Kvartalsrapport Q4 2025

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

FOURTH QUARTER 2025
HAKI Safety AB (publ)   |  Malmö, 5 February 2026
Mixed performance in the business areas
Fourth quarter 2025
• Net sales increased 4 percent to SEK 304 M (292). Organically, net sales decreased  
4 percent. Acquisitions and divestments had a positive net impact on net sales of  
11 percent. Exchange rate effects had a negative net impact on net sales of 3 percent.
• Adjusted EBITA amounted to SEK 22 M (25).
• Operating profit amounted to SEK 19 M (20).  
• Net result after tax was SEK 5 M (10).
• Cash flow from operating activities amounted to SEK 30 M (14).
• Earnings per share before and after dilution totalled SEK 0.17 (0.37).
• The Group carried out a new issue of shares of approximately SEK 50 M with preferential 
rights for its existing shareholders, to repay the bridge loan facility that was part of the finan-
cing for the acquisition of Trimtec. The final outcome showed that it was over-subscribed.
January–December 2025
• Net sales increased 12 percent to SEK 1,179 M (1,050). Organically, net sales decreased  
2 percent. Acquisitions and divestments had a positive net impact on net sales of  
17 percent. Exchange rate effects had a negative net impact on net sales of 3 percent.
• Adjusted EBITA amounted to SEK 72 M (77).
• Operating profit amounted to SEK 69 M (70).  
• Net result after tax was SEK 34 M (41).
• Cash flow from operating activities amounted to SEK 51 M (-4).
• Earnings per share before and after dilution totalled SEK 1.22 (1.50).
• The Board of Directors proposes the Annual General Meeting a dividend of SEK 0.50 per 
share (0.50). 
Significant events after the end of the period
• The Group acquired Newbow Aerospace, a privately owned market-leading manufacturer 
and supplier of Ground Support Equipment (GSE) used for safe and efficient aircraft  
maintenance. 
HAKI Safety AB (publ)   |  Interim report October–December 2025
FINANCIAL SUMMARY 2025 2024 2025 2024
Q4 Q4 Q1-Q4 Q1-Q4
Net sales 304 292 1179 1050
Gross profit 114 105 428 376
Adjusted EBITA 22 25 72 77
Operating profit 19 20 69 70
Profit before tax 13 18 45 50
Net result 5 10 34 41
Net sales, growth % 4 8 12 −12
Gross margin, % 37.5 36.0 36.3 35.8
Adjusted EBITA, % 7.2 8.6 6.1 7.3
Operating margin, % 6.3 6.8 5.9 6.7
Earnings per share, before and after dilution, 
SEK 0.17 0.37 1.22 1.5
Cash flow operating activities, SEK 30 14 51 −4
Financial net debt, SEK M 346 380 346 380
Financial net debt / Adjusted EBITDA excl. 
IFRS 16, times 2.6 2.8 2.6 2.8
Equity/assets ratio, % 48 46 48 46
Q4

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 2 (22)
HAKI Safety reports a mixed performance in the fourth quarter. In a mar-
ket that remained soft, organic growth decreased 4 percent compared 
to the corresponding period last year. The development was negatively 
affected by very low sales volumes of work zone safety products for new 
construction and property renovation in the UK. Net sales increased  
4 percent, driven by acquisitions from recent years, which contributed 
to increased risk diversification within the Group. The gross margin was 
higher year-on-year and amounted to 37.5 percent. Lower sales and a 
higher cost base, due to acquisitions, also negatively affected adjusted 
EBITA. However, the ongoing cost-saving and efficiency programme in 
the Scaffolding Systems business area is yielding results and allayed the 
decline. Cash flow from operating activities improved significantly in the 
quarter.
The Work Zone Safety business area decreased its sales and margin 
year-on-year. Demand varied across geographic markets and product 
categories. The business area was negatively impacted by the very low 
level of activity in the UK property sector. However, the general assess-
ment is that the underlying demand is good and the decline is tempora-
ry. At the same time, demand from the aviation and rail market segments 
remained strong. The Group’s operation in the area enjoys long, stable 
order books. 
We are therefore strengthening our position in aviation through the ac-
quisition of Newbow Aerospace, which we announced at the end of Ja-
nuary 2026. Newbow manufactures and sells ground support equipment 
used for the safe and efficient maintenance of aircraft. We have identified 
several sales and production synergies that we look forward to realizing. 
With the acquisition, the Group’s debt/equity ratio will temporarily 
exceed our financial target, but it is expected to decrease over time in 
connection with future profit generation. 
MIXED PERFORMANCE IN THE BUSINESS AREAS
The Scaffolding Systems business area decreased its sales year-on-year, 
mainly explained by a strong comparison period. At the same time, both 
the result and the margin increased. This is a nice recovery, attributa-
ble to a favourable product mix and the effects of the cost-savings and 
efficiency programme initiated at the end of the first quarter of 2025. The 
programme aims to reduce the cost base by SEK 10-15 M annually and is 
expected to take full effect in 2026. 
In general, demand remained healthy for products for energy and infra-
structure projects. Demand for new construction and property renovation 
in the UK was particularly weak and remained at low levels in the Scan-
dinavian countries. However, activity levels in the business area remain 
high with many inquiries and ongoing negotiations.
The Digital Solutions business area, which primarily distributes mea-
suring instruments for surveying and mapping, ended the year on a 
strong note despite a soft market. The development was similar in both 
Norway and Sweden, which reported high levels of activity and many 
inquiries. 
It is gratifying for our shareholders to note that the Board proposes a di-
vidend of SEK 0.50 per share at the Annual General Meeting, which aligns 
with our dividend policy.
Events in the world continue to pose uncertainty for market development 
in the near term. In the longer term, however, we can conclude that our 
strategy, which ultimately aims to create safe conditions for everyone 
who works in demanding environments, is robust and in line with larger 
global trends, and therefore, we are overall positive about the future.
Malmö, 5 February 2026
Sverker Lindberg, President and CEO

