Kvartalsrapport Q3 2025

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 1 
 
 
INTERIM REPORT Q1 2025/26 
 
 
FIRST QUARTER (1 APRIL – 30 JUNE 2025) 
• Net revenue increased by 10% to MSEK 2,473 (2,253), 
where the organic growth was 3%. 
• Operating profit (EBITA) increased by 12% to MSEK 432 (386), 
where the EBITA margin was 17.5% (17.1). 
• Profit after financial items (EBT) increased by 14% to MSEK 343 (302). 
• Cash flow from operating activities increased by 23% to MSEK 288 (235).  
• Profit after taxes increased by 18% to MSEK 263 (222). 
• Return on equity amounted to 28% (26) and the equity ratio was 34% (36).  
• Earnings per share for the latest 12-month period increased to SEK 5.14  
 (4.93 for the financial year 2024/25). 
• Since 1 July 2024, eleven acquisitions have been carried out with total annual  
revenue of approximately MSEK 1,382, equivalent to 15% of net revenue in  
the previous financial year 2024/25.  
• The Board of Directors proposes an increased dividend of SEK 2.20 (1.90) per share.  
The Annual General Meeting is planned to be held on 26 August 2025 at 4.00 p.m.  
at IVA’s Conference Centre in Stockholm.
 
 
 
GROUP OVERVIEW 3 months Moving 12 months 
Amounts in MSEK  30 Jun 2025 30 Jun 2024 Δ 30 Jun 2025 31 Mar 2025 
Net revenue 2,473 2,253 10% 9,609 9,389 
EBITA 432 386 12% 1,692 1,646 
EBITA margin, % 17.5 17.1   17.6 17.5 
Profit after financial items 343 302 14% 1,339 1,298 
Profit after taxes 263 222 18% 1,060 1,019 
Earnings per share after dilution, SEK   1.27 1.08 18% 5.14 4.93 
Return on equity, %               -  -  28 28 
Equity ratio, % 34 36  34 34 
 
 
  
 14% 
EBT growth 
Q1 
17.5% 
EBITA 
margin 
Q1 
 
11 
acquisitions 
since July 
2024

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 2 
CEO COMMENT 
 
“A good start to the year with continued positive contributions from 
acquisitions” 
 
The first quarter (April – June 2025) was a good start to the 2025/26 financial year. The market in 
general was stable with positive organic growth and continued good profit contributions from 
acquisitions. All in all, profit after net financial items (EBT) increased by 14% to MSEK 343 (302) and 
the operating margin (EBITA) strengthened to 17.5% (17.1). In addition, the cash flow was good and 
we continue to see an attractive acquisition market. So far in the financial year, we have completed 
four exciting acquisitions, which add total annual revenue of approximately MSEK 560 with good 
profitability. 
 
The trends from previous periods continued. Net revenue increased by 10% to MSEK 2,473 (2,253), of which 
3% was organic growth, 10% acquired growth and -3% was currency. EBITA increased by 12% and the 
EBITA margin strengthened to 17.5%. All divisions apart from TecSec contributed with good improvements 
in earnings and margins, which was mainly driven by continued high value creation in existing units and 
additional profits from recently acquired companies. This outcome means that we are steadily moving 
towards our goal of doubling our profit to MSEK 2 billion within five years, which we communicated in autumn 
2023. 
 
Once again, the result shows the strength of our business concept. As a serial acquirer without an exit 
horizon, we are growing by acquiring and developing profitable and well-run technology companies. This 
business model means that periods of weaker market conditions with lower organic growth can be offset by 
good acquisition-led growth. Our many subsidiary management teams make fantastic efforts in good and 
bad times, adjusting operational costs and investments to the prevailing market situation, applying our 
corporate governance philosophy of decentralisation, businessmanship, simplicity, accountability and 
freedom.   
 
Acquisition activity has remained high. Since 1 July 2024, we have welcomed eleven new niche, highly 
profitable businesses to the Group, adding total annual business volume of MSEK 1,382. In June, Orax was 
acquired, a leading product and full-service supplier, particularly for the management of cemeteries 
throughout Sweden. We subsequently acquired the slightly larger units Epoke in Denmark, which provides 
winter road maintenance equipment, as well as Friggeråkers Verkstäder in Sweden, which manufactures 
sand and salt spreaders under the Falköping brand. Lagercrantz continues to have a strong financial position 
with the ambition of further acquisitions. The acquisition environment remains interesting, and we have 
several attractive transactions under evaluation.  
 
Ahead of the coming quarters, we remain cautiously optimistic, despite the geopolitical uncertainty. The 
market situation is stable for most of the Group’s businesses. Lagercrantz has a strong financial position, 
which creates resilience and opportunities for further acquisitions. We will thus continue on our chosen path 
of building a strong technology group with leading positions in expansive niches. The Group’s broad 
exposure with niche B2B technology companies in attractive and sustainable sectors, such as electrification, 
infrastructure and safety & security solutions, provides both stability and good growth opportunities.  
 
 
18 July 2025 
 
Jörgen Wigh 
President and CEO

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 3 
THE GROUP’S PERFORMANCE 
 
NET REVENUE AND PROFIT 
First quarter (April – June 2025) 
During the first quarter, the market situation was 
generally stable, but with some improvement compared 
to the same period last year. Demand continued to vary 
among the Group’s companies and segments. It was 
strongest in the Electrify and Niche Products divisions, 
while demand from customers in the construction sector 
remained sluggish. 
Total order intake for comparable units was in line 
with, or slightly above, invoiced sales during the quarter. 
The increased geopolitical uncertainty and the 
introduction of new trade barriers has not had any 
significant impact on demand so far. Lagercrantz has a 
limited direct exposure to the USA, where direct sales to 
North America in the full year 2024/25 amounted to just 
under 4% of total Group revenue.  
Net revenue in the first quarter increased by 10% to 
MSEK 2,473 (2,253), where acquisitions contributed 
10% and the organic growth was 3%. Exchange rate 
fluctuations impacted net revenue negatively by 3%. 
 
