Half year report 2025
Page 1
CVR: 36440414
INTERIM REPORT H1
2025
Accounting period:
1. January - 30 June 2025
Revenue
(DKKm)
139.0
(+12.7%)
EBIT before special items
(DKKm)
6.7
(-34.0%)
EBIT margin before special items
4.8%
(-3.4pp)
ROIC
7.3%
(-34.9pp)
Down from 42.2% in H1 2024
Order backlog
(DKKm)
189.7
(215.2%)
Up from 60.2 in H1 2024
Half year report 2025
Page 2
This document contains forward-looking statements. Words such as believe, expect, may, will, plan, strategy, prospect, foresee, estimate, project,
anticipate, can, intend, outlook, guidance, target and other words and terms of similar meaning in connection with any discussion of future operation
of financial performance identify forward-looking statements. Statements regarding the future are subject to risks and uncertainties that may result in
considerable deviations from the outlookset forth. Furthermore, some of these expectations are based on assumptions regarding future events which
may prove incorrect
Important notice about this document
CONTENTS
Half year
report 2025
Page 2
1 H1 2025 IN BRIEF 3
2 KEY FIGURES AND FINANCIAL RATIOS 4
3 FINANCIAL REVIEW H1 2025 8
4 FINANCIAL STATEMENTS 11
4.1 STATEMENT BY MANAGEMENT 12
4.2 CONSOLIDATED INCOME STATEMENT 13
4.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 14
4.4 CONSOLIDATED BALANCE SHEET 30 JUNE 15
4.5 CONSOLIDATED CASH FLOW STATEMENT 17
4.6 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 18
4.7 CONSOLIDATED NOTES, CONTINGENT LIABILITIES 20
4.8 HALF YEAR KEY FIGURES AND FINANCIAL RATIOS 21
Half year report 2025
Page 3
1. H1 2025 IN BRIEF
Order intake
(DKKm)
Order backlog
(DKKm)
Revenue
(DKKm)
EBIT before special items
(DKKm)
EBIT margin
before special items
Earnings per share
(DKKm)
Employees ROIC
126.1
(+3.7%)
189.7
(+215.2%)
139.0
(+12.7%)
6.7
(-34.0%)
4.8%
(-3.4pp)
0.25
(-87.1%)
130
(+13.0%)
7.3%
(-34.9pp)
Up from 121.6 in H1 2024 Up from 60.2 in H1 2024 Up from 123.3 in H1 2024 Down from 10.1 in H1 2024 Down from 8.2% in H1 2024 Down from 1.94 in H1 2024 Up from 115 in H1 2024 Down from 42.2% in H1 2024
Half year
report 2025
Page 3
After sales
34.7 (mDKK)
Plant sales
104.3 (mDKK)
Revenue split
by plant sales
and aftersales
After sales
36.6 (mDKK)
Plant sales
86.7 (mDKK)
Revenue split
by plant sales
and aftersales
8%
58%
30%
4%
Fastener Minerals
Recycling Other
Revenue split
by segments
H1 2025
H1 2024
H1 2024
H1 2025
14%
45%
35%
6%
Fastener Minerals
Recycling Other
Revenue split
by segments
75%
25%
30%
70%
* ROIC positive impacted by divestment of Concrete activities
Half year report 2025
Page 4
2. KEY FIGURES AND FINANCIAL RATIOS
DKK thousands
H1 2025 H1 2024 FY 2024
INCOME
STATEMENT
Revenue
139,003 123,341
237,438
Gross
profit
36,266 34,939
72,885
Operating profit (EBIT)
before special items
6,697 10,144
21,183
Special items
- -
-
Operating
profit (EBIT) after special items
6,697 10,144
21,183
Net
financial items (2,744) (645)
(2,990)
Profit
before tax 3,953 9,500
18,193
Profit for the
period before discontinued activities 2,669 7,062
13,600
Result
of discontinued activities after tax (1,907) (1,069)
(2,591)
Profit
for the period 762 5,992
11,009
BALANCE
SHEET
Non
-current assets
61,318 57,810
62,833
Current
assets
188,397 178,723
168,731
Assets
249,715 236,534 231,563
Equity
80,162 81,245 87,281
Non
-current liabilities 14,711 18,403 15,647
Current liabilities
154,842 136,886 128,635
Net debt
21,525
28,158
37,297
Net working capital
53,177
78,228
79,259
OTHER KEY
FIGURES
Investment in intangible assets
568
1,584 210
Investment in tangible assets
775 1,202
5,128
Cash flow from operating activities (CFFO
26,903 (23,330)
(32,219)
Free cash flow
23,653 (26,116)
(38,254)
Average number of employees
130 115
132
Half year report 2025
Page 5
KEY FIGURES AND FINANCIAL RATIOS CONTINUED
DKK thousands
H1 2025 H1 2024 FY 2024
FINANCIAL
RATIOS
Gross
profit margin
26.1% 28.3%
30.7%
Profit
margin (EBIT margin) before special items
4.8% 8.2%
8.9%
Liquidity ratio
121.7% 130.6%
132.6%
Equity ratio
32.1% 34.3%
37.7%
Return
on equity
7.2% 77.9%
7.3%
ROIC *
7.3% 42.2% 11.7%
Financial leverage
26.9% 34.7% 42.1%
Net debt to EBITDA
0.5 0.7 1.3
NWC/Revenue
38.3% 21.1%
33.4%
Earnings per share