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 3 (22)
GROUP FOURTH QUARTER 2025
Group net sales amounted to SEK 304 M (292), an increase of 4 percent compared with the 
year-earlier quarter. Organically, net sales decreased 4 percent. Acquisitions and divestments 
had a positive net impact on net sales of 11 percent, and exchange rate effects had a negative 
net impact on net sales of 3 percent.
Gross margin was 37.5 percent (36.0). Adjusted EBITA amounted to SEK 22 M (25), negatively 
affected by lower sales and a higher cost base, due to acquisitions. The adjusted EBITA margin 
was 7.2 percent (8.6), with the decrease primarily due to the Work Zone Safety business area 
and very low sales volumes of products for new construction and property renovation in the 
UK. 
Operating profit totalled SEK 19 M (20), corresponding to an operating margin of 6.3 percent 
(6.8). Depreciations and write-downs of acquisitions-related assets were SEK 3 M (3). 
Net financial income amounted to SEK -6 M (-2). The net financial income for the period inclu-
des a net interest income of SEK -3 M (-5) and exchange rate effects and other financial posts 
of SEK -3 M (3).  
Net result after tax totalled SEK 5 M (10), corresponding to SEK 0.17 per share before and after 
dilution (0.37). The tax expense was negatively affected by limitation rules in interest deduction 
for the Swedish operation.
Cash flow from operating activities amounted to SEK 30 M (14). Net investments in strategic 
rental equipment were SEK -5 M (-9). Cash flow from investment activities amounted to  
SEK -3 M (-63). Cash flow from financing activities was SEK -65 M (10), primarily related to the 
amortisation of the financing of the Trimtec acquistion, after the issue of new shares was car-
ried out. 
Group financial net debt was SEK 346 M compared to SEK 380 M at the beginning of the year.
REPORT COMMENTS
0
50
100
150
Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4
2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025
0
4
8
12
%
EBITA, %EBITA, MSEK
MSEK
0
350
700
1050
1400
Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4
2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 202520252025
Mkr
Net sales R12M, SEK M
Adjusted EBITA, SEK M, and margin, %, R12M
Net sales R12 Q4 2025 amounted to SEK 1,179 M.
Adjusted EBITA R12 Q4 2025 amounted to SEK 72 M.

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 4 (22)
JANUARY–DECEMBER 2025
Net sales for the year amounted to SEK 1,179 M (1,050), an increase of 12 percent year-on-year. 
Organically, net sales decreased 2 percent. Acquisitions and divestments had a positive net 
impact on net sales of 17 percent. Exchange rate effects had a negative net impact on net sales 
of 3 percent.
Gross margin was 36.3 percent (35.8), positively affected by the cost-saving and efficiency 
programme in the business area Scaffolding Systems. 
Adjusted EBITA amounted to SEK 72 M (77), corresponding to an EBITA margin of 6.1 percent 
(7.3). 
Operating profit totalled SEK 69 M (70). Items affecting comparability had a net impact on the 
operating profit of SEK 9 M (4). Depreciations and write-downs of acquisitions-related assets 
were SEK 12 M (9). 
Net result after tax was SEK 34 M (41). Cash flow from operating activities amounted to  
SEK 51 M (-4). Earnings per share before and after dilution totalled SEK 1.22 (1.50).
Net sales per business area, R12M
Scaffolding Systems 40%
Work Zone Safety 42%
Digital Solutions 18%
Net sales by country, R12M
Norway 25%
France 7%
Canada 3%
Denmark 8%
Austria 8%
Other 7%
Sweden 20%
UK 22%

