FULLTEXT DEL 1 AV 1
Kvartalsrapport Q4 2025
===== SIDA 1 =====
Year-end report January 1 – December 31, 2025
1
Q4 2025: Improved profitability and operating result
Summary of the fourth quarter, October – December 20251
Group
• Revenue decreased by 10% to
SEK 1,211m.
• Gross profit increased by 12%.
• SG&A increased by 1%.
• Operating result increased to SEK 31m
despite one-off costs of SEK 23m.
• Net finance costs decreased by 24% to
SEK 26m.
• Net profit improved to SEK 15m despite
further foreign exchange losses of
SEK 18m.
• Net debt decreased to SEK 1,616m.
USA
• Market in our territory increased by 16%.
• Revenue increased by 7% to SEK 811m
(16% in USD).
• Gross margin was stable.
• Operating profit increased to SEK 73m with
an operating margin of 9.0%.
Germany
• Truck market increased by 13%.
• Revenue decreased by 36% to SEK 360m
(-34% in EUR).
• Service and parts sales decreased by 3%
(flat in EUR).
• Gross margin was 4.5pp higher.
• SG&A decreased by 2% despite one-off
costs of SEK 20m (+1% in EUR).
• Operating result increased to SEK -29m with
an operating margin of -8%.
• Working capital decreased by 72%.
Kazakhstan
• Revenue increased by 24% to SEK 40m.
• Operating profit increased to SEK -3m
including one-off costs of SEK 3m.
• Inventory declined by 55%.
-10%
Revenue
31
Operating profit, SEK m
2.6%
Operating margin
1.04
Earnings per share, SEK
Selected key group ratios2
SEK m (or as stated)
2025
Q4
2024
Q4 %
2025
12M
2024
12M
%
Revenue 1,211 1,347 -10% 4,566 4,880 -6%
Gross profit 214 191 12% 792 778 2%
Operating profit 31 2 1,388% 77 21 272%
Result for the period 15 9 60% -199 -89 -122%
Earnings per share, SEK3 1.04 0.65 60% -13.66 -6.15 -122%
Cash flow from operations -41 -480 701 340
Net debt (cash) 1,616 1,978 1,616 1,978
Gross margin, % 17.7% 14.2% 3.5pp 17.3% 15.9% 1.4pp
Operating margin, % 2.6% 0.2% 2.4pp 1.7% 0.4% 1.3pp
Working capital/LTM Revenue, % 15% 23% -8.1pp 15% 23% -8.1pp
Equity/total assets, % 33% 30% 2.4pp 33% 30% 2.4pp
Return on capital employed, % 2% 1% 1.7pp 2% 1% 1.7pp
Return on equity, % -14% -6% -8.4pp -14% -6% -8.4pp
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 p. 22 to 24.
Year-end report January 1 – December 31, 2025
===== SIDA 2 =====
Year-end report January 1 – December 31, 2025
2
Improved profitability and
operating result
During Q4 2025, we continued our work to further strengthen our
customer relations and improve profitability across the Ferronordic
Group. Sales held up well in the quarter in view of the continued
depreciation of the dollar. Operating profit increased to SEK 31m,
or SEK 54m excluding one-off costs, as compared with SEK 19m
excluding one-off costs in Q4 2024. Finance costs were 24% lower
than a year ago. Net debt to EBITDA decreased further to
3.4x (5.2x). Our company is stronger today than a year ago. I want
to thank our employees for a strong finish to 2025.
In the US, demand remained strong. The market for GPE
machines in our territory grew by 16% and machine utilization
remained high. At the same time, competition remains intense, and
pricing increases are gradual as manufacturers and dealers seek
to offset higher costs related to tariffs and the weaker dollar.
Against this backdrop, our US business delivered a very strong
quarter. Sales amounted to SEK 811m, corresponding to an
increase of 7% in kronor and 16% in dollars, largely driven by
strong sales of new machines and sales of machines from the
rental fleet. Aftermarket sales and rental revenue also held up well
for the season, and utilization in the rental fleet continued to
improve compared to Q4 2024. The underlying margins were in line
with previous quarters, while the gross margin in the quarter was
positively affected by an accounting timing effect related to the
translation of local accounts to Group reporting. Gross profit
increased by 10% in kronor and 18% in dollars. Costs remained
well controlled, resulting in an operating profit of SEK 73m, 13%
higher than Q4 2024 and 72% higher than the previous quarter.
We continue to develop our US operations with a focus on gaining
market shares and increasing aftermarket penetration. During the
quarter, we progressed the implementation of our new CRM system
and advanced the relaunch of our automatic lead generator. After
the end of the quarter, we completed the acquisition of Housby
Heavy in Iowa, representing the first step towards further
geographic expansion in the US. Housby corresponds to
approximately 10% of our US sales and is now integrated as a
branch in the US operations. Over time, we expect Housby to reach
profitability and return on invested capital levels in line with our
other US branches.
In Germany, demand for trucks remained weak, although the
market continued to show signs of gradual recovery during the
quarter. Customers continue to operate their fleets, supporting long-
term replacement demand. Our truck sales were significantly lower
than in Q4 2024, while margins improved, as the comparative
quarter was negatively affected by the impairments made in that
quarter. Aftermarket sales developed weaker than expected and
were largely flat in comparison with both Q4 2024 and Q3 2025. We
continue to face a shortage of technicians at some larger
workshops, and newly hired technicians have not yet reached the
productivity levels of more experienced colleagues. Technician
utilization varies between branches, and in certain branches we
need to increase workshop activity. We remain confident in our
ability to grow aftermarket sales over time, supported by the new
service organization introduced during 2025, which places greater
responsibility on workshop managers and strengthens local
accountability for branch profitability.
To increase our resilience and improve our profitability also in a
weak market environment, we implemented additional cost-saving
measures during the quarter. These are expected to result in
annual savings of SEK 16-17m but also resulted in one-off costs of
SEK 17m in the quarter. We also recognized impairments on
doubtful receivables of SEK 3m. Operating profit excluding one-off
costs amounted to SEK -9m, as compared with SEK -28m
excluding one-off costs in Q4 2024. Results remain well below the
potential we see and are working towards in Germany. Inventories
and accounts receivable declined further. Working capital
decreased to 7% of revenue.
