FULLTEXT DEL 1 AV 1
Kvartalsrapport Q2 2025
===== SIDA 1 =====
Interim report 1 January – 30 June 2025
1
Q2 2025: Stable revenue and cash flow, further steps
towards profitability
Summary of the second quarter, April – June 20251
Group
• Revenue decreased by 2% to
SEK 1,088m.
• Gross profit declined by 4%.
• Selling and administrative costs
decreased by 6%.
• Operating result amounted to SEK -5m.
• Net finance costs declined to SEK 29m.
• Net profit improved to SEK -51m despite
additional foreign exchange losses.
• Net debt decreased to SEK 1,679m.
USA
• Market increased by 10%.
• Sales of new equipment and equipment
from rental sales increased by 2% in units.
• Total revenue decreased by 4% to
SEK 695m (4% increase in USD)
• Gross profit decreased by 14%, mainly due
to measures to optimize the balance sheet
and improve rental utilization.
• Operating profit decreased by 49% to
SEK 26m with operating margin at 3.8%.
Germany
• Market declined by 27%.
• New truck sales increased by 53% in units.
• Total revenue increased by 10% to SEK 366m.
• Service and parts sales increased by 6%.
• Selling and administrative costs declined by 8%.
• Operating profit improved to SEK -13m.
• Operating margin amounted to -3.5%.
• Inventory reduced by 53% compared to Q2
2024.
Kazakhstan
• Total revenue decreased to SEK 26m on lower
equipment sales but higher service and parts
sales.
• Operating profit was SEK -1m.
• Total inventory declined by 67% compared to
Q2 2024.
-2%
Revenue
-5
Operating profit, SEK m
-0.4%
Operating margin
-3.51
Earnings per share, SEK
Selected key group ratios2
SEK m (or as stated)
2025
Q2
2024
Q2 %
2025
6M
2024
6M
%
2024
FY
Revenue 1,088 1,115 -2% 2.294 2,361 -3% 4,880
Gross profit 177 185 -4% 374 404 -7% 755
Operating profit -5 -4 -23% 9 17 -48% 21
Result for the period -51 -81 37% -201 -11 -1.795% -89
Earnings per share, SEK3 -3,51 -5.56 37% -13.83 -0.73 -1.795% -6.15
Cash flow from operations 262 270 447 394 340
Net debt (cash) 1,679 1,671 1,679 1,671 1,978
Gross margin, % 16.3% 16.6% -0.3pp 16.3% 17.1% -0.8pp 15.5%
Operating margin, % -0.4% -0.3% -0.1pp 0.4% 0.7% -0.3pp 0.4%
Working capital/LTM Revenue, % 13% 21% -8.0pp 13% 21% -8.0pp 23%
Equity/total assets, % 31% 33% -2.2pp 31% 33% -2.2pp 30%
Return on capital employed, % 1% -2% 2.5pp 1% -2% 2.5pp 1%
Return on equity, % -19% -11% -8.2pp -19% -11% -8.2pp -6%
1 Comparison with same period in prior year unless stated otherwise.
2 Starting from Q1 2025 certain revenue and cost items were reclassified, with some effects on comparable numbers for revenue, gross profit, SG&A and other
income. For more details on this effect, please refer to p. 8.
3 Before dilution.
All amounts are stated in millions of SEK unless stated otherwise. Rounding differences when summing up can occur with +/ - SEK 1m. In cases where an
underlying number is rounded off to SEK 0m, this is written as 0. Definitions and purposes of the key ratios are presented on pages 21 to 23.
Interim report 1 January – 30 June 2025
===== SIDA 2 =====
Interim report 1 January – 30 June 2025
2
Stable revenue and cash flow,
further steps towards
profitability
I took over as CEO in mid-May. Even if I have been long with
Ferronordic, it has been exciting to spend time with colleagues,
customers and partners in my new role. I am impressed by our
teams in all our markets and am even more convinced that we will
achieve our strategic and financial objectives - even if I recognize it
will take time and efforts to get there.
Despite continued uncertainty in the US and persistent stagnation
in Germany, our total sales and cash flow were stable during the
quarter. Operating profit, however, was negative at SEK -5m due
to lower contribution from the US. This was not because of a
softening market, but mainly because of our own measures to
improve and grow the business going forward. In Germany, the
result improved compared to last year but remained negative. The
main priority here is to continue increasing the number of
technicians in the workshops to fully meet the demand from our
customers. At the same time, we continued to optimize our
inventories across the Group – which are now generally balanced –
and to reduce debt. Financing costs decreased, positively impacting
the net result.
In the US, demand was holding up despite the continued
uncertainty, primarily regarding trade policy and taxes. Activity in
the infrastructure segment remained high. Customers are generally
optimistic and have strong backlogs. The market in our territory
increased by 10% during the quarter compared to last year. One
uncertainty has been whether the generous tax incentives for
investments will remain available. The passage of “The Big
Beautiful Bill” confirms that they will, which is good for demand
going forward. When it comes to tariffs, the situation seems to
change daily. As we understand the situation today, however, we
do not foresee that our business is worse affected than others. We
are monitoring the development closely.
We continue to develop our US business and are optimistic about
the future there. Our market share decreased somewhat though as
we added fewer new machines to the rental fleet. However, rental
revenue picked up consistently during the quarter as utilization
improved. Total revenue in the US declined by 4% in kronor but
increased 4% in dollar. Gross profit was negatively affected by a
write-down of spare parts by SEK 5m. In addition, we chose to sell
certain low-utilization machines from the rental fleet at a loss and
instead replace them with machines that we have customers for.
This increased revenue by SEK 19m but reduced gross profit by
SEK 2m. Gross profit thus declined by 14% compared to last year.
Excluding these measures, gross margin was largely in line with the
same period last year. Expenses for maintenance of rental
equipment and service vehicles were high during the quarter, and
we are taking actions to address this. Operating profit declined to
SEK 26m, which we are not happy with.
In Germany, the economic situation remained gloomy, although
some signs of recovery start to be seen. Customers remain
cautious about new investments. The truck market declined by 27%
but grew by 14% compared to the previous quarter. We gained
market share and increased sales of new trucks by 53% in units.
Service and parts sales increased by 6%, which is positive but not
enough. Overall, sales increased by 10% in kronor and 12% in
euro. Gross margin improved and gross profit rose by 33%. Despite
this, expenses declined. Operating profit was SEK -13m, an
improvement of 53%. Inventory levels at the end of the quarter were
less than half of what they were a year ago. Debt decreased and
we now have considerably lower financing costs.
In Kazakhstan, we struggle with low market activity, especially in
the mining sector where many of our larger customers operate.
Total revenue decreased by 54%. However, the gross margin
improved, and gross profit decreased by 18%. Expenses declined
despite severance costs of SEK 1m. Operating profit was SEK -1m.
Outlook
We remain optimistic about our operations in the US and the long-
term opportunities there. We expect activity in the infrastructure
sector to remain as the need to maintain and develop American
roads and other infrastructure is significant. We see clear
opportunities to further develop and expand our US operations
going forward.
In Germany, truck demand remains low while demand for service
and parts is holding up relatively well. When the economy starts to
recover, demand for both new trucks and service and parts should
increase, too. We must ensure that we have enough capacity in our
workshops to fully meet this demand. Meanwhile, we have reduced
our cost base, our inventory levels, and our financing costs. Overall,
we are also optimistic about our operations in Germany.
Kazakhstan represents a small part of the Group’s business, but
we see promising opportunities in the market over the longer term.
Henrik Carlborg
President and CEO
“In the US, demand remained strong"
===== SIDA 3 =====
Interim report 1 January – 30 June 2025
3
Group
Revenue by segment (SEKm)
Operating profit and operating
margin
EPS and net margin
Revenue
In Q2 2025, the revenue of the Group decreased by 2% to SEK 1,088m
(1,115). Sales of equipment and trucks decreased by 8% while service and
parts sales increased by 2%. Other revenue, mainly consisting of rental sales,
increased by 11%, driven by improved rental utilization in the US.
