FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== SIDA 1 =====
Interim report 1 January – 30 September 2025
1
Q3 2025: Trending upwards – still a way to go
Summary of the third quarter, July – September 20251
Group
• Revenue decreased by 9% to
SEK 1,060m.
• Gross profit increased by 12%.
• Selling and administrative costs
decreased by 8%.
• Operating result amounted to SEK 37m.
• Net finance costs reduced by 22% to
SEK 29m.
• Net profit improved to SEK -13m despite
further foreign exchange losses of
SEK 22m.
• Net debt decreased to SEK 1,641m.
USA
• Market in our territory increased by 15%.
• Sales of new equipment and equipment from
the rental fleet decreased by 30% in units.
• Total revenue decreased by 5% to SEK 677m
(unchanged in USD).
• Gross margin decreased by 1.6pp but
improved 3.2pp compared to Q2 2025.
• Operating profit decreased by 20% to
SEK 43m with operating margin at 6.3%.
Germany
• Market increased by 10%.
• New truck sales increased by 30% in units.
• Revenue decreased by 4% to SEK 358m.
• Service and parts sales decreased by 10%.
• Selling and administrative costs declined by 4%.
• Operating profit improved to SEK -1m.
• Operating margin amounted to -0.4%.
• Inventory reduced by 63% compared to Q3 2024.
Kazakhstan
• Revenue decreased to SEK 25m on lower
equipment sales but higher service and parts
sales.
• Operating profit increased to SEK 7m.
• Inventory declined by 51% compared to Q3 2024.
-9%
Revenue
37
Operating profit, SEK m
3.5%
Operating margin
-0.87
Earnings per share, SEK
Selected key group ratios2
SEK m (or as stated)
2025
Q3
2024
Q3 %
2025
9M
2024
9M
%
2024
FY
Revenue 1,060 1,171 -9% 3,354 3,531 -5% 4,880
Gross profit 203 181 12% 577 585 -1% 776
Operating profit 37 2 2,104% 46 19 147% 21
Result for the period -13 -88 86% -214 -99 -116% -89
Earnings per share, SEK3 -0.87 -6.07 86% -14.71 -6.80 -116% -6.15
Cash flow from operations 295 427 742 821 340
Net debt (cash) 1,641 1,792 1,641 1,792 1,978
Gross margin, % 19.1% 15.5% 3.7pp 17.2% 16.6% 0.6pp 15.9%
Operating margin, % 3.5% 0.1% 3.4pp 1.4% 0.5% 0.8pp 0.4%
Working capital/LTM Revenue, % 10% 22% -11.5pp 10% 22% -11.5pp 23%
Equity/total assets, % 32% 31% 1.1pp 32% 31% 1.1pp 30%
Return on capital employed, % 2% -1% 2.7pp 2% -1% 2.7pp 1%
Return on equity, % -15% -12% -3.1pp -15% -12% 3.1pp -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. 9.
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 22 to 24.
Interim report 1 January – 30 September 2025
===== SIDA 2 =====
Interim report 1 January – 30 September 2025
2
Trending upwards – still a way
to go
In Q3 2025, we saw performance improving in all our markets. In
the US, we saw stable dollar sales and recovering margins. In
Germany, gross profit increased, and the operating result was
almost break-even. With lower costs and a team ready to handle
larger volumes, we are in a good position when the market
recovers. In Kazakhstan, sales were modest, but margins good
and we saw increased operating result there too. At the same time,
we reduced costs and optimized working capital further across the
Group. Net debt in relation to EBITDA at the end of Q3 2025 had
decreased to 3.9x, higher than our target, but still a clear
improvement.
In the US, demand is holding up despite continued tariff
uncertainty. Activity among our customers remains high and
customers have strong backlogs. The market for GPE machines in
our territory grew by 7% YTD and 15% in the quarter. While this
increase is mainly caused by our competitors pushing equipment
into rental fleets, it still shows that demand is steady. Customers’
machine utilization also remains high. Overall, our US business is
performing well in the current environment. Machine sales
decreased by 16% (-12% in USD), mainly due to lower sales from
the rental fleet. Compared to last year, we had more newer
machines in the fleet in the quarter that need to stay in the fleet
longer before they reach their optimal resale point. As rental
utilization has continued to improve, however, we are in good
position to sell more rental machines later. Recent interest rate cuts
and tax breaks should support this. Service and parts sales
decreased by 1% (+5% in USD) but increased compared to the
previous quarter. Utilization in the rental fleet improved further and
rental revenue increased by as much as 25% (+32% in USD).
Overall, revenue was unchanged in USD but decreased by 5% in
SEK. Gross margin recovered from the lower level seen in Q2.
SG&A expenses declined 8%. Operating profit amounted to
SEK 43m, a decrease of 20% (-15% in USD) compared to last year
but 62% better than the previous quarter. Operationally, we
continue to work on various initiatives to increase our market
shares, capture more of the potential service and parts sales in our
territory, and grow our US business to its full potential. We are e.g.,
working on developing different IT solutions to make operations
more efficient and increase sales.
In Germany, customers are still cautious and demand for trucks
remains soft. However, the truck market did increase by 10% during
the quarter, and hopefully we are seeing the beginning of a
recovery. Overall, truck sales in Q3 2025 were unchanged (+3% in
euro). In units, new truck sales increased by 30%, but volumes
remain low. Service and parts sales decreased by 10%, which we
are not happy with. We continue to increase the number of
technicians, but it takes time to train our new colleagues and ramp
up productivity. Overall revenue decreased by 4% (-1% in euro).
However, the gross margin improved, especially compared to
Q3 2024, when we made large write-downs of inventory, but also
compared to Q2. Gross profit increased by 11% compared to
Q2 2025. At the same time, SG&A expenses decreased. Operating
profit thus improved to SEK -1m compared to SEK -13m in the
previous quarter. We reduced inventories further and continued to
reduce debt and interest expenses. We are also rolling out a new
organization in our service business to further empower our local
managers. The aim is to make operations more agile, to further
improve customer satisfaction, and to increase sales.
