Slides
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Q4 2025
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Svedbergs Group at a glance Net sales, SEKm2 2 253 EBITA-margin2 15,2% EBITA, SEKm2 344 Brands 8 4 production facilities and sales in 15 countries 531 employees1 Products within bathroom furniture, shower enclosures, bathtubs, brassware, WCs, mirrors and accessories 1On average 2025 2The figures refer to the full year 2025
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Our development 1962 1997 Listing on Nasdaq Stockholm´s Small Cap market Launch of the first bathroom products Acquisition of Macro Design 20202016 Acquisition of Cassøe 2021 Acquisition of Roper Rhodes 2023 Acquisition of Thebalux Today • 8 brands • Net sales 2025: SEK 2 253 million • Strong profitability (EBITA 15,2%) • 1 brand • Net sales ~SEK 450 million • Stable profitability (EBITA 10%) To a well-established market leader in bathroom furniture in the Nordics and Northern Europe From a well-established market leader in bathroom products in Sweden 1920 Founded
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Cooperation Brand segmentsCentral organisation Local responsibilityCentrally governed Values • Strategy and business development • Accounting & finance • Communication/IR • Acquisitions • Cyber security Joint management and Synergies Opportunities • Purchasing cooperation • Leadership training • Intra-group product sales • Knowledge sharing • Digitalisation • Sustainability Our business model: Cooperation without confusion • Branding and Marketing • Customers and sales • Product development • Production • Profit responsibility
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• The fourth quarter showed strong and profitable growth with net sales increasing by 10% organically • Improved profitability with EBITA margin reaching 15,6% • All brand companies contributed to organic sales growth and continued strong positive EBITA trends • Robust free cash flow supporting continued growth initiatives Highlights Q4
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Sustainability highlights Q4 Driving sustainable change – Key actions this quarter • Ecovadis silver medal top 15% for the second year in a row and silver for the third time • Focus on collecting data for GHG protocol scope 1,2 and 3 • Meetings with trade association and consultants for staring projects for Digital Product Passports SEP 2025-SEP 2026 SWEDEN
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Net Sales per segment/geography Q4 2025 • Strong sales in Macro Design SE, Cassøe DK, Roper Rhodes UK and Thebalux NL • Roper Rhodes and Thebalux have changed the market mix, Q4 34% in the Nordics (Q3 26%) • Svedbergs segment seems to be stabilized • Roper Rhodes stands for 47%
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Net Sales per segment/geography YTD 2025 • Strong sales in Macro Design SE, Cassøe DK, Roper Rhodes UK and Thebalux NL • Roper Rhodes and Thebalux have changed the market mix, YTD 29% in the Nordics • Svedbergs segment seems to be stabilized • Roper Rhodes stands for 52%
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Svedbergs (Dalstorp, Västra Götaland, Sweden) • Turnover 2025: MSEK 414 • FTE (SE, FI, NO, DK)1: 128 • Geography: Nordic 1 Average YTD 2025 Q4-25 Q4-24 Idx YTD 25 YTD 24 Idx Ext sales 121 102 119 414 393 105 EBITA 13 6 228 28 17 167 EBITA% 11,1 5,8 191 6,8 4,3 158
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Macro Design (Laholm, Halland, Sweden) • Turnover 2025: MSEK 173 • FTE (SE, NO)1: 42 • Geography: Sweden and Norway 1 Average YTD 2025 Q4-25 Q4-24 Idx YTD 25 YTD 24 Idx Ext sales 50 45 111 173 165 105 EBITA 12 5 222 31 16 190 EBITA% 23,2 11,6 200 17,7 9,8 181
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Cassøe (Herning, Jylland, Danmark) • Turnover 2025: MSEK 84 • FTE (DK)1: 15 • Geography: Denmark and Norway 1 Average YTD 2025 Q4-25 Q4-24 Idx YTD 25 YTD 24 Idx Ext sales 21 21 102 84 86 97 EBITA 4 4 109 15 17 91 EBITA% 19,4 18,1 107 17,8 19,1 93
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Roper Rhodes (Bath, UK) • Turnover 2025: MSEK 1 164 • FTE (UK, IRE)1: 241 • Geography: UK and Ireland 1 Average YTD 2025 Q4-25 Q4-24 Idx YTD 25 YTD 24 Idx Ext sales 265 275 96 1 164 1 138 102 EBITA 51 60 85 219 214 102 EBITA% 19,4 21,9 89 18,8 18,8 100