In 6M 2025, the Group revenue decreased by 3% to SEK 2,294m (2,361).
The sales of equipment and trucks decreased by 6%, while sales of service
and parts increased by 1%. Other revenue increased by 4%.
Gross profit and operating profit
In Q2 2025, the gross margin for the Group decreased to 16.3% (16.6). As a
result of lower revenue and lower gross margin, gross profit decreased by 4%
to SEK 177m (185). Starting from Q1 2025, the gross margin and gross profit
were negatively impacted by a reclassification of productive costs in the US
from administrative expenses to cost of sales. The reclassification has no
impact on operating profit. In Q2 2024, the size of this effect was
approximately SEK 17m. For more details, please refer to p. 8 of this report.
Selling and administrative expenses in the quarter decreased by 6% to
SEK 181m. As a percentage of revenue, these expenses decreased to 16.6%
(17.3). Operating profit for the quarter decreased by 23% to SEK -5m (-4).
The operating margin during the quarter decreased from -0.3% to -0.4%.
In 6M 2025, the gross margin decreased to 16.3% (17.1). As a result of lower
revenue and lower gross margin, gross profit decreased by 7% to
SEK 374m (404). The effects of the reclassification of productive costs in the
US operations in 6M 2024 were approximately SEK 30m.
As a percentage of revenue, selling, general and administrative expenses
decreased in 6M 2025 to 16.4% (16.5). Operating profit for 6M 2025
decreased by 49% to SEK 9m (17). The operating margin during the quarter
decreased from 0.7% to 0.4%.
Net income
Finance costs (net) during the quarter decreased to SEK -29m (-40), mainly
because of lower borrowings, and partly because of repayments, currency
effects, as well as lower interest rates. Foreign exchange effects (net)
amounted to SEK -15m (-35) in Q2 2025, mainly as the Swedish krona
appreciated against the US dollar. The Group has assets denominated in
USD and EUR, which are revalued at the exchange rates of the closing date
of the reporting period.
The result before income tax for the quarter increased to SEK -49m (-79). The
result for the quarter increased to SEK -51m (-81).
Finance costs (net) in 6M 2025 decreased to SEK -62m (-67). Foreign
exchange losses (net) amounted to SEK -145m (60). The result before
income tax for 6M 2025 decreased to SEK -197m (10). The result for 6M 2025
decreased to SEK -201m (-11).
Earnings per share
Earnings per share before dilution in Q2 2025 amounted to SEK -3.51 (-5.56).
Earnings per share before dilution in 6M 2025 amounted to
SEK -13.83 (-0.73).
0
200
400
600
800
1,000
1,200
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Kazakhstan Germany US
-1%
1%
2%
-10
0
10
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Operating profit (SEKm)
Operating margin (%)
-30%
-20%
-10%
0%
10%
-10
-8
-6
-4
-2
0
2
4
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Earnings per share (SEK)
Net margin (%)
===== SIDA 4 =====
Interim report 1 January – 30 June 2025
4
Net working capital and as
% of LTM revenue
Operating cash flow per quarter
and over LTM
Property, plant and equipment and
capital expenditures
Cash flows
Cash flows from operating activities during the quarter decreased somewhat
to SEK 262m (270). Working capital at the end of Q2 2025 was SEK 625m, a
decrease of SEK 443m compared SEK 1,068m at the end of 2024, mainly
due to lower inventories and receivables in Germany. As a percentage of
revenue, working capital decreased to 13% (23% at the end of 2024).
Cash flow from investing activities in the quarter amounted to
SEK 26 (-174).
In 6M 2025, cash flows from operating activities increased to
SEK 447m (394). Higher cash flows were partly a result of lower inventories
and trade receivables.
Cash flows from investing activities during 6M 2025 amounted to
SEK 16m (-407).
Financial position
On 30 June 2025, cash and cash equivalents amounted to SEK 185m, a
decrease of SEK 178m compared to the end of 2024. Cash decreased mainly
as a result of repayment of loans.
At the end of Q2 2025, interest-bearing liabilities (including lease liabilities and
effects of IFRS-16) amounted to SEK 1,864m, a decrease of SEK 476m
compared to the end of 2024. The decrease was mainly a result of the
repayment of loans but was also due to currency translation effects. The net
debt decreased from SEK 1,978m at the end of Q4 2024 to SEK 1,679m at
the end of Q2 2025, mainly as a result of lower interest-bearing liabilities.
On 30 June 2025, property, plant and equipment (PP&E) amounted to
SEK 2,254m, a decrease of SEK 63m from SEK 2,317m at the end of 2024.
On 30 June 2025, equity amounted to SEK 1,302m (1,499), a decrease of
SEK 197m compared to the end of 2024. The decrease was partly a result of
currency translation effects and partly because of the of a negative result.
Parent company
In Q2 2025, the revenue of the Parent Company decreased to SEK 0m (2),
mainly due to less equipment sales to subsidiaries but also because no
royalty has been charged from subsidiaries in 2025. Administrative expenses
decreased by 36% to SEK 11m (18), mainly due to lower bonus accruals in
Q2 2025. Operating profit increased to SEK -11m (-15). The result for the
quarter decreased to SEK -56m (-6), mainly due to negative foreign exchange
effects.
In 6M 2025, the revenue of the Parent company decreased to SEK 0m (8).
Administrative expenses decreased by 28% to SEK 29m (40). Operating profit
increased to SEK -29m (-36) in 6M 2025. The result for the 6M 2025
decreased to SEK -137m (71), mainly due to negative foreign exchange
effects.
Foreign exchange rates
The following foreign exchange rates have been used to translate the
6M 2025 (6M 2024) results to the presentation currency:
• Average rates of SEK/EUR 11.09 (-1,7% vs 11.29) and SEK/USD 10.17
(-3% vs 10.53) have been used to translate the income statements.
• End of period rates of SEK/EUR 11.15 (-2.1% vs 11.39) and SEK/USD 9.51
(-10% vs 10.61) have been used to translate the balance sheet.
-5%
0%
5%
10%
15%
20%
25%
30%
-200
0
200
400
600
800
1,000
1,200
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Net working capital (SEKm)
Net working capital as % of LTM revenue
-500
-300
-100
100
300
500
700
900
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Cash flow from operations LTM (SEKm)
Cash flow from operations per quarter (SEKm)
-10%
0%
10%
20%
30%
40%
50%
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
1,500
2,000
2,500
Property plant and equipment (SEKm)
CAPEX LTM/PPE, %
===== SIDA 5 =====
Interim report 1 January – 30 June 2025
5
Net debt and net debt/EBITDA
Currency index last 5 quarters
(indexed 1 April 2024)
The Group’s currency exposure is mainly to the US dollar (USD) and the
euro (EUR), from its US and German operations respectively. The Group also
has exposure to the Kazakh tenge (KZT).
Employees
At the end of Q2 2025, the number of full-time equivalent employees in the
Group was 796 (814), of which 372 (355) related to the US, 368 (397) to
Germany, 40 (43) to Kazakhstan and 16 (19) occupied group functions.
Sustainability
In Q2 2025, Ferronordic continued work to build institutional capacity to
measure, report and follow up on its sustainability targets internally and as
required by the CSRD and the ESRS.