 
 
 
 
 
 
 
 
 
Operating profit (EBITA) increased by 12% to MSEK 
432 (386) and the EBITA margin strengthened to 17.5% 
(17.1), where all divisions apart from TecSec contributed 
improvements in earnings and margins. The share of 
proprietary products continued to increase and 
amounted to 79% (76%).  
Profit after financial items increased by 14% to 
MSEK 343 (302), where the increase was mainly 
explained by acquisitions.  
Net financial items amounted to MSEK -35 (-34), of 
which net interest items amounted to MSEK -37 (-37) 
and currency translation effects amounted to MSEK 6 
(2). 
Profit after taxes increased by 18% to MSEK 263 
(222), where the effective tax rate amounted to 23% 
(26). The effective tax rate for the previous financial year 
was 21% (21). 
Earnings per share after dilution for the latest 12-
month period increased to SEK 5.14 to compare with 
4.93 for the 2024/25 financial year. 
 
 
 
 
 
 
 
 
  
0
100
200
300
400
500
600
700
800
900
1 000
1 100
1 200
1 300
1 400
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
10 000
11 000
12 000
13 000
14 000
Profit after net financial items, MSEK
Net revenue, MSEK
Net revenue and profit after net financial items, moving 12 months 
Net revenue Profit after net financial items

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 4 
PERFORMANCE BY DIVISION 
 
Net revenue Operating profit (EBITA) and operating margin 
MSEK 
3 months         
Apr-Jun 
2025/26 
3 months  
Apr-Jun 
2024/25 
Financial 
year 
2024/25 
3 months      
Apr-Jun 
2025/26 
3 months  
Apr-Jun 
2024/25 
Financial year 
2024/25 
Electrify 672 561 2,285 123 90 387 
Operating margin       18.3% 16.0% 16.9% 
Control 319 264 1,196 51 35 175 
Operating margin       16.0% 13.3% 14.6% 
TecSec 525 538 2,171 84 98 359 
Operating margin       16.0% 18.2% 16.5% 
Niche Products 569 495 2,169 114 100 479 
Operating margin       20.0% 20.2% 22.1% 
International  388 395 1,568 70 69 273 
Operating margin       18.0% 17.5% 17.4% 
Parent Company 
/consolidation items - - - -10 -6 -27 
GROUP TOTAL 2,473 2,253 9,389 432 386 1,646 
Operating margin    17.5% 17.1% 17.5% 
Amortisation, intangible assets    -54 -50 -207 
Financial items     -35 -34 -141 
PROFIT BEFORE TAXES     343 302 1,298 
 
NET REVENUE AND PROFIT BY DIVISION              
FIRST QUARTER 
Electrify 
The Electrify division’s net revenue increased by 20% to  
MSEK 672 (561), of which 9% was added through 
acquisitions, 13% organically and -2% currency. 
Operating profit (EBITA) increased by 37% to MSEK 123 
(90), equivalent to an operating margin of 18.3% (16.0).  
The market situation remained favourable within both 
electrification and infrastructure, which contributed to a 
strong first quarter with high growth and improved 
margins, both through organic development and 
acquisitions.  
Improvements in earnings were noted in most of the 
businesses, with a particularly good performance in 
Nordic Road Safety, Elkapsling, Swedwire, Elpress, 
Elfac and EFC.  
Control 
The Control division’s net revenue increased by 21% to 
MSEK 319 (264), where 27% was added through 
acquisitions, -2% organically and -4% currency. 
Operating profit (EBITA) increased by 46% to MSEK 51 
(35), equivalent to an operating margin of 16.0% (13.3). 
 
 
 
 
 
A stable market situation combined with successful 
acquisitions contributed to a good improvement in 
earnings and margins during the quarter.   
CP Cases continued its positive development, while 
Leteng, MH Modules and Precimeter also displayed 
good earnings improvements. Meanwhile, several 
smaller businesses continued to face challenging market 
conditions.  
The recently acquired He-Man in the UK, which 
manufactures supplemental and dual control systems for 
vehicles, has made a promising start in Lagercrantz. 
In June 2025, Orax was acquired, a leading product 
and full-service supplier, particularly for the management 
of cemeteries throughout Sweden.   
TecSec 
The TecSec division’s net revenue decreased by 2% to  
MSEK 525 (538), where 6% was added through 
acquisitions, -5% organically and -3% currency. 
Operating profit (EBITA) amounted to MSEK 84 (98), 
equivalent to an operating margin of 16.0% (18.2).

