FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
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See
1
Organic growth and improved results, high pace of change
Q3 2025
Net sales amounted to SEK 223 (211) million,
an increase of 6 percent compared with the same period
in 2024, of which organic growth accounted for 6 percent
Adjusted EBITA amounted to SEK 14 (12) million,
corresponding to a margin of 6 (6) percent
EBITA amounted to SEK 20 (11) million, corresponding to a
margin of 9 (5) percent. EBITA was positively affected by
a capital gain from a real estate sale of SEK 7 million
Operating profit/loss (EBIT) amounted to SEK 13 (5)
million
Basic and diluted earnings per share amounted to
SEK 0.21 (-0.09)
Cash flow from operating activities was SEK -9 (1)
million, and excluding a tax deferral repayment, cash flow
was SEK 4 (2) million.
The period January-September 2025
Net sales amounted to SEK 695 (693) million,
an increase of 3 percent compared with the same period
in 2024, of which organic growth accounted for 0.3
percent
Adjusted EBITA amounted to SEK 39 (35) million,
corresponding to a margin of 6 (5) percent
EBITA amounted to SEK 41 (41) million, corresponding to a
margin of 6 (6) percent. EBITA was positively affected by
a capital gain from a real estate sale of SEK 7 million
Operating profit/loss (EBIT) amounted to SEK 22 (-13)
million. The comparative period was affected by
impairment of goodwill of SEK 35 million
Basic and diluted earnings per share amounted to
SEK 0.09 (-0.86)
Cash flow from operating activities was SEK 0 (42)
million, and excluding a tax deferral repayment, cash flow
was SEK 29 (47) million.
Significant events during the reporting period
On August 18, Per Bodén took up the role of CFO and Keivan Cherloo took up the role of COO at Seafire.
On September 29, Seafire’s subsidiary Pexymek divested its wholly-owned real estate company Maströret Fastighets AB.
Read more on page 8.
FINANCIAL SUMMARY
Q3 Q3 Jan-Sep Jan-Sep R12 Full year
2025 2024 2025 2024 2025 2024
Net sales, SEK million 223 211 695 693 907 905
Gross margin1 45% 44% 46% 45% 46% 45%
Operating expenses, proportion of net sales1 36% 36% 39% 38% 39% 38%
EBITA, SEK million1 20 11 41 41 42 42
EBITA margin1 9% 5% 6% 6% 5% 5%
Adjusted EBITA, SEK million1 14 12 39 35 46 42
Adjusted EBITA margin1 6% 6% 6% 5% 6% 5%
Operating profit/loss (EBIT), SEK million 13 5 22 -13 -70 -105
Basic and diluted earnings per share, SEK 0.21 -0.09 0.09 -0.86 -2.17 -3.12
Cash flow from operating activities, SEK million -9 1 0 42 3 45
Net debt/adjusted EBITDA pro forma R12, times 2.8 3.0 2.8 3.0 2.8 3.0
1 Alternative performance measures. See Note 7 for reconciliation with financial reports in accordance with IFRS.
Footnote: The image at the top is taken from the subsidiary Bara Mineraler AB.
Net sales in the quarter grew organically by 6 percent to SEK 223 (211) million and adjusted EBITA increased by 17
percent to SEK 14 (12) million. The improved results were driven by increased net sales and an improved gross margin. A
completed real estate transaction strengthens the Group’s financial position. The pace of change remains high and a
number of major projects are being carried out to drive results and cash flow.
Interim report
July 1 – September 30, 2025
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Seafire Interim report Q3 2025 2
THE CEO'S COMMENTS ON Q3
Net sales in the third quarter amounted to SEK 223
(211) million, corresponding to organic growth of 6
percent. Adjusted EBITA increased by 17 percent to
SEK 14 (12) million. The improved operating profit was
driven by increased sales combined with a stronger
gross margin of 45 percent (44 percent). Cash flow
was satisfactory, considering seasonal patterns and
high sales in September.
Previous stability turned into growth in Q3
Seafire showed growth (+6 percent) for the second
quarter in a row. Seven out of twelve subsidiaries grew
during the quarter. Growth was mainly driven by
Nordbutiker and DOFAB, which benefitted from a stronger
consumer market and the fact that activity levels are now
being converted into sales. Åkerstedts also reported a
strong quarter due to several larger projects and order
intake over the past 12 months is at the highest level ever.
Kenpo Sandwich continued to perform weakly owing to a
sluggish market for truck bodybuilders. However, our
assessment is that the end market has bottomed out and
we are seeing some signs of recovery.
Increased profitability
Adjusted EBITA in the quarter amounted to SEK 14 (12)
million, corresponding to a margin of 6 percent (5
percent). It is gratifying to see that the gross margin
increased in the quarter although mix effects had a
negative impact, seven out of twelve subsidiaries
improved their margins. The largest improvement in
earnings was seen in Nordbutiker where active work on
procurement and pricing is producing results, and in
SolidEngineer where a new organization, cost control and
a strong underlying market continue to have a positive
effect. DOFAB also reported a good earnings trend.
Stable cash flow
Cash flow from operating activities excluding tax deferral
repayments was SEK 4 (2) million. The efforts to optimize
working capital are delivering results, however, the quarter
was affected by very strong sales in September and thus
high trade receivables. During the quarter, the divestment
of Pexymek’s real estate company was completed which
provided the Seafire Group with net proceeds of about
SEK 36 million and with a net effect on the Group’s
debt/equity ratio (ND/EBITDA) of 0.2x, taking into account
the increased lease liability.
Continued high pace of change
The new CFO and COO have joined the Group with a
positive start, and with our new business-focused
governance model, there are opportunities to further
support business development in the subsidiaries. The
pace of change is high with many transformation projects
with expected positive effects on the Group’s long-term
profitability level. Earnings and cash flow are being
prioritized, rather than sales. Here are a few examples of
how this is being put into practice.
Nordbutiker is consolidating stock to one location and in
connection with this is closing a significant part of its
business which has very weak profitability. The change is
expected to lead to significantly lower tied-up capital,
lower complexity and higher earnings, although with lower
sales.
Borö-Pannan has decided to consolidate all Swedish
production to Kalix. This reduces the fixed cost base and
increases the potential for ongoing productivity
improvements. The lease for the facility in Motala has
been terminated and relocation will take place in H1 2026.