Risks and uncertainties
Ferronordic is exposed to a number of operational and financial risks. The
Group currently operates in the US, Germany and Kazakhstan, which means
that the Group has business in two developed markets and in one emerging
market. In developed markets, competitive, labor and regulatory pressure can
be strong. In the US, the administration has imposed tariffs and has discussed
introducing further tariffs and other trade restrictions. This could pose risks to
Ferronordic since the US operations rely on imported machines and spare
parts. In an emerging market, the institutional and regulatory frameworks can
be unstable. The tax and judicial systems are not always transparent or
consistent. Corruption can be a problem. Access to funding can be limited,
monetary policy unpredictable and the currency unstable. Counterparty and
insurance risks are often greater and instruments to manage such risks are
either less effective or more expensive. In its position as a service and sales
company, between suppliers and customers, Ferronordic is exposed to both
supply and demand disruptions and to changes in macroeconomic activity.
For more on risks and uncertainties, please refer to Ferronordic’s annual
report.
Ferronordic appoints new Board Chairman and CEO
On 14 May 2025, Ferronordic’s AGM decided to appoint Lars Corneliusson as
executive Chairman. At the same time, the Board of Directors appointed
Henrik Carlborg new CEO and President of Ferronordic. Henrik Carlborg has
worked at Ferronordic since 2013. He joined as General Counsel and has
worked as Business Development Director and Deputy CEO since 2017.
Henrik was a driving force behind Ferronordic's expansion into the US and
has been primarily responsible for the development of Ferronordic's US
operations.
Events after the reporting period
Other than as mentioned above, there were no significant events after the end
of the reporting period.
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
-200
300
800
1,300
1,800
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Net debt (SEKm)
Net debt / EBITDA (%)
85
95
105
115
125
135
Q2
2024
Q3
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
SEK/EUR SEK/USD
SEK/100 KZT
===== SIDA 6 =====
Interim report 1 January – 30 June 2025
6
Segments
From Q4 2023 Ferronordic recognizes three separate
reportable segments: US, Germany and Kazakhstan (see
also note 5 on page 18). In the US, equipment and truck
sales include sales of new construction equipment mainly
from Volvo, Hitachi, Sandvik, Link-Belt Cranes and
Bergmann, and used machines. In Germany, equipment
and truck sales include sales of new Volvo Trucks and
Renault Trucks, Renault light commercial vehicles and
used trucks. In Kazakhstan, equipment and truck sales
include sales of new and used construction equipment,
used trucks and attachments. Service and parts sales are
also referred to as aftermarket sales. Other revenue
consists mainly of rental revenue. To show the underlying
performance of the operating segments, Ferronordic shows
unallocated Group costs and assets separately1. These are
costs that are incurred and assets that are held for the
benefit of the Group as a whole.
US Germany Kazakhstan
Unallocated
Group costs1 Total
SEK m (or as stated)
Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
External revenue 695 727 366 332 26 56 1,088 1,115
Equipment and truck sales 334 365 193 172 10 46 536 583
Service and parts sales 281 286 152 144 17 10 450 440
Other revenue 80 76 21 16 - - 101 92
Gross profit 121 140 50 38 6 8 177 185
EBITDA 104 131 9 - - - -17 -27 95 104
Operating profit 26 51 -13 -27 -1 -1 13 23
Group costs1 - - - - - - -17 -27 -17 -27
Operating profit after group
costs 26 51 -13 -27 -1 -1 -17 -27 -5 -4
Finance items (net) -45 -75
Profit(loss) before tax -49 -79
Result for the period -51 -81
Gross margin, % 17.3% 19.2% 13.7% 11.4% 24.0% 13.6% 16.3% 16.6%
Operating margin, % 3.8% 7.1% -3.5% -8.2% -3.6% -2.3% -0.4% -0.3%
US Germany Kazakhstan
Unallocated
Group
costs1 Total
SEK m (or as stated)
6M 6M 6M 6M 6M 6M 6M 6M 6M 6M
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
External revenue 1,458 1,500 768 771 68 90 2,294 2,361
Equipment and truck sales 769 815 414 432 43 65 1,225 1,312
Service and parts sales 564 557 311 306 25 25 901 888
Other revenue 125 128 43 33 - - 168 161
Gross profit 256 296 106 94 12 13 374 404
EBITDA 199 239 22 5 2 -3 -44 -51 179 190
Operating profit 74 112 -22 -39 1 -5 52 68
Group costs1 - - - - - - -44 -51 -44 -51
Operating profit after group
costs 74 112 -22 -39 1 -5 -44 -51 9 17
Finance items (net) -206 -7
Profit(loss) before tax -197 10
Result for the period -201 -11
Gross margin, % 17.5% 19.7% 13.8% 12.2% 17.7% 14.9% 16.3% 17.1%
Operating margin, % 5.1% 7.4% -2.9% -5.1% 0.8% -5.2% 0.4% 0.7%
===== SIDA 7 =====
Interim report 1 January – 30 June 2025
7
30 June 2025
SEK m US Germany Kazakhstan
Group
assets1 Total
Non-current assets 1,754 837 15 - 2,606
Total assets 2,732 1,227 152 73 4,183
31 December 2024
SEK m US Germany Kazakhstan
Group
assets1 Total
Non-current assets 1,760 923 13 - 2,697
Total assets 3,054 1,458 183 246 4,941
Segment share of revenue,
Q2 2025
Segment share of total assets,
30 June 2025
30 June 2025
SEK m US Germany Kazakhstan
Group
assets Total
Property, plant and equipment 1,615 632 6 - 2,254
Real Estate 198 226 - - 424
Rental Fleet 1,258 290 - - 1,548
Right-of-use assets 17 42 3 - 62
Other PPE 142 75 3 - 220
31 December 2024
SEK m US Germany Kazakhstan
Group
assets Total
Property, plant and equipment 1,600 711 5 - 2,317
Real Estate 227 236 - - 464
Rental Fleet 1,264 336 - - 1,599
Right-of-use assets 19 45 - - 64
Other PPE 90 94 5 - 190
US 64%
Germany 34%
Kazakhstan 2%
US 65%
Germany 29%
Kazakhstan 4%
Group 2%
===== SIDA 8 =====
Interim report 1 January – 30 June 2025
8
Changes in the presentation of the income
statement of the US segment
In the 2025 financial year, certain revenue and cost items
have been reclassified to align the presentation of the
income statement for the US segment to Group reporting
guidelines.
Revenues related to the recharge of cost of sales and
SG&A to customers in the service and parts business were
presented in the same line as the corresponding costs in
Q2 2024. In Q2 2025, they are recognized in revenue and
the corresponding cost in cost of sales and SG&A. Other
cost of sales that in Q2 2024 were reported as SG&A have
in Q2 2025 been reclassified to cost of sales. Certain
administration fees paid by customers that in Q2 2024 were
reported under other income have in Q2 2025 been
reclassified to equipment sales.
Column Q2 2024 ADJ in the table below shows the effects
of the reclassifications on the Q2 2024 income statement,
compared to how the result was presented in the Q2 2024
report, and the effects on the year-on-year comparisons
with Q2 2025. Column FY ADJ shows the effects of the
reclassifications on the full year 2024 income statement,
compared to how the result was presented in the 2024
annual report. The reclassifications affect revenue, gross
profit, gross margin, SG&A, other income and operating
margin, but have no effect on the operating profit.
The table below shows the US segment’s Q2 2024 and FY 2024 results before and after the reclassifications, as well as the
differences due to the change in presentation.