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 5 
Several of the safety & security companies in the 
division performed well in a continued favourable market 
climate, for instance ARAS, Fireco, Frictape and Idesco. 
ISG Nordic and Suomen Diesel Voima also reported 
good order intake but began the year slightly weaker 
than expected.  
The more construction-related businesses - R-CON, 
Door & Joinery, Principal Doorsets and CWL - remain 
affected by a weak business situation. The division’s 
largest business, PcP, noted stable demand, but 
reported a slightly weaker start to the year. 
Niche Products 
The Niche Products division’s net revenue increased by 
15% to MSEK 569 (495), where 17% was added through 
acquisitions, 1% organically and -3% currency. 
Operating profit (EBITA) increased by 14% to MSEK 114 
(100), equivalent to an operating margin of 20.0% (20.2).  
Niche Products delivered a stable quarter, with a 
continued favourable market situation for the majority of 
the businesses. Prido - a leading Swedish manufacturer 
of industrial folding doors - continued to perform 
strongly. Even the recently acquired Van Leeuwen Test 
Group in the Netherlands has made a very good start in 
Lagercrantz.  
Sajas, Profsafe and Vendig also delivered clear 
earnings improvements, while Tormek, Asept and Wapro 
performed in line with the previous year, partly due to a 
weaker market situation in the USA. 
In April 2025, MT Miljøteknik ApS in Denmark was 
acquired - a leading manufacturer of safety products for 
freshwater and wastewater distribution networks. The 
company generates annual revenue of about MDKK 25 
and is an add-on acquisition to Wapro. 
International  
The International division’s net revenue decreased by 
2% to MSEK 388 (395), where 0% was added through 
acquisitions, 3% organically and -5% currency.  
Operating profit (EBITA) increased by 1% to MSEK 70 
(69), equivalent to an operating margin of 18.0% (17.5). 
The International Division delivered a stable quarter 
with good profitability and carried out two exciting 
acquisitions in June and July.   
The marine business Libra in Norway and DP Seals 
in the UK continued to develop strongly. Even other 
units, such as Tebul in Finland, Glova Rail and G9 in 
Denmark as well as Schmitztechnik and Unitronic in 
Germany, also contributed positively to the result.   
 
In June 2025, Epoke in Denmark was acquired - a 
leading manufacturer of winter road maintenance 
equipment with annual revenue of approx. MDKK 240.  
In July 2025, Friggeråkers Verkstäder AB in Sweden 
was acquired, which under the Falköping brand is a 
leading manufacturer of sand and salt spreaders, with 
annual revenue of MSEK 110. 
PROFITABILITY AND FINANCIAL POSITION 
Return on equity amounted to 28% (26) and the return 
on capital employed was 19% (20). 
The Group’s metric for return on working capital 
(P/WC) amounted to 75% (74). 
The equity ratio at the end of the period was 34% (36). 
Equity per share amounted to SEK 19.75 (17.39). 
The Group’s operating net debt increased due to the 
recent acquisitions and at the end of the period 
amounted to MSEK 3,359 (2,342).  
The Group’s net indebtedness, including pension 
liability of MSEK 56 (62) and lease liability of MSEK 522 
(455), amounted to MSEK 3,937 (2,860) at the end of 
the period, where the change was mainly due to 
acquisitions. 
CASH FLOW AND CAPITAL EXPENDITURES 
Cash flow from operating activities increased by 23% to 
MSEK 288 (235), where the change was explained by 
an increased profit.  
Acquisitions and disposals, including settlement of 
contingent consideration relating to acquisitions carried 
out in previous years, amounted to MSEK 343 (11). 
Net investments in non-current assets amounted to   
MSEK 46 (18).  
OTHER FINANCIAL INFORMATION 
Parent Company and other consolidation items 
The Parent Company’s net revenue amounted to MSEK 
21 (20) and profit after financial items amounted to  
MSEK 239 (437). The Parent Company’s equity ratio 
was 39% (44). 
Employees 
At the end of the period, the number of employees in the 
Group was 3,322 (3,124 at the end of the 2024/25 
financial year), of whom 150 were added through 
acquisitions.

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 6 
Share capital 
The share capital amounted to MSEK 49 at the end of the 
period. The quota value per share amounted to SEK 0.23. 
Classes of shares were distributed as follows on 30 June 
2025: 
Classes of shares  Number  
A shares  9,775,386 
B shares  199,442,847 
Repurchased B shares    -3,104,112 
Total number of shares after 
repurchases  206,114,121 
At 30 June 2025, Lagercrantz Group held 3,104,112 
own Class B shares, equivalent to 1.5% of the total 
number of shares and 1.0% of the votes. 
Lagercrantz’s own holdings of repurchased B shares are 
primarily security for the company’s obligations in out-
standing call option programmes for senior executives.  
During the first quarter, repurchases of call options 
amounted to MSEK 12 (63) and redemption of call 
options amounted to MSEK 4 (9). 
At the end of the period, Lagercrantz had three 
outstanding call option programmes for a total of 
2,313,000 shares: 
Option 
programme 
 
 
Number of 
outstanding options* 
 
 
Redemption 
price 
2024/28 796,000 233.90 
2023/27 763,000 143.10 
2022/26 754,000 127.70 
Total 2,313,000  
* An option carries the right to purchase one share. 
Issued call options on repurchased shares had a 
dilutive effect of approximately 0.3% of the total number 
of shares in the company.
 
ACQUISITIONS 
From and including the 2024/25 financial year, the following acquisitions have been carried out (including subsidiaries); 
Acquisition Takeover 
Equity 
interest, 
% 
Annual revenue 
at acquisition 
date, MSEK 
Number of 
employees Division 
Principal Doorsets Ltd, UK July 2024 100 120 65 TecSec 
CP Global Ltd (“CP Cases”), UK July 2024 87 160 73 Control 
Mastsystem Int’l Oy, Finland November 2024 100 175 28 Electrify 
Track Analysis Systems Ltd (TASL), UK February 2025 100 15 6 Control 
Plast & Plåt Vägmärken (PPV), Sweden February 2025 100 60 23 Electrify 
Van Leeuwen Test Group, Netherlands February 2025 100 225 112 Niche Products 
HM Holding Ltd (He-Man), UK March 2025 100 70 42 Control 
MT Miljøteknik ApS, Denmark April 2025 90 37 25 Niche Products 
AB Orax, Sweden June 2025 100 50 14 Control 
Epoke A/S, Denmark June 2025 100 360 115 International 
Friggeråkers Verkstäder AB, Sweden July 2025 100 110 40 International 
   1,382   
 