Contract manufacturing will also be discontinued in
connection with this decision and there are plans to sell
the company’s relatively small-scale, Trinette/minikitchen
business.
Bara Mineraler signed a business transfer agreement in
October and will thus exit the brick beam market, which is
a very limited segment for the company. Equipment and
inventories will be sold and premises will be leased to the
buyer. The business has previously been unprofitable.
The pace of change is also high in other subsidiaries. Four
new subsidiary CEOs have been appointed during the
year. Focus on working capital and gross margins
continues, and on growth initiatives in selected
companies. As a result of the change management work,
non-recurring restructuring costs will arise in the coming
quarters, most of which expected not to affect cash flow.
Somewhat positive outlook and renewed focus on
acquisitions
Seafire has showed increased stability in the past year.
Markets remain cautious, and we do not see a clear
growth pattern, although there are positive signals, which
have translated into two quarters of some growth.
Outlook for Q4 is stability rather than strong growth. In
the event of an increased level of demand, we estimate
that the Group has significant operational leverage. The
above-mentioned transformation projects are important
for increasing focus and driving results where we want to
grow. With stable markets, strong cash flow and lower
debt, as well as clarity regarding priorities and a new
team, acquisitions are also something we are now giving
higher priority to.
I want to thank all employees in the Group for your hard
work and you, the shareholders, for your continued trust.
Daniel Repfennig
President and CEO
“After stabilisation, we are now seeing growth again.
Earnings are increasing and our initiatives are producing
results. The pace of change remains high. The outlook is
cautiously positive”.
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Seafire Interim report Q3 2025 3
THE GROUP’S PERFORMANCE
Net sales
Q3
During the quarter, net sales increased by 6 percent to SEK 223 million, compared to SEK 211 million during the same period in
the previous year. As no acquisitions have been carried out since Q1 2023, the increase in net sales was entirely organic.
Seven out of twelve companies reported positive growth in the quarter where DOFAB, Åkerstedts and Nordbutiker showed
strong growth.
The period January – September
During the period, net sales increased by 0 percent to SEK 695 million, compared to SEK 693 million during the same period
in the previous year. As no acquisitions have been carried out since Q1 2023, the increase in net sales was entirely organic.
Nine of the companies showed improved net sales during the period.
Gross margin
Q3
The gross margin rose to 45 (44) percent during the quarter, where seven companies reported an improved gross margin.
Mix effects had a negative impact on the margin during the quarter.
The period January – September
The gross margin was 46 (45) percent during the period where eight companies reported an improved gross margin.
Profit
Q3
The Group’s operating profit/loss, EBIT, amounted to SEK 13 (5) million during the quarter. Items affecting comparability,
mainly related to a capital gain on the sale of a real estate company, impacted earnings positively by SEK 6 (-1) million. The
subsidiaries showed a mixed performance, where eight out of twelve companies increased their operating profit (EBIT).
Operating profit before depreciation and amortization attributable to acquired surplus values, EBITA, amounted to SEK 20 (11)
million, while adjusted EBITA amounted to SEK 14 (12) million for the quarter. Profit/loss after tax amounted to SEK 9 (-4)
million.
The period January – September
The Group’s operating profit/loss, EBIT, amounted to SEK 22 (-13) million during the period. Items affecting comparability,
mainly related to a capital gain on the sale of a real estate company as well as restructuring costs, impacted earnings
positively by SEK 2 (6) million. The subsidiaries showed a mixed performance, where six out of twelve companies increased
their operating profit (EBIT). Operating profit before depreciation and amortization attributable to acquired surplus values,
EBITA, amounted to SEK 41 (41) million, while adjusted EBITA amounted to SEK 39 (35) million. Profit/loss after tax amounted
to SEK 4 (-37) million. The comparative period was affected by an impairment of goodwill of SEK 35 million.
Net financial items and tax
Q3
Net financial items for the quarter amounted to SEK -4 (-8) million. Interest and financial expenses amounted to SEK -3 (-8)
million as a result of amortization and lower market interest rates, currency fluctuations amounted to SEK -1 (0) million and
financial income amounted to SEK 0 (0) million. Tax for the quarter amounted to SEK 0 (0) million, which was explained by
the current tax expense and a positive effect from deferred tax attributable to intangible assets.
The period January – September
Net financial items for the period amounted to SEK -18 (-21) million. Interest and financial expenses amounted to SEK -14 (-
21) million as a result of amortization and lower market interest rates, currency fluctuations amounted to SEK -4 (-1) million
and financial income amounted to SEK 0 (1) million. Tax for the period amounted to SEK 0 (-3) million, which was explained
by the current tax expense and a positive effect from deferred tax attributable to intangible assets.
Summary of financial performance measures
Q3 Q3 Jan-Sep Jan-Sep R12 Full year
SEK million 2025 2024 2025 2024 2025 2024
Net sales 223 211 695 693 907 905
EBITDA 27 18 62 62 71 71
Adjusted EBITDA 21 19 60 56 75 71
EBITA 20 11 41 41 42 42
Adjusted EBITA 14 12 39 35 46 42
EBIT 13 5 22 -13 -70 -105
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Seafire Interim report Q3 2025 4
Effect of items affecting comparability on the income statement
Financial performance
SEK million
Cash flow
Q3
Cash flow from operating activities, including changes in working capital, amounted to SEK -9 (1) million, and excluding a tax
deferral repayment of SEK 13 (2) million, cash flow amounted to SEK 4 (2) million. Cash flow was affected by strong sales in
September and thus high trade receivables compared to the previous year. Cash flow from investing activities amounted to
SEK 34 (-5) million, mainly as a result of the sale of a real estate company of SEK 36 million. Cash flow from financing
activities amounted to SEK -30 (-14) million, consisting of repayment of bank loans of SEK 10 (10) million and overdraft
facilities of SEK 15 (-) million, as well as repayment of lease liabilities of SEK 5 (4) million. Total cash flow for the quarter
amounted to SEK -5 (-18) million.
