Indutrade Reports Steady Order Intake and Strategic Progress in Q2 2025 Despite Global Uncertainty
Indutrade delivered a resilient performance in the second quarter of 2025, maintaining order intake levels in line with the same period last year despite facing several headwinds, including fewer working days and a generally unstable global economic environment. Total order intake reached SEK 8.3 billion, mirroring the amount recorded in Q2 2024. Notably, around half of Indutrade’s companies posted organic order growth, and overall order intake outpaced net sales by 2%, signaling underlying demand strength in key areas of the business.
Among the larger customer segments, energy continued to be a strong performer, with sustained high demand. Similarly, the medical technology and pharmaceutical sectors demonstrated steady, robust activity, contributing to the Group’s stable topline. However, demand was more mixed across other sectors. The infrastructure and construction, engineering, and process industries showed weaker activity levels, which dragged on overall performance. Segment-wise, the Technology & Systems Solutions business area led in terms of organic order intake growth, while Industrial & Engineering experienced the most significant decline.
Sales and Profitability
Net sales for the quarter came in at SEK 8.1 billion, representing a decrease from SEK 8.5 billion in the same quarter of 2024. This equates to a 4% decline in organic sales, a drop largely attributable to several factors: a smaller order backlog at the start of the quarter, tough comparison figures from the previous year, and the impact of a reduced number of working days. All business areas experienced a decline in organic net sales.
This sales decline had a knock-on effect on profitability. The EBITA margin for the quarter stood at 13.7%, down from 14.8% in Q2 2024. Despite this, the company maintained a high gross margin, and its organic expense levels remained consistent with the prior year. Compared to Q1 2025, expenses slightly decreased, reflecting prudent cost management. While the EBITA margin dropped year-over-year in every business area, four out of five business areas did report margin improvements compared to the first quarter of 2025, signaling a partial recovery and operational resilience.
Cash Flow and Financial Position
Working capital for comparable units improved compared to the same period last year. Inventory levels continued to decline sequentially, showcasing enhanced supply chain efficiency and careful stock management. Despite these improvements, cash flow from operating activities declined to SEK 735 million, down from SEK 1,029 million in Q2 2024. The reduction was primarily driven by lower earnings and less favorable changes in working capital. Nevertheless, Indutrade’s financial position remains robust, underpinned by a low debt/equity ratio and strong balance sheet fundamentals.
Strategic Acquisitions
Indutrade continued to pursue its strategy of acquiring well-managed, niche companies to strengthen its portfolio. So far in 2025, the company has completed four acquisitions, adding approximately SEK 425 million in combined annual sales. Early in the second quarter, Indutrade acquired Ideus, a Swedish firm specializing in customized metal components for the local engineering industry. Another important addition was Irish company IPP. Post-quarter, Indutrade added Utodas from the Netherlands, a company that delivers remote level monitoring solutions for bulk goods—both dry and liquid.
The company noted that its pipeline of acquisition opportunities remains healthy. However, given current global uncertainties, some acquisition timelines have been extended. Despite this, activity levels remain high, and the company’s strong financial position positions it well to maintain an active pace of acquisitions through the remainder of the year.