During the first quarter 2025/26, three companies have 
been acquired.  
In April 2025, 90% of the shares in Miljøteknik ApS  
in Denmark were acquired, a leading manufacturer of 
safety products for freshwater and wastewater 
distribution networks. MT Miljøteknik is an add-on 
acquisition to Wapro in the Niche Products division and 
generates annual revenue of about MDKK 25. 
In June 2025, AB Orax was acquired for the Control 
division. Orax is a leading product and full-service 
supplier, particularly for the management of cemeteries 
throughout Sweden and generates annual revenue of 
about MSEK 50. 
In June 2025, Epoke A/S in Denmark was acquired 
for the International division. Epoke is a leading 
manufacturer of winter road maintenance equipment 
and generates annual revenue of MDKK 240. 
Lagercrantz normally uses an acquisition structure 
with a fixed purchase price and contingent consideration 
as well as options on any minority shares. The outcome 
of contingent considerations depends on the future 
results achieved in the companies and has a set 
maximum level. Not yet paid contingent considerations 
for acquisitions are estimated and have a book value of 
MSEK 420 (272). These fall due for payment within 
about three years from the date of acquisition and the 
maximum outcome can be MSEK 565 (402).  
Remeasurement of contingent considerations had a 
net effect in the quarter of MSEK 9 (7). The effect on 
earnings is recognised in other operating income and 
other operating expenses.  
During the first quarter, MSEK 0 (16) was paid in 
contingent consideration for previous acquisitions and 
MSEK 38 (46) in exercise of call options for acquisition 
of outstanding minority shares. 
Transaction costs, including any stamp duty, for the 
quarter’s acquisitions amounted to SEK 1 MSEK (0) and 
are reported under the item administrative expenses.

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 7 
 
 
Preliminary purchase price allocation 
The preliminary purchase price allocations since 1 June 2024 in the table below include Principal Doorsets Ltd,  
CP Global Ltd, Mastsystem Int’l Oy, Track Analysis Systems Ltd, Plast & Plåt Vägmärken, Van Leeuwen Test Group, 
HM Holding Ltd, MT Miljøteknik ApS, AB Orax, and Epoke A/S; 
 
Net assets of acquired companies 
at time of acquisition (MSEK) 
Carrying amount 
in companies 
Fair value 
adjustment  
Fair value 
consolidated  
Intangible non-current assets 31 842 873 
Other non-current assets  104 0 104 
Inventories   298 0 298 
Other current assets 485 0 485 
Interest-bearing liabilities -106 0 -106 
Other liabilities -287 -190 -477 
Acquired net assets  525 652 1,177 
Goodwill 1)      683 
Estimated Purchase price    1,860 
Less: cash and cash equivalents in acquired businesses    -235 
Less: consideration not yet paid     -192 
Effect on the Group’s cash and cash equivalents     1,433 
1) Goodwill is motivated by expected future sales development and profitability and also  by the staff included in the acquired companies. 
OTHER INFORMATION 
Accounting principles 
The Interim Report for the Group has been prepared in 
accordance with IFRS standards as adopted by the EU 
with application of IAS 34, Interim Financial Reporting. 
Apart from in the financial statements and 
accompanying notes, disclosures according to IAS 
34.16A are also presented in other parts of the report.   
The Interim Report for the Parent Company has been 
prepared in accordance with the Swedish Annual 
Accounts Act and the Swedish Securities Markets Act, 
which is in accordance with the provisions of RFR 2, 
Accounting for Legal Entities. 
The same accounting policies and calculation 
methods as in the most recent annual report have been 
applied in the interim report. There are no new IFRS 
standards or IFRIC interpretations approved by the EU, 
which are applicable for Lagercrantz, or that have a 
significant effect on the Group’s results and financial 
position for 2025/26. 
Significant estimates and judgments  
As of the financial year 2025/26, a new assessment 
is applied to two internal loans in DKK to the Danish 
holding company. The loans are now classified as 
financial loans, in order to better reflect the purpose of 
the financing, whereas they were previously reported as 
an extended net investment.  
 
 
 
This change means that foreign exchange translation 
effects will henceforth be recognized in the Group’s 
financial net, instead of previously in other compre-
hensive income. Otherwise, the company applies the 
significant estimates and judgments, as stated in the 
annual report for 2024/25. 
Alternative performance measures  
Lagercrantz presents certain financial metrics in the 
interim report that are not defined according to IFRS. 
The company considers that these metrics provide 
supplementary information to investors and share-
holders as they enable evaluation of trends and the 
company’s performance. They should not be regarded 
as a substitute for metrics defined according to IFRS.  
For definitions and reconciliation tables for the key 
performance indicators that Lagercrantz uses, see 
pages 16-17. 
Transactions with related parties 
Transactions between Lagercrantz and related parties 
with a significant impact on the company’s financial 
position and results have not occurred.

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 8 
Risks and uncertainty factors 
Lagercrantz’s results and financial position are affected 
by a number of internal factors, which Lagercrantz 
controls and a number of external factors where the 
possibility to influence the course of events is limited. 
The most important risk factors for the Group are the 
geopolitical uncertainty and economic situation, 
combined with structural changes in the market, 
customer and supplier dependence, the competitive 
situation, pandemics and cyber security risks. For more 
information, please see the Risks and uncertainty 
factors section on pages 36-37 in the 2024/25 Annual 
Report. The Parent Company is impacted by the above-
mentioned risks and uncertainty factors through its 
capacity as owner of subsidiaries.   
Events after the end of the period 
In July 2025, Friggeråkers Verkstäder AB was acquired 
for the International division. Friggeråkers is a leading 
Swedish manufacturer of sand and salt spreaders under 
the Falköping brand and generates annual revenue of 
MSEK 110. 
No other significant events for the company have 
occurred after the end of the period. 
Annual General Meeting 2025 
The 2025 Annual General Meeting (AGM) is planned to 
be held on 26 August 2025, at 4.00 p.m. at IVA’s 
Conference Centre, Grev Turegatan 16 in Stockholm.  
Notice convening the AGM will be published in July 
2025 and will be available on the company’s website 
www.lagercrantz.com.  
The Board of Directors proposes a dividend of SEK 
2.20 (1.90) per share, which is in line with Lagercrantz’s 
dividend policy. Notice of participation in the AGM must 
be given in accordance with the convening notice.  
 