The period January – September
Cash flow from operating activities, including changes in working capital, amounted to SEK 0 (42) million, and excluding a tax
deferral repayment of SEK 29 (5) million, cash flow amounted to SEK 29 (47) million. Cash flow was affected both by strong
sales in September and relatively low sales in December 2024, which affected the comparison with the previous year. Cash
flow from investing activities amounted to SEK 31 (-12) million, as a result of the sale of a real estate company as well as
investments in property, plant and equipment and intangible assets. Cash flow from financing activities amounted to SEK -
58 (-34) million, consisting of repayment of bank loans of SEK -31 (-31) million and overdraft facilities of SEK -15 (-10) million,
as well as repayment of lease liabilities of SEK -13 (-13) million. Total cash flow for the period amounted to SEK -27 (-4)
million.
Investments
Q3
Cash flow from investing activities during the quarter amounted to SEK 34 (-5) million, which was attributable to the sale of a
real estate company of SEK 36 (0) million as well as investments in property, plant and equipment.
The period January – September
Cash flow from investing activities during the period amounted to SEK 31 (-12) million, which was attributable to the sale of a
real estate company of SEK 36 (0) million as well as investments in property, plant and equipment and intangible assets.
- 20 40 60 80 100- 200 400 600 8001 0001 200Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32019 2020 2021 2022 2023 2024 2025Net sales, R12Adjusted EBITA, R12
Q3 Q3 Jan-
Sep
Jan-
Sep R12 Full
year
SEK million 2025 2024 2025 2024 2025 2024
Other income (contingent consideration
remeasurement) - - - 7 - 7
Other income (capital gain on sale of company) 7 - 7 - 7 -
Merchandise (impairment of inventory) - - - - -1 -1
Other external expenses (restructuring) -1 -1 -2 -1 -4 -3
Other operating expenses (disposal of equipment) - - - - -3 -3
Personnel costs (restructuring) - - -3 - -3 -
Effect on EBITDA & EBITA 6 -1 2 6 -4 -
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Seafire Interim report Q3 2025 5
Financing
Interest-bearing liabilities at the end of the period amounted to SEK 187 (213) million, and including lease liabilities amounted
to SEK 236 (241) million. Of the liabilities, SEK 187 (213) million were liabilities to credit institutions and SEK 49 (28) million
were lease liabilities. The increased lease liabilities are linked to three extended leases as well as a new lease related to the
divested real estate company (sale-and-lease back). There are two outstanding earn-outs that are due in 2025 and 2026
but which are not expected to result in any payment, thus recognized contingent consideration amounted to SEK 0 (0)
million. The Group’s net debt, as defined in order to calculate the bank loan’s covenant, amounted to SEK 206 (199) million,
and net debt/adjusted EBITDA R12 pro forma amounted to 2.8x (3.0x).
Seafire’s financing agreement with a major Nordic bank, relating to the existing credit facility of up to SEK 270 million in total,
was extended earlier this year. Among other things, the extended agreement entails an extension by 12 months (to Q1 2027)
and an amended level for covenants.
Tax deferral amounted to SEK 56 (87) million, which must be repaid by the end of September 2027. A tax deferral repayment
amounts to approx. SEK 3 million in the remainder of 2025. Cash and cash equivalents amounted to SEK 30 (42) million at the
end of the period.
Adjusted net debt, including leases, all recognized contingent consideration and the tax deferral, amounted to SEK 262 (286)
million, which gives an adjusted net debt/adjusted EBITDA R12 pro forma of 3.5x (4.3x)
Net debt
SEK million
Net debt, Net debt/Adjusted EBITDA pro forma R12
Sep 30 Sep 30
Full
year
SEK million 2025 2024 2024
Interest-bearing liabilities 187 213 233
Lease liabilities 49 28 39
Contingent consideration due within 12 months - - -
Less: cash and cash equivalents -30 -42 -57
Net debt 206 199 215
Adjusted EBITDA, R12 75 66 71
Net debt/Adjusted EBITDA pro forma R12, times 2.8 3.0 3.0
Adjusted net debt including deferral from the Swedish Tax Agency and all contingent consideration, adjusted net
debt/adjusted EBITDA pro forma R12
Sep 30 Sep 30
Full
year
SEK million 2025 2024 2024
Net debt 206 199 215
Outstanding deferral from the Swedish Tax Agency and contingent
consideration due for payment after 12 months 56 87 85
Adjusted net debt 262 286 300
Adjusted EBITDA, R12 75 66 71
Adjusted net debt/Adjusted EBITDA pro forma R12, times 3.5 4.3 4.2
- 0,5x 1,0x 1,5x 2,0x 2,5x 3,0x 3,5x 4,0x 4,5x 5,0x- 100 200 300 400 500 600Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32022 2023 2024 2025Adj. Net debtAdj. Net debt / Adj. EBITDA R12 proforma
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Seafire Interim report Q3 2025 6
BUSINESS AREAS
Industrial components
The Industrial components business area offers products and solutions to companies within a number of market niches –
paints, fans, construction materials and production of sheet metal components for customers within a wide range of
sectors. The business area includes Bara Mineraler, Borö-Pannan, DOFAB, Färg-In, Kenpo Sandwich, Pexymek, Thor Ahlgren
and Åkerstedts. For more information about the business area, see Note 4.
Q3 Q3 Jan-Sep Jan-Sep R12 Full year
SEK million 2025 2024 2025 2024 2025 2024
Net sales 132 124 433 430 585 582
Gross profit 56 53 194 196 262 264
Gross margin, % 42% 43% 45% 46% 44% 45%
Operating expenses1 -46 -44 -157 -155 -210 -208
Proportion of net sales, % 35% 35% 36% 36% 36% 36%
EBITA1 13 6 33 30 42 39
EBITA margin, % 10% 4% 8% 7% 8% 7%
Adjusted EBITA1 7 6 28 30 30 32
Adjusted EBITA margin 5% 4% 7% 7% 5% 5%
1 Earnings exclude the management fee payable to the Parent Company, which is distributed among the subsidiaries based on net sales.
Q3
During the third quarter, net sales increased by 6 percent to SEK 132 million, compared to SEK 124 million during the same
quarter in the previous year. Five subsidiaries increased their sales in the third quarter compared to the same period in 2024,
while three subsidiaries reported a fall in net sales. DOFAB and Åkerstedts accounted for the highest increases in net sales of
67 percent and 39 percent, respectively.
The gross margin was stable and amounted to 42 (43) percent.
