term. 
Events during the quarter and from the end of the quarter  
On 8 April, Balco Group AB acquired an additional twenty (20) percent of the shares in Suomen ohutlevyasennus Oy and now owns 
eighty (80) percent of the company. The purchase was regulated in the original purchase agreement. 
The banking agreement with Danske Bank with a sustainability-linked credit facility of 510 MSEK and an overdraft facility of 75 MSEK has 
been extended until March 31, 2028, with an option for a further two-year extension.

===== SIDA 8 =====

8  |  Balco Group Interim Report 1 January - 31 March 2025 
Financial targets 
Revenue growth  
Balco Group shall achieve growth of 10 percent per year during a business cycle. 
Profitability  
Earnings per share shall grow by 20 percent per year during a business cycle. 
Capital structure 
Interest-bearing net debt shall not exceed 2.5 times operating profit before depreciation and amortization (EBITDA), other than 
temporarily. 
Dividend policy  
Balco Group shall distribute 30-50 percent of profit after tax, taking into consideration the needs for Balco’s long-term growth and 
prevailing market conditions 
 
 
The interim report has not been subject to review according to ISRE 2410 by the company's auditors. 
 
This information is information that Balco Group AB is obliged to make public pursuant to the EU Market Abuse Regulation.  
The information was submitted for publication, through the agency of the contact persons set out below, at 13:00 CET on April 28, 2025. 
 
Växjö, April 28, 2025 
Camilla Ekdahl 
President and CEO 
 
 
 
 
 
  
Web conference 
A webcast conference call will be held at 14:00 CET on April 28, 2025, where CEO and President Camilla Ekdahl 
and CFO Michael Grindborn will present the report and answer questions.  
To follow the webcast presentation and send written questions, please use this link:   
https://www.finwire.tv/webcast/balcogroup/q1-2025/ 
 
To participate via teleconference and be able to ask questions, call in:  
 
Phone: +46 8 5050 0829 
PIN: 876 8494 1841 # 
For more information, please contact: 
Camilla Ekdahl, President and CEO, Tel: +46 70 606 30 32, camilla.ekdahl@balco.se 
Michael Grindborn, CFO and Head of IR, Tel: +46 70 670 18 48, michael.grindborn@balco.se 
Calendar 2025/2026  
Annual General Meeting 2025 ......... May 6, 2025 
Interim report Jan-Jun 2025 ............. July 14, 2025 
Interim report Jan-Sep 2025 ............ October 27, 2025 
Year-end report Jan-Dec 2024 ........ February 6, 2026

===== SIDA 9 =====

9  |  Balco Group Interim Report 1 January - 31 March 2025 
Consolidated statement of comprehensive income 
 
 
  
Jan-Mar Jan-Mar Apr-Mar Jan-Dec
MSEK 2025 2024 2024/25 2024
Net sales 315,9 326,4 1 407,3 1 417,9
Production and project costs -310,5 -259,1 -1 221,4 -1 170,0
Gross profit 5,3 67,4 185,9 248,0
Sales costs -27,7 -31,1 -117,5 -120,9
Administration costs -22,6 -25,7 -92,9 -95,9
Other operating income 9,8 0,4 13,2 3,7
Other operating expenses - -0,0 -0,0 -0,0
Operating profit -35,2 11,0 -11,3 34,8
Finance income 2,3 2,0 4,7 4,5
Finance costs -6,4 -10,8 -29,9 -34,3
Result before tax -39,2 2,2 -36,5 5,0
Income tax 9,6 0,1 9,1 -0,4
Net result for the period -29,6 2,3 -27,4 4,6
Net result attributable to parent company's shareholders -30,0 -0,1 -28,9 1,1
Net result attributable to non-controlling interest 0,4 2,4 1,5 3,5
Net profit for the period -29,6 2,3 -27,4 4,6
Other comprehensive income 
Items that may later be reclassified to the income statement
Translation difference when translating foreign operations -1,6 6,9 -2,1 6,4
Comprehensive income for the period -31,2 9,2 -29,5 11,0
Comprehensive income attributable to parent company's shareholders -31,6 6,8 -31,0 7,5
Comprehensive income attributable to non-controlling interest 0,4 2,4 1,5 3,5
Comprehensive income for the period -31,2 9,2 -29,5 11,0
Earnings per share, SEK, before dilution -1,31 -0,00 -1,26 0,05
Earnings per share, SEK, after dilution -1,31 -0,00 -1,26 0,05
Average number of shares before dilution, thousands 23 021,6 22 766,0 23 021,6 22 957,7
Average number of shares after dilution, thousands 23 021,6 22 766,0 23 021,6 22 957,7