Stockholm, 18 July 2025  
 
Jörgen Wigh,  
President and CEO  
 
This report has not been subject to review by the 
company’s auditors.

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 9 
Quarterly data by division 
 
Net revenue 2025/26 2024/25 2023/24 
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 
Electrify 672 588 603 533 561 449 450 421 481 
Control 319 330 322 281 264 284 255 219 249 
TecSec 525 550 572 511 538 517 540 480 528 
Niche Products 569 642 559 472 495 511 435 390 420 
International 388 393 406 375 395 398 374 361 368 
Parent 
Company/consolidation items - - - - - - - - - 
GROUP TOTAL 2,473 2,503 2,462 2,172 2,253 2,159 2,054 1,871 2,046 
 
Operating profit (EBITA) 2025/26 2024/25 2023/24 
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 
Electrify 123 100 97 100 90 66 80 80 87 
Control 51 59 47 34 35 48 37 27 32 
TecSec 84 83 92 87 98 85 99 89 95 
Niche Products 114 142 128 108 100 126 91 89 93 
International 70 69 69 66 69 70 65 60 57 
Parent 
Company/consolidation items -10 -7 -5 -8 -6 -5 -19 -12 -7 
GROUP TOTAL 432 446 428 387 386 390 353 333 357 
 
Operating margin (EBITA) 2025/26 2024/25 2023/24 
% Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 
Electrify 18.3 17.0 16.1 18.8 16.0 14.7 17.8 19.0 18.1 
Control 16.0 17.9 14.6 12.1 13.3 16.9 14.5 12.3 12.9 
TecSec 16.0 15.1 16.1 17.0 18.2 16.4 18.3 18.5 18.0 
Niche Products 20.0 22.1 22.9 22.9 20.2 24.6 20.8 22.7 22.2 
International 18.0 17.6 17.0 17.6 17.5 17.6 17.4 16.6 15.5 
GROUP TOTAL 17.5 17.8 17.4 17.8 17.1 18.1 17.2 17.8 17.5 
* From 1 April 2024, the businesses Nikodan Process Equipment and MH Modules have been moved from the Niche Products division  to the Control 
division and all comparative figures in the table and interim report have been restated to take account of this.

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 10 
 
Consolidated Income Statement - condensed 
 
MSEK 
3 months         
Apr-Jun 
2025/26 
3 months      
Apr-Jun 
2024/25 
Moving 12 
months, 
Jul-Jun 
2025/26 
Financial 
year 
2024/25 
Net revenue 2,473 2,253 9,609 9,389 
Cost of goods sold  -1,513 -1,380 -5,863 -5,730 
GROSS PROFIT 960 873 3,746 3,659 
Selling expenses -384 -359 -1,473 -1,448 
Administrative expenses -210 -180 -840 -811 
Other operating income and operating expenses 12 2 48 39 
PROFIT BEFORE NET FINANCIAL ITEMS* 378 336 1,481 1,439 
Net financial items -35 -34 -142 -141 
PROFIT AFTER FINANCIAL ITEMS 343 302 1,339 1,298 
Taxes -80 -80 -279 -279 
NET PROFIT FOR THE PERIOD 263 222 1,060 1,019 
     
* Of which:     
- amortisation of intangible non-current assets 
arising in connection with acquisitions: -54  -50  -211 -207 
OPERATING PROFIT (EBITA) 432  386  1,692 1,646 
      
 
Earnings per share before dilution, SEK 1.28 1.08 5.15 4.95 
Earnings per share after dilution, SEK   1.27 1.08 5.14 4.93 
 
Weighted number of shares after repurchases, 
(’000) 
206,093 205,983 206,079 206,052 
Weighted number of shares after repurchases 
adjusted after dilution (’000)** 206,668 206,405 206,592 206,553 
Number of shares at end of period after 
repurchases (’000) 206,114 206,064 206,114 206,088 
     
** In view of the redemption price on outstanding call options during the period (SEK 127.70, SEK 143.10 and SEK 233.90) and the 
average share price (SEK 204.58) during the latest 12-month period when the option programmes were outstanding, there was a 
dilutive effect of 0.28%. For the latest quarter, there was a dilutive effect of 0.28% (average share price SEK 218.20).  
 
Consolidated Statement of Comprehensive Income - condensed 
 
MSEK 
3 months         
Apr-Jun 
2025/26 
3 months  
Apr-Jun 
2024/25 
Moving 12 
months, 
Jul-Jun 
2025/26 
 
Financial 
year 
2024/25 
Net profit for the period 263 222 1,060 1,019 
Items that have been reposted or that may be 
reposted to net profit for the period       
Change in translation reserve 23 -20 -120 -163 
Taxes related to the above items  0 2 10 12 
Items that cannot be reposted to net profit for the 
period:     
Actuarial effects on pensions - - 3 3 
Taxes attributable to actuarial effects - - -1 -1 
Other comprehensive income 23 -18 -108 -149 
COMPREHENSIVE INCOME FOR THE PERIOD 286 204 952 870

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 11 
Consolidated Balance Sheet - condensed 
 