During the quarter, operating profit before amortization and impairment attributable to acquired surplus values, EBITA,
amounted to SEK 13 (6) million, corresponding to an EBITA margin of 10 (4) percent. Adjusted EBITA amounted to SEK 7 (6)
million where items affecting comparability, mainly a capital gain on the sale of a real estate company, affected EBITA by SEK
6 (-) million.
The period January – September
During the period, net sales increased by 1 percent to SEK 433 million, compared to SEK 430 million during the same period in
the previous year. All companies aside from Kenpo Sandwich and Thor Ahlgren reported growth during the period. Kenpo
Sandwich, which supplies sandwich panels to the transport sector, noted a decrease in sales of 20 percent due to a
challenging market situation. Åkerstedts, Borö-Pannan, and DOFAB reported strong growth during the period.
The gross margin was stable and amounted to 45 (46) percent.
During the quarter, operating profit before amortization and impairment attributable to acquired surplus values, EBITA,
amounted to SEK 33 (30) million, corresponding to an EBITA margin of 8 (7) percent.) Adjusted EBITA amounted to SEK 28
(30) million where items affecting comparability, mainly a capital gain on the sale of a real estate company, affected EBITA by
SEK 6 (-) million. A slightly lower gross profit and higher operating expenses explained the lower adjusted earnings for the
period.
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Seafire Interim report Q3 2025 7
Products
The Products business area offers products and solutions to companies within a number of market niches – lightweight
electric vehicles, software sales, eyewear and monitoring equipment for customers within a wide range of sectors. The
business area includes Luda.Farm, Nordbutiker, OPO Scandinavia and SolidEngineer. For more information about the
business area, see Note 4.
Q3 Q3 Jan-Sep Jan-Sep R12 Full year
SEK million 2025 2024 2025 2024 2025 2024
Net sales 91 86 262 259 326 323
Gross profit 44 39 125 113 152 140
Gross margin, % 48% 46% 48% 44% 48% 44%
Operating expenses1 -30 -29 -95 -91 -125 -121
Proportion of net sales, % 33% 34% 36% 35% 39% 38%
EBITA1 12 9 28 18 25 15
EBITA margin, % 13% 11% 11% 7% 9% 5%
Adjusted EBITA 13 10 29 19 27 17
Adjusted EBITA margin, % 14% 11% 11% 7% 9% 5%
1 Earnings exclude the management fee payable to the Parent Company, which is distributed among the subsidiaries based on net sales.
Q3
During the third quarter, net sales amounted to SEK 91 million, compared to SEK 86 million during the same quarter in the
previous year. The increase largely related to Nordbutiker, whose net sales increased by 21 percent compared to the same
quarter in the previous year. SolidEngineer also reported positive sales growth, while OPO Scandinavia and Luda.Farm had a
negative impact on the segment’s development.
The gross margin increased to 48 percent compared to 46 percent during the same period in the previous year despite
negative mix effects. All companies improved their gross margin, primarily a result of procurement initiatives and price
increases but also due to a better business mix in several of the companies.
During the quarter, operating profit before amortization and impairment attributable to acquired surplus values, EBITA,
amounted to SEK 12 (9) million, corresponding to an EBITA margin of 13 (11) percent. Growth and improved gross margins
explained the improvement in earnings, which was partly offset by slightly higher operating expenses.
The period January – September
During the period, net sales increased by 1 percent to SEK 262 million, compared to SEK 259 million during the same period in
the previous year. All companies apart from Luda.Farm showed positive sales growth compared to the year-earlier period,
where SolidEngineer reported the strongest growth of 9 percent during the period.
The gross margin increased to 48 percent compared to 44 percent during the same period in the previous year. The change
was mainly explained by procurement initiatives and price increases but also by a better business mix in several of the
companies.
During the period, operating profit before amortization and impairment attributable to acquired surplus values, EBITA,
amounted to SEK 28 (18) million, corresponding to an EBITA margin of 11 (7) percent. Improved gross margins are driving the
improvement in earnings, which was partly offset by slightly higher operating expenses.
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Seafire Interim report Q3 2025 8
OTHER INFORMATION
Significant events after the end of the quarter
On August 18, Per Bodén took up the role of CFO and Keivan Cherloo took up the role of COO at Seafire.
On September 29, Seafire’s subsidiary Pexymek divested its wholly-owned real estate company Maströret Fastighets AB to
the listed real estate company Logistri Fastighets AB (publ). The consideration for 100% of the shares in Maströret Fastighets
AB amounted to SEK 36 million. A 10-year lease agreement was signed for the sold property in connection with the
transaction. The transaction has been reported as a sale-and-leaseback under IFRS 16. The profit from the sale, after
adjustment for sale-and-leaseback, amounted to SEK 7 million and has been reported as other income.
Related party transactions
There were no transactions between Seafire and its related parties that had a material impact on the Company’s position or
earnings during the quarter.
Share information
At the end of the reporting period, the number of shares in the Company was 42,846,569. All shares are of the same class
and carry the same voting rights. As of September 30, 2025, the largest shareholders were Creades with approx. 19% of the
shares, Protector Forsikring with approx. 17%, and Movestic Livförsäkring with approx. 14%.
Since May 11, 2023, the Company’s shares have been listed on Nasdaq Stockholm and are traded under the ticker 'SEAF'.
Before this date, the shares were listed on Nasdaq First North Growth Market since July 25, 2019. The smallest trading unit is
one (1) share. The closing price of the share on September 30, 2025 was SEK 6.32 per share, which corresponds to a market
value of approximately SEK 271 million.
About Seafire
Seafire is a company group founded in 2016 with the aim of creating growth through the acquisition of profitable companies
and developing these through active and long-term ownership.
Seafire creates value by being an active owner with a decentralized operational model and independent subsidiaries. Long-
term strategies are based on development of the business model, broadening of the market and service and product
development, and are executed alongside new initiatives within sales and marketing. This boosts the growth and profitability
of the acquired companies.
Seafire always acquires a majority of the shares in any company.
Seafire operates in two business segments: Industrial components and Products. During the period, the Group had eight
subsidiaries within Industrial components and four subsidiaries operating within Products. At the end of the period, the
Group had a total of 310 employees, of whom 71 were women. For more information about Seafire’s subsidiaries, visit
www.seafireab.com.