Q2 Q2 Q2 Q2 Y-o-Y Y-o-Y
FY
FY
FY
SEK m 2025 2024 ADJ
2024
ADJ reported adjusted
2024
ADJ
2024
ADJ
Revenue 695 707 21 727 -2% -4% 2,813 160 2,973
Equipment and truck sales 334 356 9 365 -6% -8% 1,550 3 1,553
Service and parts sales 281 275 12 286 2% -3% 991 157 1,149
Other revenue 80 76 - 76 6% 6% 272 - 272
Cost of sales -575 -550 -38 -588 4% -2% -2,127 -258 -2,385
Gross profit 121 156 -17 139 -23% -13% 686 -98 588
Selling expenses -28 -19 -4 -23 47% 21% -82 -10 -92
General and administrative
expenses -68 -95 28 -67 -28% 1% -379 108 -271
Other income 1 9 -7 2 8 - 8
Other expenses 1 -1 -1 -3 - -3
Operating profit 26 51 - 51 -49% -49% 230 - 230
Gross margin 17.3% 22.1% 19.1% 24.4% 19.8%
Operating margin 3.8% 7.3% 7.0% 8.2% 7.7%
The table below shows the Group’s Q2 2024 and FY 2024 results before and after the reclassifications, as well as the differences
due to the change in presentation.
Q2 Q2 Q2 Q2 Y-o-Y Y-o-Y
FY
FY
FY
SEK m 2025 2024 ADJ
2024
ADJ reported adjusted
2024
ADJ
2024
ADJ
Revenue 1,088 1,095 21 1,115 -1% -2% 4,720 160 4,880
Equipment and truck sales 536 574 9 583 -6% -8% 2,710 3 2,713
Service and parts sales 450 429 12 440 5% 2% 1,662 157 1,819
Other revenue 101 92 92 11% 11% 347 - 347
Cost of sales -911 -893 -38 -930 2% -2% -3,867 -258 -4,124
Gross profit 177 202 -17 185 -12% -4% 853 -98 755
Selling expenses -64 -59 -4 -63 8% 1% -239 -10 -249
General and administrative
expenses -117 -157 28 -130 -26% -10%
-587 108 -479
Other income 1 15 -7 8 8 - 8
Other expenses -2 -4 -4 -14 - -14
Operating profit -5 -4 - -4 23% 23% 21 - 21
Gross margin 16.3% 18.4% 16.6% 18.1% 15.5%
Operating margin -0.4% 1.8% -0.3% 0.4% 0.4%
===== SIDA 9 =====
Interim report 1 January – 30 June 2025
9
USA
Unit sales (incl. rental conversion)
Revenue by activity (SEKm)
Operating profit and operating margin
Market and sales
Demand for machines and services was stable during the quarter despite
continued uncertainty related to tariffs and tax policy. Activity among customers,
many of which operate in areas directly or indirectly related to infrastructure
projects, remains high. The market for larger machines (GPE segment) in
Ferronordic’s sales territory increased by 10% Y-o-Y. Inventory levels in the
market have declined, but competition remains intense. When it comes to
tariffs, the situation seems to be changing daily. As of now, Ferronordic does
not expect its offering and operations to be affected worse than those of its
competitors. With regards to tax policy, the uncertainty related to continued tax
breaks for investments, etc. should have subsided after the passing of The Big
Beautiful Bill in July. During the quarter, Ferronordic sold 59 new units, 22 used
units and 26 units were converted to sales from rental. The service and parts
business was stable. In the quarter, measures were taken to optimize inventory
and rental fleet, partly by selling 17 machines it had struggled to find customers
for. This increased equipment revenue by SEK 19m but had an almost SEK 2m
negative impact on gross profit. Ferronordic also made an impairment of
SEK 5m on certain parts and components in inventory. Equipment inventory
and rental fleet have increased but are in line with targeted sales plans.
Revenue and operating result
Revenue in Q2 2025 amounted to SEK 695m (727) with a gross margin of
17.3% (19.2). In Q2 2025, 48% of revenue was related to sales of new and
used equipment and conversions, 40% to service and parts and 12% was
related to rental.
Selling, general and administrative expenses increased by 6% compared to Q2
2024 to SEK 96m (90). As a percentage of revenue, these expenses increased
to 13.8% (12.4). Operating profit decreased to SEK 26m (51). The operating
margin decreased to 3.8% (7.1).
Cash flows and balance sheet
Working capital at the end of Q2 2025 amounted to SEK 401m, a decrease
from SEK 484m at the end of Q1 2025, mainly as inventory and receivables
decreased. At the end of Q2 2025, working capital corresponded to 14% of
revenue for the last 12 months, compared to 17% at the end of Q1 2025. Cash
flows from operating activities during the quarter amounted to SEK 156m (272).
6M 2025
In 6M 2025, revenue in the US amounted to SEK 1,458m (1,500) with a gross
margin of 17.5% (19.7). Operating profit amounted to SEK 74m (112) with an
operating margin of 5.1% (7.5%).
2025 2024 % 2025 2024 % 2024
Q2 Q21 change 6M 6M change FY
New units 59 70 -16% 130 151 -14% 277
Conversion from rental, units 26 13 100% 56 40 40% 129
Used units 22 22 0% 42 41 2% 73
Revenue, SEK m 695 727 -4% 1,458 1,500 -3% 2,973
Gross profit, SEK m 121 140 -14% 256 296 -14% 588
Operating profit, SEK m 26 51 -49% 74 112 -34% 230
Gross margin, % 17.3% 19.2% 17.5% 19.7% 19.8%
Operating margin, % 3.8% 7.1% 5.1% 7.5% 7.7%
Working capital/LTM Revenue, % 14% 15% 14% 15% 21%
1 Starting from Q1 2025 certain revenue and cost items were reclassified, with some effects on comparable numbers in for revenue, gross profit,
SG&A and other income. For more details on this effect, please refer to p . 8.
0
20
40
60
80
100
120
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Unit sales Conversion
0
100
200
300
400
500
600
700
800
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Equipment sales Aftermarket sales
Other
0%
3%
6%
9%
12%
0
20
40
60
80
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Operating profit (SEK m)
Operating margin (%)
===== SIDA 10 =====
Interim report 1 January – 30 June 2025
10
Germany
Unit sales
Revenue by activity
Operating profit and operating
margin
Market and sales
The stagnation in the German economy continued during the quarter and is expected
to persist for the remainder of the year, potentially followed by return to growth in
2026. The German government has announced plans to invest EUR 500bn on
defence, infrastructure and green transition. Meanwhile, the ECB has cut interest
rates by a further 25bps. The IFO business climate index and the PMI manufacturing
improved slightly in July. Demand for trucks was nevertheless subdued during the
quarter as many customers continued to postpone investments. New trucks
registered in Germany decreased by 27%. In Ferronordic’s sales area, registrations
decreased by 38% Y-o-Y and represented approx. 18% of the total German market.
While customers are cautious about renewing their fleets, they continue to actively
operate and maintain their existing trucks, resulting in continued strong demand for
service and parts. Ferronordic’s sales of new trucks increased by 53% in units, to
155, and by 32% in kronor to SEK 180m. Inventories at the end of the quarter
declined by 53% to SEK 218m, compared to SEK 461m at the end of the second
quarter 2024. Service and parts sales increased by 6% to SEK 152m. Demand for
service and parts remains strong, and Ferronordic plans to increase the number of
qualified technicians to fully meet this demand.
Revenue and operating result
Revenue in Germany increased by 10% to SEK 366m (332) in Q2 2025. Truck sales
increased by 12%. Service and parts sales increased by 6% to SEK 152m. The gross
margin increased by 2.3pp to 13.7% (11.4).
Selling, general and administrative expenses decreased by 8% compared to
Q2 2024 to SEK 62m (67). As a percentage of revenue, these expenses decreased
to 16.9% (20.1). The operating margin increased to -3.5% (-8.2). The operating result
increased to SEK -13m (-27).
Cash flows and balance sheet
Working capital decreased to SEK 190m during the quarter as inventories and
receivables declined while payables increased. Reduction in receivables included
receipt of subsidies for electric trucks. As a percentage of revenue during the last 12
months, working capital decreased to 11% compared to 16% at the end of the first
quarter. Cash flows from operating activities amounted to SEK 113m (13) in
Q2 2025.