MSEK 30 Jun 2025 30 Jun 2024 31 Mar 2025 
ASSETS       
Goodwill 3,802 3,099 3,618 
Other intangible non-current assets 2,602 1,985 2,488 
Property, plant and equipment 1,283 1,115 1,290 
Financial assets 33 24 32 
Inventories  1,629 1,353 1,426 
Trade receivables and contract assets 1,593 1,433 1,469 
Other current receivables 397 406 443 
Cash and bank balances 631 492 456 
TOTAL ASSETS 11,970 9,907 11,222 
 
EQUITY AND LIABILITIES 
    
  
Equity 4,070 3,584 3,837 
Non-current interest-bearing liabilities 3,880 2,648 3,418 
Non-interest-bearing liabilities, non-current 1,177 819 1,158 
Current interest-bearing liabilities 688 702 672 
Trade payables and contract liabilities 763 730 746 
Other current liabilities 1,392 1,424 1,391 
TOTAL EQUITY AND LIABILITIES 11,970 9,907 11,222 
 
Interest-bearing assets  631 490 456 
Interest-bearing liabilities, excl. pension liabilities 4,513 3,288 4,034 
 
 
 
 
 
Changes in Consolidated Equity - condensed  
MSEK 
3 months         
Apr-Jun 
2025/26 
3 months      
Apr-Jun 
2024/25 
Moving 12 
months, 
Jul-Jun 
2025/26 
Financial 
year 
2024/25 
Opening balance  3,837 3,468 3,584 3,468 
Comprehensive income for the period 286 204 952 870 
      
Transactions with owners      
Dividend  - - -392 -392 
Dividend to minority shareholders in subsidiaries -43 -33 -52 -42 
Redemption and acquisition of options on repurchased shares, 
net  -9 -55 -16 -62 
Change in value option liability acquisition -1 - -6 -5 
Closing balance  4,070 3,584 4,070 3,837

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 12 
Consolidated Statement of Cash Flows - condensed 
 
MSEK 
3 months 
Apr-Jun 
2025/26 
3 months     
Apr-Jun 
2024/25 
Moving 12 
months, Jul-
Jun2025/26 
Financial 
year  
2024/25 
Operating activities      
Profit after financial items 343 302 1,339 1,298 
Adjustment for items not included in the cash flow  174 100 474 400 
Income tax paid  -69 -45 -392 -368 
Cash flow from operating activities before changes in working 
capital 448 357 1,421 1,330 
Cash flow from changes in working capital        
Increase (-)/Decrease (+) in inventories -61 4 2 67 
Increase (-)/Decrease (+) in operating receivables -70 -69 -5 -4 
Increase (+)/Decrease (-) in operating liabilities -29 -57 -43 -71 
Cash flow from operating activities 288 235 1,375 1,322 
Investing activities        
Investments in businesses -343 -11 -1,463 -1,131 
Net investments in other non-current assets -46 -18 -188 -160 
Cash flow from investing activities -389 -29 -1,651 -1,291 
Financing activities         
Dividend to the parent company’s shareholders  - - -392 -392 
Dividend to minority shareholders in subsidiaries -42 -35 -49 -42 
Transactions with own shares/options -9 -55 -16 -62 
Change in loan liability   401 -2 1,124 721 
Change in credit facilities and other financing activities  -77 25 -237 -135 
Cash flow from financing activities 273 -67 430 90 
CASH FLOW FOR THE PERIOD 172 139 154 
 
121 
Cash and cash equivalents at the beginning of the period  456 355 490 355 
Exchange difference in cash and cash equivalents  3 -3 -13 -20 
Cash and cash equivalents at the end of the period 631 490 631 456

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 13 
 
Fair value of financial instruments 
For all of the Group’s financial assets, fair value is estimated to equal the carrying amount.  
Liabilities measured at fair value consist of contingent consideration payments and call options on minority interests,  
which are measured using discounted estimated cash flows and are therefore included in level 3 under IFRS 13.  
Carrying amount, MSEK 30 Jun 2025 31 Mar 2025 
Assets measured at fair value  - - 
Assets measured at amortised cost 2,059 1,817 
TOTAL ASSETS, FINANCIAL INSTRUMENTS 2,059 1,817 
Liabilities measured at fair value  820 823 
Liabilities measured at amortised cost 5,208 4,709 
TOTAL LIABILITIES, FINANCIAL INSTRUMENTS  6,028 5,532 
 
 
Change in liability for   
contingent considerations MSEK 
3 months         
Apr-Jun 
2025/26 
3 months      
Apr-Jun 
2024/25 
Financial 
year 
2024/25 
Opening balance 390 296 296 
The period’s acquisitions 13 - 158 
Settled liabilities during the period - -16 -17 
Remeasurement preliminary purchase price allocation  25 - 3 
Remeasurement via profit or loss -9 -7 -37 
Exchange difference 1 -1 -13 
Closing balance 420 272 390 
 
Change in call options MSEK 
3 months         
Apr-Jun 
2025/26 
3 months      
Apr-Jun 
2024/25 
Financial 
year 
2024/25 
Opening balance 433 409 409 
The period’s acquisitions 5 - 23 
Settled liabilities during the period -38 - - 
Remeasurement preliminary purchase price allocation  - - - 
Remeasurement via equity 1 - 13 
Exchange difference -1 -1 -12 
Closing balance 400 408 433

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 14 
 
Parent Company Income Statement - condensed  
 
MSEK 
3 months         
Apr-Jun 
2025/26 
3 months      
Apr-Jun 
2024/25 
Moving 
12 
months, 
Jul-Jun 
2025/26 
Financial 
year 
2024/25 
Net revenue 21 20 84 83 
Administrative expenses -37 -28 -128 -119 
Other operating income and operating expenses - - 0 0 
OPERATING PROFIT -16 -8 -44 -36 
Financial income 281 479 850 1,048 
Financial expenses -26 -34 -186 -194 
PROFIT AFTER FINANCIAL ITEMS 239 437 620 818 
Change in untaxed reserves - - -65 -65 
Taxes 1 4 -48 -45 
NET PROFIT FOR THE PERIOD 240 441 507 708 
 
