FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== 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