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 5 (22)
Demand for work zone safety products varied across geographic markets and product catego-
ries during the fourth quarter. Overall, net sales decreased 6.1 percent year-on-year. The busi-
ness area was negatively impacted by the very low level of activity in the UK property sector. 
However, the general assessment is that the underlying demand is good and the decline is 
temporary. At the same time, demand from the aviation and rail market segments remained 
strong. The Group’s operation in the area enjoys long and stable order books.
Adjusted EBITA and the adjusted EBITA margin decreased compared with the year-earlier 
period, mainly attributable to an unfavourable product mix and lower sales.
After the close of the period, Newbow Aerospace, which manufactures and sells ground sup-
port equipment for safe and efficient aircraft maintenance, was acquired. See page 8 for more 
information.
Business area
WORK ZONE SAFETY
Work zone safety products and solutions are designed to protect those working at height or 
moving at temporary or non-stationary workplaces. The products include catchfans, barrier sys-
tems and access platforms, which, for example, enable safe and efficient maintenance of aircraft 
and trains and the construction and maintenance of commercial real estate and infrastructures 
such as bridges and tunnels. The business area includes the brands HAKI, EKRO and Semmco.
42%
Share of Group’s net 
sales (R12M)
36%
Share of Group’s 
EBITA (R12M)
Q4 Q4 Q1-Q4 Q1-Q4
2025 2024 Change 2025 2024 Change
Net sales. SEK M 108 115 −6.1% 481 429 12.1%
Adjusted EBITA. SEK M 2 14 −85.7% 35 49 −28.6%
Adjusted EBITA margin. % 1.9% 12.2% −10.3 7.3% 11.4% −4.1
Net sales by country, R12M
UK 37%
Austria 20%
France 16%
Other 16%
North America 11%

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 6 (22)
Demand for system scaffolds in the fourth quarter decreased 8.0 percent year-on-year, mainly 
explained by a strong comparison period. In general, demand for products for energy and infra-
structure projects remained healthy. Demand for new construction and property renovation in 
the UK was particularly weak and remained at low levels in the Scandinavian countries. 
However, activity levels in the business area remain high with many inquiries and ongoing 
negotiations. No major buyouts of rental equipment occurred during the quarter.
Adjusted EBITA and the adjusted EBITA margin increased compared with the year-earlier peri-
od, mainly attributable to a favourable product mix and effects from the cost-saving and effi-
ciency programme initiated at the end of the first quarter. The programme aims to reduce the 
cost base by SEK 10-15 M annually and is expected to take full effect in 2026.
Business area
SCAFFOLDING SYSTEMS
Products and solutions for scaffolding systems include system and frame scaffolding, weather protec-
tion, stair solutions, bridge systems, etc., designed to protect those working at height at temporary 
workplaces. The systems consist of a patented spring lock, which not only saves time but also reduces 
the risk of occupational injuries and saves the environment in terms of less material consumption. Sales 
are made to projects primarily related to energy, infrastructure, industry, construction and civil engine-
ering. The business area includes the brand HAKI.
40%
Share of Group’s net 
sales (R12M)
30%
Share of Group’s 
EBITA (R12M)
Q4  Q4 Q1-Q4 Q1-Q4
2025 2024 Change 2025 2024 Change
Net sales, SEK M 126 137 −8.0% 478 462 3.5%
Adjusted EBITA, SEK M 16 9 77.8% 29 25 16.0%
Adjusted EBITA margin, % 12.7% 6.6% 6.1 6.1% 5.4% 0.7
Net sales by country, R12M
Norway 42%
Sweden 20%
Denmark 20%
UK 18%

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 7 (22)
Demand for cadastral surveying and mapping remained strong for the business area during the 
fourth quarter, despite a soft market. The development was similar in both Norway and 
Sweden, which reported high levels of activity and many inquiries. Net sales increased 200 
percent year-on-year, attributable to the acquisition of Trimtec. 
Adjusted EBITA and the adjusted EBITA margin increased compared with the year-earlier  
period, mainly due to the higher sales, seasonal effects, a favourable product mix, and the 
acquisition of Trimtec.
Business area
DIGITAL SOLUTIONS
Digital solutions comprise HAKI Safety’s offering within geodesy. The business area offers the 
purchase and rental of Trimble’s precision instruments for surveying and mapping. The offering 
also includes service agreements for maintenance and training assignments. Sales are made to 
projects primarily within infrastructure, industry, and construction and civil engineering. The 
business area includes the operations of Norgeodesi and Trimtec.
18%
Share of Group’s net 
sales (R12M)
34%
Share of Group’s 
EBITA (R12M)
Q4  Q4 Q1-Q4 Q1-Q4
2025 2024 Change 2025 2024 Change
Net sales. SEK M 75 25 200% 216 101 113.8%
Adjusted EBITA. SEK M 15 4 275% 34 15 126.7%
Adjusted EBITA margin. % 20% 16% 4 15.7% 14.9% 0.8
Net sales by country, R12M
Norway 54%Sweden 46%