 
 
 
Parent Company Balance Sheet - condensed 
 
MSEK 30 Jun 2025 30 Jun 2024 31 Mar 2025 
ASSETS     
Property, plant and equipment 2 2 2 
Financial assets 7,354 5,856 6,906 
Current receivables 1,153 1,424 1,260 
Cash and bank balances - - - 
TOTAL ASSETS 8,509 7,282 8,168 
       
EQUITY AND LIABILITIES       
Equity 3,312 3,212 3,080 
Untaxed reserves 353 288 353 
Non-current liabilities  3,469 2,285 3,188 
Current liabilities  1,375 1,497 1,547 
TOTAL EQUITY AND LIABILITIES 8,509 7,282 8,168

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 15 
Key performance indicators 
 
In the table below, certain key performance indicators are 
presented that are not defined according to IFRS, for 
definition see Key performance indicator definitions.  
Moving 12 
months Financial year 
 
 
2025/26 
 
2024/25 
 
2023/24 2022/23 2021/22 
Revenue 9,609 9,389 8,129 7,246 5,482 
Change in revenue, % 15.3 15.5 12.2 32.2 34.0 
EBITDA 2,028 1,967 1,704 1,451 1,094 
Operating profit (EBITA) 1,692 1,646 1,431 1,205 895 
Operating margin (EBITA), % 17.6 17.5 17.6 16.6 16.3 
EBIT 1,481 1,439 1,256 1,062 781 
EBIT margin, % 15.4 15.3 15.5 14.7 14.2 
Profit after financial items 1,339 1,298 1,116 968 741 
Profit margin, % 13.9 13.8 13.7 13.4 13.5 
Profit after taxes 1,060 1,019 877 758 572 
Equity ratio, % 34 34 35 37 36 
Return on working capital (P/WC), % 75 79 77 78 79 
Return on capital employed, % 19 20 20 22 20 
Return on equity, % 28 28 27 29 28 
Net debt (+)/receivables (-), MSEK  3,937 3,634 2,956 2,327 2,014 
Net debt/equity ratio, times 1.0 0.9 0.9 0.8 0.9 
Operating net debt (+)/receivables (-), MSEK 3,359 3,033 2,438 1,902 1,621 
Operating net debt/equity ratio, times 0.8 0.8 0.7 0.6 0.7 
Interest coverage ratio, times 9 9 8 8 15 
Number of employees at end of period  3,322 3,124 2,762 2,425 1,953 
Revenue outside Sweden, MSEK 6,533 6,397 5,561 4,830 3,559 
 
 
Key performance indicators per share 
 
In the table below, certain key performance indicators are 
presented that are not defined according to IFRS, for 
definition see Key performance indicator definitions.  
Moving 12 
months Financial year 
 
 
2025/26 
 
2024/25 
 
2023/24 2022/23 2021/22 
Number of shares at end of period after repurchases (’000)  206,114 206,088 205,955 205,930 203,637 
Weighted number of shares after repurchases, (’000) 206,079 206,052 205,940 204,439 203,547 
Weighted number of shares after repurchases & dilution (’000)  206,592 206,553 206,227 204,718 204,102 
Earnings per share before dilution, SEK* 5.15 4.95 4.26 3.71 2.81 
Earnings per share after dilution, SEK* 5.14 4.93 4.25 3.70 2.80 
Cash flow from operating activities per share 
after dilution, SEK 6.65 6.39 
 
6.43 5.23 
 
2.91 
Equity per share, SEK 19.75 18.54 16.84 14.61 10.94 
Latest price paid per share, SEK 227.6 206.40 163.80 129.70 106.80 
*Lagercrantz does not recognise minority interests due to the existence of call and put options on the minority shares, for a description of consolidation 
principles see page 54 of the 2024/25 Annual Report.

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 16 
Key performance indicator 
definitions 
Return on equity1 
Net profit for the year after tax as a percentage of average equity (opening 
plus closing balance for the latest 12-month period), divided by two). 
Return on working capital (P/WC) 1 
Operating profit (EBITA) as a percentage of average working capital, 
(opening balance plus closing balance for the latest 12-month period, 
divided by two), where working capital consists of inventories, trade 
receivables and contract assets less trade payables and contract 
liabilities.  
Return on capital employed1 
Profit after financial items, plus financial expenses as a percentage of 
average capital employed (opening balance plus closing balance for the 
latest 12-month period, divided by two). 
EBITDA1 
Operating profit before depreciation and impairment. 
EBIT margin 
Profit before net financial items as a percentage of net revenue.  
Equity per share1  
Equity divided by the number of outstanding shares on the balance sheet 
date. 
Cash flow per share after dilution1 
Cash flow in relation to the weighted number of shares outstanding   
after repurchases and adjusted for dilution. 
Cash flow from operating activities per share1 
Cash flow from operating activities in relation to the weighted number of 
shares outstanding after repurchases and adjusted for dilution. 
Net debt/receivables1 
Interest-bearing provisions and liabilities, including pension liabilities and 
including liabilities related to financial leases according to IFRS 16, less 
cash and cash equivalents and investments in securities. 
Net debt/equity ratio1 
Interest-bearing provisions and liabilities including pension liabilities and 
including IFRS 16, less cash and cash equivalents and investments in 
securities, divided by equity. 
Operating net debt/receivables1 
Interest-bearing provisions and liabilities, excluding pensions and 
excluding liabilities related to financial leases according to IFRS 16, less 
cash and cash equivalents and investments in securities. 
 