In Kazakhstan, we continued to clear the remaining older machines
from inventory, further improving the inventory mix. Machine sales
increased compared with Q4 2024 but remained at a low level.
Margins were also weaker, partly due to impairments of the limited
number of older machines remaining at the end of the quarter.
Aftermarket sales were stable with good margins. Operating profit
excluding one-off costs amounted to SEK 0m, as compared with
SEK -6m excluding one-off costs in Q4 2024.
In view of the negative result for the financial year 2025, the Board
recommends that no dividend be paid.
Outlook
We remain optimistic about our US operations despite ongoing
uncertainty related to tariffs and currency developments. Customers
maintain solid order books, and activity in the infrastructure sector is
expected to remain high, driven by the need to maintain and
develop road networks and other public infrastructure. Investments
related to data centers continue to support demand. Overall, we see
good opportunities for further development and expansion of the US
business.
In Germany, we expect market recovery to continue, partly driven
by the growing need to renew truck fleets. Demand for service and
parts is expected to remain relatively strong. Improving new trucks
sales are expected to gradually support increased demand for
service and parts. We have further reduced our cost base but still
maintain an organization capable of meeting increased demand and
larger volumes. We remain optimistic about the potential of the
German business.
In Kazakhstan, we also see signs of recovery, especially in
mining and road construction. With new management and a leaner
balance sheet, we see good opportunities to increase both sales
and profitability going forward.
Henrik Carlborg
President and CEO
“Demand remains strong in the US."
===== SIDA 3 =====
Year-end report January 1 – December 31, 2025
3
Group
Revenue by segment (SEKm)
Operating profit and operating
margin
EPS and net margin
Revenue
In Q4 2025, the revenue of the Group decreased by 10% to
SEK 1,211m (1,347). Sales of equipment and trucks decreased by 15%
while service and parts sales decreased by 5%. Rental revenue increased by
4%, driven by improved rental utilization in the US.
In 12M 2025, the Group revenue decreased by 6% to SEK 4,566m (4,880).
Sales of equipment and trucks decreased by 12%, while service and parts
sales decreased by 1% to 1,792m (1,819). Rental revenue increased by 8%.
Gross profit and operating profit
In Q4 2025, the gross margin for the Group increased to 17.7% (14.2). Gross
profit increased by 12% to SEK 214m (191). This development reflects
several underlying effects. The revenue contribution from the US, where
margins are higher, was greater in Q4 2025 than in Q4 2024. Product and
revenue mix was also different. Further, in Q4 2024, the Group posted
impairments of inventory in Germany and Kazakhstan, which reduced gross
margin for the Group in the comparative period.
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 Q4 2024, the effect of
reclassification of productive costs was approximately SEK 25m. For more
details on this reclassification, please refer to p. 9 of this report.
In Q4 2025, selling and administrative expenses increased by 1% to
SEK 181m (180). As a percentage of revenue, these expenses increased to
15.0% (13.4). The operating profit for Q4 2025 increased to SEK 31m (2).
The operating margin during Q4 2025 increased from 0.2% to 2.6%.
In 12M 2025, the gross margin increased to 17.3% (15.9). Gross profit
increased by 2% to SEK 792m (778). In 12M 2024, the effect of the
reclassification of productive costs in the US operations was approximately
SEK 75m (for more details on this effect, please refer to p. 9).
In 12M 2025, selling and administrative expenses decreased by 4% to
SEK 724m (751). As a percentage of revenue, selling, general and
administrative expenses in 12M 2025 remained stable at 15.8% (15.4).
Operating profit for 12M 2025 increased by 272% to SEK 77m (21). The
operating margin during 2025 increased from 0.4% to 1.7%.
Net income
In Q4 2025, finance costs (net) decreased by 24% to SEK -26m (-34), mainly
because of lower borrowings, and partly because of repayments, as well as
lower interest rates. Foreign exchange effects (net) amounted to
SEK -18m (66) in Q4 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 Q4 2025 decreased to SEK -12m (34). The
result for Q4 2025 increased to SEK 15m (9).
Finance costs (net) in 12M 2025 decreased by 16% to SEK -116m (-138).
Foreign exchange losses (net) amounted to SEK -185m (77).
The result before income tax for 12M 2025 decreased to SEK -224m (-40).
The result for 12M 2025 decreased to SEK -199m (-89).
0
200
400
600
800
1,000
1,200
1,400
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Kazakhstan Germany US
-1%
1%
2%
3%
4%
-10
0
10
20
30
40
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Operating profit (SEKm)
Operating margin (%)
-30%
-20%
-10%
0%
10%
-10
-8
-6
-4
-2
0
2
4
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Earnings per share (SEK)
Net margin (%)
===== SIDA 4 =====
Year-end report January 1 – December 31, 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 Q4 2025 amounted to
SEK 1.04 (0.65).
Earnings per share before dilution in 12M 2025 amounted to
SEK -13.66 (-6.15).
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 typically 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 Q4 2025 increased to
SEK -41m (-480). Working capital at the end of Q4 2025 was SEK 664m, a
decrease of SEK 404m compared to SEK 1,068m at the end of 2024, mainly
due to lower inventories and receivables. As a percentage of revenue,
working capital decreased to 15% (23% at the end of 2024).
Cash flow from investing activities in Q4 2025 amounted to SEK -22m (553).
In 12M 2025, cash flows from operating activities increased to
SEK 701m (340). The higher cash flows were partly a result of lower
inventories and lower trade receivables.
Cash flows from investing activities during 12M 2025 amounted to
SEK -16m (33).
Financial position
On 31 December 2025, cash and cash equivalents amounted to SEK 153m,
a decrease of SEK 210m compared to the end of 2024. Cash decreased
mainly as a result of repayment of loans.
At the end of Q4 2025, interest-bearing liabilities (including lease liabilities
and effects of IFRS-16) amounted to SEK 1,770m, a decrease of SEK 571m
from SEK 2 340m at 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 1,616m
at the end of Q4 2025, primarily because of lower interest-bearing liabilities.