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 8 (22)
Significant events during the quarter
On 28 August 2025, HAKI Safety announced that the Board of Directors had resolved to carry 
out a new issue of A and B shares of approximately SEK 50 M with preferential rights for HAKI 
Safety’s existing shareholders (Rights Issue), to repay the bridge loan facility that was part of 
the financing of the acquisition of Trimtec earlier this year. The subscription period in the Rights 
Issue ended on 22 September 2025 and the final outcome showed that it was subscribed to in 
total 104.3 percent, with and without preferential right, and no guarantee undertakings thus 
needed to be utilised.
Through the Rights Issue, HAKI Safety’s share capital will increase by SEK 24,844,660, from  
SEK 273,291,360 to SEK 298,136,020 and the total number of shares will increase by 871,336 
new A shares and 1,613,130 new B shares, in total 2,484,466 new shares. Following the Rights 
Issue, the number of shares in HAKI Safety will amount to a total of 29,813,602, of which 
10,456,033 are A shares and 19,357,569 are B shares. 
Information about the Rights Issue is available at www.hakisafety.com/investors/rightsiss-
ue2025.
Significant events after the close of the period
HAKI Safety signed an agreement and finalised the acquisition of Newbow Aerospace, a pri-
vately owned UK-based market-leading manufacturer and supplier of Ground Support Equip-
ment (GSE) used for safe and efficient aircraft maintenance. The acquisition gives HAKI Safety a 
stronger product offering in aviation work zone safety while complementing the Group’s cur-
rent product portfolio of aircraft maintenance access platforms under the Semmco brand. 
Newbow Aerospace manufactures and sells customised products and solutions intended for 
safe maintenance of aircraft tyres. Customers are found worldwide and include both civilian 
and military customers. The company’s headquarters and manufacturing are located in Red-
ditch, Worcestershire, England. The business has shown good growth, and turnover over the 
last twelve-month period amounted to approximately SEK 40 M. The company currently has 
about 20 employees.
Material risks and uncertainty factors
An important element of HAKI Safety’s strategic planning is identifying business-critical risks 
that could have a negative impact on the Group. Group-wide long-term risks are managed 
through a risk management process, where material risks are identified and categorised into 
four key areas: strategic risks, operational risks, compliance risks, and financial risks. For infor-
mation about these risks and the risk management process, refer to the 2024 Annual Report 
available at www.hakisafety.com. Short-term risks include, among other things, wars and con-
flicts that can give rise to global geopolitical effects, as well as general macroeconomic factors 
that can impact growth, interest rates, inflation, and currencies. The Group’s direct exposure to 
the ongoing uncertainty surrounding tariff levels between the US and Europe is limited, as 
HAKI Safety has a small production facility in the US with a domestic supply chain. The indirect 
consequences of the ongoing uncertainty are difficult to predict, but they could lead to infla-
tion in the US and Europe, which in turn could affect HAKI Safety’s ability to achieve its financial 
goals. The Group continuously monitors global events to mitigate any negative effects through 
various action programs, including cost savings, price adjustments, or production adjustments.
Financial targets and dividend policy
HAKI Safety has the following financial targets and dividend policy for the Group: 
1. Net sales of SEK 2,000 M by 2027
Net sales are to amount to SEK 2,000 M by 2027. The net sales increase will be based on a 
combination of organic growth, organic growth projects and acquired growth.
2. Adjusted EBITA margin >10%
The adjusted EBITA margin is to amount to more than 10 percent. Adjusted EBITA margin is 
deemed to give a fair picture of the profitability of the underlying business as it excludes amor-
tisation and write-downs of acquisition-related intangible assets and non-recurring items.
3. Financial net debt in relation to adjusted EBITDA <2.5
EBITDA is to be less than 2.5. The key figure shows the relation of net debt to adjusted
EBITDA. The financial net debt refers to interest-bearing liabilities with deductions for cash and 
adjusted EBITDA as operating profit excluding depreciation, amortisation and write-downs and 
non-recurring items. The measures are measured excluding the effects of IFRS 16.
Dividend policy  
The dividend is to amount to 25-50 percent of the year’s net profit. Proposals for dividends will 
consider the shareholders’ expectation of a reasonable dividend yield and the business’s need 
for financing.
Sustainability targets
Since 2025, the Group has four sustainability goals in the areas of environment, social responsi-
bility, and governance. The targets will be followed up on annually and reported in future annu-
al reports. Read more about the Group’s sustainability goals on www.hakisafety.com.
Concerning the Group’s target within health & safety, HAKI Safety has made a commitment to 
zero Total Recordable Injury Frequency (TRIF). HAKI Safety shall provide employees with app-
ropriate training and instructions for safe work practices. All employees must, at the same time, 
follow safety instructions and engage in safety improvement activities, where reporting on 
incidents and risks is an important part. Calculated on a rolling twelve-month basis, TRIF was 
7.7 at the end of the fourth quarter.