0.25 1.94
3.51
Equity value per share
25.99 26.35 28.32
Share price
69.4 68.2 81.2
Price
-book ratio
2.67 2.59 2.9
Market capitalization
215,585 211,858 255,983
Order backlog
189,690
60,183
202,563
Page 5
* ROIC positive impacted by divestment of Concrete activities
Half year report 2025
Page 6
KEY FIGURES AND FINANCIAL RATIOS – EUR
EUR thousands
H1 2025 H1 2024 FY 2024
INCOME
STATEMENT
Revenue
18,632 16,539
31,836
Gross
profit
4,861 4,685
9,773
Operating
profit (EBIT) before special items
898 1,360
2,840
Special items
- -
-
Operating profit (EBIT)
after special items
898 1,360
2,840
Net
financial items (368) (86)
(401)
Profit
before tax 530 1,274
2,439
Profit for the
period before discontinued activities 358 947
1,823
Result
of discontinued activities after tax (256) (143)
(347)
Profit
for the period 102 803
1,476
BALANCE
SHEET
Non
-current assets
8,220 7,750
8,423
Current
assets
25,254 23,960
22,618
Assets
33,474 31,711 31,041
Equity
10,746 10,892 11,700
Non
-current liabilities 1,972 2,467 2,097
Current liabilities
20,756 18,352 17,061
Net debt
2,885
3,775
5,000
Net working capital
7,128
10,488
10,625
OTHER KEY
FIGURES
Investment in intangible assets
76
212 28
Investment in tangible assets
104 161
688
Cash flow from operating activities (CFFO)
3,611 (3,132)
(4,324)
Free cash flow
3,171 (3,505)
(5,134)
Average number of employees
130 115
132
Half year report 2025
Page 7
KEY FIGURES AND FINANCIAL RATIOS – EUR CONTINUED
EUR thousands
H1 2025 H1 2024 FY 2024
FINANCIAL
RATIOS
Gross
profit margin
26.1% 28.3%
30.7%
Profit
margin (EBIT margin) before special items
4.8% 8.2%
8.9%
Liquidity ratio
121.7% 130.6%
132.6%
Equity ratio
32.1% 34.3%
37.7%
Return
on equity
7.2% 77.9%
7.3%
ROIC
7.3% 42.2% 11.7%
Financial leverage
26.9% 34.7% 42.1%
Net debt to EBITDA
0.5 0.7 1.3
NWC/Revenue
38.3% 21.1%
33.4%
Earnings per share
0.03 0.26
0.47
Equity value per share
3.48 3.53 3.80
Share price
9.30 9.14 10.88
Price
-book ratio
2.7 2.6 3.3
Market capitalization
28,899 28,403 34,314
Order backlog
25,428
8,068
27,153
* ROIC positive impacted by divestment of Concrete activities
Half year report 2025
Page 8
3. FINANCIAL REVIEW H1 2025
DKK thousands
H1 2025 H1 2024
Plant sales revenue
104,328 86,701
Aftersales revenue
34,675 36,640
Total revenue
139,003 123,341
Production costs
(102,737) (88,403)
Gross profit
36,266 34,939
Gross profit margin
26.1% 28.3%
Distribution costs
(17,659) (14,544)
Administrative expenses
(11,910) (10,251)
Operating profit (EBIT)
6,697 10,144
Operating profit margin (EBIT margin)
4.8% 8.2%
Special items
- -
Operating profit (EBIT)
after special items 6,697 10,144
Operating profit margin (EBIT margin)
after special items 4.8% 8.2%
Profit for the
period before discontinued activities 2,669 7,062
Result
of discontinued activities after tax (1,907) (1,069)
Profit for the period
762 5,992
Order backlog beginning of period
202,563 61,942
Order intake
126,130 121,582
Revenue
139,003 123,341
Order backlog end of period
189,690 60,183
0
2
4
6
8
10
12
14
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
100000
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Q3
2020
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
EBIT %
tDKK
SKAKO Group revenue and EBIT margin
Plant revenue Aftersales revenue EBIT margin
Half year report 2025
Page 9
13 % growth in revenue but decline in EBIT of DKK 3.4m
H1 was characterized by a continued subdued market which especially had a
negative impact on the Fasteners segment in Northern Europe. Despite this we
maintain our full year guidance.
Revenue increased by 13% in H1 compared with last year driven by the Minerals
segment and the large contract with OCP in Morocco. However, this revenue
growth did not result in higher EBIT which declined with a disappointing 34% in
H1. The decline in EBIT was due to delayed upstart of the OCP project where the
necessary build up of resources was in place at the start of the year. Capacity
costs also increased due to the recruitment of additional sales resources in
Germany and UK which had limited impact on revenue in their start up period.
Finally, a large German project had a low margin as we wanted to invest in this
important customer.
