Idun’s net sales increased by 4.5% (-2.2% organic), and EBITA rose by 5.6% (-9.2% organic) during the quarter. For the last twelve months, net sales increased by 3.7% organically and EBITA by 0.2% organically. Earnings per share increased to SEK 3.6 (2.9). Idun invested in the quarter in Barem. Interagro Skog, which was acquired at the end of 2024, contributed to the profit growth in the quarter.
Third quarter 2025
The first nine months 2025
Last twelve months
Live presentation of Idun’s interim report for the third quarter of 2025
During the presentation, CEO Henrik Mella and CFO Oskar Samuelsson will comment on the results. After the presentation, a Q&A session will follow, moderated by Carl Korsheden, analyst at DNB Carnegie. The presentation will be held in English.
The recording will afterwards be published on Idun’s website under Investors and Presentations.
Date: 24 October 2025
Start time: 11:00 CEST
How to Join:
Join the digital presentation via the following link: https://qcnl.tv/p/5oFluG7DJ2lfqc2HnErMxQ. After registering, you will be directed straight to the live broadcast.
CEO’s message
During the third quarter of the year, revenue increased by 4.5% to SEK 521 million (499) and operating profit EBITA rose by 5.6% to SEK 73.6 million (69.7). Earnings per share (adjusted for goodwill, after dilution) increased by more than 20% to SEK 3.6 (from SEK 2.9 in Q3 2024). During the quarter, we acquired, through Fredahl Rydéns, the Estonian coffin manufacturer Barem, and Stegaföretagen completed an add-on acquisition of Prestec (products and services within high-pressure and sewer flushing).
The trend of a somewhat subdued economic environment during the year continues, where a turnaround has long been said to be about six months away. Despite several group companies facing a weaker market, Idun as a group has, over the past twelve months, managed to achieve organic growth in both revenue and earnings, although at a modest level, and a significant increase in earnings per share. In this external environment, we have also, step by step, strengthened our gross margin, including during this quarter, which has partly offset the impact of negative organic growth and lays a stronger foundation for future profitability.
In the third quarter, we saw weaker results in several group companies primarily within Service and Maintenance, which largely have the Swedish process industry as their customer base. This applies, for example, to Triton (service and new production of rollers), ILEMA (air emission measurements), and Ståthöga MA Teknik (maintenance for heavy industry). Stegaföretagen (active within, among other things, vehicle washing and related operations) also experienced a more cautious investment climate during the quarter. For the Group as a whole, organic sales decreased by -2.2%, while organic EBITA decreased by -9.2%. This is, of course, something we are not satisfied with.
At the same time, we can note that our companies within Manufacturing have performed more strongly so far this year. For example, all of our operations within the green industries are performing strongly (LMI, Norotec, and Interagro Skog). Interagro Skog, which we acquired in the autumn of 2024, delivered an excellent quarter with operating profit exceeding SEK 10 million, representing a significant earnings increase compared with the same quarter last year (although not included in the organic figures presented, since the company was not owned twelve months ago). The group company Wiberger (mechanical components and machine parts) is also performing very strongly, as a result of, among other things, a broadened product range and expansion in Norway.
An effect of the significant reduction in our financing costs (approximately SEK 5 million lower per quarter now following the refinancing at the beginning of 2025) is that it has contributed to the increase in our earnings per share. During the first half of 2026, we will evaluate options for our remaining outstanding bond, which can be redeemed in mid-2026. If the current financing market does not change materially, there is likely an opportunity to further reduce our interest expenses by approximately SEK 8 million on an annual basis over time.
The persistently challenging macroeconomic climate necessitates ongoing cost-adjustment efforts in those group companies where necessary. In parallel, we are continuing active pricing efforts, as well as investments in machinery, IT systems, competence, and product development to increase our efficiency and ensure the continued growth and positive earnings development of our companies.
Looking ahead, the short-term outlook is somewhat mixed, where some markets and customer segments show positive signs, while others remain sluggish. No clear economic improvement is yet visible. However, we are confident that our group companies are well-positioned for 2026, which has good potential to be a strong year, regardless of whether we experience an economic tailwind or not. Regarding future investments in new operations, Idun Industrier has a strong financial position, and we continue to see good opportunities for new acquisitions, both in the short and long term.
Henrik Mella, CEO