On 31 December 2025, PP&E amounted to SEK 2,136m, a decrease of
SEK 181m from SEK 2,317m at the end of 2024, partly due to currency
translation effects.
On 31 December 2025, equity amounted to SEK 1,306m (1,499), a decrease
of SEK 192m compared to the end of 2024.
-5%
0%
5%
10%
15%
20%
25%
30%
-200
0
200
400
600
800
1,000
1,200
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Net working capital (SEKm)
Net working capital as % of LTM
revenue
-500
-300
-100
100
300
500
700
900
1,100
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Cash flow from operations LTM (SEKm)
Cash flow from operations per quarter (SEKm)
-10%
0%
10%
20%
30%
40%
50%
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
1,500
2,000
2,500
Property plant and equipment (SEKm)
CAPEX LTM/PPE, %
===== SIDA 5 =====
Year-end report January 1 – December 31, 2025
5
Net debt and net debt/EBITDA
Currency index last 5 quarters
(indexed 1 October 2024)
Parent company
In Q4 2025, the revenue of the Parent Company was SEK 0m (-7), as the
Parent Company no longer sells equipment to, or charges royalty from
subsidiaries. Administrative expenses increased to SEK 21m (0), but mainly
due to one-off effects in Q4 2024 including the release of bonus accruals and
the release of a reserve for a potential legal claim against the Company.
Operating profit decreased to SEK -20m (-6). The result for Q4 2025
increased to SEK 39m (37), as negative foreign exchange effects were offset
by the release of a tax allocation reserve and by group contributions
received.
In 12M 2025, the revenue of the Parent Company decreased to SEK 0m (3)
for the reasons mentioned above. Administrative expenses increased by
34% to SEK 58m (43). Operating profit decreased to SEK -58m (-42) in
12M 2025. The result for 12M 2025 decreased to SEK -106m (96), mainly
due to negative foreign exchange effects.
Foreign exchange rates
The following foreign exchange rates have been used to translate the
12M 2025 (12M 2024) results to the presentation currency:
• Average rates of SEK/EUR 11.07 (-3.2% vs 11.43) and SEK/USD 9.82
(-7.1% vs 10.57) have been used to translate the income statements.
• End of period rates of SEK/EUR 10.82 (-5.8% vs 11.49) and
SEK/USD 9.20 (-16.3% vs 11.00) 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 Q4 2025, the number of full-time equivalent employees in the
Group was 793 (794), of which 358 (363) related to the US, 329 (370) to
Germany, 38 (44) to Kazakhstan and 13 (17) occupied group functions.
Sustainability
In Q4 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.
Events during the period
In November, the loans from Nordea to the Group were refinanced in full with
a new 3-year USD 90m facility from JPMorgan Chase.
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. The US
dollar has also been volatile in over recent periods. This could pose risks to
Ferronordic since its 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
0.0
5.0
10.0
15.0
20.0
25.0
30.0
0
500
1,000
1,500
2,000
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Net debt (SEKm)
Net debt / EBITDA (%)
85
95
105
115
125
135
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
SEK/EUR SEK/USD
SEK/100 KZT
===== SIDA 6 =====
Year-end report January 1 – December 31, 2025
6
supply and demand disruptions and to changes in macroeconomic activity.
For more on risks and uncertainties, please refer to Ferronordic’s annual
report.
Events after the reporting period
Subsequent to the reporting date, Ferronordic’s US subsidiary, Rudd
Equipment Company, has acquired certain assets of Housby Heavy
Equipment, a dealer for Volvo Construction Equipment in the state of Iowa,
United States. The transaction is structured as an asset acquisition, whereby
Rudd acquired selected assets used in Housby’s equipment dealership,
primarily machines held in inventory and spare parts.
The purchase price for the acquired assets amounted to USD 17.7m at
closing. The transaction will be primarily debt financed. No real estate,
receivables, liabilities or corporate support functions are included in the
transaction.
The transaction was closed on January 30, 2026. The transaction constitutes
a non-adjusting event after the reporting period and has therefore not been
reflected in the Group’s interim financial statements.
===== SIDA 7 =====
Year-end report January 1 – December 31, 2025
7
Segments
As of Q4 2023 Ferronordic recognizes three separate
reportable segments: US, Germany and Kazakhstan (see
also note 5 on p. 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)
Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
External revenue 811 755 360 559 40 33 1,211 1,347
Equipment and truck sales 459 393 192 383 30 21 681 797
Service and parts sales 281 299 147 151 10 12 438 461
Rental and other revenue 71 64 21 25 - - 92 88
Gross profit 169 154 42 40 3 -3 214 191
EBITDAS 145 130 15 -18 -2 -9 -10 -12 148 90
Operating profit 73 65 -29 -41 -3 -10 42 14
Group costs1 0 0 0 0 0 0 -10 -12 -10 -12
Operating profit after group
costs 73 65 -29 -41 -3 -10 -10 -12 31 2
Finance items (net) -26 -34
Foreign exchange (gain/loss) -18 66
Profit(loss) before tax -12 34
Result for the period 15 9
Gross margin, % 20.9% 20.4% 11.7% 7.2% 7.5% -10.5% 17.7% 14.2%
Operating margin, % 9.0% 8.6% -8.0% -7.3% -6.6% -30.5% 2.6% 0.2%
US Germany Kazakhstan
Unallocated
Group
costs1 Total
SEK m (or as stated)
12M 12M 12M 12M 12M 12M 12M 12M 12M 12M
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
External revenue 2,946 2,973 1,486 1,702 134 205 4,566 4,880
Equipment and truck sales 1,516 1,553 792 1,001 86 159 2,395 2,713
Service and parts sales 1,135 1,149 610 625 47 46 1,792 1,819
Rental and other revenue 294 272 84 76 - - 378 347
Gross profit 564 611 204 149 23 19 791 778
EBITDA 479 500 57 -31 8 -9 -65 -77 480 383
Operating profit 190 230 -52 -120 5 -12 142 97
Group costs1 0 0 0 0 0 0 -65 -77 -65 -77
Operating profit after group
costs 190 230 -52 -120 5 -12 -65 -77 77 21
Finance items (net) -116 -137
Foreign exchange (gain/loss) -185 77
Profit(loss) before tax -224 -40
Result for the period -199 -89
Gross margin, % 19.1% 20.5% 13.7% 8.7% 17.5% 9.0% 17.3% 15.9%
Operating margin, % 6.4% 7.7% -3.5% -7.0% 3.6% -5.9% 1.7% 0.4%
===== SIDA 8 =====
Year-end report January 1 – December 31, 2025
8
31 December 2025
SEK m US Germany Kazakhstan
Group
assets1 Total
Non-current
assets 1,657 807 13 22 2,499
Total assets 2,678 1,057 148 111 3,994
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,
Q4 2025
Segment share of total assets,
31 December 2025
31 December 2025
SEK m US Germany Kazakhstan
Group
assets Total
Property, plant and equipment 1,523 607 6 - 2,136
Real Estate 185 218 - - 403
Rental Fleet 1,223 296 - - 1,519
Right-of-use assets 11 56 2 - 69
Other PPE 104 37 4 - 145
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 67%
Germany 30%
Kazakhstan 3%
US 67%
Germany 26%
Kazakhstan 4%
Group 3%
===== SIDA 9 =====
Year-end report January 1 – December 31, 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 Q4 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 Q4 2025, these revenues are
recognized in revenue and the corresponding cost in cost of
sales and SG&A. Other cost of sales that in Q4 2024 were
reported as SG&A have in Q4 2025 been reclassified to
cost of sales. Certain administration fees paid by customers
that in Q4 2024 were reported under other income have in
Q4 2025 been reclassified to equipment sales.
