Reporting period January – June
- Net sales increased 7.2 per cent to SEK 14,881 (13,875) million. Organically, net sales grew by 2.9 per cent.
- EBITA increased 10.1 per cent to SEK 3,365 (3,057) million.
- The EBITA margin improved 0.6 percentage points to 22.6 (22.0) per cent.
- Profit before tax grew 12.8 per cent to SEK 2,609 (2,313) million.
- Net profit for the period grew 12.8 per cent to SEK 1,944 (1,723) million.
- Earnings per share increased 12.8 per cent till SEK 4.23 (3.75).
- Cash flow from operating activities increased 6.2 per cent to SEK 1,851 (1,744) million.
- Four new businesses were consolidated during the period with estimated total annual net sales on the acquisition dates of approximately SEK 500 million.
- From the second quarter of 2026, Lifco is organised into five business areas instead of three. This means that the Environmental Technology and Transportation Products divisions, which were part of the Systems Solutions business area, are reported as business areas as of this report.
Reporting period April – June
- Net sales increased 10.8 per cent to SEK 7,695 (6,943) million. Organically, net sales grew by 4.7 per cent.
- EBITA increased 13.7 per cent to SEK 1,776 (1,562) million.
- The EBITA margin improved 0.6 percentage points to 23.1 (22.5) per cent.
- Profit before tax grew 17.7 per cent to SEK 1,389 (1,181) million.
- Net profit for the period grew 17.7 per cent to SEK 1,035 (880) million.
- Cash flow from operating activities increased 13.7 per cent to SEK 1,104 (971) million.
Summary of financial performance
| SIX MONTHSSECOND QUARTERRolling 12 monthsFULL YEAR | SEK million20262025change20262025changechange2025 | Net sales14,88113,8757.2%7,6956,94310.8%29,2573.6%28,251 | EBITA3,3653,05710.1%1,7761,56213.7%6,6254.9%6,318 | EBITA margin22.6%22.0%0.623.1%22.5%0.622.6%0.222.4% | Profit before tax2,6092,31312.8%1,3891,18117.7%5,0526.2%4,756 | Net profit for the period1,9441,72312.8%1,03588017.7%3,8906.0%3,669 | Earnings per share4.233.7512.8%2.251.9117.8%8.475.9%8.00 | Return on capital employed20.4%20.6%-0.220.4%20.6%-0.220.4%-0.120.5% | Return on capital employed excl. goodwill129%128%1129%128%1129%-3132% |
Comments from the CEO
Net sales increased 7.2 per cent to SEK 14,881 (13,875) million in the first half of the year, driven by acquisitions and organic growth. EBITA increased 10.1 per cent to SEK 3,365 (3,057) million and the EBITA margin expanded by 0.6 percentage points to 22.6 (22.0) per cent as a result of the acquisitions and organic growth.
The Dental and Systems Solutions business areas reported a healthy sales trend in the six-month period with increased profitability, primarily as the result of acquisitions. Environmental Technology and Transportation Products reported strong organic growth and improved profitability, while Demolition & Tools grew organically with product mix negatively impacting the margin.
Earnings per share increased 12.8 per cent to SEK 4.23 (3.75) during the first six months of the year. Cash flow from operating activities increased 6.2 per cent to SEK 1,851 (1,744) million.
During the first half of the year, Lifco consolidated the UK companies Ethoss Regeneration and
Glass Umbrella as well as the German company Karl Kaps and the Italian company Metalltech. The companies are highly specialised and jointly have sales of about SEK 500 million.
From the second quarter of 2026, Lifco is organised into five operating segments instead of three. This change is made after many years of strong growth in Systems Solutions through acquisitions and organic growth. In Systems Solutions, the two divisions of Environmental Technology and Transportation Products have become so material that from this report they are reported as business areas. The Dental and Demolition & Tools business areas are not affected by the change.
Lifco’s financial position remains strong: interest-bearing net debt amounted to 1.2 times EBITDA at 30 June 2026, which is well in line with our target of interest-bearing net debt of a maximum of three times EBITDA. This means that Lifco possesses the financial scope to make additional acquisitions.
Per Waldemarson
President and CEO
GROUP PERFORMANCE IN JANUARY – JUNE
Net sales increased 7.2 per cent to SEK 14,881 (13,875) million, with growth in all business areas except Demolition & Tools. Acquisitions contributed 7.1 per cent and organic growth amounted to 2.9 per cent. Exchange rate effects had a negative impact on sales of 2.8 per cent. The UK companies Ethoss Regeneration and Glass Umbrella were consolidated during the period, as well as the German company Karl Kaps and the Italian company Metalltech.
EBITA increased 10.1 per cent to SEK 3,365 (3,057) million and the EBITA margin improved by 0.6 percentage points to 22.6 (22.0) per cent due to increased profitability in all business areas except Demolition & Tools.
Exchange rate changes had a negative impact on EBITA of 2.6 per cent. During the period, 47 (48) per cent of EBITA was generated in EUR, 15 (17) per cent in SEK, 16 (13) per cent in GBP, 11 (10) per cent in NOK, 5 (5) per cent in DKK, 2 (3) per cent in USD and 4 (4) per cent in other currencies.
Net financial items improved to SEK -171 (-207) million.
Profit before tax grew 12.8 per cent to SEK 2,609 (2,313) million and net profit for the period grew 12.8 per cent to SEK 1,944 (1,723) million.