Financial calendar
Year-end report 2025 February 20, 2026 08:00
Annual Report 2025 April 2, 2026 08:00
Interim report 1 2026 April 28, 2026 08:00
Annual General Meeting April 28, 2026 15:00
Interim report 2 2026 July 17, 2026 08:00
Interim report 3 2026 November 6, 2026 08:00
Contact details
Daniel Repfennig
Chief Executive Officer
+46 72 200 89 41
daniel.repfennig@seafireab.com
Seafire AB (publ)
Mäster Samuelsgatan 9, 111 44 Stockholm
Corporate identity number 556540-7615
www.seafireab.com
Review
The interim report has been subjext to a review by the company’s auditor.
Stockholm, November 6, 2025
Daniel Repfennig
Chief Executive Officer
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Seafire Interim report Q3 2025 9
Auditor’s report
To the Board of directors in Seafire AB (publ), corporate identity number 556540-7615
Introduction
We have conducted a limited review of the condensed interim financial information (interim report) for Seafire AB (publ) as
of September 30, 2025, and the nine-month period ending on that date. The board of directors and the managing director
are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts
Act. Our responsibility is to express a conclusion on this interim report based on our limited review.
The focus and scope of the limited review
We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410,
"Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of
making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and
other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and
scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures
taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that
might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the
assurance that a conclusion expressed based on an audit has.
Conclusion
Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all
material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent
company in accordance with the Annual Accounts Act.
Gothenburg, November 6, 2025
Öhrlings PricewaterhouseCoopers AB
Fredrik Göransson Jelena Karlsson
Partner in charge Authorized Public Accountant
Authorized Public Accountant
This is a translation of the Swedish language original. In the event of any differences between this translation and the
Swedish language original, the latter shall prevail.
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Seafire Interim report Q3 2025 10
CONDENSED CONSOLIDATED INCOME STATEMENT
Q3 Q3 Jan-Sep Jan-Sep R12 Full year
SEK million 2025 2024 2025 2024 2025 2024
Operating income
Net sales 223 211 695 693 907 905
Other income 9 2 15 16 20 21
Total operating income 232 213 710 709 927 926
Change in work in progress 5 -2 7 -19 3 -23
Merchandise -128 -115 -383 -363 -496 -476
Other external expenses -34 -30 -102 -99 -132 -129
Personnel costs -46 -47 -167 -161 -225 -219
Other operating expenses -2 -1 -4 -5 -7 -8
Depreciation, amortization and impairment -13 -13 -40 -75 -141 -176
Total operating expenses -218 -208 -689 -722 -998 -1,031
Operating profit/loss 13 5 22 -13 -70 -105
Financial income 1 2 2 5 4 7
Financial expenses -5 -10 -20 -26 -26 -32
Profit/loss before tax 9 -3 4 -34 -92 -130
Taxes 0 -1 0 -3 -1 -4
Profit/loss for the period 9 -4 4 -37 -93 -134
===== SIDA 11 =====
Seafire Interim report Q3 2025 11
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Q3 Q3 Jan-Sep Jan-Sep R12 Full year
SEK million 2025 2024 2025 2024 2025 2024
Profit/loss for the period 9 -4 4 -37 -93 -134
Other comprehensive income
Items that may be subsequently reclassified to profit
or loss - - - - - -
Translation differences - - - - - -
Other comprehensive income after tax - - - - - -
Comprehensive income for the period 9 -4 4 -37 -93 -134
Comprehensive income for the period attributable
to:
Parent Company shareholders 9 -4 4 -37 -93 -134
EARNINGS PER SHARE
Q3 Q3 Jan-Sep Jan-Sep R12 Full year
SEK million 2025 2024 2025 2024 2025 2024
Basic earnings per share, SEK 0.21 -0.09 0.09 -0.86 -2.17 -3.12
Average number of shares before dilution1 42,847 42,847 42,847 42,847 42,847 42,847
Diluted earnings per share, SEK 0.21 -0.09 0.09 -0.86 -2.17 -3.12
Average number of shares after dilution1 42,847 42,847 42,847 42,847 42,847 42,847
1) Average number of shares in thousands.
===== SIDA 12 =====
Seafire Interim report Q3 2025 12
CONDENSED CONSOLIDATED BALANCE SHEET
SEK million Sep 30 Sep 30 Dec 31
2025 2024 2024
Non-current assets
Goodwill 536 623 536
Other intangible assets 36 52 47
Property, plant and equipment 106 141 138
Right-of-use assets 38 28 38
Financial assets 3 3 3
Total non-current assets 719 847 762
Current assets
Inventories 183 197 198
Trade receivables 110 106 78
Current tax assets 31 25 12
Other current receivables 7 8 10
Prepaid expenses and accrued income 31 36 37
Cash and cash equivalents 30 42 57
Total current assets 392 416 392
TOTAL ASSETS 1,111 1,263 1,154
Equity
Share capital 7 7 7
Other contributed capital 851 851 851
Retained earnings, incl. profit/loss for the period -271 -178 -275
Total equity 587 680 583
Non-current liabilities
Deferred tax liabilities 31 41 39
Non-current liabilities to credit institutions 121 162 152
Non-current lease liabilities 31 14 21
Other non-current liabilities 33 71 61
Total non-current liabilities 216 288 273
Current liabilities
Current liabilities to credit institutions 41 41 41
Advances from customers 10 4 5
Trade payables 63 74 50
Current tax liabilities 14 11 4
Unutilized bank overdraft facilities 25 10 40
Current lease liabilities 18 14 17
Other current liabilities 53 46 46
Accrued expenses and deferred income 84 95 95
Total current liabilities 308 295 298
Total liabilities 524 583 571
TOTAL EQUITY AND LIABILITIES 1,111 1,263 1,154
===== SIDA 13 =====
Seafire Interim report Q3 2025 13
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
SEK million
Share
capital
Other
contributed
capital
Retained
earnings, incl.
profit for the
period
Total
equity
Opening balance, Jan 1, 2024 7 851 -141 717
Comprehensive income for the
period - - -37 -37
Transactions with shareholders
New share issue - - - -
New share issue expenses - - - -
Closing balance, Sep 30, 2024 7 851 -178 680
SEK million
Share
capital
Other
contributed
capital
Retained
earnings, incl.