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 9 (22)
Accounting principles
The Group’s interim report has been prepared in accordance with IAS 34 Interim Financial Re-
porting, the Swedish Annual Accounts Act and RFR 2. HAKI Safety continues to apply the same 
accounting principles and valuation methods that are described in the most recent annual 
report. Amendments to IFRS standards that became effective in 2024 have not had a material 
impact on the result and financial position of HAKI Safety. This report is presented in SEK mil-
lion, why rounding differences can occur at certain rows and amounts. 
Operating segments
A new decentralised business area structure with three business areas that places increased 
focus on future profitable growth became operational on 1 May 2025. However, the new 
structure was reflected in the quarterly report as of the first quarter of 2025. Restated historical 
financial information for 2024, presented quarterly, is available on HAKI Safety’s website at 
www.hakisafety.com.
HAKI Safety offers a wide range of products and solutions within work zone safety, scaffolding 
systems and digital and technical solutions that help customers achieve safety and efficiency 
in their various environments.
• Work Zone Safety: catchfans, barrier systems, edge protection, access platforms, stairs, etc.
• Scaffolding Systems: system and frame scaffolding, weather protection, stair solutions, 
bridge systems, etc.
• Digital Solutions: surveying instruments and equipment for land surveying, and construction 
laser level tools 
• Other: Discontinued operation and common costs
Information on financial instruments
HAKI Safety has no financial assets valued as fair value through the income statement. All fi-
nancial assets are valued at amortised cost. Acquisition-related earnouts are accounted for as 
a financial liability in the balance sheet, which is valued at fair value in accordance with level 3, 
in accordance with IFRS 13. Earnouts have been calculated based on discounting future cash 
flow. Evaluation of future cash flow for earnouts is based on gross profit in acquired operations. 
The fair value of earnouts will be changed if assumptions in gross profit in acquired businesses 
are changed. A complete description of accounting principles is presented in the 2024 Annual 
Report. 
Auditor’s review
This report has not been subject to review by the company’s auditor.
Annual General Meeting and dividend
The 2026 Annual General Meeting will take place on Tuesday, April 21, 2026, at 4 pm CEST in
Malmö, Sweden. The notification of the Meeting will be distributed via a press release and be
announced no later than four weeks before the Meeting.
The Board will propose to the Annual General Meeting a dividend of SEK 0.50 per share (0.50). 
The dividend is in line with the group’s dividend policy.
Forward-looking information 
This report contains forward-looking information based on the current expectations of compa-
ny management. Although management deems that the expectations presented by such 
forward-looking information are reasonable, no guarantee can be given that these expecta-
tions will prove correct. Accordingly, the actual future outcome could vary considerably com-
pared with what is stated in the forward-looking information due to such factors as changed 
conditions regarding finances, market and competition, changes in legal and regulatory requi-
rements and other political measures, and fluctuations in exchange rates.
Malmö, Sweden, 5 February, 2026
On behalf of the Board of Directors
Sverker Lindberg 
President and CEO

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 10 (22)
CONSOLIDATED INCOME STATEMENT, SEK M 2025/Q4 2024/Q4 2025/Q1-Q4 2024/Q1-Q4
Net sales 304 292 1,179 1,050
Cost of goods sold −190 −187 −751 −674
Gross profit 114 105 428 376
Selling expenses −65 −59 −248 −215
Administrative expenses −25 −24 −96 −80
Research and development costs −7 −6 −27 −20
Other operating income and expenses 2 4 12 9
Operating profit/loss 19 20 69 70
Net financial income −6 −2 −24 −19
Profit/loss before tax 13 18 45 50
Income tax −8 −8 −11 −9
Profit/loss for the year 5 10 34 41
STATEMENT OF COMPREHENSIVE INCOME, SEK M
Translation differences −9 13 −65 26
Items that will be subsequently reversed in the income statement −9 13 −65 26
Revaluation of net pension liabilities 1 0 −1 −1
Items that will not be reversed in the income statement 1 0 −1 −1
Other comprehensive income for the period, net after tax −8 13 −66 25
Total comprehensive income for the period −3 23 −32 66
Other comprehensive income attributable to:
Parent company shareholders 5 10 34 41
Non-controlling interests 0 0 0 0
Total comprehensive income attributable to:
Parent company shareholders −3 23 −32 66
Non-controlling interests 0 0 0 0
Attributable to Parent company shareholders, SEK
Earnings per share, before and after dilution 0.17 0.37 1.22 1.50
Average number of shares during the period (million) 29.8 27.3 27.9 27.3
Number of shares at the end of the period (million) 29.8 27.3 29.8 27.3

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 11 (22)
CONSOLIDATED BALANCE SHEET, SEK M 2025−12−31 2024−12−31
Goodwill 445 433
Other intangible assets 80 81
Fixed assets 356 390
Other fixed assets 6 12
Inventories 297 348
Accounts receivables 189 173
Other receivables 39 30
Cash and bank 17 35
Total assets 1,429 1,502
Equity 684 684
Provisions 40 54
Financial liabilities regarding additional purchase price (earnouts) 76 84
Interest-Bearing liabilities 353 405
Lease liabilities 65 81
Accounts payable 93 88
Other liabilities 118 106
Total equity and liabilities 1,429 1,502

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 12 (22)
Net investments in assets related to strategic rental equipment are presented as part of cash flow from operating activities and as part of inventory 
changes. In the fourth quarter of 2025, net investments amounted to SEK 5 M (9) and accumulated 56 Mkr (106). 
Gross investments in machines, equipment and buildings amounted to SEK 122 M (186). Depreciation according to plan amounted to SEK 75 M (68). 
CONSOLIDATED CASH FLOW, SEK M 2025/Q4 2024/Q4 2025/Q1-Q4 2024/Q1-Q4
Profit/loss from operating activities
Profit/loss before tax 13 18 45 50
Adjustments for items not included in cash flow −4 −6 41 52
Taxes paid −5 −6 −9 −7
Cash flow from operating activities before changes in working capital 4 6 77 95
Change in working capital
Change in inventories 4 8 −27 −86
Change in current receivables 3 3 −18 −40
Change in current liabilities 19 −3 19 27
Cash flow from operating activities 30 14 51 −4
Investments activities
Investments in intangible fixed assets −1 −1 −6 −6
Investments in property, plant and equipment 0 −2 −3 −8
Property, plant and equipment sold 1 0 1 0
Acquired and divested subsidiaries −4 −60 −25 −23
Change in other financial fixed assets 1 0 1 0
Cash flow from investment activities −3 −63 −32 −37
Financing activities
New share issue −1 0 46 0
Amortisation of loans −65 −6 −129 −321
Borrowings 0 80 85 390
Change in other financial liabilities 1 −52 −16 −22
Dividend 0 −12 −14 −25
Cash flow from financing activities −65 10 −28 22
Cash flow for the year −38 −39 −9 −19
Cash and cash equivalents at start of year including translation difference 55 74 26 54
Cash and cash equivalents at the end of the period 17 35 17 35

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 13 (22)
Find definitions on page 20.
 