Average capital employed excluding goodwill increased SEK 361 million during the period, to
SEK 5,131 million at 30 June 2026, compared with SEK 4,770 million at 31 December 2025. EBITA in relation to average capital employed excluding goodwill declined during the quarter to 129 per cent from 132 per cent at year-end.
The Group’s net debt increased SEK 1,301 million from 31 December 2025 to SEK 13,348 million at
30 June 2026, of which liabilities related to put/call options for acquisitions decreased SEK 143 million to SEK 2,787 million from SEK 2,930 million at year-end. Interest-bearing net debt increased during the six-month period by SEK 1,222 million to SEK 9,023 million, compared to SEK 7,801 million at 31 December 2025.
The Group has bonds outstanding totalling SEK 4,750 million. In addition to bonds outstanding, Lifco has standard short-term credit facilities.
The net debt/equity ratio as of 30 June 2026 amounted to 0.7 (0.7), compared with 0.6 at year-end. Net debt in relation to EBITDA was 1.8 (1.9) times compared to 1.7 times at the end of the year. Interest-bearing net debt in relation to EBITDA was 1.2 (1.3) times compared to 1.1 times at the end of the year.
Cash flow from operating activities increased 6.2 per cent to SEK 1,851 (1,744) million during the first half of the year. Cash flow from investing activities was SEK -1,371 (-1,629) million, which was mainly attributable to acquisitions.
GROUP PERFORMANCE IN THE SECOND QUARTER
Sales increased 10.8 per cent to SEK 7,695 (6,943) million in the second quarter due to higher sales in all business areas. Acquisitions contributed 6.6 per cent and organic growth amounted to 4.7 per cent. Exchange rate changes had a negative impact on sales of 0.4 per cent.
EBITA increased 13.7 per cent to SEK 1,776 (1,562) million and the EBITA margin grew 0.6 percentage points to 23.1 (22.5) per cent due to increased profitability in all business areas.
Exchange rate changes had a negative impact on EBITA of 0.5 per cent. During the second quarter,
45 (46) per cent of EBITA was generated in EUR, 16 (18) per cent in SEK, 15 (13) per cent in GBP,
12 (10) per cent in NOK, 5 (6) per cent in DKK, 3 (3) per cent in USD and 4 (4) per cent in other currencies.
Net financial items improved to SEK -91 (-103) million.
Profit before tax grew 17.7 per cent to SEK 1,389 (1,181) million. Net profit for the period grew
17.7 per cent to SEK 1,035 (880) million.
Average capital employed excluding goodwill increased SEK 193 million to SEK 5,131 million at
30 June 2026, compared with SEK 4,938 million at 31 March 2026. EBITA in relation to average capital employed excluding goodwill amounted to 129 per cent at 30 June 2026 and to 130 per cent at 31 March 2026.
The Group’s net debt increased from SEK 1,098 million on 31 March 2026 to SEK 13,348 million, of which liabilities related to put/call options for acquisitions decreased SEK 272 million to SEK 3,060 million on 31 March 2026.
At the Annual General Meeting on 24 April 2026, the dividend for the 2025 financial year was set at SEK 2.70 (2.40) per share. The total dividend to shareholders for the 2025 financial year was SEK 1,226.4 (1,090.1) million, and was paid out on 4 May 2026.
Cash flow from operating activities increased 13.7 per cent to SEK 1,104 (971) million. Cash flow from investing activities was SEK -892 (-1,304) million, which was mainly attributable to acquisitions.
FINANCIAL PERFORMANCE – BUSINESS AREAS
Dental
| SIX MONTHSSECOND QUARTERRolling 12 monthsFULL YEAR | SEK million20262025change20262025changechange2025 | Net sales3,3243,2442.5%1,6781,5994.9%6,4111.3%6,331 | EBITA75868410.9%38034410.4%1,4065.6%1,331 | EBITA margin22.8%21.1%1.722.7%21.5%1.221.9%0.921.0% |
The companies in Lifco’s Dental business area are leading suppliers of consumables, equipment and technical service to dentists across Europe, and the business area also has operations in the US. Lifco sells dental technology to dentists in the Nordic countries and Germany, and develops and sells medical record systems in Denmark, Sweden and Germany. The business area also includes a number of manufacturers which produce, inter alia, fitting products for dentures, disinfectants, saliva ejectors, bite registration and dental impression materials, bonding agents and other consumables that are sold to dentists through distributors around the world.
Net sales in Dental increased 2.5 per cent to SEK 3,324 (3,244) million during the first half of the year as the result of acquisitions.
EBITA increased 10.9 per cent to SEK 758 (684) million during the six-month period. The EBITA margin improved 1.7 percentage points to 22.8 (21.1) per cent as a result of acquisitions with high margins and positive mix effects from strong performances in manufacturing companies during the period.
The British company Ethoss Regeneration, which markets and sells regenerative bone graft material to dentists and facial surgeons, and the German company Karl Kaps, a niche manufacturer of medical and dental microscopes, were consolidated during the first half of the year.
Demolition & Tools
| SIX MONTHSSECOND QUARTERRolling 12 monthsFULL YEAR | SEK million20262025change20262025changechange2025 | Net sales3,3873,414-0.8%1,8061,7751.8%6,733-0.4%6,760 | EBITA808861-6.2%4574452.7%1,628-3.2%1,681 | EBITA margin23.9%25.2%-1.325.3%25.1%0.224.2%-0.724.9% |
The Demolition & Tools business area develops, manufactures and sells equipment for the infrastructure, demolition and construction industries. The Group is the world’s leading supplier in the markets for demolition robots and crane attachments. The Group is also one of the leading global suppliers of attachments for forest machinery and excavators. The business area’s EBITA margin might fluctuate between quarters due to single, major special orders and changes to the product mix.