6M 2025
In 6M 2025, revenue in Germany remained largely unchanged at SEK 768m (771)
with a gross margin of 13.8% (12.2). Operating profit amounted to SEK -22m (-39)
with an operating margin of -2.9% (-5.1).
2025 2024 % 2025 2024 % 2024
Q2 Q2 change 6M 6M change FY
New units 155 101 53% 303 258 17% 671
Used units 36 80 -55% 84 189 -56% 300
Revenue, SEK m 366 332 10% 768 771 0% 1,702
Gross profit, SEK m 50 38 33% 106 94 12% 149
Operating profit, SEK m -13 -27 53% -22 -39 43% -120
Gross margin, % 13.7% 11.4% 13.8% 12.2% 8.7%
Operating margin, % -3.5% -8.2% -2.9% -5.1% -7.0%
Working capital/LTM Revenue, % 11% 31% 11% 31% 23%
0
50
100
150
200
250
300
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Unit sales
0
100
200
300
400
500
600
Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025
Equipment sales Aftermarket sales
Other
(SEK m)
-12%
-7%
-2%
-65
-45
-25
-5
15
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Operating profit (SEK m)
Operating margin (%)
===== SIDA 11 =====
Interim report 1 January – 30 June 2025
11
Kazakhstan
Unit sales
Revenue by activity
Operating profit and operating
margin
Market and sales
Kazakhstan’s economy continued to grow during the first six months of the year.
Economic growth is expected to continue. Activity in the mining sector, however,
where many of Ferronordic’s large customers are active, has remained subdued
during the year. Ferronordic estimates that the market for larger construction
equipment (GPE segment) declined by 27% Y-o-Y during the quarter.
Ferronordic has continued to reduce inventory and the stock level is now more
balanced. During the quarter, sales of new machines in units decreased to
6 (11). Total inventory declined from SEK 80m at the end of the first quarter to
SEK 68m at the end of the second quarter. Service and parts sales increased
by 65%. In the quarter, the gross profit was negatively affected by a write down
of parts in the amount of SEK 1m. Operating profit was negatively affected by
severance cost in the amount of SEK 1m.
Revenue and operating result
Total revenue in Kazakhstan decreased by 54% to SEK 26m (56). Equipment
sales decreased by 79%, while service and parts sales increased by 65%. The
gross margin improved to 24% (13.6). Gross profit declined to SEK 6m (8).
Selling, general and administrative expenses decreased by 35% but as a
percentage of revenue, these expenses increased to 22.5% (16.1) on lower
revenue. The operating result remained unchanged at SEK -1m (-1), implying
an operating margin of -3.6% (-2.3).
Cash flows and balance sheet
Working capital decreased to SEK 89m at the end of Q2 2025, compared to
SEK 100m at the end of Q1 2025, as inventory declined more than payables. As
a percentage of revenue, working capital was 49% at the end of Q2 2025,
compared to 47% at the end of Q1 2025. Сash flows from operating activities
increased to SEK 7m (-6).
6M 2025
Revenue during 6M 2025 decreased by 24% to SEK 68m (90). The gross
margin increased to 17.7% (14.9). Operating profit increased by 111% to SEK
1m (-5). The operating margin improved to 0.8% (-5.2).
2025
Q2
2024
Q2
%
change
2025
6M
2024
6M
%
change
2024
FY
New units 6 11 -45% 34 16 113% 52
Used units 5 12 -58% 8 17 -53% 35
Revenue, SEK m 26 56 -54% 68 90 -24% 205
Gross profit, SEK m 6 8 -18% 12 13 -9% 19
Operating profit, SEK m -1 -1 25% 1 -5 111% -12
Gross margin, % 24.0% 13.6% 17.7% 14.9% 9%
Operating margin adjusted, % -3.6% -2.3% 0.8% -5.2% -5.9%
Working capital/LTM Revenue, % 49% 18% 49% 18% 55%
0
10
20
30
40
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Unit sales
-10
10
30
50
70
90
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Equipment sales Aftermarket sales
(SEK m)
-50%
-40%
-30%
-20%
-10%
0%
-20
-15
-10
-5
0
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Operating profit (SEK m)
Operating margin (%)
===== SIDA 12 =====
Interim report 1 January – 30 June 2025
12
Condensed consolidated statement
of comprehensive income
Q2 Q2 6M 6M FY
SEK m 2025 20241 2025 20241 20241
Revenue 1,088 1,115 2,294 2,361 4,880
Cost of sales -911 -930 -1,920 -1,957 -4,124
Gross profit 177 185 374 404 755
Selling expenses -64 -63 -127 -130 -249
General and administrative expenses -117 -130 -248 -259 -479
Other income 1 8 14 10 8
Other expenses -2 -4 -4 -7 -14
Operating profit -5 -4 9 17 21
Finance income 1 1 6 4 10
Finance costs -31 -41 -68 -71 -147
Foreign exchange gains/(-losses) (net) -15 35 -145 60 77
Result before income tax -49 -79 -197 10 -40
Income tax -2 -2 -4 -20 -50
Result for the period -51 -81 -201 -11 -89
Other comprehensive result
Items that are or may be reclassified to profit or loss:
Foreign currency translation differences for foreign
operations -19 -21 4 -15 -39
Other comprehensive result for the period, net of tax -19 -21 4 -15 -39
Total comprehensive result for the period -70 -102 -197 -26 -128
Earnings per share
Basic earnings per share (SEK) -3.51 -5.56 -13.83 -0.73 -6.15
Diluted earnings per share (SEK) -3.51 -5.56 -13.83 -0.73 -6.15
1 Prior-year figures have been restated due to a reclassification of certain revenue and cost items. The reclassification had no impact on operating
profit or net income. For more details on this effect, please refer to p. 8.
