Currency-Neutral Sales and Organic Growth in Q4
Q4 sales showed currency-neutral growth with organic growth of 4.7% in the quarter and a combined currency-neutral increase of ~7.3% when including recent acquisitions (Euro-Equip, Duroair). Management highlights this as a positive result given market conditions.
Full-Year Currency-Neutral Sales Growth
Full-year sales were SEK 5.78 billion (vs SEK 5.9 billion prior year headline), representing 3.5% growth on a currency-neutral basis despite adverse FX effects.
Strong Cash Flow and Balance Sheet Position
Very good cash flow in Q4 and full-year operating cash flow SEK 382 million. Net debt decreased over the past two quarters (though higher than 12 months ago), enabling continued investments and a proposed unchanged dividend of SEK 4.0 per share.
Improved Operational Efficiency and Divisional Margin Gains
Extraction & Filtration Technology (E&FT) delivered improved operational efficiency: Q4 sales SEK 686m with adjusted EBITA SEK 96.4m and margin 14.1%; full-year E&FT EBITA SEK 362m (up from SEK 352m) and margin improved to ~13.7%. Duct & Filter maintained strong margins (Q4 EBITA margin 17.4%, up from 16.5%) reflecting efficiency gains.
Order Momentum in Key Segments and Service/Aftermarket Strength
Orders picked up in Q4, with strong solution and service demand (service/upgrades and aftermarket are recurring themes). Process Technology saw currency-neutral order growth of 15% in Q4; Monitoring & Control order intake rose ~10% currency-neutral to SEK 189m in Q4. Service/digital offerings and aftermarket continue to grow across divisions.
Commercial & Operational Investments Progressing
Ongoing investments and capacity expansions: Charlotte modernization, Helsingborg innovation center (fully booked for 2026), Dallas warehouse for next-day deliveries (Nordfab Now), Auburn facility expansion, and other manufacturing footprint moves to shorten lead times and improve competitiveness.