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Thebalux (Zutphen/Veghel, the Netherlands) • Turnover 2025: MSEK 418 • FTE (NL)1: 101 • Geography: NL, DE, BE 1 Average YTD 2025 Q4-25 Q4-24 Idx YTD 25 YTD 24 Idx Ext sales 101 95 106 418 401 104 EBITA 19 17 112 95 89 106 EBITA% 19,0 18,0 105 22,7 22,3 102
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Q4 in numbers
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Net Sales development Q4 2025 • Net sales for the quarter amounted to SEK 557 million (537), corresponding to an increase of 3,7 percent compared to previous year • Organic growth 10,0 percent • Currency negative impact on sales by -6,3 percent 54 Q4 2024 Organic -34 FX Q4 2025 537 557 3,7%
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Net Sales development YTD 2025 • Net sales amounted to SEK 2 253 million (2 184), corresponding to an increase of 3,2 percent compared to previous year • Organic growth 6,4 percent • Currency negative impact on sales by -3,2 percent 138 YTD 2024 Organic -70 FX YTD 2025 2’184 2’253 3,2%
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Net Sales Development Q4 2025 • Net Sales 3,7 percent higher vs PY • Organic growth for all segments (local currency) • Organic growth for the Group positive with 10,0 percent
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Profit & Margins Q4 2025 • Gross Margin and EBITA maintained at a good level • High focus on driving growth • High focus on cost control
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• Stronger margins and strategic initiatives drive solid performance • High focus on driving growth • High focus on cost control Profit & Margins YTD 2025
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Cash flow and Financial position 2025 • Strong Cash flow! • Operating activities positive impact • Investments mainly assigned to production equipment, product development and IT 2025 2024 Change SEKm 2025 2024 Change SEKm Cash flow from operating activities before changes in working capital 94 74 20 352 265 88 Change in total working capital 80 41 39 50 -76 126 Cash flow from operating activities 174 114 59 403 189 214 Cash flow from investing activities excluding change of financial assets and excluding acqusitions of subsidiary -16 -7 -9 -36 -30 -6 F ree Cash F low excluding financial assets and acqusitions of subsidiary 157 107 50 367 158 208 YTDQ4
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Net debt and leverage Q4 2025 • Increased equity ratio 50% (49) • Net debt 797 MSEK (740) • Net debt IFRS16 impact SEK 471 million (90) • IFRS16 adjustments assigned to new Distribution Center in UK, SEK ~360 million • Net Debt/EBITDA at 1.9 (2.0) incl Earn Out, MSEK 18 (221) • Net Det ratio excluding IFRS16 0.8 (1.7) 2025 2024 2023 YTD YTD YTD Net Debt, Mkr 797 740 1 102 Investments, Mkr 36 61 26 Equity Ratio, % 50 49 34 Return on Capital Employed, % 16,2 15,8 13,9 Return on equity, % 13,9 12,2 12,0 Net Debt/EBITDA 1,9 2,0 3,8 EBITDA R12 416 375 292 EPS 4,07 3,25 3,19
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• Net debt 326 MSEK (651) • Improved Net debt excluding IFRS16 driven by strong free cash flow • Net Debt/EBITDA ratio improved by decreased Net debt and increased EBITDA • Net Det ratio excluding IFRS16 0.8 (1.7) Net debt excluding IFRS16 Q4 2025
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Development Net debt and leverage • Net Debt ratio Q4/YTD 2025 1.9 (2.0) • IFRS16 adjustments assigned to new Distribution Center in UK, SEK ~360 million.
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Outlook and summary •Solid organic growth of 10% in Q4 •EBITA of SEK 87 million, representing a margin of 15,6% – strong quarterly margin, YTD EBITA 15,2% •Strong performance across the portfolio – all brand companies shows strong EBITA •Robust business model – The decentralized structure with autonomous brands continues to deliver strong results •Well-positioned for continued profitable and sustainable growth despite macro uncertainty
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Questions • We will now answer questions live and previously sent to ir@svedbergsgroup.com • To participate, please follow the link in the press release from 21 January, which you find on www.svedberggroup.se under Press.
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Thank you! Per-Arne Andersson, CEO Ann-Sofie Davidsson, CFO Upcoming events Financial calendar 2026 Q1 23 April AGM 28 April Q2 15 July Q3 22 October
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Q&A Per-Arne Andersson CEO Ann-Sofie Davidsson CFO