Sales decreased by 0.8 per cent during the first half of the year to SEK 3,387 (3,414) million. Organic growth in the period was counteracted by negative exchange rate effects.
EBITA decreased 6.2 per cent to SEK 808 (861) million during the first half of the year and the EBITA margin decreased 1.3 percentage points to 23.9 (25.2) per cent, primarily as a result of a weak market trend for demolition robots that led to a negative product mix in the period.
Environmental Technology
| SIX MONTHSSECOND QUARTERRolling 12 monthsFULL YEAR | SEK million20262025change20262025changechange2025 | Net sales1,7451,6416.3%88680310.3%3,5793.0%3,475 | EBITA46041012.3%23820416.6%9635.5%913 | EBITA margin26.4%25.0%1.426.9%25.4%1.526.9%0.626.3% |
The Environmental Technology business area offers solutions that improve working environments and reduce environmental impact in the marine sector, industrial processes and recycling.
Sales increased by 6.3 per cent to SEK 1,745 (1,641) million in the first half of the year, driven by organic growth.
During the first half of the year, EBITA increased 12.3 per cent to SEK 460 (410) million and the EBITA margin improved 1.4 percentage points to 26.4 (25.0) per cent as a result of organic growth.
Transportation Products
| SIX MONTHSSECOND QUARTERRolling 12 monthsFULL YEAR | SEK million20262025change20262025changechange2025 | Net sales2,2051,77224.5%1,10090222.0%4,25511.3%3,822 | EBITA51539630.0%25320126.2%1,04612.8%928 | EBITA margin23.4%22.4%1.023.0%22.2%0.824.6%0.324.3% |
The Transportation Products business area offers solutions and accessories for service and transport vehicles as well as material handling within industrial applications.
Net sales increased by 24.5 per cent to SEK 2,205 (1,772) million in the first half of the year, driven by acquisitions and organic growth.
During the first half of the year, EBITA increased 30.0 per cent to SEK 515 (396) million and the EBITA margin improved 1.0 percentage point to 23.4 (22.4) per cent, positively impacted by organic growth.
Systems Solutions
| SIX MONTHSSECOND QUARTERRolling 12 monthsFULL YEAR | SEK million20262025change20262025changechange2025 | Net sales4,2213,80410.9%2,2251,86419.4%8,2795.3%7,863 | EBITA93079716.7%50240922.5%1,7768.1%1,643 | EBITA margin22.0%21.0%1.022.5%22.0%0.521.4%0.520.9% |
Through its operating units, the Systems Solutions business area operates in industries offering systems solutions. Systems Solutions is divided into three divisions: Contract Manufacturing, Infrastructure Products and Special Products.
Net sales in Systems Solutions increased 10.9 per cent to SEK 4,221 (3,804) million for the first half of the year on the back of acquisitions.
EBITA increased 16.7 per cent to SEK 930 (797) million in the first half of the year and the EBITA margin increased 1.0 percentage point to 22.0 (21.0) per cent, primarily as the result of acquisitions.
Contract Manufacturing reported a stable sales trend with improved profitability in the six-month period as the result of acquisitions.
Net sales and profitability in Infrastructure Products increased during the six-month period, primarily due to acquisitions. The Italian company Metalltech, which designs and manufactures expanded metal mesh for architectural applications, was consolidated during the second quarter, as was the UK company Glass Umbrella, a niche manufacturer of secondary glazing.
Special Products reported a healthy performance in sales in the first six months of the year as a result of acquisitions. Profitability was unchanged.
ACQUISITIONS
Lifco consolidated the following acquisitions during the first six months of the year as announced in press releases:
| Consolidatedfrom monthAcquisitionsBusiness areaOperationsNet salesCountryNumber of employees | JanuaryKarl KapsDentalNiche manufacturer of medical and dental microscopesEUR 10.1mGermany33 | JanuaryEthoss RegenerationDentalMarkets and sells regenerative bone graft material to dentists and facial surgeonsGBP 5.4mUnited Kingdom16 | AprilMetalltechSystems SolutionsDesigns and manufactures expanded metal mesh for architectural applicationsEUR 15.8mItaly53 | MayGlass UmbrellaSystems SolutionsNiche manufacturer of secondary glazingGBP 11mUnited Kingdom741 |
1In the Swedish press release announcing the acquisition, the number of employees was stated as 35.
Further information on the acquisitions is provided on page 17. The figures for net sales and number of employees refer to estimated annual net sales and number of employees at the acquisition date.
Taken together, the acquisitions will have a positive impact on Lifco’s results and financial position in 2026.
OTHER INFORMATION
Employees
The average number of employees calculated as full-time equivalents was 7,962 (7,483) in the first half of the year. At the end of the period, the number of employees calculated as full-time equivalents was 8,140 (7,521).
Events after the end of the reporting period
The Italian company Boscaro was consolidated in July 2026 in the Demolition & Tools business area. Boscaro designs and manufacturers construction equipment and crane attachments. The company had net sales of about EUR 9.5 million in 2025 and has 35 employees. The acquisition, which comprised the majority of the shares, was announced on 11 May 2026.
Related party transactions
During the period, customary transactions with related parties have occurred. All transactions have been carried out on market terms.