===== SIDA 13 =====
Interim report 1 January – 30 June 2025
13
Condensed consolidated statement of
financial position
SEK m
30 Jun
2025
31 Mar
2025
31 Dec
2024
30 Jun
2024
ASSETS
Non-current assets
Property, plant and equipment 2,254 2,282 2,317 2,177
Intangible assets 223 229 248 241
Deferred tax assets 128 124 132 129
Total non-current assets 2,606 2,636 2,697 2,547
Current assets
Inventories 967 1,115 1,253 1,466
Trade and other receivables 409 541 617 653
Prepayments 16 16 11 5
Cash and cash equivalents 185 232 363 208
Total current assets 1,577 1,904 2,245 2,331
TOTAL ASSETS 4,183 4,540 4,941 4,879
EQUITY AND LIABILITIES
Equity
Share capital 1 1 1 1
Additional paid in capital 635 635 635 630
Translation reserve -57 -38 -61 -6
Retained earnings 924 924 1,013 1,013
Result for the period -201 -150 -89 -11
TOTAL EQUITY 1,302 1,372 1,499 1,627
Non-current liabilities
Borrowings 833 1,064 958 628
Deferred income 6 6 7 4
Deferred tax liabilities 244 257 281 294
Long-term lease liabilities 33 33 37 49
Total non-current liabilities 1,116 1,360 1,283 976
Current liabilities
Borrowings 978 939 1,318 1,178
Trade and other payables 758 834 794 1,051
Deferred income 5 7 11 12
Provisions 4 5 8 11
Short-term lease liabilities 21 23 28 23
Total current liabilities 1,765 1,808 2,159 2,276
TOTAL LIABILITIES 2,881 3,168 3,442 3,251
TOTAL EQUITY AND LIABILITIES 4,183 4,540 4,941 4,879
===== SIDA 14 =====
Interim report 1 January – 30 June 2025
14
Condensed consolidated statement of
changes in equity
SEK m
Share
capital
Additional
paid in
capital
Translation
reserve
Retained
earnings
Total
equity
Balance 1 January 2025 1 635 -61 924 1,499
Total comprehensive result for the period
Result for the period - - - -201 -201
Other comprehensive result
Foreign exchange differences - - 4 - 4
Total comprehensive result for the period - - 4 -201 -197
Contribution by and distribution to owners
Dividends - - - - -
Total contributions and distributions - - - - -
Balance 30 June 2025 1 635 -57 723 1,302
SEK m
Share
capital
Additional
paid in
capital
Translation
reserve
Retained
earnings
Total
equity
Balance 1 January 2024 1 630 -22 1,013 1,622
Total comprehensive result for the period
Result for the period - - - -11 -11
Other comprehensive result
Foreign exchange differences - - 16 - 16
Total comprehensive result for the period - - 16 -11 5
Contribution by and distribution to owners
Dividends - - - - -
Total contributions and distributions - - - - -
Balance 30 June 2024 1 630 -6 1,002 1,627
===== SIDA 15 =====
Interim report 1 January – 30 June 2025
15
Condensed consolidated statement of cash flows
Q2 Q2 6M 6M
SEK m 2025 2024 2025 2024
Cash flows from operating activities
Result before income tax -50 -79 -198 10
Adjustments for:
Depreciation and amortization 100 107 170 172
(Gain)/loss from impairment of receivables 2 -1 2 -
Finance costs 31 77 68 143
Finance income -2 -37 -6 -77
Foreign exchange losses/(gains) (net) 16 35 144 -60
Cash flows from operating activities before changes in working
capital and provisions 96 101 180 188
Change in inventories 113 206 159 28
Change in trade and other receivables 98 -21 123 -40
Change in prepayments - - -5 -1
Change in trade and other payables -28 33 62 334
Change in provisions -2 -7 -4 -1
Change in deferred income -3 -4 -7 -6
Cash flows from operating activities before interest and tax paid 275 308 507 503
Income tax paid 13 - -1 -43
Interest paid -26 -37 -59 -66
Cash flows from operating activities 262 270 447 394
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 33 7 34 7
Interest received 3 1 7 4
Acquisition of property, plant and equipment -10 -182 -25 -418
Cash flows from investing activities 26 -174 16 -407
Cash flows from financing activities
Proceeds from borrowings 21 - 21 -
Repayment of loans -340 -98 -625 -197
Leasing financing paid -7 -8 -14 -14
Warrant issue - - - -
Cash flows from financing activities -326 -106 -618 -211
Net change in cash and cash equivalents -38 -10 -155 -224
Cash and cash equivalents at start of the period 232 217 363 426
Effect of exchange rate fluctuations on cash and cash equivalents -10 1 -24 6
Cash and cash equivalents at end of the period 185 208 185 208
===== SIDA 16 =====
Interim report 1 January – 30 June 2025
16
Parent company income statement
Q2 Q2 6M 6M FY
SEK m 2025 2024 2025 2024 2024
Revenue - 2 - 8 3
Cost of sales - - - -3 -3
Gross profit - 2 - 4 -
Administrative expenses -11 -18 -29 -40 -43
Other income - - - - 1
Other costs - - - - -
Operating profit -11 -15 -29 -36 -42
Finance income 20 39 45 78 141
Finance costs -6 -13 -15 -23 -43
Foreign exchange gains/(-losses) (net) -58 -17 -138 62 97
Result after financial items -56 -7 -137 81 153
Tax allocation reserve - 0 - - -31
Result before income tax -56 -7 -137 81 122
Income tax - 1 - -11 -26
Result for the period -56 -5 -137 71 96
Total comprehensive result for the period is the same as the Result for the period.
===== SIDA 17 =====
Interim report 1 January – 30 June 2025
17
Parent company balance sheet
SEK m
30 Jun
2025
31 Mar
2025
31 Dec
2024
30 Jun
2024
ASSETS
Non-current assets
Property, plant and equipment - - - -
Intangible assets - - - -
Financial assets
Holdings in group companies 288 288 288 288
Loans to group companies 1,833 1,905 2,042 54
Deferred tax assets - - - 6
Total financial assets 2,121 2,193 2,330 348
Total non-current assets 2,121 2,193 2,330 348
Current assets
Trade and other receivables 16 21 22 44
Prepayments 3 - - -
Loans to group companies - - - 2,077
Cash and cash equivalents 56 131 205 63
Total current assets 74 151 277 2,183
TOTAL ASSETS 2,195 2,344 2,557 2,532
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital 1 1 1 1
Unrestricted equity
Share premium reserve 640 640 640 640
Retained earnings 1,380 1,380 1,283 1,283
Result for the period -137 -81 96 71
TOTAL EQUITY 1,884 1,940 2,020 1,995
Untaxed reserves 31 31 31 -
Non-current liabilities
Borrowings 143 332 413 481
Total non-current liabilities 143 332 413 481
Current liabilities
Trade and other payables 41 41 37 55
Borrowings 95 - 55 -
Total current liabilities 136 41 92 55
TOTAL LIABILITIES 280 373 506 536
TOTAL EQUITY AND LIABILITIES 2,195 2,344 2,557 2,532
===== SIDA 18 =====
Interim report 1 January – 30 June 2025
18
Notes
1. Accounting policies
Ferronordic applies the IFRS® Accounting Standards as
adopted by the EU. This report has been prepared in
accordance with IAS 34, the Swedish Annual Accounts Act
and recommendation RFR 2 (only parent company), issued by
the Swedish Sustainability and Financial Reporting Standard
Board.
The same accounting and valuation principles were applied in
the preparation of this report as in the preparation of the 2024
annual report (regarding the 2024 financial year).
2. Determination of fair values
The basis for the determination of fair value of financial assets
and liabilities is disclosed in note 5 in the 2024 annual report.
The fair values of the Group’s financial assets and liabilities
approximate their respective carrying amounts.
3. Seasonal variations
Ferronordic’s revenue and earnings are affected by seasonal
variations in the construction industry in the US and in
Kazakhstan. In the US business tends to be lower in the
summer months. Rental conversion happens mainly in the 4th
quarter. For Kazakhstan, the first quarter is typically the
weakest for sales of machines as activity in construction
projects is constrained during the winter months. On the other
hand, the demand in aftermarket (sales of service and parts)
is usually strong since many customers use the quiet period to
service their machines. Demand is typically stronger and
relatively even through the rest of the year. In Germany,
seasonal trends are less significant.
4. Ferronordic AB (publ)
Ferronordic AB (publ) and its subsidiaries are sometimes
referred to as the Group or Ferronordic. Ferronordic AB (publ)
is also sometimes referred to as the Company. Any
mentioning of the Board is a reference to the Board of
Directors of Ferronordic AB (publ).
5. Segment reporting
Operating segments are reported in a manner consistent with
the internal reporting provided to the chief operating decision-
maker (CODM). The chief operating decision-maker, who is
responsible for allocating resources and assessing the
financial performance of the operating segments, has been
identified as the Group Executive Management Team. The
Group recognizes three separate reportable segments: USA,
Germany and Kazakhstan. The segments are partly managed
separately due to differences in markets, logistics, supply
chains, products, customers and marketing strategies. For
each segment, management reviews internal reports on at
least a monthly basis. US sales are comprised of new and
used construction and other equipment, aftermarket sales,
rental and other services. Germany’s sales are comprised of
new and used trucks, aftermarket sales, rental and other
services. Kazakhstan’s sales are comprised of new and used
construction and other equipment, used trucks, aftermarket
sales, rental and other services.
The accounting policies of the segments are the same as
described in Note 6 of the annual report 2024. Group
overhead costs, such as Group management costs, are
allocated between the segments using principles set forth by
the CODM. Information regarding the results of each segment
is presented on page 6 of this report. The performance of
each segment is mainly evaluated based on revenue, gross
profit, gross margin, EBITDA, operating profit and operating
margin, as included in internal management reports that are
reviewed by the Group’s Executive Management Team. The
Group had no inter-segment revenues during the periods
presented.