Column Q4 2024 ADJ in the table below shows the effects
of the reclassifications on the Q4 2024 income statement,
compared to how the result was presented in the Q4 2024
report, and the effects on the year-on-year comparisons
with Q4 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 Q4 2024 and FY 2024 results before and after the reclassifications, as well as the
differences due to the change in presentation.
Q4 Q4 Q4 Q4 Y-o-Y Y-o-Y
FY
FY
FY
SEK m 2025 2024 ADJ
2024
ADJ reported adjusted
2024
ADJ
2024
ADJ
Revenue 811 720 35 755 13% 7% 2,813 161 2,973
Equipment and truck sales 459 419 -26 393 10% 17% 1,550 3 1,553
Service and parts sales 281 236 62 299 19% -6% 991 157 1,149
Rental revenue 71 65 -1 64 9% 11% 272 - 272
Cost of sales -642 -541 -60 -601 19% 7% -2,127 -236 -2,362
Gross profit 169 179 -25 154 -5% -10% 686 -75 611
Selling expenses -28 -22 -10 -32 26% -13% -82 -25 -107
General and administrative
expenses -70 -97 34 -63 -28% 12% -379 99 -280
Other income 3 6 1 6 -50% -50% 8 2 10
Other expenses -2 -1 - -1 50% 50% -3 - -3
Operating profit 73 65 - 65 12% 12% 230 - 230
Gross margin 20.9% 24.8% 20.4% 24.4% 20.5%
Operating margin 9.0% 9.0% 8.6% 8.2% 7.7%
The table below shows the Group’s Q4 2024 and FY 2024 results before and after the reclassifications, as well as the differences
due to the change in presentation.
Q4 Q4 Q4 Q4 Y-o-Y Y-o-Y
FY
FY
FY
SEK m 2025 2024 ADJ
2024
ADJ reported adjusted
2024
ADJ
2024
ADJ
Revenue 1,211 1,312 35 1,347 -8% -10% 4,720 161 4,880
Equipment and truck sales 681 824 -26 797 -17% -15% 2,710 3 2,713
Service and parts sales 438 399 62 461 10% -5% 1,662 157 1,819
Rental revenue 92 90 -1 88 2% 4% 347 0 347
Cost of sales -997 -1,096 -60 -1,156 9% 14% -3,867 -236 -4,102
Gross profit 214 216 -25 191 -1% 12% 853 -75 778
Selling expenses -65 -57 -10 -67 13% -3% -239 -25 -264
General and administrative
expenses -117 -147 34 -113 -21% 3% -587 98 -489
Other income 0 -11 1 -10 - - 8 2 10
Other expenses -2 2 2 -200% -200% -14 0 -14
Operating profit 31 2 0 2 1,471% 1,471% 21 0 21
Gross margin 17.7% 16.5% 14.2% 18.1% 15.9%
Operating margin 2.6% 0.2% 0.2% 0.4% 0.4%
===== SIDA 10 =====
Year-end report January 1 – December 31, 2025
10
USA
Unit sales incl. rental conversion
Revenue by activity (SEKm)
Operating profit and operating margin
Market and sales
Demand remained strong in Q4 2025. The market for larger machines (GPE
segment) in Ferronordic’s sales area increased by 16% in Q4 2025 and 9% in
FY 2025. Activity among customers, many of which operate in areas directly or
indirectly related to infrastructure projects, remains high. Construction of datacenters
and related infrastructure also contributes to business activity. Continued tax breaks
for investments should support capex plans and help customers make decisions on
fleet renewals and rental conversions. The weaker dollar and tariffs are exerting
pressure on margins amidst intensifying competition. Ferronordic does not currently
expect to be affected more than its competitors. During Q4 2025, Ferronordic sold 68
new units, 48 units were sold from the rental fleet, and 28 units were sold as used.
The service and parts business was stable in dollar terms. Rental fleet utilization
declined in line with normal seasonality compared to Q3 2025 but was higher than
last year. A high utilization indicates that our customers need machines, and it
increases the potential for profitable sales from the rental fleet in the future. The rental
fleet decreased while equipment inventory increased compared to Q3 2025.
Revenue and operating result
Revenue in Q4 2025 increased by 7% to SEK 811m (755) (16% in USD) with a gross
margin of 20.9%1 (20.4). Equipment sales increased by 17% (26% in USD), while
service and parts sales decreased by 6% (+1% in USD), and rental sales increased
by 11% (20% in USD).
Selling, general and administrative expenses increased by 3% compared to Q4 2024
to SEK 98m (95). As a percentage of revenue, SG&A decreased to 12.0% (12.5).