In Kazakhstan, our machine sales decreased notably but margins
improved. Service and parts sales increased by 22% but remained
low. Overall, revenue was down by 70% but gross margin improved
significantly compared to both Q3 2024 and Q2 2025, partly due to
revenue mix. SG&A expenses were down. Operating profit thus
increased to SEK 7m. During the quarter, we took actions to
expand and improve our sales team. Here too we are working on
improving our IT solutions, taking advantage of the progress we
make in the US operations.
Outlook
We remain optimistic about the US and the opportunities there. We
expect activity in the infrastructure sector to remain high as the
need to maintain and develop roads and other infrastructure is
substantial, and infrastructure spending remains at a high level.
Additionally, we anticipate increased activity related to data centers,
semiconductor factories and other infrastructure linked to the tech
industry. We see opportunities to further develop and expand
operations in the US.
In Germany, demand for trucks remains weak, while demand for
service and parts is relatively high. As customers continue to use
their trucks but postpone fleet replacements, there is growing pent-
up demand. When the market begins to recover, demand for both
trucks and service should increase. We must have sufficient
capacity in our workshops to meet this demand. We now have a
lower cost base in Germany but still maintain an organization that
can handle larger volumes. Overall, we remain optimistic about the
potential of our operations in Germany.
In Kazakhstan, we also see signs of recovery, especially in
mining and road construction. With new management in place, we
see good opportunities to increase both sales and profitability going
forward.
Henrik Carlborg
President and CEO
“Demand is holding up in the US"
===== SIDA 3 =====
Interim report 1 January – 30 September 2025
3
Group
Revenue by segment (SEKm)
Operating profit and operating
margin
EPS and net margin
Revenue
In Q3 2025, the revenue of the Group decreased by 9% to
SEK 1,060m (1,171). Sales of equipment and trucks decreased by 19% while
service and parts sales decreased by 4%. Rental revenue increased by 23%,
driven by improved rental utilization in the US.
In 9M 2025, the Group revenue decreased by 5% to SEK 3,354m (3,531).
Sales of equipment and trucks decreased by 10%, while service and parts
sales were unchanged at SEK 1,354m (1,358). Rental revenue increased by
10%.
Gross profit and operating profit
In Q3 2025, the gross margin for the Group increased to 19.1% (15.5). Gross
profit increased by 12% to SEK 203m (181). This development reflects two
underlying effects: a significant increase in gross margin in Germany,
primarily driven by high inventory write-offs recorded in Q3 2024, and a
decrease in the US mainly attributable to changes in the product and revenue
mix, with higher sales from the rental fleet in Q3 2024.
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. Previous periods are now reported on the same basis to
facilitate comparison of performance over time. In Q3 2024, the effect of
reclassification of productive costs was approximately SEK 23m. For more
details on this reclassification, please refer to p. 9 of this report.
In Q3 2025, selling and administrative expenses decreased by 8% to
SEK 167m. As a percentage of revenue, these expenses increased to 15.7%
(15.5). The operating profit for Q3 2025 increased to SEK 37m (2).
The operating margin during Q3 2025 increased from 0.1% to 3.5%.
In 9M 2025, the gross margin increased to 17.2% (16.6). As a result of lower
revenue, gross profit decreased by 1% to SEK 577m (585). In 9M 2024, the
effect of the reclassification of productive costs in the US operations was
approximately SEK 53m.
As a percentage of revenue, selling, general and administrative expenses in
9M 2025 remained stable at 16.2% (16.2). Operating profit for 9M 2025
increased by 147% to SEK 46m (19). The operating margin during Q3 2025
increased from 0.5% to 1.4%.
Net income
During Q3 2025, finance costs (net) decreased by 22% to SEK -29m (-37),
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 -22m (-49) in Q3 2025, mainly because the US dollar
depreciated further against the Swedish krona. The Group has assets
denominated in US dollars and euro, which are revalued at the exchange
rates of the closing date of the reporting period.
The result before income tax for Q3 2025 increased to SEK -14m (-84). The
result for Q3 2025 increased to SEK -13m (-88).
Finance costs (net) in 9M 2025 decreased by 13% to SEK -90m (-103).
Foreign exchange losses (net) amounted to SEK -167m (11). The result
before income tax for 9M 2025 decreased to SEK -211m (-74). The result for
9M 2025 decreased to SEK -214m (-99).
0
200
400
600
800
1,000
1,200
1,400
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Kazakhstan Germany US
-1%
1%
2%
3%
4%
-10
0
10
20
30
40
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Operating profit (SEKm)
Operating margin (%)
-30%
-20%
-10%
0%
10%
-10
-8
-6
-4
-2
0
2
4
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Earnings per share (SEK)
Net margin (%)
===== SIDA 4 =====
Interim report 1 January – 30 September 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
Earnings per share
Earnings per share before dilution in Q3 2025 amounted to
SEK -0.87 (-6.07).
Earnings per share before dilution in 9M 2025 amounted to
SEK -14.71 (-6.80).
Cash flows
Most of the Group’s inventory and rental fleet equipment are initially funded by
payables. If the equipment remains on balance sheet after the payable days,
the equipment is typically moved into a so-called floor plan funding
arrangement. This move is a non-cash transaction. Sometimes, equipment is
moved from inventory in working capital to the rental fleet in property, plant
and equipment. Such a move would also be a non-cash transaction. The floor
plan funding is typically repaid when the equipment is sold to a third party.
The Group’s rental fleet is classified as property, plant and equipment
(PP&E). In the German segment, additions and disposals of rental assets are
presented within cash flow from investing activities, as the rental fleet is
mainly held for longer-term rental to customers and the rental fleet is sold
mainly at the end of its useful life. Accordingly, the cash flow from investing
activities comprises the cash effects of purchases and disposals of the
German rental fleet and other PP&E items. In the US segment, rental
customers can opt to buy out their rental equipment after a certain rental
period (referred to as conversion of rental equipment or sale from rental fleet).
Cash changes related to such transactions are included in changes in working
capital and thus in cash flow from operating activities.
Cash flows from operating activities during Q3 2025 decreased to
SEK 295m (427). Working capital at the end of Q3 2025 was SEK 523m, a
decrease of SEK 546m 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 10% (23% at the end of 2024).
Cash flow from investing activities in Q3 2025 amounted to SEK -10m (-113).