Annual General Meeting 2026
The 2026 Annual General Meeting was held on 24 April in Stockholm. The main resolutions of the Meeting were as follows: • The dividend for the 2025 financial year was set at SEK 2.70 per share. The record date for the right to a dividend was set at 28 April 2026, with the payment date at 4 May 2026. • Carl Bennet, Ulrika Dellby, Dan Frohm, Erik Gabrielson, Ulf Grunander, Anna Hallberg, Caroline af Ugglas and Per Waldemarson were re-elected members of the Board. Anders Oscarsson was elected a new member of the Board and Carl Bennet was re-elected Chairman of the Board. • The AGM elected the accounting firm Ernst & Young AB as auditor for the period until the end of the 2027 AGM. The auditor-in-charge is Johan Holmberg. • Fees for the Board and auditors were adopted. • The Board’s remuneration report and guidelines on remuneration of senior executives were approved.
Risks and uncertainties
The risk factors which have the biggest impact for Lifco are global macroeconomic factors, the competitive situation, structural changes in the market and general level of economic activity. Lifco is also exposed to financial risks, including currency risks, interest rate risks, credit and counterparty risks. Lifco is working actively to monitor and continually evaluate sustainability-related risks and their impact on the Group’s operations and earnings. The Group has established a governance structure that involves Group management and the Board and works to continually improve the company’s sustainability-related activities and minimise related risks. As part of this governance, Group management evaluates the compliance of, for example, the Code of Conduct, occupational injuries, IT security and legal disputes, for every subsidiary on a quarterly basis. The risk and sensitivity analysis are described in detail in Lifco’s 2025 Annual and Sustainability Report and have remained unchanged since this report.
The Parent Company is affected by the above risks and uncertainties in its capacity as owner of the subsidiary companies.
Accounting policies
The Group’s interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. In respect of the Parent Company, the report has been prepared in accordance with the Annual Accounts Act and Recommendation RFR 2 Financial Reporting for Legal Entities of the Swedish Financial Reporting Board. The accounting policies have been applied in accordance with those which are presented in the 2025 Annual Report and should be read in conjunction with these.
The total figures in the tables and calculations do not always add up due to rounding differences. The aim is for each row to correspond to its original source and as such, rounding differences can affect the total figures.
This report has not been examined by the company’s auditors.
DECLARATION OF THE BOARD OF DIRECTORS
The Board of Directors and Chief Executive Officer warrant and declare that this six-month report gives a true and fair view of the Parent Company’s and Group’s operations, financial positions and results, and that it describes significant risks and uncertainties faced by the Parent Company and the companies included in the Group. The content of the interim report was confirmed on 13 July 2026.
Enköping, 14 July 2026
| Carl BennetChairman of the BoardAnneli BroströmDirector, employee representativeUlrika DellbyDirector | Dan FrohmVice ChairmanErik GabrielsonDirectorUlf GrunanderDirector | Anna HallbergDirectorAnders OscarssonDirectorAnna-Karin RydénDirector, employee representative | Caroline af UgglasDirectorPer WaldemarsonPresident and CEO, Director |
FINANCIAL CALENDAR
Report for the third quarter 23 October 2026.
Year-end report and report for the fourth quarter 29 January 2027.
2026 Annual and Sustainability Report the week starting 29 March 2027.
ONLINE PRESENTATION
An online presentation with Per Waldemarson, CEO, and Therése Hoffman, CFO, will take place on Tuesday, 14 July at 9:00 a.m. CEST. The presentation can be listened to online or by calling in to the telephone conference. Questions can be asked at the telephone conference.
Time: Tuesday, 14 July at 9:00 a.m.
Link to the presentation: https://lifco.events.inderes.com/q2-report-2026
If you wish to participate at the telephone conference, you can register using the link below. Following registration, you will receive a telephone number and a conference ID to log in to the conference.
Link to register for the telephone conference:
https://events.inderes.com/lifco/q2-report-2026/dial-in
CONDENSED CONSOLIDATED INCOME STATEMENT