Operating profit increased by 13% to SEK 73m (65) (21% in USD). The operating
margin increased to 9.0% (8.6).
EBITDA, which excludes depreciation costs related to rental sales, increased by
12% (20% in USD) to SEK 145m. The gap between operating profit and EBITDA
should typically decrease when machine sales from the rental fleet (conversions)
picks up.
Cash flows and balance sheet
Working capital at the end of Q4 2025 amounted to SEK 520m, compared to
SEK 358m at the end of Q3 2025. The increase primarily reflects increased
receivables related to the strong equipment sales at the end of the year. At the end of
Q4 2025, working capital corresponded to 18% of revenue for the last 12 months,
compared to 12% at the end of Q3 2025. Cash flows from operating activities in
Q4 2025 amounted to SEK -54m (-455).
12M 2025
In 12M 2025, revenue decreased by 1% to SEK 2,946m (2,973) with a gross margin
of 19.1% (20.5). In USD, revenue increased by 3%. Operating profit decreased by
17% to SEK 190m (230). The operating margin decreased to 6.4% (7.7%). In USD,
operating profit decreased by 14%.
2025 2024 % 2025 2024 %
Q4 Q41 change 12M 12M change
New units 68 65 5% 234 277 -16%
Conversion from rental, units 48 53 -9% 136 129 5%
Used units 28 22 27% 90 73 23%
Revenue, SEK m 811 755 7% 2,946 2,973 -1%
Gross profit, SEK m 169 154 10% 564 611 -7%
Operating profit, SEK m 73 65 13% 190 230 -17%
Gross margin, % 20.9% 20.4% 19.1% 20.5%
Operating margin, % 9.0% 8.6% 6.4% 7.7%
Working capital/LTM Revenue, % 18% 21% 18% 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
Q4 2024 Q1 2025Q2 2025Q3 2025 Q4 2025
Unit Sales Conversion
0
200
400
600
800
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Equipment sales Aftermarket sales
Other
0%
3%
6%
9%
12%
0
20
40
60
80
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Operating profit (SEK m)
Operating margin (%)
===== SIDA 11 =====
Year-end report January 1 – December 31, 2025
11
Germany
Unit sales
Revenue by activity
Operating profit and
operating margin
Market and sales
While demand for trucks remained weak, the market continued to show signs of
gradual recovery, with new trucks registrations in Germany increasing by 13% in
Q4 2025. In Ferronordic’s sales territory, registrations increased by 8% Y-o-Y and
represented approx. 18% of the total German market. Customers remain cautious
about renewing their fleets but continue to operate and maintain their trucks,
which supports demand for service and parts. Ferronordic’s new trucks sales,
however, decreased by 63% to 116 units, mainly reflecting a strong quarter in
Q4 2024. Service and parts sales declined by 3% (flat in EUR). Ferronordic
continues to experience shortages of technicians at certain larger workshops,
while newly recruited technicians have not yet reached the productivity levels of
more experienced colleagues. Demand also varies between workshops, and
utilization needs to be improved in certain locations. Inventories continued to
decline and amounted to SEK 156m at the end of Q4 2025. Ferronordic
continued to reduce its rental fleet and lowered receivables by 29% compared
with the previous quarter. Overall, working capital declined by 72% during 2025 to
SEK 108m. To improve its cost position and increase profitability even if a market
recovery is slow, Ferronordic continued to cut administrative costs during 2025.
Revenue and operating result
Revenue in Q4 2025 decreased by 36% to SEK 360m (559) with a gross margin
of 11.7% (7.2). In EUR, revenue decreased by 34%. Note that the gross margin in
Q4 2024 was negatively affected by a SEK 13m impairment of trucks in inventory.
Truck sales decreased by 50%, while service and parts sales decreased by 3%,
and rental sales decreased by 16%.
Selling, general and administrative expenses decreased by 2% compared to
Q4 2024 to SEK 67m (68). Note that this amount includes one-off costs in the
amount of SEK 20m related to restructuring, the closing of the corporate office in
Frankfurt, and impairment of doubtful receivables. Including these one-off items,
SG&A as a percentage of revenue increased to 18.6% (12.2). Despite this, the
operating result increased to SEK -29m (-41). The operating margin decreased to
-8.0% (-7.3).
Cash flows and balance sheet
Working capital at the end of Q4 2025 amounted to SEK 108m, compared to
SEK 132m at the end of Q3 2025. The decrease mainly reflects a decrease in
inventories and receivables. Working capital corresponded to 7% of revenue for
the last 12 months, compared to 6% at the end of Q3 2025. Cash flows from
operating activities in Q4 2025 amounted to SEK 5m (123).
12M 2025
In 12M 2025, revenue decreased by 13% to SEK 1,486m (1,702) with a gross
margin of 13.7% (8.7). In EUR, revenue decreased by 11%. The operating result
improved by 56% to SEK -52m (-120). The operating margin improved
to -3.5% (-7.0).
2025 2024 % 2025 2024 %
Q4 Q4 change 12M 12M change
New units 116 317 -63% 544 671 -19%
Used units 44 47 -6% 174 300 -42%
Revenue, SEK m 360 559 -36% 1,486 1,702 -13%
Gross profit, SEK m 42 40 4% 204 149 37%
Operating profit, SEK m -29 -41 30% -52 -120 56%
Gross margin, % 11.7% 7.2% 13.7% 8.7%
Operating margin, % -8.0% -7.3% -3.5% -7.0%
Working capital/LTM Revenue, % 7% 23% 7% 23%
0
50
100
150
200
250
300
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Units sales
0
100
200
300
400
500
600
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Equipment sales Aftermarket sales
Other
(SEK m)
-12%
-7%
-2%
3%
-45
-25
-5
15
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Operating profit (SEK m)
Operating margin (%)
===== SIDA 12 =====
Year-end report January 1 – December 31, 2025
12
Kazakhstan
Unit sales
Revenue by activity
Operating profit and operating
margin
Market and sales
Demand for equipment, parts and service showed signs of improvement during
the quarter, supported by increasing activity in the mining sector and continued
infrastructure investments. Ferronordic estimates that the market for larger
machines (GPE segment) increased by 30% during the quarter. During the
quarter, Ferronordic continued its focus on selling out machines and parts that
have been in inventory for a longer period. As a result, inventories declined
from SEK 107m at the end of 2024 to SEK 48m at the end of 2025. Equipment
sales in Q4 2025 were stronger than in Q3 2025 and Q4 2024. However,
margins were lower, reflecting discounted sales of older machines. Service and
parts sales amounted to SEK 10m (12). The operating result for the quarter
was negatively affected by a SEK 3m impairment of machines in inventory and
other assets.