In 9M 2025, cash flows from operating activities decreased to
SEK 742m (821). Lower cash flows were partly a result of lower payables.
Cash flows from investing activities during 9M 2025 amounted to
SEK 6m (-520).
Financial position
On 30 September 2025, cash and cash equivalents amounted to SEK 163m,
a decrease of SEK 200m compared to the end of 2024. Cash decreased
mainly as a result of repayment of loans.
At the end of Q3 2025, interest-bearing liabilities (including lease liabilities and
effects of IFRS-16) amounted to SEK 1,804m, a decrease of SEK 536m
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 2024 to SEK 1,641m at the
end of Q3 2025, mainly as a result of lower interest-bearing liabilities.
On 30 September 2025, property, plant and equipment (PP&E) amounted to
SEK 2,312m, a decrease of SEK 5m from SEK 2,317m at the end of 2024.
On 30 September 2025, equity amounted to SEK 1,294m (1,499), a decrease
of SEK 205m compared to the end of 2024. The decrease was mainly a result
of currency translation effects, and partly because of the negative result.
-5%
0%
5%
10%
15%
20%
25%
30%
-200
0
200
400
600
800
1,000
1,200
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Net working capital (SEKm)
Net working capital as % of LTM revenue
-500
-300
-100
100
300
500
700
900
1,100
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Cash flow from operations LTM (SEKm)
Cash flow from operations per quarter (SEKm)
-10%
0%
10%
20%
30%
40%
50%
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
1,500
2,000
2,500
Property plant and equipment (SEKm)
CAPEX LTM/PPE, %
===== SIDA 5 =====
Interim report 1 January – 30 September 2025
5
Net debt and net debt/EBITDA
Currency index last 5 quarters
(indexed 1 July 2024)
Parent company
In Q3 2025, the revenue of the Parent Company decreased to SEK 0m (2), as
the Parent Company no longer sells equipment to, or charges royalty from
subsidiaries. Administrative expenses increased by 152% to SEK 8m (3),
mainly due to one-off effects including the release of bonus accruals and the
release of a reserve for a potential legal claim against the Company in
Q3 2024. Operating profit decreased to SEK -9m (0). The result for Q3 2025
increased to SEK -9m (-12), as net interest income was offset by negative
foreign exchange effects.
In 9M 2025, the revenue of the Parent company decreased to SEK 0m (10)
for the reasons mentioned above. Administrative expenses decreased by 15%
to SEK 37m (44). Operating profit decreased to SEK -38m (-36) in 9M 2025.
The result for 9M 2025 decreased to SEK -145m (58), mainly due to negative
foreign exchange effects.
Foreign exchange rates
The following foreign exchange rates have been used to translate the
9M 2025 (9M 2024) results to the presentation currency:
• Average rates of SEK/EUR 11.10 (-2,7% vs 11.41) and SEK/USD 9.96
(-5% vs 10.50) have been used to translate the income statements.
• End of period rates of SEK/EUR 11.06 (-2.2% vs 11.30) and SEK/USD 9.42
(-7% vs 10.09) have been used to translate the balance sheet.
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 Q3 2025, the number of full-time equivalent employees in the
Group was 815 (801), of which 364 (361) related to the US, 396 (387) to
Germany, 40 (41) to Kazakhstan and 15 (19) occupied group functions.
Sustainability
In Q3 2025, Ferronordic continued its 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 several 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.
0.0
5.0
10.0
15.0
20.0
25.0
30.0
0
500
1,000
1,500
2,000
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Net debt (SEKm)
Net debt / EBITDA (%)
85
95
105
115
125
135
Q3
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
SEK/EUR SEK/USD
SEK/100 KZT
===== SIDA 6 =====
Interim report 1 January – 30 September 2025
6
Changes in Ferronordic’s management
During the quarter, Ferronordic announced that Nadezhda Semiletova, HR
Director, and Anton Zheliapov, Trucks, Used and Rental Director, would leave
the company’s Executive Management to assume other roles in the Group.
Nadezhda Semiletova became Managing Director of Ferronordic’s business in
Kazakhstan on 1 November. She continues to report to Ferronordic’s CEO,
Henrik Carlborg. Anton Zheliapov will as of 1 November focus entirely on the
company’s business in Germany, particularly on the rental and used business,
as well as Ferronordic’s initiatives related to sustainable transports. He will
report to the President of Ferronordic Germany.
Events after the reporting period
Other than as mentioned above, there were no significant events after the end
of the reporting period.
===== SIDA 7 =====
Interim report 1 January – 30 September 2025
7
Segments
As of Q4 2023 Ferronordic recognizes three separate
reportable segments: US, Germany and Kazakhstan (see
also note 5 on page 19). 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. 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)
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
External revenue 677 716 358 372 25 82 1,060 1,171
Equipment and truck sales 288 345 187 186 14 73 488 603
Service and parts sales 290 293 151 168 11 9 453 471
Rental and other revenue 99 79 20 18 - - 119 97
Gross profit 139 159 56 14 8 9 203 181
EBITDA 136 131 20 -18 8 3 -11 -14 153 103
Operating profit 43 53 -1 -40 7 3 48 16
Group costs1 - - - - - - -11 -14 -11 -14
Operating profit after group
costs 43 53 -1 -40 7 3 -11 -14 37 2
Finance items (net) -51 -86
Profit(loss) before tax -14 -84
Result for the period -13 -88
Gross margin, % 20.5% 22.2% 15.6% 3.7% 33.3% 10.4% 19.1% 15.5%
Operating margin, % 6.3% 7.4% -0.4% -10.7% 27.8% 3.1% 3.5% 0.1%
US Germany Kazakhstan
Unallocated
Group
costs1 Total
SEK m (or as stated)
9M 9M 9M 9M 9M 9M 9M 9M 9M 9M
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
External revenue 2,135 2,216 1,126 1,143 93 172 3,354 3,531
Equipment and truck sales 1,057 1,156 600 618 57 138 1,714 1,912
Service and parts sales 854 850 463 474 37 34 1,354 1,358
Rental and other revenue 223 210 63 51 - - 287 261
Gross profit 395 455 162 108 20 22 577 585
EBITDA 334 370 42 -13 10 0 -54 -65 331 292
Operating profit 117 165 -24 -79 7 -2 100 84
Group costs1 - - - - - - -54 -65 -54 -65
Operating profit after group
costs 117 165 -24 -79 7 -2 -54 -65 46 19
Finance items (net) -257 -93
Profit(loss) before tax -211 -74
Result for the period -214 -99
Gross margin, % 18.5% 20.5% 14.4% 9.5% 21.9% 12.7% 17.2% 16.6%
Operating margin, % 5.5% 7.4% -2.1% -6.9% 8.0% -1.3% 1.4% 0.5%
===== SIDA 8 =====
Interim report 1 January – 30 September 2025
8
30 September 2025
SEK m US Germany Kazakhstan
Group
assets1 Total
Non-current assets 1,834 813 13 - 2,661
Total assets 2,704 1,131 144 39 4,017
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,
Q3 2025
Segment share of total assets,
30 September 2025
30 September 2025
SEK m US Germany Kazakhstan
Group
assets Total
Property, plant and equipment 1,697 610 5 - 2,312
Real Estate 189 224 - - 413
Rental Fleet 1,386 314 - - 1,700
Right-of-use assets 15 30 2 - 47
Other PPE 107 42 3 - 152
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 67%
Germany 28%
Kazakhstan 4%
Group 1%
===== SIDA 9 =====
Interim report 1 January – 30 September 2025
9
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.