HAKI Safety has a credit facility agreement for an amount of SEK 600 M, including an option to extend the facility with an additional SEK 100 M. 
By the end of this quarter, granted but unutilised credit facilities were SEK 223 M (121). The credit agreement is subject to customary financial covenants 
measured on a quarterly basis. The Group fulfilled these covenants on 31 December 2025.
CHANGE OF EQUITY, SEK M 2025−12−31 2024−12−31
Opening balance 684 643
Total comprehensive income for the period −32 66
New share issue 46 0
Dividend −14 −25
Closing balance equity attributable to the shareholders of the parent company 684 684
GROUP KEY FIGURES, SEK M
Net debt 2025−12−31 2024−12−31
Interest-bearing liabilities to credit institutions 353 405
Interest-bearing provision for pensions 10 10
Cash and cash equivalents −17 −35
Financial net debt 346 380
Liabilities regarding additional purchase price (earnouts) 76 84
Lease liabilities under IFRS 16 65 81
Total net debt including IFRS 16 487 545

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 14 (22)
1 Interest coverage ratio and return measures are calculated using rolling 12 average values.
Find definitions on page 20.
KEY FIGURES 2025/Q4 2024/Q4 2025/Q1-Q4 2024/Q1-Q4
Sales measures
Net sales growth, % 4 8 12 −12
Organic growth, % 0 11 0 −5
Percentage of revenue outside of Sweden, % 77 84 81 86
Profitability measures
Gross margin, % 37.4 36.0 36.3 35.8
Operating margin, % 6.3 6.8 5.9 6.7
Adjusted EBITA margin, % 7.2 8.6 6.1 7.3
Adjusted EBITDA margin, % 15.1 15.8 14.2 15.2
Adjusted EBITA margin R12, % 6.1 7.3
Adjusted EBITDA margin R12, % 14.2 15.2
Return measures and measures on capital structure
Interest coverage ratio2, times 3.4 3.4
Net debt/equity ratio, times 0.5 0.6
Return on Capital Employeed1, % 6.3 6.6
Return on Equity, after tax1, % 4.8 6.2
Return on Total Assets, before tax1, % 4.5 4.8
Financial net debt / adjusted EBITDA excl IFRS 16 R12 2.6 2.8
Total Net debt / adjusted EBITDA incl IFRS 16 R12 2.9 3.4
Equity per share, SEK 22.94 25.03
Group Equity/assets ratio 48 46
Parent company Equity/assets ratio 38 40
Other
Number of employees at the end of the period 356 352

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 15 (22)
1 Excluding items affecting comparability.
ITEMS AFFECTING COMPARABILITY, SEK M 2025/Q4 2024/Q4 2025/Q1-Q4 2024/Q1-Q4
Revaluation of additional purchase price liabilities (earn-outs) 0 3 9 12
Write-down of acquisition related assets 0 0 0 0
Acuquistion and divestment related revenue/costs (net) 1 −5 2 −10
Restructuring costs −1 0 −2 0
Total 0 −2 9 2
ADJUSTED EBITA, SEK M 2025/Q4 2024/Q4 2025/Q1-Q4 2024/Q1-Q4
Operating profit 19 20 69 70
Amortisation acquisition-related intangible assets 3 3 12 9
EBITA 22 23 81 79
Reversal of items affecting comparability 0 2 −9 −2
Adjusted EBITA 22 25 72 77
ADJUSTED EBITDA, SEK M 2025/Q4 2024/Q4 2025/Q1-Q4 2024/Q1-Q4
Operating profit 19 20 69 70
Depreciation according to plan 17 17 75 68
EBITDA excluding IFRS 16 36 37 144 138
Adjusted EBITDA excluding IFRS 16* 36 39 135 136
Depreciation of right-of-use assets IFRS16 10 7 34 24
EBITDA including IFRS 16 46 44 178 162
Adjusted EBITDA including IFRS 16* 46 46 169 160