Revenue and operating result
Revenue in Q4 2025 increased by 24% to SEK 40m (33) with a gross margin
of 7.5% (-10.5). The gross margin in Q4 2025 was negatively affected by a
SEK 3m impairment of machines in inventory. The gross margin in Q4 2024
was negatively affected by a similar impairment of SEK 4m. Equipment sales
increased by 42%, while service and parts sales decreased by 9%.
Selling, general and administrative expenses decreased by 18% compared to
Q4 2024 to SEK 6m (8). SG&A as a percentage of revenue decreased to
15.8% (24.0). The operating result improved to SEK -3m (-10). The operating
margin increased to -6.6% (-30.5).
Cash flows and balance sheet
Working capital at the end of Q4 2025 amounted to SEK 73m, compared with
SEK 86m at the end of Q3 2025. The decrease was mainly a result of
decreased inventories and increased payables. Working capital corresponded
to 55% of revenue for the last 12 months, compared to 68% at the end of
Q3 2025. Сash flows from operating activities amounted to SEK 19m (-69).
12M 2025
In 12M 2025, revenue decreased by 35% to SEK 134m (205) with a gross
margin of 17.5% (9.0). The operating result improved to SEK 5m (-12). The
operating margin improved to 3.6% (-5.9).
2025
Q4
2024
Q4
%
change
2025
12M
2024
12M
%
change
New units 9 15 -40% 49 52 -6%
Used units 4 10 -60% 14 35 -60%
Revenue, SEK m 40 33 24% 134 205 -35%
Gross profit, SEK m 3 -3 188% 23 19 27%
Operating profit, SEK m -3 -10 73% 5 -12 139%
Gross margin, % 7.5% -10.5% 17.5% 9%
Operating margin, % -6.6% -30.5% 3.6% -5.9%
Working capital/LTM Revenue, % 55% 55% 55% 55%
0
10
20
30
40
Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Units sales
-10
10
30
50
70
90
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Equipment sales Aftermarket sales
(SEK m)
-40%
-30%
-20%
-10%
0%
10%
20%
30%
-10
-5
0
5
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Operating profit (SEK m)
Operating margin (%)
===== SIDA 13 =====
Year-end report January 1 – December 31, 2025
13
Condensed consolidated statement
of comprehensive income
Q4 Q4 12M 12M
SEK m 2025 20241 2025 20241
Revenue 1,211 1,347 4,566 4,880
Cost of sales -997 -1,156 -3,774 -4,102
Gross profit 214 191 792 778
Selling expenses -65 -67 -253 -264
General and administrative expenses -117 -113 -470 -489
Other income 0 -10 17 10
Other expenses -2 2 -8 -14
Operating profit 31 2 77 21
Finance income 2 3 9 10
Finance costs -28 -37 -125 -147
Foreign exchange gains/(-losses) (net) -18 66 -185 77
Result before income tax -12 34 -224 -40
Income tax 28 -25 25 -50
Result for the period 15 9 -199 -89
Other comprehensive result
Items that are or may be reclassified to profit or loss:
Foreign currency translation differences for foreign
operations -3 -4 6 -39
Other comprehensive result for the period, net of tax -3 -4 6 -39
Total comprehensive result for the period 12 5 -193 -128
Earnings per share
Basic earnings per share (SEK) 1.04 0.65 -13.66 -6.15
Diluted earnings per share (SEK) 1.04 0.65 -13.66 -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 =====
Year-end report January 1 – December 31, 2025
14
Condensed consolidated statement of
financial position
SEK m
31 Dec
2025
30 Sep
2025
31 Dec
2024
ASSETS
Non-current assets
Property, plant and equipment 2,136 2,312 2,317
Intangible assets 216 221 248
Deferred tax assets 147 127 132
Total non-current assets 2,499 2,661 2,697
Current assets
Inventories 878 856 1,253
Trade and other receivables 447 327 617
Prepayments 17 11 11
Cash and cash equivalents 153 163 363
Total current assets 1,495 1,357 2,245
TOTAL ASSETS 3,994 4,017 4,941
EQUITY AND LIABILITIES
Equity
Share capital 1 1 1
Additional paid in capital 635 635 635
Translation reserve -55 -52 -61
Retained earnings 924 924 1,013
Result for the period -199 -214 -89
TOTAL EQUITY 1,306 1,294 1,499
Non-current liabilities
Borrowings 916 752 958
Deferred income 4 6 7
Deferred tax liabilities 236 242 281
Long-term lease liabilities 52 29 37
Total non-current liabilities 1,208 1,029 1,283
Current liabilities
Borrowings 771 1,005 1,318
Trade and other payables 663 665 794
Deferred income 5 5 11
Provisions 9 1 8
Short-term lease liabilities 31 19 28
Total current liabilities 1,480 1,694 2,159
TOTAL LIABILITIES 2,688 2,723 3,442
TOTAL EQUITY AND LIABILITIES 3,994 4,017 4,941
===== SIDA 15 =====
Year-end report January 1 – December 31, 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 - - - -199 -199
Other comprehensive result
Foreign exchange differences - - 6 - 6
Total comprehensive result for the period - - 6 -199 -193