Information on Group segments is presented in the front part
of this report.
6. Contingencies
The Parent Company has issued a number of pledged assets,
all as security for obligations vis-à-vis suppliers and financial
institutions. For more details, please refer to note 26 of the
annual report 2024.
7. Related party transactions
There have been no significant changes in the relationships or
transactions with related parties for the Group or the Parent
Company compared with the information disclosed in the
2024 annual report.
8. Earnings per share
The calculation of earnings per share is based on the result
attributable to the shareholders and is thus calculated as the
result for the period divided by the average number of shares
outstanding. Dilution can potentially follow from the Group’s
incentive program for its executive management, which
includes warrants. For more information, please refer to
Ferronordic’s annual report for 2024.
===== SIDA 19 =====
Interim report 1 January – 30 June 2025
19
Result for the period, SEK m
2025
Q2
2024
Q2
2025
6M
2024
6M
Result attributable to shareholders, SEK m -51 -81 -201 -11
Average number of shares during the period before dilution, thousand 14,532 14,532 14,532 14,532
Earnings per share before dilution, SEK -3.51 -5.56 -13.83 -0.73
Dilution effect - - - -
Average number of shares during the period after dilution, thousand 14,532 14,532 14,532 14,532
Earnings per share after dilution, SEK -3.51 -5.56 -13.83 -0.73
9. Events after the reporting date
Information regarding events after the reporting date is set out in the front part of this report (p. 6).
===== SIDA 20 =====
Interim report 1 January – 30 June 2025
20
Signatures
The Board of Directors and the Managing Director declare that the report for the second quarter of 2025 provides a true and fair
overview of the Group’s and the Parent Company’s operations, financial position and performance, and describes material risks
and uncertainties facing the parent company and the companies in the Group.
Stockholm, 14 August 2025
Lars Corneliusson
Chairman
Aurore Belfrage
Director
Annette Brodin Rampe
Director
Niklas Florén
Director
Håkan Eriksson
Director
Peter Zonabend
Director
Henrik Carlborg
Managing Director
This report has not been reviewed by the Company’s auditors
===== SIDA 21 =====
Interim report 1 January – 30 June 2025
21
Key ratios
Financial information for individual quarters
The financial information below regarding individual quarters
during the period 1 April 2023 – 30 June 2025, is collected
from Ferronordic’s interim reports for the relevant quarters.
Key ratios
Certain key ratios in Ferronordic’s interim reports are not
defined according to IFRS.
The company considers these ratios to provide valuable
supplementary information for investors and the company’s
management as they enable the assessment of relevant
trends. Ferronordic’s definitions of these measures may differ
from other companies’ definitions of the same terms. These
ratios should therefore be seen as a supplement rather than as
a replacement for measures defined according to IFRS. As the
amounts in the tables below have been rounded off to SEK m,
the calculations do not always add up due to rounding.
Selected key group ratios
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
SEK m (or as stated) 2023 2023 2023 20242 20242 20242 20242 2025 2025
Revenue 674 643 915 1,246 1,115 1,145 1,347 1,206 1,088
Gross profit 84 75 133 219 185 166 185 197 177
Gross margin, % 12.5% 11.7% 14.5% 17.6% 16.6% 14.5% 13.5% 16.3% 16.3%
Operating profit -10 -28 -62 21 -4 2 2 13 -5
Operating margin, % -1.5% -4.4% -6.8% 1.8% -0.3% 0.1% 0.2% 1.1% -0.4%
Result for the period 64 -89 -89 70 -81 -88 9 -150 -51
Earnings per share, SEK1 4.41 -6.16 -6.11 4.83 -5.56 -6.07 0,65 -10.32 -3.51
Working capital/LTM
Revenue, % 20% 20% 20% 20% 21% 22%
23% 17% 13%
Cash flow from operations 40 -88 147 124 270 427 -480 185 262
Equity/total assets, % 62% 62% 34% 33%
33%
31%
30% 30% 31%
Return on equity, LTM% 23% -2% -6% -2% -7% -12% -6% -20% -19%
Return on capital employed,
LTM% 11% -1% -3% -2%
-2%
-1%
1% 1% 1%
1 Before dilution. 2 Prior-year figures have been restated due to a reclassification of certain revenue and cost items. However, this had no impact on
operating profit or net income. For more details, please refer to p. 8.
USA
Q2 Q3 Dec Q1 Q2 Q3 Q4 Q1 Q2
SEK m (or as stated) 2023 2023 2023 20242 20242 20242 20242 2025 2025
Revenue - - 308 773 727 690 783 762 695
Gross profit - - 82 156 140 144 148 135 121
Gross margin, % - - 26.6% 20.2% 19.2% 20.8% 19.0% 17.7% 17.3%
Operating profit - - 25 60 51 53 65 48 26
Operating margin, % - - 8.0% 8.6% 7.3% 7.7% 9% 6.3% 3.8%
Working capital/LTM Revenue, % - - 17% 13%1 15%1 19%1 21% 17% 14%
1 Based on annualized revenue for Ferronordic’s US operations calculated as 9m 2024 / 9 x 12 2 Prior-year figures have been restated due to a
reclassification of certain revenue and cost items. However, this had no impact on operating profit or net income. For more details, please refer to p. 8.