===== SIDA 10 =====

10  |  Balco Group Interim Report 1 January - 31 March 2025 
Consolidated balance sheet in summary 
 
 
 
 
31-mar 31-mar 31-dec
MSEK 2025 2024 2024
ASSETS
Non-current assets
Intangible assets
Goodwill 512,9 513,0 515,5
Other intangible assets 274,0 283,9 279,9
Total intangible assets 786,9 796,9 795,4
Tangible assets
Right-to-use assets 68,3 66,3 60,7
Property, plant and equipment 219,6 236,7 229,6
Total tangible assets 288,0 303,0 290,4
Financial assets 1,3 3,6 1,3
Deferred tax assets 8,5 0,5 6,3
Total non-current assets 1 084,7 1 104,0 1 093,3
Current assets
Inventory 60,5 73,9 64,8
Accounts receivables 157,5 221,2 123,1
Contract assets 222,9 203,6 209,9
Other current receivables 43,6 46,0 38,5
Cash and cash equivalents 23,5 49,1 103,1
Total current assets 508,0 593,7 539,4
TOTAL ASSETS 1 592,6 1 697,8 1 632,7
EQUITY AND LIABILITIES
Equity
Share capital 138,1 138,1 138,1
Other capital contributions 450,8 449,9 450,8
Reserves 4,9 18,5 17,9
Retained earnings, incl. profit for year 158,3 190,2 190,0
Equity attributable to Parent Company’s shareholders 752,2 796,7 796,8
Non-controlling interest 4,4 4,6 4,2
TOTAL EQUITY 756,6 801,3 801,1
LIABILITIES
Non-current liabilities
Liabilities to credit institutions 349,6 343,5 362,9
Leasing liabilities 50,3 49,4 46,3
Other non-current liabilities 12,9 38,4 34,7
Deferred tax liabilities 64,8 71,3 66,9
Total non-current liabilities 477,6 502,5 510,7
Current liabilities
Liabilities to credit institutions - 15,7 -
Leasing liabilities 20,0 17,3 16,6
Contract liabilities 47,5 41,1 38,0
Accounts payables 143,4 160,3 145,7
Other current liabilities 147,5 159,5 120,5
Total current liabilities 358,4 393,8 320,9
TOTAL EQUITY AND LIABILITIES 1 592,6 1 697,6 1 632,7

===== SIDA 11 =====

11  |  Balco Group Interim Report 1 January - 31 March 2025 
 
Consolidated changes in Shareholders’ Equity  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MSEK 
Share 
Capital 
Addition
al paid-in 
capital Reserves 
Retained 
earnings 
including 
comprehensive 
income for the 
Non-
controlling 
interest 
Total 
equity 
Opening balance 1 Jan 2024 131,5 406,3 11,6 196,7 1,8 748,0
Comprehensive income for the period
Profit for the period - - - -0,1 2,4 2,3
Other comprehensive income for the period - - 6,9 - - 6,9
Total comprehensive income for the period - - 6,9 -0,1 2,4 9,2
Transactions/ acquisitions/ disposald in holdings without c  - - - - 0,4 0,4
Transactions with shareholders:
New shares issue 43,5 - -8,1 - 42,1
Total transactions with Company owners 6,7 43,5 - -8,1 - 42,1
Closing balance 31 Mar 2024 138,1 449,9 18,5 188,6 4,6 799,7
       
Opening balance 1 Jan 2025 138,1 450,8 17,9 190,0 4,2 801,1
Comprehensive income for the period
Profit for the period - - - -31,7 0,4 -31,3
Other comprehensive income for the period - - -13,0 - -0,2 -13,2
Total comprehensive income for the period - - -13,0 -31,7 0,2 -44,5
Transactions with shareholders:
Total transactions with Company owners - - - - - -
Closing balance 31 Mar 2025 138,1 450,8 4,9 158,3 4,4 756,6

===== SIDA 12 =====

12  |  Balco Group Interim Report 1 January - 31 March 2025 
Consolidated Cash Flow Statements in summary 
 
 
  