Contribution by and distribution to owners
Dividends - - - - -
Other changes in Equity - - - - -
Warrant issue - - - - -
Total contributions and distributions - - - - -
Balance 31 December 2025 1 635 -55 725 1,306
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 - - - -89 -89
Other comprehensive result
Foreign exchange differences - - -39 - -39
Total comprehensive result for the period - - -39 -89 -128
Contribution by and distribution to owners
Dividends - - - - -
Other changes in Equity - - - - -
Warrant issue - 5 - - 5
Total contributions and distributions - 5 - - 5
Balance 31 December 2024 1 635 -61 924 1,499
===== SIDA 16 =====
Year-end report January 1 – December 31, 2025
16
Condensed consolidated statement of cash flows
Q4 Q4 12M 12M
SEK m 2025 2024 2025 2024
Cash flows from operating activities
Result before income tax -12 34 -224 -40
Adjustments for:
Depreciation and amortization 117 88 402 362
(Gain)/loss from impairment of receivables 1 2 6 9
Loss/(profit) on disposal of property, plant and equipment -13 - 2 -
Finance costs 28 38 125 149
Finance income -1 -1 -9 -4
Foreign exchange losses/(gains) (net) 18 -65 185 -77
Cash flows from operating activities before changes in working
capital and provisions 138 97 486 399
Change in inventories -44 178 216 271
Change in trade and other receivables -156 -37 42 41
Change in prepayments -7 -8 -7 -5
Change in trade and other payables 16 -667 57 -165
Change in provisions 8 -2 2 -4
Change in deferred income -1 3 -7 -5
Cash flows from operating activities before interest and tax paid -45 -436 788 533
Income tax paid 2 -19 -1 -63
Interest paid 2 -26 -86 -129
Cash flows from operating activities -41 -480 701 340
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 3 88 44 89
Interest received 7 3 16 8
Acquisition of property, plant and equipment -32 462 -75 -65
Cash flows from investing activities -22 553 -16 33
Cash flows from financing activities
Proceeds from borrowings 479 127 500 127
Repayment of loans -393 -235 -1,312 -564
Leasing financing paid -17 -9 -39 -30
Warrant issue - 1 - 5
Cash flows from financing activities 69 -116 -851 -462
Net change in cash and cash equivalents 6 -44 -165 -89
Cash and cash equivalents at start of the period 163 361 363 426
Effect of exchange rate fluctuations on cash and cash equivalents -16 45 -44 25
Cash and cash equivalents at end of the period 153 363 153 363
===== SIDA 17 =====
Year-end report January 1 – December 31, 2025
17
Parent company income statement
Q4 Q4 12M 12M
SEK m 2025 2024 2025 2024
Revenue - -7 - 3
Cost of sales - - - -3
Gross profit - -7 - -
Administrative expenses -21 - -58 -43
Other income - - - 1
Other costs 1 - - -
Operating profit -20 -6 -58 -42
Finance income 22 25 87 141
Finance costs -2 -10 -22 -43
Foreign exchange gains/(-losses) (net) -36 78 -188 97
Result after financial items -37 88 -182 153
Tax allocation reserve 31 -31 31 -31
Group contributions 23 - 23 -
Result before income tax 18 57 -128 122
Income tax 21 -20 21 -26
Result for the period 39 37 -106 96
Total comprehensive result for the period is the same as the Result for the period.
===== SIDA 18 =====
Year-end report January 1 – December 31, 2025
18
Parent company balance sheet
SEK m
31 Dec
2025
30 Sep
2025
31 Dec
2024
ASSETS
Non-current assets
Financial assets
Holdings in group companies 288 288 288
Loans to group companies 1,246 1,821 2,042
Deferred tax assets 21 - -
Total financial assets 1,555 2,109 2,330
Total non-current assets 1,555 2,109 2,330
Current assets
Trade and other receivables 5 14 22
Receivables from group companies 23
Prepayments 16 2 -
Loans to group companies 255 - -
Cash and cash equivalents 91 33 205
Total current assets 390 49 227
TOTAL ASSETS 1,945 2,158 2,557
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital 1 1 1
Unrestricted equity
Share premium reserve 640 640 640
Retained earnings 1,380 1,380 1,283
Result for the period -106 -145 96
TOTAL EQUITY 1,914 1,875 2,020
Untaxed reserves 0 31 31
Non-current liabilities
Borrowings 0 118 413
Total non-current liabilities 0 118 413
Current liabilities
Trade and other payables 30 39 37
Borrowings 0 94 55
Total current liabilities 30 133 92
TOTAL LIABILITIES 30 251 506
TOTAL EQUITY AND LIABILITIES 1,945 2,158 2,557
===== SIDA 19 =====
Year-end report January 1 – December 31, 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. The Group’s warrant program expired out of the
money in December 2025. As a result, no dilution effect
arises. For more information, please refer to Ferronordic’s
annual report for 2024.