In Q3 2024, revenues related to the recharge of certain 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 Q3 2025, these revenues are
recognized in revenue and the corresponding cost in cost of
sales and SG&A. Other cost of sales that in Q3 2024 were
reported as SG&A have in Q3 2025 been reclassified to
cost of sales. Certain administration fees paid by customers
that in Q3 2024 were reported under other income have in
Q3 2025 been reclassified to equipment sales.
Column Q3 2024 ADJ in the table below shows the effects
of the reclassifications on the Q3 2024 income statement,
compared to how the result was presented in the Q3 2024
report, and the effects on the year-on-year comparisons
with Q3 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 Q3 2024 and FY 2024 results before and after the reclassifications, as well as the
differences due to the change in presentation.
Q3 Q3 Q3 Q3 Y-o-Y Y-o-Y
FY
FY
FY
SEK m 2025 2024 ADJ
2024
ADJ reported adjusted
2024
ADJ
2024
ADJ
Revenue 677 686 30 716 -1% -5% 2,813 160 2,973
Equipment and truck sales 288 336 9 345 -14% -16% 1,550 3 1,553
Service and parts sales 290 272 20 293 7% -1% 991 157 1,149
Rental revenue 99 78 1 79 26% 25% 272 - 272
Cost of sales -538 -504 -53 -558 7% -3% -2,127 -236 -2,362
Gross profit 139 182 -23 159 -24% -12% 686 -75 609
Selling expenses -29 -21 -9 -30 43% -1% -82 -25 -107
General and administrative
expenses -67 -89 14 -75 -25% -11% -379 99 -280
Other income 1 -18 18 - 8 2 10
Other expenses -1 -1 - -1 -3 - -3
Operating profit 43 53 - 53 -20% -20% 230 - 230
Gross margin 20.5% 26.5% 22.2% 24.4% 20.5%
Operating margin 6.3% 7.7% 7.4% 8.2% 7.7%
The table below shows the Group’s Q3 2024 and FY 2024 results before and after the reclassifications, as well as the differences
due to the change in presentation.
Q3 Q3 Q3 Q3 Y-o-Y Y-o-Y
FY
FY
FY
SEK m 2025 2024 ADJ
2024
ADJ reported adjusted
2024
ADJ
2024
ADJ
Revenue 1,060 1,141 30 1,171 -7% -9% 4,720 160 4,880
Equipment and truck sales 488 594 9 603 -18% -19% 2,710 3 2,713
Service and parts sales 453 450 20 471 1% -4% 1,662 157 1,819
Rental revenue 119 96 1 97 23% 23% 347 - 347
Cost of sales -857 -937 -53 -989 -8% -13% -3,867 -236 -4,102
Gross profit 203 204 -23 181 -1% 12% 853 -75 776
Selling expenses -61 -58 -9 -67 6% -8% -239 -25 -264
General and administrative
expenses -105 -129 14 -114 -18% -8% -587 98 -488
Other income 3 -8 18 10 8 2 10
Other expenses -2 -8 -8 -14 - -14
Operating profit 37 2 - 2 2,104% 1,595% 21 - 21
Gross margin 19.1% 17.9% 15.5% 18.1% 15.9%
Operating margin 3.5% 0.1% 0.2% 0.4% 0.4%
===== SIDA 10 =====
Interim report 1 January – 30 September 2025
10
USA
Unit sales (incl. rental conversion)
Revenue by activity (SEKm)
Operating profit and operating margin
Market and sales
Demand for machines, parts and services remained firm in Q3 2025. The
market for larger machines (GPE segment) in Ferronordic’s sales area
increased by 15% Y-o-Y in Q3 2025. Activity among customers, many of which
operate in areas directly or indirectly related to infrastructure projects, remains
high. On the effects of tariffs, the situation remains uncertain, but Ferronordic
does not currently expect to be affected more than its competitors. With regards
to fiscal policy, continued tax breaks for investments should support capex
plans and help customers make decisions on fleet renewals and rental
conversions. During Q3 2025, Ferronordic sold 36 new units, 32 units were sold
from the rental fleet and 20 units were sold as used. The service and parts
business was stable. Rental fleet utilization continued to improve. A high
utilization indicates that our customers need machines and increases the
potential for future profitable sales from the rental fleet. The rental fleet
increased while equipment inventory declined somewhat during the quarter.
Revenue and operating result
Revenue in Q3 2025 amounted to SEK 677m (716) with a gross margin of
20.5% (22.2). In USD, revenue was unchanged. In Q3 2025, 43% of revenue
was related to sales of new and used equipment and conversions, 43% to
service and parts and 15% was related to rental.
Selling, general and administrative expenses decreased by 8% compared to
Q3 2024 to SEK 96m (105). As a percentage of revenue, these expenses
decreased to 14.2% (14.6). Operating profit decreased by 20% (-15% in USD)
to SEK 43m (53). The operating margin decreased to 6.3% (7.4).