Jan-Mar Jan-Mar Apr-Mar Jan-Dec
MSEK 2025 2024 2024/25 2024
Operating activities
Operating profit (EBIT) -35,2 11,0 -11,3 34,8
Adjustment for non-cash items 20,2 5,4 47,4 32,6
Interest received 0,9 1,0 3,5 3,6
Interest paid -6,1 -5,8 -28,9 -28,7
Income tax paid -5,4 -4,3 -7,1 -6,1
Cash flow from operating activities before changes in working capital -25,5 7,2 3,5 36,2
Changes in working capital
Increase (-)/Decrease (+) in inventories 3,2 -4,7 12,2 4,2
Increase (-)/Decrease (+) in current assets -47,4 -17,7 41,9 71,6
Increase (+)/Decrease (-) in current liabilities 24,4 28,4 -30,7 -26,7
Cash flow from operating activities -45,2 13,2 26,9 85,3
Cash flow from investing activities
Investments in intangible fixed assets -3,8 -0,9 -9,1 -6,3
Investments in tangible fixed assets -1,3 -1,4 -6,7 -6,8
Acquisitions of operations - -79,7 -1,1 -80,8
Changes in other non-current assets/liabilities -11,7 - -13,5 -1,8
Cash flow from investing activities -16,7 -82,0 -30,4 -95,7
Cash flow from financing activities
Changes in bank loans -13,4 123,5 -4,0 132,8
Changes in leasing -5,8 -5,1 -20,2 -19,5
New warrants issue - - 0,9 0,9
Distributed dividend to non-controlling interest - - -1,2 -1,2
Cash flow from financing activities -19,1 118,4 -24,5 113,1
Cash flow for the period -81,0 49,6 -27,9 102,7
Cash and cash equivalents at beginning of the period 103,1 2,8 49,1 2,8
Exchange rate differential cash and cash equivalents 1,4 -3,3 2,3 -2,4
Cash and cash equivalents at end of the period 23,5 49,1 23,5 103,1

===== SIDA 13 =====

13  |  Balco Group Interim Report 1 January - 31 March 2025 
Key ratios 
 
 
  
Jan-Mar Jan-Mar Apr-Mar Jan-Dec
MSEK 2025 2024 2024/25 2024
Net sales 315,9 326,4 1 407,3 1 417,9
Order intake 275,0 352,0 1 299,8 1 376,8
Order backlog 1 238,0 1 392,2 1 238,0 1 309,3
Gross profit 5,3 67,4 185,9 248,0
Adjusted Gross Profit 33,5 67,4 228,6 262,5
EBITDA -23,5 24,0 37,4 84,9
Adjusted EBITDA 7,7 27,3 90,0 109,6
Operating profit (EBITA) -33,8 13,0 -2,0 44,9
Adjusted operating profit (EBITA) -2,7 16,3 50,6 69,6
Operating profit (EBIT) -35,2 11,0 -11,3 34,8
Adjusted operating profit (EBIT) -4,0 14,2 41,3 59,5
Gross profit margin, % 1,7 20,6 13,2 17,5
Adjusted gross margin, % 10,6 20,6 16,2 18,5
EBITDA margin, % -7,4 7,4 2,7 6,0
Adjusted EBITDA margin, % 2,4 8,4 6,4 7,7
Operating profit margin (EBITA), % -10,7 4,0 -0,2 3,3
Adjusted operating profit margin (EBITA), % -0,9 5,0 4,1 5,3
Operating profit margin (EBIT), % -11,1 3,4 -0,8 2,5
Adjusted operating profit margin (EBIT), % -1,3 4,4 2,9 4,2
Operating cash flow 1,2 34,1 105,6 138,5
Operating cash conversion, % 16,2 124,9 117,4 126,3
Capital employed, R12 1 139,1 1 029,7 1 139,1 1 145,2
Capital employed, excl. goodwill, R12 624,8 537,4 624,8 631,0
Equity 752,2 796,7 752,2 796,8
Interest-bearing net debt incl leasing debt 355,3 376,7 355,3 322,8
Interest-bearing net debt excl leasing debt 284,9 310,1 284,9 259,9
Interest-bearing net debt incl. leasing/Adjusted EBITDA 12 months, times 3,9 3,2 3,9 2,9
Interest-bearing net debt excl. leasing/EBITDA (12 months), times 4,0 3,2 4,0 2,8
Return on capital employed, %, (12 months) 3,6 6,8 3,6 5,2
Return on capital employed, excl. goodwill, %, (12 months) 6,6 13,1 6,6 9,4
Return on invested capital, %, (12 months) -3,6 4,4 -3,6 0,6
Equity/assets ratio, % 47,2 46,9 47,2 48,8
Number of full-time employees on the closing date 562 673 562 621
Average number of shares before dilution, thousands 23 021,6 22 766,0 23 021,6 22 957,7
Average number of shares after dilution, thousands 23 021,6 22 766,0 23 021,6 22 957,7
Equity per share, SEK 32,67 34,99 32,67 34,71