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 16 (22)
Landqvist Mekaniska Verkstad is included in business area Other and corresponds to SEK 0 M (19) in quarter and SEK 29 M (78) full year. 
Revenue over time amounted to SEK 46 M (38) and includes revenue from rental and service agreements. Revenue over time linked to 
service agreements is recognised as sale of goods and corresponds to SEK 11 M (6).  
SPLIT OF NET SALES, SEK M 2025 2024
Net sales per business area Q4 Q3 Q2 Q1 Q1-Q4 Q4 Q3 Q2 Q1 Q1-Q4
Work Zone Safety 108 127 129 117 481 115 110 117 87 429
Scaffolding Systems 126 128 131 93 478 137 113 101 111 462
Digital Solutions 75 47 59 35 216 25 22 28 26 101
Other 0 0 9 20 29 19 14 22 23 78
Elimination of internal sales −5 −14 −4 −2 −25 −4 −6 −5 −5 −20
Total 304 288 324 263 1179 292 253 263 242 1,050
2025 2024
Net sales over time and direct sales Q4 Q3 Q2 Q1 Q1-Q4 Q4 Q3 Q2 Q1 Q1-Q4
Sale of goods 227 205 243 200 875 191 184 198 166 739
Sale of used material 28 27 27 16 98 53 14 14 33 114
Revenue from rentals 35 42 41 33 151 32 38 32 25 128
Other sales 14 14 13 14 55 16 17 19 17 69
Total 304 288 324 263 1179 292 253 263 242 1,050

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 17 (22)
Landqvist Mekaniska Verkstad is included in business area Other and corresponds to SEK 0 M (1) in quarter and SEK 5 M (9) full year.
SPLIT OF NET SALES, SEK M 2025 2024
Geographical split Q4 Q3 Q2 Q1 Q1-Q4 Q4 Q3 Q2 Q1 Q1-Q4
Sweden 71 48 72 38 229 46 25 34 42 147
Denmark 24 28 20 18 90 29 25 26 34 114
Norway 83 58 84 64 289 82 68 63 61 274
UK 42 76 67 76 261 52 57 58 47 214
France 18 20 18 18 74 12 32 28 25 97
Austria 20 26 29 21 96 18 28 33 22 101
Canada 8 11 8 3 30 4 11 4 4 23
Other markets 38 21 26 25 110 49 7 17 7 80
Group total 304 288 324 263 1179 292 253 263 242 1,050
SPLIT OF ADJUSTED EBITA, SEK M 2025 2024     
Adjusted EBITA per business area Q4 Q3 Q2 Q1 Q1-Q4 Q4 Q3 Q2 Q1 Q1-Q4
Work Zone Safety 2 10 14 9 35 14 14 16 5 49
Scaffolding Systems 16 14 4 −5 29 9 3 5 8 25
Digital Solutions 15 7 8 4 34 4 4 4 3 15
Other −11 −7 −6 −2 −26 −2 −3 −5 −2 −12
Total adjusted EBITA 22 24 20 6 72 25 18 20 14 77

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 18 (22)
ACQUISITIONS
On 30 January 2025, HAKI Safety signed an agreement to acquire Trimtec, a Swedish distributor 
of high-tech precision equipment. The transaction was finalised in March 2025, after regulatory 
approval from the relevant authority. 
The acquisition broadens the Group’s geodesy offering to more geographies, strengthens the 
digital offering and enables a complete offering on the Swedish market, from project planning 
to delivery of safety products. Trimtec sells and rents precision equipment for, among other 
things, cadastral and mapping, as well as offers service maintenance contracts and training. Its 
head office is in Stockholm, and the company has sales offices in five additional Swedish cities. 
Trimtec’s turnover for 2024 amounted to approximately SEK 130 M. It was founded in 2002 and 
currently has approximately 40 employees. The majority of the company’s product range is 
manufactured by Trimble, a leading provider of precision equipment for cadastral surveying 
and mapping. 
Since the acquisition, Trimtec has contributed with a net sale of approximately SEK 117 M and 
an operating profit of SEK 15 M, including depreciation of acquired intangible assets (customer 
relations). If Trimtec had been part of the Group since 1 January 2025, HAKI Safety’s net sales 
would have been approximately SEK 19 M higher and operating profit about SEK 1 M higher for 
the 2025 financial year. 
The purchase price amounted to SEK 50 M on a debt- and cashfree basis. Subject to certain 
financial performance goals within Trimtec being fulfilled during the period 2025 and 2026, an 
additional maximum of SEK 50 M in contingent cash consideration (earn-out) may also be paid. 
The initial purchase price was paid in cash and financed through an increase of existing credit 
facilities. Transaction costs of SEK 2 M has been charged the financial year. The purchase price 
allocation is preliminary.
ACQUISITION ANAL YSIS, SEK M Trimtec
Other intangible assets 18
Fixed assets, including IFRS 16 19
Current assets, excl cash 28
Cash 25
Non interest-bearing liabilities −35
Interest-bearing liabilities, incl IFRS 16 −12
Total 43
Goodwill 68
Total 111
Purchase price
Cash at acquisition date 61
Additional purchase price (earn-out) 50
Total 111

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 19 (22)
PARENT COMPANY INCOME STATEMENT, SEK M 2025/Q1-Q4 2024/Q1-Q4
Administrative expenses −48 −33
Other operating income 14 6
Other operating expenses 0 0
Operating profit −34 −27
Share of profit or loss in associated companies 8 13
Net financial items −11 −12
Profit after financial items −37 −26
Appropriations 0 1
Income tax 8 5
Net profit −29 −20
PARENT COMPANY BALANCE SHEET, SEK M 2025−12−31 2024−12−31
Fixed assets 205 200
Other current assets 751 718
Cash and bank 0 6
Total assets 956 924
Equity 367 364
Interest-bearing liabilities 383 413
Other liabilities 206 147
Total equity and liabilities 956 924