profit for the
period
Total
equity
Opening balance, Jan 1, 2025 7 851 -275 583
Comprehensive income for the
period - - 4 4
Transactions with shareholders
Incentive program - 0 - 0
New share issue - - - -
New share issue expenses - - - -
Closing balance, Sep 30, 2025 7 851 -271 587
===== SIDA 14 =====
Seafire Interim report Q3 2025 14
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Q3 Q3 Jan-Sep Jan-Sep R12 Full year
SEK million 2025 2024 2025 2024 2025 2024
Cash flow from operating activities
Profit/loss before tax 9 -3 4 -34 -92 -130
of which interest received 0 0 0 1 0 1
of which interest paid -4 -2 -11 -11 -15 -15
Adjustment for non-cash items 8 18 36 79 134 177
Taxes paid -5 -4 -16 -18 -9 -11
Cash flow from operating activities
before changes in working capital 12 11 24 27 33 36
Cash flow from changes in working capital
Change in inventories 6 5 12 32 10 30
Change in current receivables -3 -5 -24 -4 2 22
Change in current liabilities -24 -10 -12 -13 -42 -43
Cash flow from change in working capital -21 -10 -24 15 -30 9
Cash flow from operating activities -9 1 0 42 3 45
Cash flow from investing activities
Sale of subsidiary 36 - 36 - 36 -
Investments in property, plant and equipment -2 -5 -4 -11 -7 -14
Investments in intangible assets 0 0 -1 -1 -2 -2
Cash flow from investing activities 34 -5 31 -12 27 -16
Cash flow from financing activities
New share issue - - - - - -
New share issue expenses - - - - - -
Incentive program 0 - 1 - 1 -
Repayment of borrowings -10 -10 -31 -31 -41 -41
Change in credit facilities -15 - -15 10 15 40
Repayment of lease liabilities -5 -4 -13 -13 -17 -17
Cash flow from financing activities -30 -14 -58 -34 -42 -18
Total cash flow -5 -18 -27 -4 -12 11
Cash and cash equivalents at start of period 35 60 57 46 42 46
Translation differences - - - - -
Cash and cash equivalents at end of period 30 42 30 42 30 57
===== SIDA 15 =====
Seafire Interim report Q3 2025 15
CONDENSED PARENT COMPANY INCOME STATEMENT
Q3 Q3 Jan-Sep Jan-Sep R12 Full year
SEK million 2025 2024 2025 2024 2025 2024
Net sales - - - - - -
Other income 5 4 15 13 20 18
Total operating income 5 4 15 13 20 18
Other external expenses -2 -1 -7 -7 -9 -9
Personnel costs -3 -3 -12 -8 -15 -11
Depreciation and amortization 0 0 0 0 0 0
Total expenses -5 -4 -19 -15 -24 -20
Operating profit/loss 0 0 -4 -2 4 -2
Financial income 0 1 0 1 1 2
Financial expenses -1 -4 -10 -44 -24 -58
Profit/loss before tax -1 -3 -14 -45 -27 -58
Group contributions - - - - 6 6
Income tax - - - 0 -2 -2
Profit/loss for the period -1 -3 -14 -45 -23 -54
CONDENSED PARENT COMPANY BALANCE SHEET
SEK million
Sep 30 Sep 30 Dec 31
2025 2024 2024
Property, plant and equipment 1 1 1
Receivables from Group companies 953 963 953
Financial assets 22 23 22
Total non-current assets 976 987 976
Receivables from Group companies 34 35 62
Other current receivables 3 1 1
Prepaid expenses and accrued income 2 1 1
Cash and cash equivalents 28 40 54
Total current assets 67 77 118
TOTAL ASSETS 1,043 1,064 1,094
Share capital 7 7 7
Other contributed capital 884 883 883
Retained earnings, incl. profit/loss for the period -303 -280 -289
Total equity 588 610 601
Non-current liabilities to credit institutions 120 160 150
Other non-current liabilities - - -
Total non-current liabilities 120 160 150
Current liabilities to credit institutions 40 40 40
Unutilized bank overdraft facilities 25 10 40
Trade payables 1 1 1
Liabilities to Group companies 265 237 258
Other current liabilities 1 3 1
Accrued expenses and deferred income 3 3 3
Total current liabilities 335 294 343
Total liabilities 455 454 493
TOTAL EQUITY AND LIABILITIES 1,043 1,064 1,094
===== SIDA 16 =====
Seafire Interim report Q3 2025 16
NOTES
Note 1. Accounting policies
Seafire AB (publ) applies International Financial Reporting Standards (IFRS) as adopted by the European Union. This interim
report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Swedish
Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the
Annual Accounts Act. Apart from in the financial statements and accompanying notes, disclosures according to IAS 34.16A
are also presented in other parts of the interim report. The accounting policies are consistent with the policies that were
applied in the previous financial year. For more information on these, see Note G1 in the 2024 Consolidated Annual Report.
The interim report should be read together with the 2024 Annual Report. Preparation of financial statements in accordance
with IFRS requires Group management to make accounting judgments, estimates and assumptions that affect the
application of the accounting policies and the carrying amounts of assets, liabilities, income and expenses. The actual
outcome may differ from these estimates and judgments. For information on the Company's critical judgments and sources
of uncertainty, see the Group’s 2024 Annual Report.
Note 2. Risks and uncertainties
For a description of the Group’s material risks and uncertainties, see the detailed statement in the 2024 Annual Report. No
material new or changed risks or uncertainties have been identified since the publication of the 2024 Annual Report. The
Parent Company’s risks are covered by the description presented for the Group. The effects of the war in Ukraine and the
conflict in the Middle East are such that the Company is unable to make reasonable advance assessments of the effects on
the Company’s operations and financial performance. The Company’s management and Board are monitoring developments
in the ongoing trade and tariffs dispute between the USA and the rest of the world. Seafire has very limited exposure to the
American market, but can be indirectly affected by changes in consumer behavior. Higher inflation and higher prices of input
goods will impact demand for goods and services provided by Seafire's subsidiaries.