===== SIDA 14 =====

14  |  Balco Group Interim Report 1 January - 31 March 2025 
Parent Company, income statement in summary 
 
 
 
Parent company, balance sheet in summary 
 
 
 
Jan-Mar Jan-Mar Apr-Mar Jan-Dec
MSEK 2025 2024 2024/25 2024
Net sales 6,7 5,9 24,5 23,7
Administrative expenses -6,4 -4,6 -23,2 -21,4
Operating profit 0,3 1,3 1,3 2,3
Interest income  and similar profit/loss items 4,9 2,8 13,8 11,7
Interest expenses  and similar profit/loss items -4,3 -9,1 -24,1 -28,9
Dividend / result from group company - - 264,2 264,2
Profit/loss after financial items 0,9 -4,9 255,1 249,3
Appropriations - - 33,8 33,8
Tax -0,2 1,0 -5,0 -3,8
Net profit/loss for the period 0,7 -3,9 283,9 279,2
In the Parent Company there are no items that are reported as other comprehensive income, so total comprehensive income is consistent with the profit for the period.
31-mar 31-mar 31-dec
MSEK 2025 2024 2024
ASSETS
Non-current assets
Financial assets
Shares in group companies 1 057,0 1 639,9 1 066,6
Other non-current assets 4,5 3,4 4,5
Total non-current assets 1 061,5 1 643,3 1 071,0
Current assets
Receivables from group companies 211,1 52,8 177,5
Other current receivables 10,5 9,6 8,3
Cash and cash equivalents 18,4 29,4 97,7
Total current assets 240,0 91,8 283,5
TOTAL ASSETS 1 301,5 1 735,2 1 354,6
EQUITY AND LIABILITIES
Equity
Restricted equity 138,1 138,1 138,1
Non-restricted equity 699,9 415,1 699,2
Total equity 838,1 553,2 837,3
LIABILITIES
Non-current liabilities
Liabilities to credit institutions 350,0 276,8 350,0
Other non-current liabilities 14,2 32,2 34,9
Total non-current liabilities 364,2 309,0 384,9
Current liabilities
Liabilities to group companies 77,5 843,6 110,0
Other current liabilities 21,8 29,4 22,4
Total current liabilities 99,2 873,0 132,4
TOTAL EQUITY AND LIABILITIES 1 301,5 1 735,2 1 354,6

===== SIDA 15 =====

15  |  Balco Group Interim Report 1 January - 31 March 2025 
Notes 
Note 1 Accounting principles 
This consolidated interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of 
the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with RFR 2 and Chapter 
9, Interim Reports, of the Swedish Annual Accounts Act. For both the Parent Company and the Group, accounting principles and calcula-
tion bases have been applied in the same manner as for the 2024 Annual Report, which was prepared in accordance with the International 
Financial Reporting Standards as adopted by the EU and interpretations thereof. The interim information on pages 1 -8 forms an integral 
part of this financial report.  
Note 2 Business segments 
Balco reports according to the following segments: 
Renovation: includes replacement and expansion of existing balconies as well as installation of new balconies on apartment buildings 
without balconies. The segment’s main market driver is the age profile of the residential property portfolio. 
New Build: includes installation of balconies in conjunction with the construction of apartment buildings and balcony solutions in the 
maritime area. The segment is mainly driven by the rate of new residential construction.  
 