Germany
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
SEK m (or as stated) 2023 2023 2023 2024 2024 2024 2024 2025 2025
Revenue 595 574 555 439 332 372 559 402 366
Gross profit 73 66 47 57 38 14 40 56 50
Gross margin, % 12.3% 11.5% 8.4% 12.9% 11.4% 3.7% 7.2% 13.9% 13.7%
Operating profit 2 -16 -62 -12 -27 -40 -41 -9 -13
Operating margin, % 0.3% -2.8% -11.1% -2.7% -8.2% -10.7% -7.3% -2.3% -3.5%
Working capital/LTM Revenue, % 21% 22% 26% 30% 31% 27% 23% 16% 11%
===== SIDA 22 =====
Interim report 1 January – 30 June 2025
22
Kazahkstan
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
SEK m (or as stated) 2023 2023 2023 2024 2024 2024 2024 2025 2025
Revenue 80 69 52 34 56 82 33 42 26
Gross profit 11 9 5 6 8 9 -3 6 6
Gross margin, % 14.4% 13.7% 8.9% 17.1% 13.6% 10.4% -10.5% 13.9% 24.0%
Operating profit 7 - -6 -3 -1 3 -10 1 -1
Operating margin, % 8.6% 0.4% -10.7% 10.2% -2.3% 3.1% -30.5% 3.5% -3.6%
Working capital/LTM Revenue, % 32% 23% 24% 29% 18% 27% 55% 47% 49%
Net debt
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
SEK m 2023 2023 2023 2024 2024 2024 2024 2025 2025
Long term borrowings 70 69 671 610 628 999 958 1,064 833
Long term lease liabilities 57 51 59 53 49 34 37 33 33
Short term borrowings 437 428 1,024 1,071 1,178 1,080 1,318 939 978
Short term lease liabilities 24 23 22 26 23 40 28 23 21
Total interest bearing liabilities 588 571 1,776 1,759 1,878 2,153
2,340 2,058 1,864
Cash & cash equivalents 1,127 950 426 217 208 360 363 232 185
Net debt / (cash) -539 -378 1,349 1,542 1,671 1,792 1,978 1,826 1,679
Net debt / EBITDA (times) -1.5 -18.4 -214.7 21.0 9.4 6.6 5.2 4.8 4.5
Working capital
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
SEK m 2023 2023 2023 2024 2024 2024 2024 2025 2025
Inventory 718 699 1,443 1,687 1,466 1,363 1,253 1,115 967
Trade and other receivables 263 315 630 678 653 496 617 541 409
Prepayments 9 3 6 8 5 12 11 16 16
Trade and other payables 509 470 997 1,283 1,051 827 794 834 758
Deferred income 9 8 8 8 12 10 11 7 5
Provisions - - 12 18 11 10 8 5 4
Working capital 472 538 1,063 1,062 1,049 1,026 1,068 825 625
Revenue LTM 2,422 2,653 5,313 5,314 4,938 4,712 4,720 4,754 4,813
Working capital / Revenue (%) 20% 20% 20% 20% 21% 22%1 23% 17% 13%
1 Q1-Q3 2024 based on annualized revenue for Ferronordic’s US operations calculated as 9m 2024 / 9 x 12.
Capital employed
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
SEK m 2023 2023 2023 2024 2024 2024 2024 2025 2025
Long term interest bearing liabilities 127 120 730 663 677 1,033 1,050 1,097 866
Short term interest bearing liabilities 461 451 1,046 1,096 1,201 1,120 1,291 961 998
Shareholder equity 1,822 1,750 1,622 1,698 1,627 1,483 1,499 1,372 1,302
Capital employed 2,411 2,322 3,397 3,457 3,505 3,636 3,839 3,430 3,166
Average capital employed 2,760 2,974 3,001 3,117 2,958 2,979 3,618 3,443 3,336
EBIT 277 -66 -115 -80 -84 -43 21 14 13
Interest income 17 25 31 29 30 15 10 11 11
Result LTM 293 -41 -84 -51 -53 -29 30 25 24
Return on capital employed (%) 11% -1% -3% -2% -2% -1% 1% 1% 1%
===== SIDA 23 =====
Interim report 1 January – 30 June 2025
23
Return on equity
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
SEK m 2023 2023 2023 2024 2024 2024 2024 2025 2025
Shareholder equity 1,822 1,750 1,622 1,698 1,627 1,483 1,499 1,372 1,302
Average equity 1,781 1,929 1,748 1,792 1,725 1,617 1,560 1,535 1,464
Net result LTM 416 -39 -107 -44 -125 -188 -89 -310 -280
Return on equity (%) 23% -2% -6% -2% -7% -12% -6% -20% -19%
Alternative key ratios not defined by IFRS
EBITDA: Operating profit activities excluding depreciation,
amortization. Provides a measurement of the result from the
ongoing business. In financials before and including 2016,
certain write-downs of assets were excluded from EBITDA.
EBITDA margin: EBITDA in relation to revenue. Relevant key
ratio in evaluating the Group’s value creation.
Net debt / (Net cash): Interest-bearing liabilities (including
lease liabilities) less cash and cash equivalents. Provides a
measurement for the Group’s net debt position.
Net debt / EBITDA: Net debt / (net cash) in relation to
EBITDA for the last twelve months. Shows to what extent
EBITDA covers net debt. Used to evaluate financial risk.
New units sold: Number of new machines and trucks sold.
Used to measure and compare number of new units sold
during relevant period.
Operating profit: Result before financial items and taxes.
Provides a measurement of the result from the ongoing
business.
Operating margin: Operating profit in relation to revenue.
Relevant key ratio in evaluating the Group’s value creation.
Revenue growth: Growth in revenue compared to the same
period last year, expressed in percentage. Used for
comparison of growth between periods as well as
comparisons with the market as a whole and with the
company’s competitors.
Gross margin: Gross profit in relation to revenue. Provides a
measurement of the contribution from the ongoing business.
Capital employed: Total equity and interest-bearing liabilities.
Shows the capital invested in the Group’s business.
Return on capital employed: Adjusted EBIT plus financial
income (for the last twelve months) in relation to capital
employed (average during the last twelve months). Shows
how effectively the capital employed is used.
Return on equity: Net income (for the last twelve months) in
relation to shareholders’ equity (average during the last twelve
months). Net income is calculated before dividends to
common shareholders but after dividends to preferred
shareholders.
Working capital: Current assets excluding cash and cash
equivalents, less non-interest bearing current liabilities. Shows
the amount of working capital tied up in the ongoing business.
Working capital/Revenue: Working capital in relation to
revenue during the last twelve months. Shows how effective
the working capital is used in the business.
Abbreviations
Approx. Approximately
CEO Chief Executive Officer
EUR Euro
FY Full year
IFRS International Financial Reporting Standards
Q1, Q2, Q3, Q4 First, second, third and fourth quarter
SG&A Selling expenses, general and administrative cost
SEK Swedish krona
SEK m Million Swedish krona
vs Versus
LTM Last twelve months
VCE Volvo Construction Equipment
6M, 9M, 12M 6 months, 9 months, 12 months
===== SIDA 24 =====
Interim report 1 January – 30 June 2025
24
This is Ferronordic
Ferronordic is a service and sales company in the areas of
construction equipment and trucks. It is the dealer for
Volvo CE in all or parts of nine states in the United States and
represents Hitachi, Sandvik, Link-Belt Cranes and Bergmann
in all or parts of the same area. Ferronordic is dealer of Volvo
Trucks and Renault Trucks in Germany and dealer of Volvo
CE and certain other brands in Kazakhstan. Ferronordic
began its operations in 2010 and currently has 37 outlets and
approx. 800 employees. Ferronordic’s vision is to be the
leading service and sales company in its markets. The shares
in Ferronordic AB (publ) are listed on Nasdaq Stockholm.
www.ferronordic.com
Vision
Ferronordic’s vision is to be the leading service and sales
company in its markets.
Mission
The company’s mission is to support the leadership and
growth hip of its customers.
Values
Quality, excellence and respect.
Strategic objectives
• Leadership in the market for construction equipment
and trucks
• Service and parts absorption rate of at least 1.0 x
• Expansion into related business areas
• Geographic expansion
• Industry leading digital service and sales platforms
• Expansion and development of sustainable transport
services
Strategic cornerstones
• Customer centricity
• Great team
• Building on strong brands
• Operational excellence
Investment case highlights
• Robust and scalable business model
• Strong brand portfolio and OEM relationships
• Sustainability integrated part of business model
• Positioned to benefit from trends in
• Electrification
• Infrastructure investment
• Shared asset models
• Poised for organic growth and bolt-on acquisitions
• US - Strong market with growth potential
• Germany - Turnaround that will capture recovery
• Network, brand and product extension opportunities
• Open for strategic M&A
• Experienced management to execute
===== SIDA 25 =====
Interim report 1 January – 30 June 2025
25
About this report
Forward-looking statements
Some statements in this report are forward looking and the
actual outcomes could be materially different. In addition to
the factors explicitly discussed, other factors could have a
material effect on the actual outcomes.
Language
In the event of inconsistency or discrepancy between the
English and the Swedish version of this publication, the
Swedish version shall prevail.
Totals and roundings
Totals quoted in tables and statements may not always be the
exact sum of the individual items because of rounding
differences. The aim is that each line item should correspond
to its source and rounding differences may therefore arise.
This information is information that Ferronordic AB Volvo (publ) is obliged to make public pursuant to the EU Market Abuse
Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact
person set out below, at 07:30 CEST on 14 August 2025.
Financial calendar
Interim report July – September 2025 – 13 November 2025
Conference call
A presentation for investors, analysts and media will be held
on 14 August 2025 at 10:00 CET and is accessible at
www.ferronordic.com.
To participate via teleconference, please register on the link
below.
https://conference.inderes.com/teleconference/?id=5006327
To participate via webcast, please use the link below.
https://ferronordic.events.inderes.com/q2-report-2025
Contacts
For investors, analysts and media:
Erik Danemar, CFO and Head of Investor Relations
+46 73 660 72 31
ir@ferronordic.com
Nybrogatan 6
SE-114 34 Stockholm
+46 8 5090 7280
Corporate ID no. 556748-7953
www.ferronordic.com