Note 3. Revenue from contracts with customers
Net sales by geographical area Q3 Q3 Jan-Sep Jan-Sep R12 Full year
SEK million 2025 2024 2025 2024 2025 2024
Sweden 168 151 514 499 675 660
Nordic region (excl. Sweden) 39 39 116 116 143 143
Europe (excl. Nordic region and Sweden) 15 20 63 77 84 98
World (excl. Europe, Nordic region and Sweden) 1 1 2 1 5 4
Total net sales 223 233 695 693 907 905
Amounts recognized as income Q3 Q3 Jan-Sep Jan-Sep R12 Full year
SEK million 2025 2024 2025 2024 2025 2024
Revenue from service contracts (revenue over
time)
13 12 38 38 50 50
Revenue recognized at a point in time 210 199 657 655 857 855
Total 223 211 695 693 907 905
===== SIDA 17 =====
Seafire Interim report Q3 2025 17
Note 4. Segment reporting
Seafire's operations are divided into two segments: Industrial components and Products. Group management has
determined these segments based on the information considered by the chief operating decision-maker, i.e. the CEO. The
operations are divided on the basis of a sales and product content perspective. During the reporting period, no customer
accounted for more than ten (10) percent of the Group's net sales.
The Industrial components segment comprises Bara Mineraler, Borö-Pannan, DOFAB, Färg-In, Kenpo Sandwich, Pexymek, Thor
Ahlgren and Åkerstedts Verkstad. The Products segment comprises Luda.Farm, Nordbutiker, OPO and SolidEngineer. For
more information about these subsidiaries, visit www.seafireab.com. In addition to the business segments, the tables also
include central costs. Central costs refers to the holding company with Group-wide costs (financing costs, insurance costs,
etc.). Liabilities and goodwill are not included in segment reporting.
Industrial components Products Central costs Group
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3
SEK million 2025 2024 2025 2024 2025 2024 2025 2024
Net sales 132 124 90 87 - - 223 211
Other income 9 2 1 0 - - 9 2
Total income 141 126 91 87 - - 232 213
Gross profit 56 53 44 39 - - 100 93
Gross margin 42% 43% 48% 46% - - 45% 44%
- Operating expenses -46 -44 -30 -29 -5 -6 -82 -77
% of net sales 35% 35% 33% 34% - - 36% 36%
EBITA 13 6 12 9 -5 -6 20 11
EBITA margin 10% 4% 13% 11% - - 9% 5%
Adjusted EBITA 7 6 13 10 -5 -6 14 12
Adjusted EBITA margin 5% 4% 14% 11% - - 6% 6%
Amortization and impairment of intangible assets -6 -6
Operating profit/loss (EBIT) 7 5
Financial items 2 -8
Profit/loss before tax 9 -3
Tax on profit - -1
Profit/loss for the period, continuing operations 9 -4
Industrial components Products Central costs Group
Jan-
Sep
Jan-
Sep
Jan-
Sep
Jan-
Sep
Jan-
Sep
Jan-
Sep
Jan-
Sep
Jan-
Sep
SEK million 2025 2024 2025 2024 2025 2024 2025 2024
Net sales 433 430 262 263 - - 695 693
Other income 12 6 3 2 - 8 15 16
Total income 445 436 265 265 - 8 710 709
Gross profit 194 196 125 115 - - 319 311
Gross margin 45% 46% 48% 44% - - 46% 45%
Operating expenses -157 -155 -95 -91 -21 -15 -273 -260
% of net sales 36% 36% 36% 35% - - 39% 38%
EBITA 33 30 28 18 -21 -7 41 41
EBITA margin 8% 7% 11% 7% - - 6% 6%
Adjusted EBITA 28 30 29 19 -18 -15 39 35
Adjusted EBITA margin 7% 7% 11% 7% - - 6% 5%
Amortization and impairment of intangible assets -19 -54
Operating profit/loss (EBIT) 15 -13
Financial items -11 -21
Profit/loss before tax 4 -34
Tax on profit - -3
Profit/loss for the period, continuing operations 4 -37
===== SIDA 18 =====
Seafire Interim report Q3 2025 18
Note 5. Fair value of financial instruments
Classification according to valuation hierarchy
1 2 3 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30
SEK million 2025 2024 2025 2024 2025 2024 2025 2024
Assets
Currency derivatives - - - - - - - -
Liabilities
Currency derivatives 0 1 - - 0 1 - -
Contingent consideration - - - - - - - -
Financial liabilities at fair value by valuation hierarchy level
The fair value and carrying amount are recognized in the balance sheet in accordance with the table above. For listed
securities, the fair value is determined based on the asset's quoted price in an active market, level 1. The fair value of foreign
exchange contracts and embedded derivatives is determined based on observable market inputs, level 2. For contingent
consideration, a cash flow-based measurement is carried out which is not based on observable market inputs, level 3.
Note 6. Contingent consideration
Contingent consideration is variable, based on the companies’ earnings growth, and is determined based on future earnings
growth for each company, based on management's best assessment and forecasts. Contingent consideration is recognized
at fair value. Reversed contingent consideration is recognized on the line Other income, and contingent consideration
remeasurement due to changed discounting is recognized on the line Financial expenses.
Jan-Sep Jan-Sep Jan-Dec
SEK million 2025 2024 2024
Opening balance - 12 12
Acquisitions during the year - - -
Reversed via profit or loss - -7 -7
Consideration paid - -5 -5
Interest expenses - - -
Closing balance - - -
===== SIDA 19 =====
Seafire Interim report Q3 2025 19
Note 7. Alternative performance measures
In this interim report Seafire presents certain financial measures that are not defined under IFRS. These are referred to as
alternative performance measures. The Company believes that these APMs provide valuable additional information for
stakeholders and investors, as they offer a different perspective on financial performance and financial position.
The table below contains definitions of Seafire's performance measures. The calculation is shown separately below.
Non-IFRS measures Description Purpose
Organic growth, % Increase in net sales in the period adjusted
for acquisitions and divestments/Net sales
in the comparative period.
This performance measure is used in
connection with analyses of underlying growth
in revenue driven by comparable entities
between different periods.
Acquired growth, % Increase in net sales from acquisitions in the
period/Net sales in the comparative period.
This performance measure is used to monitor
the proportion of the increase in the Company's
sales that is generated through acquisitions.
Gross profit Net sales less cost of goods/services sold. Gross profit is used to analyze the
manufacturing and sales process and cost
efficiency.