 
  
Jan-Mar
MSEK 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Net sales – External revenue 236,4 222,0 79,4 104,4 - - - - 315,9 326,4
Net sales – Internal revenue - - - - 6,7 5,9 -6,7 -5,9 - -
Total sales 236,4 222,0 79,4 104,4 6,7 5,9 -6,7 -5,9 315,9 326,4
Operating profit (EBIT) -30,9 8,7 -3,7 5,6 -0,5 -3,3 - - -35,2 11,0
Depreciation included with 9,2 11,1 2,4 2,0 - - - - 11,7 13,1
of which amortization 1,3 2,1 0,1 - - - - - 1,3 2,1
Items affecting comparison 25,1 - 5,9 - 0,2 3,3 - - 31,1 3,3
Adjusted operating profit (EBITA) -4,6 10,7 2,2 5,6 -0,3 - - - -2,7 16,3
Adjusted operating margin -1,9% 4,8% 2,8% 5,3% -0,9% 5,0%
Operating profit (EBIT) -30,9 8,7 -3,7 5,6 -0,5 -3,3 - - -35,2 11,0
Finance income - - - - 2,3 2,0 - - 2,3 2,0
Finance cost - - - - -6,4 -10,8 - - -6,4 -10,8
Profit before tax -30,9 8,7 -3,7 5,6 -4,6 -12,0 - - -39,2 2,2
TotalRenovation New Build Group-wide Eliminations

===== SIDA 16 =====

16  |  Balco Group Interim Report 1 January - 31 March 2025 
Note 3 Reconciliation with IFRS financial statements  
Balco’s financial statements include alternative performance measures, which complement the measures that are defined or spec ified in 
applicable rules for financial reporting. Alternative performance measures are presented since, as in their context, they provide clearer or 
more in-depth information than the measures defined in applicable rules for financial reporting. The alternative performance measures  
are derived from the Company’s consolidated financial reporting and are not measured in accordance with IFRS. 
 
 
 
 
31-mar 31-mar 31-dec
MSEK 2025 2024 2024
Interest-bearing net debt incl leasing debt
Non-current interest-bearing liabilities 399,9 392,9 409,2
Current interest-bearing liabilities 20,0 32,9 16,6
Cash and cash equivalents -64,7 -49,1 -103,1
Interest-bearing net debt incl leasing debt 355,3 376,7 322,8
Adjusted EBITDA (R12) 90,0 116,2 109,6
Interest-bearing net debt/EBITDA (R12), times 3,9 3,2 2,9
Interest-bearing net debt excl leasing debt
Interest-bearing net debt incl leasing debt 355,3 376,7 322,8
Leasing liabilities non-current -50,3 -49,4 -46,3
Leasing liabilities current -20,0 -17,3 -16,6
Interest-bearing net debt excl leasing debt 284,9 310,1 259,9
Interest-bearing net debt/EBITDA excl leasing (R12), times
Adjusted EBITDA (R12) 90,0 116,2 109,6
Leasing depreciations (R12) -18,7 -19,1 -18,4
Adjusted EBITDA (R12) excl leasing depreciations 71,3 97,1 91,2
Interest-bearing net debt/EBITDA excl leasing (R12), times 4,0 3,2 2,8
Return on capital employed
Equity 752,2 796,7 796,8
Interest-bearing net debt 355,3 376,7 322,8
Average capital employed 1 161,1 1 052,4 1 053,7
Adjusted operating profit (EBIT), (R12) 41,3 70,4 59,5
Return on capital employed, % 3,6 6,7 5,6
Equity/assets ratio
Equity attributable to owners of the parent company 752,2 796,7 796,8
Total assets 1 592,6 1 697,6 1 632,7
Equity/assets ratio, % 47,2 46,9 48,8

===== SIDA 17 =====

17  |  Balco Group Interim Report 1 January - 31 March 2025 
 
 
  