| SIX MONTHSSECOND QUARTERFULL YEAR | SEK million20262025change20262025change2025 | Net sales14,88113,8757.2%7,6956,94310.8%28,251 | Cost of goods sold-8,258-7,8195.6%-4,263-3,9109.0%-15,907 | Gross profit6,6236,0569.4%3,4323,03313.2%12,344 | Selling expenses-1,709-1,54810.4%-870-78211.2%-3,345 | Administrative expenses-2,001-1,8925.7%-1,016-9368.5%-3,673 | Development costs-137-1259.4%-72-5824.0%-253 | Other income and expenses328-88.6%727-74.8%97 | Operating profit2,7802,52010.3%1,4811,28415.3%5,170 | Net financial items-171-207-17.3%-91-103-11.6%-414 | Profit before tax2,6092,31312.8%1,3891,18117.7%4,756 | Tax-665-59012.8%-354-30117.7%-1,087 | Net profit for the period1,9441,72312.8%1,03588017.7%3,669 | Profit attributable to: | Parent Company shareholders1,9231,70412.9%1,02486917.8%3,633 | Non-controlling interests20203.8%11105.9%36 | Earnings per share before and after dilution for the period, attributable to Parent Company shareholders4.233.7512.8%2.251.9117.8%8.00 | EBITA3,3653,05710.1%1,7761,56213.7%6,318 | Depreciation of tangible assets38634810.9%19917315.3%731 | Amortisation of intangible assets1112-14.7%56-12.6%24 | Amortisation of intangible assets arising from acquisitions5715239.2%2902659.1%1,102 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| SIX MONTHSSECOND QUARTERFULL YEAR2025 | SEK million20262025change20262025change | Net profit for the period1,9441,72312.8%1,03588017.7%3,669 | Other comprehensive income | Items which can later be reclassified to profit or loss: | Hedge of net investment-13282-261%-5331-275%186 | Translation differences835-905-192%37526740.6%-1,676 | Tax pertaining to hedge of net investment28-18-251%11-7-254%-41 | Total comprehensive income for the period2,675882203%1,3681,16917.0%2,139 | Comprehensive income attributable to: | Parent Company shareholders2,646868205%1,3561,15917.0%2,113 | Non-controlling interests2913115%121015.5%26 | 2,675882203%1,3681,16917.0%2,139 |
SEGMENT OVERVIEW
At the beginning of the second quarter of 2026, Lifco decided to reorganise into five operating segments instead of the previous three. This change is made after many years of strong growth in Systems Solutions through acquisitions and organic growth. Within Systems Solutions, the two divisions Environmental Technology and Transportation Products, have become so material that from the second quarter of 2026 they are reported and monitored internally by the chief operating decision-maker. As of the second quarter of 2026, Systems Solutions will consist of the Contract Manufacturing, Infrastructure Products and Special Products divisions. The Dental and Demolition & Tools operating segments are not affected by the change. The report for the first quarter of 2026 presented sales, EBITA and EBITA margin per quarter 2024–2026 and the full years 2015–2025 for the new business areas Environmental Technology and Transportation Products as well as Systems Solutions excluding Environmental Technology and Transportation Products.
Group-wide functions consist mainly of costs attributable to the Board of Directors, CEO and other senior executives, audit costs and company costs for producing information to shareholders, maintaining the stock exchange listing and costs related to the annual report.
The results of the operating segments are based on EBITA. The Group’s financial income and expenses and tax are managed at Group level and are therefore not allocated to each segment. Assets and liabilities are not broken down by segment, as no such amount is regularly reported to the CEO.
NET SALES TO EXTERNAL CUSTOMERS
No sales are made between the segments.
| SIX MONTHSSECOND QUARTERRolling 12 monthsFULL YEAR | SEK million20262025change20262025changechange2025 | Dental3,3243,2442.5%1,6781,5994.9%6,4111.3%6,331 | Demolition & Tools3,3873,414-0.8%1,8061,7751.8%6,733-0.4%6,760 | Environmental Technology1,7451,6416.3%88680310.3%3,5793.0%3,475 | Transportation Products2,2051,77224.5%1,10090222.0%4,25511.3%3,822 | Systems Solutions4,2213,80410.9%2,2251,86419.4%8,2795.3%7,863 | Group14,88113,8757.2%7,6956,94310.8%29,2573.6%28,251 |
Net sales by significant type of income:
| SIX MONTHSSECOND QUARTERRolling 12 monthsFULL YEAR | SEK million20262025change20262025changechange2025 | Dental Products3,3243,2442.5%1,6781,5994.9%6,4111.3%6,331 | Machinery and Tools3,3873,414-0.8%1,8061,7751.8%6,733-0.4%6,760 | Environmental Technology1,7451,6416.3%88680310.3%3,5793.0%3,475 | Transportation Products2,2051,77224.5%1,10090222.0%4,25511.3%3,822 | Contract Manufacturing1,7461,752-0.3%93480416.1%3,519-0.2%3,525 | Infrastructure Products1,31198033.8%71553134.7%2,48315.4%2,152 | Special Products1,1631,0728.5%5765299.0%2,2774.2%2,186 | Group14,88113,8757.2%7,6956,94310.8%29,2573.6%28,251 |
EBITA
A breakdown of results by segment is made up to and including EBITA. EBITA is reconciled to profit before tax in accordance with the following table:
| SIX MONTHSSECOND QUARTERRolling 12 monthsFULL YEAR | SEK million20262025change20262025changechange2025 | Dental75868410.9%38034410.4%1,4065.6%1,331 | Demolition & Tools808861-6.2%4574452.7%1,628-3.2%1,681 | Environmental Technology46041012.3%23820416.6%9635.5%913 | Transportation Products51539630.0%25320126.2%1,04612.8%928 | Systems Solutions93079716.7%50240922.5%1,7768.1%1,643 | Central Group functions-107-9117.6%-54-4228.9%-1948.9%-178 | EBITA before acquisitioncosts3,3653,05710.1%1,7761,56213.7%6,6254.9%6,318 | Acquisition costs-13-14-9.0%-6-13-52.6%-44-2.9%-45 | EBITA3,3513,04310.1%1,7701,54914.3%6,5814.9%6,273 | Amortisation of intangible assets arising from acquisitions-571-5239.2%-290-2659.1%-1,1514.4%-1,102 | Net financial items-171-207-17.3%-91-103-11.6%-379-8.6%-414 | Profit before tax2,6092,31312.8%1,3891,18117.7%5,0526.2%4,756 |