Gross margin Gross profit expressed as a percentage of
net sales in the period.
The gross margin is used to monitor the gross
contribution after direct expenses for goods
and services.
Operating expenses Personnel costs and other external
expenses.
Used to summarize indirect cost base
development relative to net sales.
EBITDA Operating profit before depreciation,
amortization and impairment.
EBITDA is a measure that is used to monitor
operational performance and facilitates
comparisons of profitability between different
companies and sectors.
Adjusted EBITDA Operating profit before depreciation,
amortization and impairment after the
elimination of items affecting comparability.
Items affecting comparability are adjusted to
facilitate a fair comparison between two
comparable time periods and to show the
underlying trend in operational performance
excluding non-recurring items.
Adjusted EBITDA
pro forma R12
Operating profit before depreciation,
amortization and impairment after the
elimination of items affecting comparability
for the previous 12 months, including the
outcome of completed acquisitions.
This performance measure is determined in
relation to net debt in order to monitor
developments in the Company's level of
indebtedness.
EBITA Operating profit before amortization and
impairment attributable to acquired surplus
values.
Together with EBITDA, EBITA provides a picture
of the profit that is generated by operating
the business.
Adjusted EBITA Adjusted operating profit before
amortization and impairment of intangible
assets and acquired surplus values, after the
elimination of items affecting comparability.
Items affecting comparability are adjusted to
facilitate a fair comparison between two
comparable time periods and to show the
underlying trend in operational performance
excluding non-recurring items.
Adjusted EBITA
margin
EBITA expressed as a percentage of net
sales during the period.
The EBITA margin is used to monitor the
profitability of the business.
Items affecting
comparability
Transaction-related costs, restructuring
costs, purchase consideration
remeasurement, capital gains on the sale of
businesses and non-current assets, as well
as other income and expenses
considered to be non-recurring in nature.
Items affecting comparability represent
income and expenses that are not attributable
to the underlying performance of the business.
Net debt Interest-bearing liabilities less interest-
bearing receivables less cash and cash
equivalents.
This performance measure is an indicator of the
Company's level of indebtedness and is used by
the Company to assess the scope to fulfill
financial obligations.
===== SIDA 20 =====
Seafire Interim report Q3 2025 20
Organic growth Increase in net sales in the period adjusted
for acquisitions and divestments divided by
net sales in the comparative period.
This performance measure is used in
connection with analyses of underlying growth
in revenue driven by comparable entities
between different periods.
Pro forma Outcome for the period adjusted to include
the outcome of acquisitions for the previous
12 months.
Used to facilitate comparisons between full
year periods by adjusting for the full-year effect
of completed acquisitions.
Calculations of the alternative performance measures are presented in the tables shown below.
Calculation of organic growth
Q3 Q3
Jan-
Sep
Jan-
Sep R12
Full
year
Percentage points 2025 2024 2025 2024 2025 2024
Organic growth 6% -9% 0% -11% -1% -10%
Acquired growth - - - 1% - 1%
Recognized growth 6% -9% 0% -10% -1% -10%
Q3 Q3
Jan-
Sep
Jan-
Sep R12
Full
year
SEK million 2025 2024 2025 2024 2025 2024
Net sales, base 211 233 693 773 920 1,000
Net sales, income growth 12 -22 2 -89 -13 -104
Total organic growth 6% -9% 0% -11% -1% -10%
EBITA and adjusted EBITDA
Q3 Q3
Jan-
Sep
Jan-
Sep R12
Full
year
SEK million 2025 2024 2025 2024 2025 2024
EBIT 13 5 22 -13 -70 -105
Reversal of amortization and impairment 7 6 19 54 112 147 attributable to acquired surplus values
EBITA 20 11 41 41 42 42
Reversal of items affecting comparability -6 1 -2 -6 4 0
Adjusted EBITA 14 12 39 35 46 42
EBITDA and adjusted EBITDA
Q3 Q3
Jan-
Sep
Jan-
Sep R12
Full
year
SEK million 2025 2024 2025 2024 2025 2024
EBIT 13 5 22 -13 -70 -105
Reversal of depreciation, amortization and
impairment of 13 13 40 75 141 176
property, plant and equipment and intangible assets
EBITDA 27 18 62 62 71 71
Reversal of items affecting comparability -6 1 2 -6 4 0
Adjusted EBITDA 21 19 60 56 75 71
Items affecting comparability
Q3 Q3
Jan-
Sep
Jan-
Sep R12
Full
year
SEK million 2025 2024 2025 2024 2025 2024
Capital gain on sale of real estate company 7 - 7 - 7 -
Impairment due to inventory obsolescence - - - - -1 -1
Disposal of machinery and equipment - - - - -3 -3
Contingent consideration remeasurement - - - 7 - 7
Restructuring costs -1 -1 -5 -1 -7 -3
Items affecting comparability 6 -1 2 6 -4 0
===== SIDA 21 =====
Seafire Interim report Q3 2025 21
Adjusted EBITDA pro forma R12
Q3 Q3
Full
year
SEK million 2025 2024 2024
EBITDA R12 71 86 71
Items affecting comparability 4 -20 0
Adjusted EBITDA, R12 75 66 71
Acquired companies - - -
Adjusted EBITDA pro forma R12 75 66 71
Net debt, Net debt/Adjusted EBITDA pro forma R12
Q3 Q3
Full
year
SEK million 2025 2024 2024
Interest-bearing liabilities 187 213 233
Lease liabilities 49 28 39
Contingent consideration due within 12 months - - -
Less: cash and cash equivalents -30 -42 -57
Net debt 206 199 215
Adjusted EBITDA, R12 75 66 71
Net debt/Adjusted EBITDA pro forma R12, times 2.8 3.0 3.0
Adjusted net debt including deferral from the Swedish Tax Agency and all contingent consideration, adjusted net
debt/adjusted EBITDA pro forma R12
Q3 Q3
Full
year
SEK million 2025 2024 2024
Net debt 206 199 215
Outstanding deferral from the Swedish Tax Agency and
contingent consideration due for payment after 12 months 56 87 85
Adjusted net debt 262 286 300
Adjusted EBITDA, R12 75 66 71
Adjusted net debt/Adjusted EBITDA pro forma R12, times 3.5 4.3 4.2