===== SIDA 20 =====
Year-end report January 1 – December 31, 2025
20
Result for the period, SEK m
2025
Q4
2024
Q4
2025
12M
2024
12M
Result attributable to shareholders, SEK m 15 9 -199 -89
Average number of shares during the period before dilution, thousand 14,532 14,532 14,532 14,532
Earnings per share before dilution, SEK 1.04 0.65 -13.66 -6.15
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 1.04 0.65 -13.66 -6.15
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 =====
Year-end report January 1 – December 31, 2025
21
Signatures
The Board of Directors and the Managing Director declare that the report for the fourth 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, February 12, 2026
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 22 =====
Year-end report January 1 – December 31, 2025
22
Key ratios
Financial information for individual quarters
The financial information below regarding individual quarters
during the period October 1, 2023 – December 31, 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
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
SEK m (or as stated) 2023 20242 20242 20242 20242 2025 2025 2025 2025
Revenue 915 1,246 1,115 1,171 1,347 1,206 1,088 1,060 1,211
Gross profit 133 219 185 181 191 197 177 203 214
Gross margin, % 14.5% 17.6% 16.6% 15.5% 14.2% 16.3% 16.3% 19.1% 17.7%
Operating profit -62 21 -4 2 2 13 -5 37 31
Operating margin, % -6.8% 1.8% -0.3% 0.1% 0.2% 1.1% -0.4% 3.5% 2.6%
Result for the period -89 70 -81 -88 9 -150 -51 -13 15
Earnings per share, SEK1 -6.11 4.83 -5.56 -6.07 0.65 -10.32 -3.51 -0.87 1.04
Working capital/LTM Revenue, % 20% 20% 21% 22%
23% 17% 12% 10% 15%
Cash flow from operations 147 124 270 427 -480 185 262 295 -41
Equity/total assets, % 34% 33%
33%
31%
30% 30% 31% 32% 33%
Return on equity, LTM% -6% -2% -7% -12% -6% -20% -19% -15% -14%
Return on capital employed, LTM% -3% -2%
-2%
-1%
1% 1% 1% 2% 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
Dec Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
SEK m (or as stated) 2023 20242 20242 20242 20242 2025 2025 2025 2025
Revenue 308 773 727 716 755 762 695 677 811
Gross profit 82 156 140 159 154 135 121 139 169
Gross margin, % 26.6% 20.2% 19.2% 22.2% 20.4% 17.7% 17.3% 20.5% 20.9%
Operating profit 25 60 51 53 65 48 26 43 73
Operating margin, % 8.0% 7.8% 7.1% 7.4% 8.6% 6.3% 3.8% 6.3% 9.0%
Working capital/LTM Revenue, % 17% 13%1 15%1 19%1 21% 17% 14% 12% 18%
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
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
SEK m (or as stated) 2023 2024 2024 2024 2024 2025 2025 2025 2025
Revenue 555 439 332 372 559 402 366 358 360
Gross profit 47 57 38 14 40 56 50 56 42
Gross margin, % 8.4% 12.9% 11.4% 3.7% 7.2% 13.9% 13.7% 15.6% 11.7%
Operating profit -62 -12 -27 -40 -41 -9 -13 -1 -29
Operating margin, % -11.1% -2.7% -8.2% -10.7% -7.3% -2.3% -3.5% -0.4% -8.0%
Working capital/LTM Revenue, % 26% 30% 31% 27% 23% 16% 9% 6% 7%
===== SIDA 23 =====
Year-end report January 1 – December 31, 2025
23
Kazakhstan
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
SEK m (or as stated) 2023 2024 2024 2024 2024 2025 2025 2025 2025
Revenue 52 34 56 82 33 42 26 25 40
Gross profit 5 6 8 9 -3 6 6 8 3
Gross margin, % 8.9% 17.1% 13.6% 10.4% -10.5% 13.9% 24.0% 33.3% 7.5%
Operating profit -6 -3 -1 3 -10 1 -1 7 -3
Operating margin, % -10.7% 10.2% -2.3% 3.1% -30.5% 3.5% -3.6% 27.8% -6.6%
Working capital/LTM Revenue, % 24% 29% 18% 27% 55% 47% 49% 68% 55%
Net debt
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
SEK m 2023 2024 2024 2024 2024 2025 2025 2025 2025
Long term borrowings 671 610 628 999 958 1,064 833 752 916
Long term lease liabilities 59 53 49 34 37 33 33 29 52
Short term borrowings 1,024 1,071 1,178 1,080 1,318 939 978 1,005 771
Short term lease liabilities 22 26 23 40 28 23 21 19 31
Total interest bearing liabilities 1,776 1,759 1,878 2,153
2,340 2,058 1,864 1,804 1,770
Cash & cash equivalents 426 217 208 360 363 232 185 163 153
Net debt / (cash) 1,349 1,542 1,671 1,792 1,978 1,826 1,679 1,641 1,616
Net debt / EBITDA (times) -214.7 21.0 9.4 6.6 5.2 4.8 4.5 3.9 3.4
Working capital
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
SEK m 2023 2024 2024 2024 2024 2025 2025 2025 2025
Inventory 1,443 1,687 1,466 1,363 1,253 1,115 967 856 878
Trade and other receivables 630 678 653 496 617 541 409 327 447
Prepayments 6 8 5 12 11 16 16 11 17
Trade and other payables 997 1,283 1,051 827 794 834 758 665 663
Deferred income 8 8 12 10 11 7 5 5 5
Provisions 12 18 11 10 8 5 4 1 9
Working capital 1,063 1,062 1,049 1,026 1,068 825 625 523 664
Revenue LTM 5,313 5,314 4,994 4,712 4,720 4,754 4,839 5,074 4,766
Working capital / Revenue (%) 20% 20% 21% 22%1 23% 17% 12% 10% 15%
1 Q1-Q3 2024 based on annualized revenue for Ferronordic’s US operations calculated as 9m 2024 / 9 x 12.
Capital employed
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
SEK m 2023 2024 2024 2024 2024 2025 2025 2025 2025
Long term interest bearing liabilities 730 663 677 1,033 1,050 1,097 866 781 968
Short term interest bearing liabilities 1,046 1,096 1,201 1,120 1,291 961 998 1,023 802
Shareholder equity 1,622 1,698 1,627 1,483 1,499 1,372 1,302 1,294 1,306
Capital employed 3,397 3,457 3,505 3,636 3,839 3,430 3,166 3,098 3,076
Average capital employed 3,001 3,117 2,958 2,979 3,618 3,443 3,336 3,367 3,458
EBIT -115 -80 -84 -43 21 14 13 48 77
Interest income 31 29 30 15 10 11 11 10 9
Result LTM -84 -51 -53 -29 30 25 24 58 86
Return on capital employed (%) -3% -2% -2% -1% 1% 1% 1% 2% 2%
===== SIDA 24 =====
Year-end report January 1 – December 31, 2025
24
Return on equity
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
SEK m 2023 2024 2024 2024 2024 2025 2025 2025 2025
Shareholder equity 1,622 1,698 1,627 1,483 1,499 1,372 1,302 1,294 1,306
Average equity 1,748 1,792 1,725 1,617 1,560 1,535 1,464 1,389 1,403
Net result LTM -107 -44 -125 -188 -89 -310 -280 -204 -199
Return on equity (%) -6% -2% -11% -12% -6% -20% -19% -15% -14%
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 =====
Year-end report January 1 – December 31, 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 ten 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 40 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 =====
Year-end report January 1 – December 31, 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
February 12, 2026.
Financial calendar
Annual report 2025 – April 2, 2026
Interim report January – March 2026 – May 13, 2026
Annual general meeting 2026 – May 13, 2026
Conference call
A presentation for investors, analysts and media will be held on
February 12, 2026, 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/q4-report-2025/dial-in
To participate via webcast, please use the link below.
https://ferronordic.events.inderes.com/q4-report-2025
Contact
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