CONDENSED CONSOLIDATED BALANCE SHEET
| SEK million30 Jun 202630 Jun 202531 Dec 2025 | ASSETS | Intangible assets28,00925,84326,817 | Tangible assets3,4193,0043,150 | Financial assets497451467 | Inventories4,7604,5704,314 | Accounts receivable - trade4,2223,8583,434 | Current receivables1,4311,1011,046 | Cash and cash equivalents1,3371,2101,878 | TOTAL ASSETS43,67340,03941,106 | EQUITY AND LIABILITIES | Equity20,47718,05319,277 | Non-current interest-bearing liabilities incl. pension provisions5,1874,2655,378 | Other non-current liabilities and provisions5,5645,3735,663 | Current interest-bearing liabilities6,7117,0275,617 | Accounts payable - trade1,9461,9611,829 | Other current liabilities3,7883,3593,342 | TOTAL EQUITY AND LIABILITIES43,67340,03941,106 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to Parent Company shareholders
| SEK million30 Jun 202630 Jun 202531 Dec 2025 | Opening equity19,13718,25718,257 | Comprehensive income for the period2,6468682,113 | Change in value of put/call options attributable to non-controlling interests-229-109-143 | Dividend-1,226-1,090-1,090 | Closing equity20,32817,92619,137 | Equity attributable to: | Parent Company shareholders20,32817,92619,137 | Non-controlling interests149127140 | 20,47718,05319,277 |
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
| SIX MONTHSSECOND QUARTERFULL YEAR | SEK million20262025202620252025 | Operating activities | Operating profit2,7802,5201,4811,2845,170 | Reversal of depreciation and amortisation9678834944451,858 | Other non-cash items385325234 | Interest and financial items, net-171-207-91-103-414 | Tax paid-986-895-488-386-1,580 | Cash flow before changes in working capital2,6282,3541,4201,2635,037 | Changes in working capital | Inventories-243-388-89-148-29 | Current receivables-567-544-187-76-146 | Current liabilities34322-40-68263 | Cash flow from operating activities1,8511,7441,1049715,124 | Acquisitions of subsidiaries-1,186-1,410-794-1,192-3,360 | Net investment in tangible assets-169-205-88-103-432 | Net investment in intangible assets-17-13-9-8-40 | Cash flow from investing activities-1,371-1,629-892-1,304-3,833 | Change interest-bearing liabilities5231,0731,1701,675837 | Repayments of lease liabilities-180-162-92-81-338 | Change in non-current receivables/liabilities4141-9 | Dividends paid-1,226-1,090-1,226-1,090-1,090 | Dividends paid to non-controlling interests-191-168-178-160-187 | Cash flow from financing activities-1,070-346-322345-788 | Cash flow for the period-590-231-11012504 | Cash and cash equivalents at beginning of period1,8781,5171,4231,2081,517 | Translation differences49-7523-10-143 | Cash and cash equivalents at end of period1,3371,2101,3371,2101,878 |
ACQUISITIONS IN 2026
Four new businesses were consolidated in the first six months of the year, which were announced in press releases: the UK companies Ethoss Regeneration and Glass Umbrella, the German company Karl Kaps and the Italian company Metalltech.
However, the purchase price allocation includes all acquisitions consolidated in the first half of the year. Minor add-on acquisitions were not announced in press releases. All acquisitions have been consolidated at 100 percent.
Acquisition-related expenses of SEK 13 million are included in administrative expenses in the consolidated income statement for the first half of the year. Since the respective consolidation dates, the acquired companies have added SEK 118 million to consolidated net sales and SEK 25 million to EBITA. If the businesses had been consolidated as of 1 January 2026, net sales for the year would have increased by a further SEK 113 million and EBITA would have increased by a further SEK 30 million.
| Acquired net assets | Net assets, SEK millionCarrying amountValue adjustmentFair value | Intangible assets1545546 | Tangible assets46-46 | Inventories, accounts receivable and other receivables178-3175 | Accounts payable and other liabilities1-149-145-294 | Cash and cash equivalents103-103 | Net assets178397575 | Goodwill-437437 | Total net assets1788331,011 | Effect on cash flow, SEK million | Consideration1,011 | Considerations not paid (put/call options)-190 | Cash and cash equivalents in acquired companies -103 | Consideration paid relating to acquisitions from previous years467 | Total cash flow effect 1,186 | 1 Of which SEK 20 million refers to external interest-bearing liabilities. |
FINANCIAL INSTRUMENTS
| SEK million30 Jun 202630 Jun 202531 Dec 2025 | Financial assets at amortised cost | Accounts receivable - trade4,2223,8583,434 | Other non-current financial receivables412444 | Cash and cash equivalents1,3371,2101,878 | Total5,5995,0935,356 | Liabilities at fair value | Other liabilities12,7872,7532,930 | Financial liabilities at amortised cost | Interest-bearing borrowings11,86411,25810,964 | Accounts payable - trade1,9461,9611,829 | Total16,59715,97215,723 |
1 Other liabilities classified as financial instruments refer to combined put/call options related to non-controlling interests.
The carrying amount is the same as the fair value. The fair value of short-term borrowings is equal to the carrying amount, as the discount effect is insignificant.