EBITDA, which excludes depreciation costs related to rental sales, increased by
3% (+9% in USD). The gap between operating profit and EBITDA should
typically decrease when machine sales from the rental fleet picks up.
Cash flows and balance sheet
Working capital at the end of Q3 2025 amounted to SEK 358m, a decrease
from SEK 401m at the end of Q2 2025, mainly as inventory and receivables
decreased. At the end of Q3 2025, working capital corresponded to 12% of
revenue for the last 12 months, compared to 14% at the end of Q2 2025. Cash
flows from operating activities during Q3 2025 amounted to SEK 263m (337).
9M 2025
In 9M 2025, revenue in the US amounted to SEK 2,135m (2,216) with a gross
margin of 18.5% (20.5). Operating profit amounted to SEK 117m (165) with an
operating margin of 5.5% (7.4%).
2025 2024 % 2025 2024 % 2024
Q3 Q31 change 9M 9M change FY
New units 36 61 -41% 166 212 -22% 277
Conversion from rental, units 32 36 -11% 88 76 16% 129
Used units 20 10 100% 62 51 22% 73
Revenue, SEK m 677 716 -5% 2,135 2,216 -4% 2,973
Gross profit, SEK m 139 159 -12% 395 455 -13% 609
Operating profit, SEK m 43 53 -20% 117 165 -29% 230
Gross margin, % 20.5% 22.2% 18.5% 20.5% 20.5%
Operating margin, % 6.3% 7.4% 5.2% 7.4% 7.7%
Working capital/LTM Revenue, % 12% 19% 12% 19% 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 . 9.
0
20
40
60
80
100
120
Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Unit Sales Conversion
0
100
200
300
400
500
600
700
800
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Equipment sales Aftermarket sales
Other
0%
3%
6%
9%
12%
0
20
40
60
80
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Operating profit (SEK m)
Operating margin (%)
===== SIDA 11 =====
Interim report 1 January – 30 September 2025
11
Germany
Unit sales
Revenue by activity
Operating profit and operating
margin
Market and sales
While demand for trucks is still low, the number of new trucks registered in
Germany increased by 10% in Q3 2025. In Ferronordic’s sales area, registrations
increased by 20% Y-o-Y and represented approx. 19% of the total German
market. While customers are cautious about renewing their fleets, they continue
to actively operate and maintain their trucks, resulting in continued demand for
service and parts. Ferronordic’s sales of new trucks increased by 30% in units to
125. Service and parts sales however declined by 10%. Ferronordic is increasing
its number of technicians to meet existing demand, but it takes time to train new
technicians and ramp up productivity. At SEK 170m at the end of Q3 2025,
inventories continued to decline compared to Q2 2025. Ferronordic continued to
reduce its conventional rental fleet. Receivables also declined in the quarter.
Ferronordic aims to further free up capital to reduce interest costs and increase
capital turnover.
Revenue and operating result
In Q3 2025, revenue in Germany decreased by 4% (-1% in EUR) to
SEK 358m (372). Truck sales were flat. Service and parts sales decreased by
10% to SEK 151m (168). The gross margin increased to 15.6% (3.7), mainly
because of the write-downs of inventories in Q3 2024.
Selling, general and administrative expenses decreased by 4% compared to
Q3 2024 to SEK 58m (60). As a percentage of revenue, these expenses were
stable at 16.1% (16.1). The operating margin increased to -0.4% (-10.7). The
operating result increased to SEK -1m (-40).
Cash flows and balance sheet
During Q3 2025, working capital decreased to SEK 132m as inventories and
receivables declined more than payables. As a percentage of revenue during the
last 12 months, working capital decreased to 6%, compared to 9% at the end of
Q2 2025. Cash flows from operating activities amounted to SEK 56m (103) in
Q3 2025.
9M 2025
In 9M 2025, revenue in Germany remained largely unchanged at
SEK 1,126m (1,143) with a gross margin of 14.4% (9.5). Operating profit
amounted to SEK -24m (-79) with an operating margin of -2.1% (-6.9).
2025 2024 % 2025 2024 % 2024
Q3 Q3 change 9M 9M change FY
New units 125 96 30% 428 354 21% 671
Used units 46 64 -28% 130 253 -49% 300
Revenue, SEK m 358 372 -4% 1,126 1,143 -1% 1,702
Gross profit, SEK m 56 14 301% 162 108 49% 149
Operating profit, SEK m -1 -40 96% -24 -79 70% -120
Gross margin, % 15.6% 3.7% 14.4% 9.5% 8.7%
Operating margin, % -0.4% -10.7% -2.1% -6.9% -7.0%
Working capital/LTM Revenue, % 6% 27% 6% 27% 23%
0
50
100
150
200
250
300
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Units sales
0
100
200
300
400
500
600
Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Equipment sales Aftermarket sales
Other
(SEK m)
-12%
-7%
-2%
3%
-45
-25
-5
15
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Operating profit (SEK m)
Operating margin (%)
===== SIDA 12 =====
Interim report 1 January – 30 September 2025
12
Kazakhstan
Unit sales
Revenue by activity
Operating profit and operating
margin
Market and sales
Demand for equipment, parts and service appeared to increase during the
quarter. Activity in the mining sector, where many of Ferronordic’s large
customers are active, is improving. Kazakhstan also continues its infrastructure
investments in the country’s road network with a 2025-2030 plan to build
4,700km of highways. Ferronordic estimates that the market for larger
construction equipment (GPE segment) increased by 24% during the quarter. In
Q3 2025, sales of new machines in units decreased to 6 (21). Total inventory
declined from SEK 68m at the end of Q2 2025 to SEK 63m at the end of
Q3 2025. Service and parts sales increased by 22% and made up 46% of the
revenue mix, which contributed to a high gross margin. In Q3 2025, the
operating profit was positively affected by a reversal of provision for doubtful
debt in the amount of SEK 3m. On 1 November, Ferronordic’s former Group
head of HR, Nadezhda Semiletova, became new Managing Director.
Ferronordic also upgraded its sales force with new people and training
programs during the quarter.
