Idun interim report January – March 2026
Idun’s net sales increased by 15.7% and EBITA grew by 16.8% in the quarter, driven by both acquisitions and organic growth. Organic sales growth amounted to 4.5%, while EBITA increased by 1.0%, despite a strong comparison period in the prior year. During the quarter, Idun acquired Mouldex, a profitable service and aftermarket business serving the sawmill industry, further strengthening the Group. Earnings per share increased to SEK 4.2 (3.2) in the quarter and rose by 20.7% on a rolling twelve-month basis to SEK 14.8 (12.3).
First quarter 2026
- Net sales increased by 15.7% to SEK 659 million (569). Organic growth was 4.5%
- Gross profit amounted to SEK 387 million (348)
- EBITDA amounted to SEK 106 million (89)
- EBITA amounted to SEK 91 million (78). The EBITA margin increased to 13.8% (13.6%). Organic growth was 1.0%
- EBITA attributable to Idun’s ordinary shareholders amounted to SEK 73 million (61)
- Earnings per share adjusted for goodwill after dilution amounted to SEK 4.2 (3.2)
- Cash flow from operating activities amounted to SEK 58 million (54)
- Idun has acquired 90.1% of the shares in Mouldex Sweden AB (“Mouldex”), a leading Swedish service and aftermarket company focusing on service, spare parts, and refurbishment and upgrading of machinery for the sawmill industry. In recent financial years, Mouldex has generated revenues of approximately SEK 45–50 million with high and stable profitability. Idun acquired the shares on 26 January 2026. A couple of smaller add-on acquisitions were also completed (by Stegaföretagen).
Rolling twelve months
- Net sales increased by 7.9% to SEK 2,387 million (2,212). Organic growth was 1.6%
- Gross profit amounted to SEK 1,422 million (1,338)
- EBITDA amounted to SEK 381 million (360)
- EBITA amounted to SEK 329 million (313). Organic growth was -3.7%
- EBITA attributable to Idun’s ordinary shareholders amounted to SEK 274 million (243)
- Earnings per share adjusted for goodwill after dilution amounted to SEK 14.8 (12.3)
- Cash flow from operating activities amounted to SEK 235 million (235)
Events after the reporting period
- No significant events to report
Live presentation of Idun’s interim report for the first quarter of 2026
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.
A recording of the presentation will be available on Idun’s website under Investors / Presentations.
Date: 30 April 2026
Start time: 11:00 CEST
How to Join:
Access the digital presentation via the following link: https://qcnl.tv/p/CuYsgZlbVH7vK8mLDtIlMA. After registering, you will be directed straight to the live broadcast.
CEO’s message
Idun has had a strong start to the year, with net sales in the quarter increasing by 15.7% to SEK 659 million and operating profit (EBITA) rising by 16.8% to SEK 91 million. Both sales and earnings also grew organically. Earnings per share (adjusted for goodwill, after dilution) increased by approximately 30% to SEK 4.2 per share. In January, we acquired Mouldex Sweden, which operates in service and spare parts for the sawmill industry.
During the first quarter, a large number of our group companies continued to be affected by a cautious economic environment. Despite this, the Group achieved organic growth in both sales (4.5%) and EBITA (1.0%). Cash flow from operating activities amounted to SEK 58 million (SEK 54 million in Q1 2025), and the EBITA margin was 13.8% (13.6% in Q1 2025).
Examples of group companies that have started the year strongly include Fredahl Rydéns (manufacturer of coffins and urns) and Ståthöga MA Teknik (primarily maintenance for heavy industry), where the latter may partly be seen as a positive sign regarding the development of the economic cycle. TURAB (manufacturer and service provider of small and medium-sized hydropower turbines in Sweden) also delivered a significant improvement in earnings.
Naturally, we also have group companies that performed somewhat weaker. Stegaföretagen (including services and products within vehicle washing) is one such example, although it is perhaps more accurate to say that the beginning of 2025 was exceptionally strong. P&L Nordic (learning and competence management tools for schools and industry) also had a weaker start compared to the previous year, primarily due to reduced training activity among customers in the pulp and paper industry during the period. ILEMA (market leader in air emission measurements) also reported lower earnings compared with last year. All three of the above-mentioned companies, however, maintain solid profitability levels.
We continue our ongoing efforts in competence development across our group companies, including CEO training programs, sales training, and courses in areas such as product development, AI, and leadership. These initiatives form an important part of our long-term development.
During the quarter, we acquired 90.1% of the shares in Mouldex Sweden, a leading service and spare parts partner to the sawmill industry, primarily in Sweden. Mouldex generates revenues of SEK 45–50 million and has stable and solid profitability.
Our financing costs have decreased according to plan, as reflected in our quarterly reports. For the past twelve months, interest expenses amounted to SEK 55 million, compared to SEK 75 million in the prior twelve-month period. We see good opportunities to reduce our interest expenses by a further approximately SEK 8 million on an annual basis, as we will have the option to redeem our last outstanding bond early towards the end of the second quarter.
Looking further into 2026, there are significant uncertainties regarding the macroeconomic environment, not least how the conflicts in the Middle East will evolve. If the situation in the region does not deteriorate but instead gradually stabilizes, we believe that market conditions for our group companies could improve. Fundamentally, we have a positive view on future opportunities and earnings development, while at the same time our group companies remain prepared for a more challenging external environment. With regard to investments in new businesses, Idun Industrier maintains a strong financial position, and we are engaged in several promising discussions regarding new investment opportunities.
Henrik Mella, CEO