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

HAKI Safety AB (publ)   |  Interim report October–December 2025 20 (22)
Adjusted EBITA
Operating profit before amortisations and write down of goodwill, 
trademarks, and customer relations, excluding results from revalua-
tion of earnouts, restructuring costs and acquisition and divest-
ment-related items
Adjusted EBITA margin
Adjusted EBITA divided by net sales
Adjusted EBITDA
Operating profit before amortisations and write down of goodwill, 
trademarks, and customer relations, excluding results from revalua-
tion of earnouts and reversal of items affecting comparability
Adjusted EBITDA margin
Adjusted EBITDA divided by net sales 
Capital employed
Equity plus interest-bearing liabilities, including provision for pensions 
and leasing liabilities minus cash and cash equivalents
Earnings per share
Net result in relation to the number of shares. The calculation of 
earnings per share after dilution is based on the full effect of the call 
option program 
EBIT
Earnings before interest and taxes
EBITA
Operating profit before amortisations and write-down of goodwill, 
trademarks, and customer relations and excluding results from 
revaluation of earnouts. The purpose of this alternative performance 
measurement is to present the underlying profit level
EBITA margin
EBITA divided by net sales
EBITDA
Earnings before interest, taxes, depreciation, and amortisation
EBITDA excl IFRS 16
EBITDA adjusted with accounting effect from IFRS16
EBITDA excl IFRS 16 margin
EBITDA adjusted with accounting effect from IFRS16 divided by net 
sales 
EBITDA margin
EBITDA divided by net sales
Equity/assets ratio
Equity in relation to total assets
Equity per share
Equity in relation to the average number of shares
Financial net debt
Interest-bearing liabilities to credit institutions, interest-bearing 
provision for pension, deducted by cash and cash equivalents
Financial net debt / adjusted EBITDA excl IFRS16
Financial net debt in relation to adjusted EBITDA excluding IFRS16
Gross margin
Net sales minus cost of goods sold in relation to net sales
Interest Coverage ratio
Earnings before tax plus interest income in relation to interest costs
Net debt/equity ratio
Financial net debt in relation to Equity
Net sales growth
Change in net sales in relation to previous periods
Operating margin
Operating result in relation to net sales 
 
 
Organic growth
Net sales growth adjusted to the effect of changed currencies, 
acquisitions and divestments
Return on capital employed
Earnings before tax plus interest costs in relation to average capital 
employed
Return on Equity, after tax 
Net result in relation to average equity 
Return on total assets, before tax
Earnings before tax plus interest costs in relation to total assets
Share of Group’s EBITA (R12M)
Share of EBITA R12 in relation to EBITA R12 excluding divested opera-
tions and central costs
Share of Group’s net sales (R12M)
Share of net sales R12, including internal sales, in relation to total 
sales R12, excluding divested operations. 
Total net debts including IFRS 16
Interest-bearing liabilities to credit institutions, interest-bearing 
provision for pensions, earn-out liabilities from acquisitions and 
leasing liabilities minus cash and cash equivalents
DEFINITIONS
HAKI Safety presents financial measurements in the interim report which are not defined by IFRS. The purpose of presenting these measurements is to give certain additional information to the 
reader that is considered to be of value for the understanding of the financial information. These alternative performance measurements shall be seen as a complement in addition to the financial 
measurements in accordance with IFRS. Definitions of the alternative performance measurements are presented below. A numerous reconciliation of the alternative performance measurements is 
available on the HAKI Safety website, www.hakisafety.com

===== SIDA 21 =====

FINANCIAL CALENDER 
• Friday, 20 March 2026, Annual Report for 2025
• Tuesday, 21 April 2026, Interim report January–March 2026, and Annual General Meeting
• Wednesday, 15 July 2026, Interim report April–June 2026
• Tuesday, 20 October 2026, Interim report July–September 2026
• Tuesday, 2 February 2027, Interim report October–December 2026 and Year-end report 2026
Questions with regard to this report should be addressed to:
Sverker Lindberg, President and CEO
sverker.lindberg@hakisafety.com, +46 40 - 30 12 10 
Tomas Hilmarsson, CFO
tomas.hilmarsson@hakisafety.com, +46 40 - 30 12 10
This information is information that HAKI Safety AB is obliged to make public pursuant to the 
EU Market Abuse Regulation. The information was issued, by the contact persons above, for 
publication on 5 February 2026, at 07:30 am CET.
This is a translation of the Swedish original version. If there are any differences between this  
translation and the original Swedish language, the latter shall prevail.
HAKI SAFETY
HAKI Safety is an international industrial Group, focusing on safety products and solutions that 
create safe working conditions for everyone working in challenging environments. 
 The Group has annual sales of about SEK 1.2 billion and has since 1989 been listed on the  
Nasdaq Stockholm Small Cap. 
 HAKI Safety offers a wide range of products and solutions within work zone safety, system 
scaffolds, and digital and technical solutions that help customers achieve safety and efficiency 
in their various environments.
HAKI Safety AB (publ)
Norra Vallgatan 70
211 22 MALMÖ
SWEDEN
Tel: +46 40-30 12 10
info@hakisafety.com
www.hakisafety.com
linkedin.com/company/haki-safety