Revenue and operating result
Total revenue in Kazakhstan decreased by 70% to SEK 25m (82). Equipment
sales decreased by 81%, while service and parts sales increased by 22%. The
gross margin, however, improved to 33% (10.4), partly because of selling old
parts purchased when the Kazakh tenge was stronger, and now could be sold at
higher margins. Gross profit declined to SEK 8m (9).
Selling, general and administrative expenses decreased by 35% but as a
percentage of revenue, these expenses, because of the lower revenue,
increased to 13.8% (6.5). The operating result improved to SEK 7m (3), implying
an operating margin of 27.8% (3.1). The operating result was positively affected
by the reversal of a provision for doubtful debt in the amount of SEK 3m.
Cash flows and balance sheet
Working capital decreased to SEK 86m at the end of Q3 2025, compared to
SEK 89m at the end of Q2 2025, as inventory declined more than payables. As
a percentage of revenue, working capital was 68% at the end of Q3 2025,
compared to 43% at the end of Q2 2025, partly due to the lower revenue. Сash
flows from operating activities decreased to SEK 5m (6).
9M 2025
Revenue during 9M 2025 decreased by 46% to SEK 93m (172). The gross
margin increased to 21.9% (12.7). Operating profit increased to SEK 7m (-2).
The operating margin improved to 8.0% (-1.3).
2025
Q3
2024
Q3
%
change
2025
9M
2024
9M
%
change
2024
FY
New units 6 21 -71% 40 37 8% 52
Used units 2 8 -75% 10 25 -60% 35
Revenue, SEK m 25 82 -70% 93 172 -46% 205
Gross profit, SEK m 8 9 -3% 20 22 -7% 19
Operating profit, SEK m 7 3 173% 7 -2 444% -12
Gross margin, % 33.3% 10.4% 21.9% 12.7% 9%
Operating margin adjusted, % 27.8% 3.1% 8.0% -1.3% -5.9%
Working capital/LTM Revenue, % 68% 27% 68% 27% 55%
0
10
20
30
40
Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Units sales
-10
10
30
50
70
90
Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Equipment sales Aftermarket sales
(SEK m)
-40%
-30%
-20%
-10%
0%
10%
20%
30%
-10
-5
0
5
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Operating profit (SEK m)
Operating margin (%)
===== SIDA 13 =====
Interim report 1 January – 30 September 2025
13
Condensed consolidated statement
of comprehensive income
Q3 Q3 9M 9M FY
SEK m 2025 20241 2025 20241 20241
Revenue 1,060 1,171 3,354 3,531 4,880
Cost of sales -857 -990 -2,778 -2,947 -4,102
Gross profit 203 181 577 585 776
Selling expenses -61 -67 -189 -197 -264
General and administrative expenses -105 -114 -353 -373 -487
Other income 3 9 17 20 10
Other expenses -2 -8 -6 -16 -14
Operating profit 37 2 46 19 21
Finance income 1 2 7 7 10
Finance costs -29 -39 -97 -110 -147
Foreign exchange gains/(-losses) (net) -22 -49 -167 11 77
Result before income tax -14 -84 -211 -74 -40
Income tax 1 -4 -3 -25 -50
Result for the period -13 -88 -214 -99 -89
Other comprehensive result
Items that are or may be reclassified to profit or loss:
Foreign currency translation differences for foreign
operations 5 -20 9 -35 -39
Other comprehensive result for the period, net of tax 5 -20 9 -35 -39
Total comprehensive result for the period -7 -108 -205 -134 -128
Earnings per share
Basic earnings per share (SEK) -0.87 -6.07 -14.71 -6.80 -6.15
Diluted earnings per share (SEK) -0.87 -6.07 -14.71 -6.80 -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. 9.
===== SIDA 14 =====
Interim report 1 January – 30 September 2025
14
Condensed consolidated statement of
financial position
SEK m
30 Sep
2025
30 Jun
2025
31 Dec
2024
30 Sep
2024
ASSETS
Non-current assets
Property, plant and equipment 2,312 2,254 2,317 2,165
Intangible assets 221 223 248 234
Deferred tax assets 127 128 132 128
Total non-current assets 2,661 2,606 2,697 2,527
Current assets
Inventories 856 967 1,253 1,363
Trade and other receivables 327 409 617 496
Prepayments 11 16 11 12
Cash and cash equivalents 163 185 363 360
Total current assets 1,357 1,577 2,245 2,233
TOTAL ASSETS 4,017 4,183 4,941 4,760
EQUITY AND LIABILITIES
Equity
Share capital 1 1 1 1
Additional paid in capital 635 635 635 634
Translation reserve -52 -57 -61 -57
Retained earnings 924 924 1,013 1,004
Result for the period -214 -201 -89 -99
TOTAL EQUITY 1,294 1,302 1,499 1,483
Non-current liabilities
Borrowings 752 833 958 999
Deferred income 6 6 7 5
Deferred tax liabilities 242 244 281 273
Long-term lease liabilities 29 33 37 34
Total non-current liabilities 1,029 1,116 1,283 1,310
Current liabilities
Borrowings 1,005 978 1,318 1,080
Trade and other payables 665 758 794 827
Deferred income 5 5 11 10
Provisions 1 4 8 10
Short-term lease liabilities 19 21 28 40
Total current liabilities 1,694 1,765 2,159 1,966
TOTAL LIABILITIES 2,723 2,881 3,442 3,277
TOTAL EQUITY AND LIABILITIES 4,017 4,183 4,941 4,760
===== SIDA 15 =====
Interim report 1 January – 30 September 2025
15
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 - - - -214 -214
Other comprehensive result
Foreign exchange differences - - 9 - 9
Total comprehensive result for the period - - 9 -214 -205
Contribution by and distribution to owners
Dividends - - - - -
Other changes in Equity - - - - -
Warrant issue - - - - -
Total contributions and distributions - - - - -
Balance 30 September 2025 1 635 -52 710 1,294
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 - - - -99 -99
Other comprehensive result
Foreign exchange differences - - -35 - -35
Total comprehensive result for the period - - -35 -99 -134
Contribution by and distribution to owners
Dividends - - - - -
Other changes in Equity - - - -9 -9
Warrant issue - 4 - - 4
Total contributions and distributions - 4 - -9 -5
Balance 30 September 2024 1 634 -57 905 1,483
===== SIDA 16 =====