Financial instruments at fair value are classified into different levels depending on how fair value is determined. All financial instruments at fair value in the Lifco Group have been classified as level 3, i.e. unobservable inputs. The put/call options are valued on the basis of a multiple valuation whereby a contractually determined multiple according to the terms of the contracts is applied to average EBITA/EBIT for the three immediately preceding financial years before the options can be exercised/expire. As of 30 June 2026, there were 53 option agreements (57 as of 31 December 2025), and the median value of the holdings relating to put/call options amounted to 20 per cent (20 per cent 31 December 2025) of the shares in each subsidiary. No individual option agreement has or could have a material impact on Lifco’s financial statements. The specification of the liability associated with these agreements was as follows: 80 per cent in EUR, 16 per cent in GBP, 3 per cent in DKK, and the remaining 1 per cent in SEK and NOK. The multiples ranged from 4x to 8.25x. The put/call options as of 30 June 2026 expire between 2026 and 2037.
| Combined put/call options, SEK million30 Jun 202630 Jun 202531 Dec 2025 | Opening balance2,9302,6362,636 | Additional190229596 | Revaluation recognised in equity229109143 | Considerations paid-467--112 | Dividends paid-172-138-157 | Foreign exchange differences77-84-176 | Closing equity2,7872,7532,930 |
The uncertainty in the valuation can be found in the assessment of future EBITA/EBIT until the maturity date and changes in exchange rates. Revaluation takes place on every balance sheet date based on the EBITA/EBIT for the most recent 12 months for each subsidiary. A 10 per cent change in EBITA/EBIT for all option contracts would affect the liability by approximately SEK 217 million (SEK 200 million as of 31 December 2025), corresponding to 1 per cent of equity. Higher EBITA/EBIT results in a higher liability and vice versa. A reasonably possible 10 per cent change in foreign exchange rates in relation to the SEK would affect the liability by approximately SEK 272 million (SEK 280 million as of 31 December 2025), corresponding to 1 per cent of equity. Stronger foreign exchange rates in relation to the SEK result in a higher liability and vice versa. The sensitivity analysis is calculated by applying a percentage change to each unobservable input and calculating the resulting effect on the fair value of the liability. The analyses assume that all other variables remain constant.
KEY PERFORMANCE INDICATORS
| ROLLING TWELVE MONTHS TO30 Jun 202631 Dec 202530 Jun 2025 | Net sales, SEK million29,25728,25127,282 | Change in net sales, %3.68.14.4 | EBITA, SEK million6,6256,3186,088 | EBITA margin, %22.622.422.3 | EBITDA, SEK million7,4167,0736,811 | EBITDA margin, %25.325.025.0 | Capital employed, SEK million32,46430,76429,546 | Capital employed excl. goodwill and other intangible assets, SEK million5,1314,7704,771 | Return on capital employed, %20.420.520.6 | Return on capital employed excl. goodwill, %129132128 | Return on equity, %19.719.819.3 | Net debt, SEK million13,34812,04812,835 | Net debt/equity ratio0.70.60.7 | Net debt/EBITDA1.81.71.9 | Interest-bearing net debt, SEK million9,0237,8018,880 | Interest-bearing net debt/EBITDA1.21.11.3 | Equity/assets ratio, %46.946.945.1 | Number of shares, thousands454,216454,216454,216 | Average number of employees, full-time equivalents7,9627,6197,483 |
CONDENSED PARENT COMPANY INCOME STATEMENT
| SIX MONTHSSECOND QUARTERFULL YEAR | SEK million20262025202620252025 | Administrative expenses-85-82-41-41-154 | Other operating items10-10088 | Operating loss-85-84-41-40-67 | Net financial items21,7602,1771,7842,0602,408 | Profit after financial items1,6752,0931,7432,0202,341 | Appropriations----178 | Tax68278-1-9 | Net profit for the period1,7432,1201,7512,0182,510 |
1 Includes invoicing of Group-wide services.
2 Net financial items include SEK 1,783 (2,014) million in dividends received during the six-month period.
CONDENSED PARENT COMPANY BALANCE SHEET
| SEK million30 Jun 202630 Jun 202531 Dec 2025 | ASSETS | Financial assets9,2738,5868,968 | Current receivables15,60913,53314,949 | Cash and cash equivalents347369805 | TOTAL ASSETS25,22922,48924,722 | EQUITY AND LIABILITIES | Equity7,9527,0457,435 | Untaxed reserves-4- | Provisions-2017 | Non-current interest-bearing liabilities3,9523,3074,329 | Current interest-bearing liabilities6,3426,6985,274 | Current non-interest-bearing liabilities6,9835,4157,666 | TOTAL EQUITY AND LIABILITIES25,22922,48924,722 |
DEFINITIONS AND OBJECTIVES
| Return on equityNet profit for the period divided by average equity. | Return on capital employedEBITA before acquisition costs divided by capital employed. | Return on capital employed excluding goodwill and other intangible assetsEBITA before acquisition costs divided by capital employed excluding goodwill and other intangible assets. | EBITAEBITA is a measure which Lifco considers relevant for investors who wish to understand the earnings generated after investments in tangible and intangible assets requiring reinvestment but before investments in intangible assets attributable to acquisitions. Lifco defines earnings before interest, tax and amortisation (EBITA) as operating profit before amortisation and impairment of intangible assets arising from acquisitions excluding acquisition costs. | EBITA marginEBITA divided by net sales. | EBITDAEBITDA is a measure which Lifco considers relevant for investors who wish to understand the earnings generated before investments in non-current assets. Lifco defines earnings before interest, tax, depreciation and amortisation (EBITDA) as operating profit before depreciation, amortisation and impairment of tangible and intangible assets excluding acquisition costs. | EBITDA marginEBITDA divided by net sales. | Net debt/equity ratioNet debt divided by equity. | Net debtLifco uses the alternative KPI net debt. Lifco considers that this is a useful additional KPI which allows users of the financial statements to assess the Group’s ability to pay dividends, make strategic investments and meet its financial obligations. Lifco