Jan-Mar Jan-Mar Apr-Mar Jan-Dec
MSEK 2025 2024 2024/25 2024
Adjusted operating profit (EBIT)
Operating profit (EBIT -35,2 11,0 -11,3 34,8
Items affecting comparison
Re-structuring costs 30,9 0,1 49,3 18,5
Acquisition costs 0,2 3,1 3,3 6,2
Adjusted operating profit (EBIT) -4,0 14,2 41,3 59,5
Operating profit (EBITA)
Operating profit (EBIT) -35,2 11,0 -11,3 34,8
Amortization 1,3 2,1 9,3 10,1
Operating profit (EBITA) -33,8 13,0 -2,0 44,9
Adjusted operating profit (EBITA)
Adjusted operating profit (EBIT) -4,0 14,2 41,3 59,5
Amortization 1,3 2,1 9,3 10,1
Adjusted operating profit (EBITA) -2,7 16,3 50,6 69,6
Adjusted net result
Net result -29,6 2,3 -27,4 4,6
Items affecting comparison after tax 24,6 2,6 41,5 19,5
Adjusted net result -5,1 4,9 14,1 24,1
EBITDA
Operating profit (EBIT) -35,2 11,0 -11,3 34,8
Depreciation and amortization 11,7 13,1 48,7 50,1
EBITDA -23,5 24,0 37,4 84,9
Adjusted EBITDA
Adjusted operating profit (EBIT) -4,0 14,2 41,3 59,5
Depreciation and amortization 11,7 13,1 48,7 50,1
Adjusted EBITDA 7,7 27,3 90,0 109,6
Investments, excluding expansion investments
Investments in intangible fixed assets -3,8 -0,9 -9,1 -6,3
Investments in tangible fixed assets -1,3 -1,4 -6,7 -6,8
of which expansion investments 1,7 1,9 6,7 6,9
Investments, excluding expansion investments -3,3 -0,4 -9,2 -6,2
Operating cash flow
Adjusted EBITDA 7,7 27,3 90,0 109,6
Changes in working capital -3,1 7,2 24,8 35,1
Investments, excluding expansion investments -3,3 -0,4 -9,2 -6,2
Operating cash flow 1,2 34,1 105,6 138,5
Net Sales excluding acquisitions
Net Sales 315,9 326,4 1 407,3 1 417,9
Acquired net sales -24,6 -100,9 -338,6 -414,9
Net Sales excluding acquisitions 291,3 225,6 1 068,7 1 003,0

===== SIDA 18 =====

18  |  Balco Group Interim Report 1 January - 31 March 2025 
Alternative performance measures 
This interim report contains references to several  performance measures. Some of these measures are defined in IFRS, while others are 
alternative measures and are not reported in accordance with applicable financial reporting frameworks or other legislation. The measures 
are used by Balco to help both investors and management to analyze its operations. The measures used in this interim report are described 
below, together with definitions and the reason for their use. 
Alternative performance measures Definition Reason for use 
Return on equity Income for the period divided by the average 
shareholder equity for the period. The average  
calculated as the average of the opening balance 
and the closing balance for the period.  
Return on equity shows the return that is generated 
on the shareholders’ capital that is invested in the 
company.  
Return on capital employed Adjusted EBITA as a percentage of average capi-
tal employed for the period. The average  calcu-
lated as the average of the opening balance and 
the closing balance for the period.  
Return on capital employed shows the return that is 
generated on capital employed by the company and 
is used by Balco to monitor profitability as it relates to 
the capital efficiency of the company. 
Return on capital employed ex-
cluding goodwill 
Adjusted EBITA as a percentage of average capi-
tal employed for the period excluding goodwill. 
Average calculated as the average of the opening 
balance and the closing balance for the period. 
Balco believes that return on capital employed ex-
cluding goodwill together with return on capital em-
ployed shows a complete picture of Balco's capital ef-
ficiency. 
Gross income Revenue less production and project costs. Shows the effectiveness of Balco's operations and to-
gether with EBIT provides a complete picture of the 
operating profit generation and expenses. 
Gross margin Gross income as a percentage of net sales. Ratio is used for analysis of the company’s effective-
ness and profitability. 
EBITDA Earnings before interest, tax, depreciation, and 
amortization. 
Balco believes that EBITDA shows the profit generated 
by the operating activities and is a good measure of 
cash flow from operations. 
Interest-bearing net debt relative 
to adjusted EBITDA 
Interest-bearing external net debt divided by ad-
justed EBITDA.  
Balco believes this ratio helps to show financial risk 
and is a useful measure for Balco to monitor the level 
of the company’s indebtedness.  
Adjusted EBITDA EBITDA as adjusted for items affecting compara-
bility. For a reconciliation of adjusted EBITDA to 
income for the period.   
Balco believes that adjusted EBITDA is a useful meas-
ure for showing the company’s profit generated by 
the operating activities after adjusting for items af-
fecting comparability, and primarily uses adjusted 
EBITDA for purposes of calculating the company’s op-
erating cash flow and cash conversion.  
Adjusted EBITDA margin Adjusted EBITDA as a percentage of net sales. Balco believes that adjusted EBITDA margin is a useful 
measure for showing the company’s profit generated 
by the operating activities after non-recurring items. 
Adjusted EBIT margin Adjusted EBIT as a percentage of net sales.  Balco believes that adjusted EBIT margin is a useful 
measure for showing the company’s profit generated 
by the operating activities. 
Adjusted EBIT EBIT adjusted for items affecting comparability. 
For a reconciliation of adjusted EBIT to income for 
the period.
 