Interim report 1 January – 30 September 2025
16
Condensed consolidated statement of cash flows
Q3 Q3 9M 9M
SEK m 2025 2024 2025 2024
Cash flows from operating activities
Result before income tax -14 -84 -212 -75
Adjustments for:
Depreciation and amortization 116 102 285 274
(Gain)/loss from impairment of receivables 3 7 5 7
Loss/(profit) on disposal of property, plant and equipment 15 - 15 -
Finance costs 29 39 97 110
Finance income -1 0 -7 -4
Foreign exchange losses/(gains) (net) 23 49 167 -11
Cash flows from operating activities before changes in working
capital and provisions 169 113 350 301
Change in inventories 101 65 260 93
Change in trade and other receivables 75 128 198 87
Change in prepayments 5 -4 - -6
Change in trade and other payables -21 168 40 502
Change in provisions -2 -2 -7 -2
Change in deferred income 1 -2 -6 -8
Cash flows from operating activities before interest and tax paid 327 466 835 968
Income tax paid -2 -1 -3 -44
Interest paid -29 -37 -88 -103
Cash flows from operating activities 295 427 742 821
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 7 -6 41 1
Interest received 1 2 8 5
Acquisition of property, plant and equipment -18 -109 -43 -527
Cash flows from investing activities -10 -113 6 -520
Cash flows from financing activities
Proceeds from borrowings - - 21 -
Repayment of loans -294 -133 -919 -329
Leasing financing paid -8 -6 -22 -20
Warrant issue - 4 - 4
Cash flows from financing activities -302 -135 -920 -346
Net change in cash and cash equivalents -17 179 -170 -45
Cash and cash equivalents at start of the period 185 207 363 426
Effect of exchange rate fluctuations on cash and cash equivalents -6 -26 -30 -20
Cash and cash equivalents at end of the period 163 360 163 360
===== SIDA 17 =====
Interim report 1 January – 30 September 2025
17
Parent company income statement
Q3 Q3 9M 9M FY
SEK m 2025 2024 2025 2024 2024
Revenue - 2 - 10 3
Cost of sales - 0 - -3 -3
Gross profit - 2 - 7 -
Administrative expenses -8 -3 -37 -44 -43
Other income - 1 - 1 1
Other costs -1 0 -1 0 -
Operating profit -9 0 -38 -36 -42
Finance income 20 38 65 116 141
Finance costs -5 -10 -20 -33 -43
Foreign exchange gains/(-losses) (net) -15 -44 -152 19 97
Result after financial items -9 -16 -145 65 153
Tax allocation reserve - - - - -31
Result before income tax -9 -16 -145 65 122
Income tax - 4 - -8 -26
Result for the period -9 -12 -145 58 96
Total comprehensive result for the period is the same as the Result for the period.
===== SIDA 18 =====
Interim report 1 January – 30 September 2025
18
Parent company balance sheet
SEK m
30 Sep
2025
30 Jun
2025
31 Dec
2024
30 Sep
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 1,821 1,833 2,042 86
Deferred tax assets - - - 6
Total financial assets 2,109 2,121 2,330 380
Total non-current assets 2,109 2,121 2,330 380
Current assets
Trade and other receivables 14 16 22 122
Prepayments 2 3 - -
Loans to group companies - - - 1,907
Cash and cash equivalents 33 56 205 67
Total current assets 49 74 227 2,097
TOTAL ASSETS 2,158 2,195 2,557 2,477
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 -145 -137 96 58
TOTAL EQUITY 1,875 1,884 2,020 1,982
Untaxed reserves 31 31 31 -
Non-current liabilities
Borrowings 118 143 413 458
Total non-current liabilities 118 143 413 458
Current liabilities
Trade and other payables 39 41 37 37
Borrowings 94 95 55 -
Total current liabilities 133 136 92 37
TOTAL LIABILITIES 251 280 506 495
TOTAL EQUITY AND LIABILITIES 2,158 2,195 2,557 2,477
===== SIDA 19 =====
Interim report 1 January – 30 September 2025
19
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 7 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 20 =====
Interim report 1 January – 30 September 2025
20
Result for the period, SEK m
2025
Q3
2024
Q3
2025
9M
2024
9M
Result attributable to shareholders, SEK m -13 -88 -214 -99
Average number of shares during the period before dilution, thousand 14,532 14,532 14,532 14,532
Earnings per share before dilution, SEK -0.87 -6.07 -14.71 -6.80
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 -0.87 -6.07 -14.71 -6.80
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 21 =====
Interim report 1 January – 30 September 2025
21
Signatures
The Board of Directors and the Managing Director declare that the report for the third 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, 13 November 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 been reviewed by the Company’s auditors
===== SIDA 22 =====
Interim report 1 January – 30 September 2025
22
Key ratios
Financial information for individual quarters
The financial information below regarding individual quarters
during the period 1 July 2023 – 30 September 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
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
SEK m (or as stated) 2023 2023 20242 20242 20242 20242 2025 2025 2025
Revenue 643 915 1,246 1,115 1,171 1,347 1,206 1,088 1,060
Gross profit 75 133 219 185 181 191 197 177 203
Gross margin, % 11.7% 14.5% 17.6% 16.6% 15.5% 14.2% 16.3% 16.3% 19.1%
Operating profit -28 -62 21 -4 2 2 13 -5 37
Operating margin, % -4.4% -6.8% 1.8% -0.3% 0.1% 0.2% 1.1% -0.4% 3.5%
Result for the period -89 -89 70 -81 -88 9 -150 -51 -13
Earnings per share, SEK1 -6.16 -6.11 4.83 -5.56 -6.07 0.65 -10.32 -3.51 -0.87
Working capital/LTM
Revenue, % 20% 20% 20% 21% 22%
23% 17% 12% 10%
Cash flow from operations -88 147 124 270 427 -480 185 262 295
Equity/total assets, % 62% 34% 33%
33%
31%
30% 30% 31% 32%
Return on equity, LTM% -2% -6% -2% -7% -12% -6% -20% -19% -15%
Return on capital employed,
LTM% -1% -3% -2%
-2%
-1%
1% 1% 1% 2%
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. 9.