 
Operating net debt/equity ratio1 
Interest-bearing provisions and liabilities, excluding pensions and 
excluding effects of IFRS 16, less cash and cash equivalents and 
investments in securities, divided by equity. 
Change in revenue1 
Change in net revenue as a percentage of the preceding year’s net 
revenue.  
Organic growth1 
Changes in net revenue excluding currency effects, acquisitions and 
disposals compared to the same period of the previous year. 
Earnings per share before dilution 
Net profit for the year attributable to the parent company’s shareholders in 
relation to the weighted number of shares outstanding after repurchases.  
Earnings per share after dilution 
Net profit for the year attributable to the parent company’s shareholders in 
relation to the weighted number of shares outstanding after repurchases 
and dilution.  
Interest coverage ratio1 
Profit after financial items plus financial expenses divided by financial 
expenses.  
Operating profit (EBITA)1 
Operating profit before amortisation of intangible non-current assets 
arising in connection with acquisitions.  
Operating margin1 
Operating profit (EBITA) as a percentage of net revenue.  
Debt equity ratio1 
Interest-bearing liabilities divided by equity, plus non-controlling interests.  
Equity ratio1 
Equity, plus non-controlling interests as a percentage of total assets. The 
equity portion of untaxed reserves is included in the parent company’s 
calculation of the equity ratio.  
Capital employed1 
Total assets, less non-interest-bearing provisions and liabilities.  
Profit margin1 
Profit after financial items, less participations in associated companies as a 
percentage of net revenue. 
1 The key performance indicator is an alternative performance measure 
according to ESMA’s guidelines.

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

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 30 JUNE 2025 17 
Reconciliation tables for alternative performance measures   
  
 12 months through 
EBITA and EBITDA 
Group, MSEK 
30 Jun 
2025 
31 Mar 
2025 
31 Mar 
2024 
31 Mar 
2023 
Profit before net financial items according to the quarterly report  1,481 1,439 1,256 1,062 
Amortisation, intangible non-current assets relating to acquisitions 
(+)  211 207 175 143 
EBITA 1,692 1,646 1,431 1,205 
Depreciation of property, plant and equipment 336 321 273 246 
EBITDA 2,028 1,967 1,704 1,451 
 
         
Working capital and return on working capital (P/WC)  
Group, MSEK 
30 Jun  
2025 
31 Mar  
2025 
31 Mar 
2024 
31 Mar  
2023 
EBITA (moving 12 months) 1,692 1,646 1,431 1,205 
Inventories, annual average (+) 1,491 1,398 1,268 1,058 
Trade receivables and contract assets, annual average (+)  1,513 1,421 1,305 1,105 
Trade payables and contract liabilities, annual average (-) 747 747 711 621 
Working capital (annual average) 2,257 2,071 1,862 1,542 
Return on working capital (P/WC), (%) 75% 79% 77% 78% 
 
             
 
Acquired and organic net revenue growth 
Group, MSEK, % 
3 months 
Apr-Jun 
2025/26 
3 months 
Jan-Mar 
2024/25 
3 months 
Oct-Dec 
2024/25 
3 months 
Jul-Sep 
2024/25 
3 months 
Apr-Jun 
2024/25 
Acquired net revenue growth 232 10% 240 11% 338 16% 324 17% 256 12% 
Organic net revenue growth 58 3% 105 5% 62 3% 11 1% -57 -3% 
Exchange rate effects -70 -3% -1 0% 8 1% -34 -2% 9 1% 
Total net revenue growth 220 10% 344 16% 408 20% 301 16% 208 10% 
 
Revenue distribution 
  Electrify Control TecSec Niche Products International  Group total 
Net revenue by product 
type 
3 months 
Apr-Jun 
2025/26 
Financial 
year 
2024/25 
3 months 
Apr-Jun 
2025/26 
Financial 
year 
2024/25 
3 months 
Apr-Jun 
2025/26 
Financial 
year 
2024/25 
3 months 
Apr-Jun 
2025/26 
Financial 
year 
2024/25 
3 months 
Apr-Jun 
2025/26 
Financial 
year 
2024/25 
3 months 
Apr-Jun 
2025/26 
Financial 
year 
2024/25 
Total net revenue  672 2,285 319 1,196 525 2,171 569 2,169 388 1,568 2,473 9,389 
Of which, share                         
Proprietary products 79% 78% 68% 66% 78% 77% 94% 94% 67% 67% 79% 78% 
Trading 3% 4% 28% 30% 4% 5% 4% 3% 32% 32% 11% 12% 
Niche production 17% 17% 3% 3% - - - 2% - - 5% 5% 
System integration - - - - 12% 12% - - - - 3% 3% 
Other net revenue 1% 1% 1% 1% 6% 6% 2% 1% 1% 1% 2% 2% 
  100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 
 
 
 
This information is such information that Lagercrantz Group AB (publ) is obliged to make public pursuant to the EU  
Market Abuse Regulation. The information was submitted for publication at 07:40 CET on 18 July 2025. 
Reporting dates: 
26 August 2025 Annual General Meeting for the 2024/25 financial year 
24 October 2025 Interim Report Q2 1 April – 30 September 2025 
6 February 2026 Interim Report 1 April – 31 December 2025 
19 May 2026 Year-end Report 1 April 2025 – 31 March 2026 
 
 
 
For further information please contact: 
Jörgen Wigh, President and CEO, phone +46 8 700 66 70 
Peter Thysell, CFO, phone +46 70 661 05 59 
Lagercrantz Group AB (publ) 
Box 3508, 103 69 Stockholm 
Phone +46 8 700 66 70  
Corporate identity number 556282-4556 
www.lagercrantz.com