Balco believes that adjusted EBITA is a useful measure 
for showing the company’s profit generated by the 
operating activities, and primarily uses adjusted EBIT 
for calculating the company’s return on capital em-
ployed.  
Adjusted EBITA margin Adjusted EBITA as a percentage of net sales.  Balco believes that adjusted EBITA margin is a useful 
measure for showing the company’s profit generated 
by the operating activities. 
Adjusted EBITA EBITA adjusted for items affecting comparability. 
For a reconciliation of adjusted EBIT to income for 
the period.
 
Balco believes that adjusted EBIT is a useful measure 
for showing the company’s profit generated by the 
operating activities, and primarily uses adjusted EBIT 
for calculating the company’s return on capital em-
ployed.  
Items affecting comparability Items affecting comparability are significant 
items reported separately due to their size or fre-
quency, e.g., restructuring costs, write-downs, di-
vestments, and acquisition costs.
 
Balco believes that adjustment for items affecting 
comparability improves the possibility of comparison 
over time by excluding items with irregularity in fre-
quency or size. This is to give a more accurate picture 
of the underlying operating profit.

===== SIDA 19 =====

19  |  Balco Group Interim Report 1 January - 31 March 2025 
Alternative performance measures Definition Reason for use 
Operating cash conversion Operating cash flow divided by adjusted EBITDA. Balco believes this is a good measure for comparing 
cash flow with operating profit. 
Operating cash flow  Adjusted EBITDA increased/decreased with 
changes in net working capital less investments, 
excluding expansion investments.  
Operating cash flow is used by Balco to monitor busi-
ness performance. 
Organic growth Net sales excluding acquired growth current pe-
riod divided by net sales during the correspond-
ing period last year. 
Organic growth excludes the effects of changes in the 
Group's structure, which enables a comparison of net 
sales over time. 
Interest-bearing net deb 
 
The sum of non -current interest-bearing liabili-
ties and current interest-bearing liabilities.  
Balco believes interest -bearing net debt is a useful 
measure to show the company’s total debt financing.  
Net working capital Current assets excluding cash and cash equiva-
lents and current tax assets less non -interest-
bearing liabilities excluding current tax liabilities. 
This measure shows how much net working capital 
that is tied up in the operations and can be put in re-
lation to sales to understand how effectively net 
working capital tied up in the operations is used. 
EBIT margin EBIT as a percentage of net sales. Balco believes EBIT margin is a useful measure to-
gether with net sales growth and net working capital 
to monitor value creation. 
EBIT Earnings before interest and tax.  Balco believes that EBIT shows the profit generated by 
the operating activities.  
EBITA margin EBITA as a percentage of net sales. Balco believes EBITA margin is a useful measure to-
gether with net sales growth and net working capital 
to monitor value creation. 
EBITA EBIT excluding amortization on acquired intangi-
ble assets.  
Balco's growth strategy includes acquiring compa-
nies. In order to better illustrate the development of 
the underlying business, the management has chosen 
to follow EBITA, which is an expression of the operat-
ing profit before depreciation and write-downs of ac-
quired intangible assets.  
Equity/asset ratio Equity divided on total assets.  Balco believes that equity to asset ratio is a useful 
measure for the company's survival. 
Capital employed Equity plus interest-bearing net debt. Capital employed is used by Balco to indicate the 
general capital efficiency of the company. 
Capital employed excluding good-
will 
Capital employed minus goodwill. Capital employed excluding goodwill is used together 
with capital employed by Balco as a measure of the 
company's capital efficiency.

===== SIDA 20 =====

Balco Group in brief 
Balco Group is a market leader in the balcony industry, where we develop, manufacture, sell, 
and take responsibility for the installation of our own bespoke open and glazed balcony sys-
tems. The Group's customized products contribute to enhanced quality of life, security, and 
increased value for residents in multi-occupancy buildings. Furthermore, Balco Group's stand-
ardized glazing systems result in reduced energy consumption. 
 
562 employees 
 
Balco Group was established in 1987 and is a group 
consisting of producing and selling companies. The 
group is the market leader in the Nordics and operates 
in several markets in northern Europe. The head office 
is in Växjö. A general and distinctive feature of the 
companies in the Group is that they control the entire 
value chain - from sales work to installed balcony - 
through a decentralised and efficient sales process.  
7 markets 
1,407 MSEK net sales R12 
35,000 sqm total production area