USA
Q3 Dec Q1 Q2 Q3 Q4 Q1 Q2 Q3
SEK m (or as stated) 2023 2023 20242 20242 20242 20242 2025 2025 2025
Revenue - 308 773 727 716 755 762 695 677
Gross profit - 82 156 140 159 154 135 121 139
Gross margin, % - 26.6% 20.2% 19.2% 22.2% 20.4% 17.7% 17.3% 20.5%
Operating profit - 25 60 51 53 65 48 26 43
Operating margin, % - 8.0% 8.6% 7.3% 7.7% 9% 6.3% 3.8% 6.3%
Working capital/LTM Revenue, % - 17% 13%1 15%1 19%1 21% 17% 14% 12%
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. 9.
Germany
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
SEK m (or as stated) 2023 2023 2024 2024 2024 2024 2025 2025 2025
Revenue 574 555 439 332 372 559 402 366 358
Gross profit 66 47 57 38 14 40 56 50 56
Gross margin, % 11.5% 8.4% 12.9% 11.4% 3.7% 7.2% 13.9% 13.7% 15.6%
Operating profit -16 -62 -12 -27 -40 -41 -9 -13 -1
Operating margin, % -2.8% -11.1% -2.7% -8.2% -10.7% -7.3% -2.3% -3.5% -0.4%
Working capital/LTM Revenue, % 22% 26% 30% 31% 27% 23% 16% 11% 6%
===== SIDA 23 =====
Interim report 1 January – 30 September 2025
23
Kazakhstan
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
SEK m (or as stated) 2023 2023 2024 2024 2024 2024 2025 2025 2025
Revenue 69 52 34 56 82 33 42 26 25
Gross profit 9 5 6 8 9 -3 6 6 8
Gross margin, % 13.7% 8.9% 17.1% 13.6% 10.4% -10.5% 13.9% 24.0% 33.3%
Operating profit - -6 -3 -1 3 -10 1 -1 7
Operating margin, % 0.4% -10.7% 10.2% -2.3% 3.1% -30.5% 3.5% -3.6% 27.8%
Working capital/LTM Revenue, % 23% 24% 29% 18% 27% 55% 47% 49% 68%
Net debt
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
SEK m 2023 2023 2024 2024 2024 2024 2025 2025 2025
Long term borrowings 69 671 610 628 999 958 1,064 833 752
Long term lease liabilities 51 59 53 49 34 37 33 33 29
Short term borrowings 428 1,024 1,071 1,178 1,080 1,318 939 978 1,005
Short term lease liabilities 23 22 26 23 40 28 23 21 19
Total interest bearing liabilities 571 1,776 1,759 1,878 2,153
2,340 2,058 1,864 1,804
Cash & cash equivalents 950 426 217 208 360 363 232 185 163
Net debt / (cash) -378 1,349 1,542 1,671 1,792 1,978 1,826 1,679 1,641
Net debt / EBITDA (times) -18.4 -214.7 21.0 9.4 6.6 5.2 4.8 4.5 3.9
Working capital
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
SEK m 2023 2023 2024 2024 2024 2024 2025 2025 2025
Inventory 699 1,443 1,687 1,466 1,363 1,253 1,115 967 856
Trade and other receivables 315 630 678 653 496 617 541 409 327
Prepayments 3 6 8 5 12 11 16 16 11
Trade and other payables 470 997 1,283 1,051 827 794 834 758 665
Deferred income 8 8 8 12 10 11 7 5 5
Provisions - 12 18 11 10 8 5 4 1
Working capital 538 1,063 1,062 1,049 1,026 1,068 825 625 523
Revenue LTM 2,653 5,313 5,314 4,938 4,712 4,720 4,754 5,179 5,074
Working capital / Revenue (%) 20% 20% 20% 21% 22%1 23% 17% 12% 10%
1 Q1-Q3 2024 based on annualized revenue for Ferronordic’s US operations calculated as 9m 2024 / 9 x 12.
Capital employed
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
SEK m 2023 2023 2024 2024 2024 2024 2025 2025 2025
Long term interest bearing liabilities 120 730 663 677 1,033 1,050 1,097 866 781
Short term interest bearing liabilities 451 1,046 1,096 1,201 1,120 1,291 961 998 1,023
Shareholder equity 1,750 1,622 1,698 1,627 1,483 1,499 1,372 1,302 1,294
Capital employed 2,322 3,397 3,457 3,505 3,636 3,839 3,430 3,166 3,098
Average capital employed 2,974 3,001 3,117 2,958 2,979 3,618 3,443 3,336 3,367
EBIT -66 -115 -80 -84 -43 21 14 13 48
Interest income 25 31 29 30 15 10 11 11 10
Result LTM -41 -84 -51 -53 -29 30 25 24 58
Return on capital employed (%) -1% -3% -2% -2% -1% 1% 1% 1% 2%
===== SIDA 24 =====
Interim report 1 January – 30 September 2025
24
Return on equity
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
SEK m 2023 2023 2024 2024 2024 2024 2025 2025 2025
Shareholder equity 1,750 1,622 1,698 1,627 1,483 1,499 1,372 1,302 1,294
Average equity 1,929 1,748 1,792 1,725 1,617 1,560 1,535 1,464 1,389
Net result LTM -39 -107 -44 -125 -188 -89 -310 -280 -204
Return on equity (%) -2% -6% -2% -7% -12% -6% -20% -19% -15%
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 25 =====
Interim report 1 January – 30 September 2025
25
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, and Link-Belt in 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 branches 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 26 =====
Interim report 1 January – 30 September 2025
26
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 (publ) is obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency of the contact person set out below, at 07:30 CEST on
13 November 2025.
Financial calendar
Year-end report January – December 2025 – 12 February 2026
Conference call
A presentation for investors, analysts and media will be held on
13 November 2025 at 10:00 CET and is accessible at
www.ferronordic.com.
To participate via teleconference, please register on the link
below.
https://events.inderes.com/ferronordic/q3-report-2025/dial-in
To participate via webcast, please use the link below.
https://ferronordic.events.inderes.com/q3-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