defines the KPI as follows: current and non-current liabilities to credit institutions, bonds, interest-bearing pension provisions, liabilities related to put/call options relating to acquisitions as well as lease liabilities less cash and cash equivalents. | Earnings per shareProfit after tax attributable to Parent Company shareholders, divided by the average number of shares outstanding. | Interest-bearing net debtLifco uses the alternative KPI interest-bearing net debt. Lifco considers that this is a useful additional KPI which allows users of the financial statements to assess the Group’s ability to pay dividends, make strategic investments and meet its financial obligations. Lifco defines the KPI as follows: current and non-current liabilities to credit institutions, bonds as well as interest-bearing pension provisions less cash and cash equivalents. | Equity/assets ratioEquity divided by total assets (balance sheet total). | Capital employedCapital employed is a measure which Lifco uses for calculating the return on capital employed and for measuring how efficient the Group is. Lifco considers that capital employed is useful in helping users of the financial statements to understand how the Group finances itself. Lifco defines capital employed as total assets less cash and cash equivalents, interest-bearing pension provisions and non-interest-bearing liabilities with the exception of liabilities related to put/call options relating to acquisitions, calculated as the average of the last four quarters. | Capital employed excludinggoodwill and other intangible assetsCapital employed excluding goodwill and other intangible assets is a measure which Lifco uses for calculating the return on capital employed and for measuring how efficient the Group is. Lifco considers that capital employed excluding goodwill and other intangible assets is useful in helping users of the financial statements to understand the impact of goodwill and other intangible assets on that capital which requires a return. Lifco defines capital employed excluding goodwill and other intangible assets as total assets less cash and cash equivalents, interest-bearing pension provisions, non-interest-bearing liabilities with the exception of liabilities related to put/call options relating to acquisitions, goodwill and other intangible assets, calculated as the average of the last four quarters. |
RECONCILIATION OF ALTERNATIVE KEY PERFORMANCE INDICATORS
The interim report presents alternative key performance indicators for assessing the Group’s performance that are considered material for analysis and understanding of the Group’s earnings and financial position. The primary alternative KPIs presented in this interim report are EBITA, EBITDA, net debt and capital employed. Definitions of the alternative KPIs are presented on pages 2122.
EBITA compared with financial statements in accordance with IFRS
| SEK millionSIX MONTHS2026SIX MONTHS2025FULL YEAR2025 | 2,780 | Operating profit2,5205,170 | Amortisation of intangible assets arising from acquisitions5715231,102 | EBITA3,3513,0436,273 | Acquisition costs131445 | EBITA before acquisition costs3,3653,0576,318 |
EBITDA compared with financial statements in accordance with IFRS
| SEK millionSIX MONTHS2026SIX MONTHS2025FULL YEAR2025 | 2,780 | Operating profit2,5205,170 | Depreciation of tangible assets386348731 | Amortisation of intangible assets111224 | Amortisation of intangible assets arising from acquisitions5715231,102 | EBITDA3,7473,4037,028 | Acquisition costs131445 | EBITDA before acquisition costs3,7613,4177,073 |
Net debt compared with financial statements in accordance with IFRS
| SEK million30 Jun 202630 Jun 202531 Dec 2025 | Non-current interest-bearing liabilities including pension provisions4,0053,3724,389 | Current interest-bearing liabilities6,3556,7185,290 | Cash and cash equivalents-1,337-1,210-1,878 | Interest-bearing net debt9,0238,8807,801 | Put/call options2,7872,7532,930 | Lease liability1,5381,2021,317 | Net debt13,34812,83512,048 |
Capital employed and capital employed excluding goodwill and other intangible assets compared with financial statements in accordance with IFRS
| SEK million30 Jun 202631 Mar 202631 Dec 202530 Sep 2025 | Total assets43,67342,38841,10641,789 | Cash and cash equivalents-1,337-1,423-1,878-1,467 | Interest-bearing pension provisions-34-33-31-35 | Non-interest-bearing liabilities-8,511-8,168-7,904-8,278 | Capital employed33,79232,76531,29332,007 | Goodwill and other intangible assets-28,009-27,397-26,817-27,109 | Capital employed excluding goodwill and other intangible assets5,7835,3684,4764,898 |
Capital employed and capital employed excluding goodwill and other intangible assets calculated as the average of the last four quarters compared with financial statements in accordance with IFRS
| SEK millionAverageQ22026Q12026Q42025Q32025 | Capital employed32,46433,79232,76531,29332,007 | Capital employed excluding goodwill and other intangible assets5,1315,7835,3684,4764,898 | Total | EBITA6,6251,7761,5881,7171,543 | Return on capital employed20.4% | Return on capital employed excluding goodwill and other intangible assets129% |
For more information, please contact:
Åse Lindskog
Media and investor relations manager
Phone +46 730 244 872, e-mail
About Us
Lifco offers a safe haven for small and medium-sized businesses. Lifco’s business concept is to acquire and develop market-leading niche businesses with the potential to deliver sustainable earnings growth and robust cash flows. Lifco is guided by a clear philosophy centred on long-term growth, a focus on profitability and a strongly decentralised organisation. The Group has five business areas: Dental, Demolition & Tools, Environmental Technology, Transportation Products and Systems Solutions. At year-end 2025, the Lifco Group consisted of 275 operating companies in 37 countries. In 2025, Lifco reported EBITA of SEK 6.3 billion on net sales of SEK 28.3 billion. The EBITA margin was 22.4 per cent. Read more at lifco.se.
This information is information that Lifco AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-07-14 07:30 CEST.
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