Despite the rather weak development in the first two quarters of the year we
maintain our guidance for the full year. We expect an improved performance in
H2 because of a strong order backlog and ramp up of the OCP project which is
expected to compensate for the delayed start in the beginning of the year.
Order intake, backlog and revenue
Order intake increased by 3.7% in H1 compared to last year mainly driven by
Northern Europe. Order backlog is up with 215% primarily driven by the OCP
contract but also a growth of 16% in the rest of our business.
The revenue growth of 13% in H1 was driven by a growth of 43% in Minerals
due to the OCP contracts. Recycling declined by 5.3% and Fasteners declined by
33% due to the subdued Northern European market but has a stronger order
backlog for the rest of the year.
Plant sales increase with 20% primarily due to the OCP project while aftersales
decrease with 5.4% due to the subdued North European market.
‘
Gross profit
Gross profit increased by 3.8% in Q2, driven by revenue growth. Gross profit
margin declined by 2.2 pp due to a lower margin on the OCP project and low
margin on a large German project as well as the higher share of lower margin
revenue from plant sales.
Capacity costs
Capacity costs increased with DKK 4.8m due to an increase in distribution costs
of DKK 3.1m and an increase in administrative expenses of DKK 1.7 m. Besides
normal salary increases this increase is driven by temporary hiring of engineers
etc. for the OCP project as well as the investment in additional salespeople to
grow our business in especially recycling.
Operating profit
Operating profit declined by DKK 3.4m due to a margin decline of 3.4pp to 4.8%
because of the mentioned increase in capacity costs.
Discontinued activities
Cost relating to discontinued activities amounts to DKK 1.9m and relates among
others to an unexpected claim in connection with an extended warranty on
equipment among others prior to the divestment of the Concrete activity.
Financial performance H1 2025
REVENUE Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024
Fasteners 5,843 7,908 11,813 17,559 32,326
Minerals 45,104 30,584 79,947 55,793 109,549
Recycling 23,688 21,954 41,312 43,620 82,804
Other 2,371 3,827 5,931 6,369 12,759
Total 77,006 64,273 139,003 123,341 237,438
Half year report 2025
Page 10
Profit for the period
Profit for the period declined by DKK 5.2m to DKK (0.9)m in H1 due to the lower
operating profit and a result of discontinued activities after tax of DKK 1.9m.
Equity
Group equity was DKK 80.2m on 30 June 2025 (DKK 81.2m on 30 June 2024)
corresponding to an equity ratio of 32.1% (34.3% on 30 June 2024).
Net working capital and cashflow from operations
At the end of H1 net working capital was DKK 53m compared to DKK 78m at the
same time last year. This improvement was driven by prepayments on the OCP
project and resulted in a positive cash flow from operations of DKK 25m in H1.
Net debt and financial gearing
Due to the positive cash flow net debt declined to DKK 21.5m at the end of H1
compared to DKK 28.2m at the same time last year and DKK 37.3m at the end of
2024. This results in a financial gearing net debt/EBITDA of 0.5 which is well
below our target of being below 2.5.
Return on capital employed ROIC
ROIC was 7.3% in H1 compared to 42% in the same period last year which was
positively impacted by the divestment of the Concrete activities.
Events after the balance sheet date
There have been no events that materially affect the assessment of this interim
report after the balance sheet date and up to today.
Outlook 2025
Despite the lower-than-expected revenue and EBIT in H1 we still expect to reach
our guidance because of the strong order backlog and ramp up of the OCP
project.
Guidance for 2025 is:
• Revenue is expected to grow by 30-40%
• Operating profit (EBIT) before special items is expected to be DKK 27-31m
As a result of the geopolitical turmoil and uncertain marked conditions in
Europe, expectations are subject to a higher than usual degree of uncertainty.
There is also a larger uncertainty than normal regarding the exact timing of the
deliveries on the OCP contracts.
Accounting policies as well as financial estimates and assumptions
The interim report has been prepared in accordance with IAS 34, Interim
financial reporting, as adopted by the EU and further Danish disclosure
requirements in respect of interim reports for listed companies.
The accounting policies used for the interim report are the same as the
accounting policies used for Annual Report 2024 to which we refer for a full
description, except that the Group now has only one reporting segment. The
Group has adopted all new, amended and revised accounting standards and
interpretations as published by the IASB and adopted by the EU effective for the
accounting period beginning on 1 January 2025. We refer to the notes to the
annual report for a description of material estimates and assumptions.
Compared with the description in Annual Report 2024, there have been no
changes in the accounting estimates and assumptions made by Management in
the preparation of the interim report.
Financial performance H1 2025
Half year report 2025
Page 11
4. FINANCIAL STATEMENTS
Quarterly report 2023
Page 11
Half year report 2025
Page 12
4.1 STATEMENT BY MANAGEMENT
We have considered and approved the interim report of SKAKO A/S for
the period 1 January - 30 June 2025.
The interim report, which has not been audited or reviewed by our
auditors, has been prepared in accordance with IAS 34 Interim financial
reporting, as adopted by the European Union and accounting policies set
out in the annual report for 2021 of SKAKO A/S. Furthermore, the interim
report for the period 1 January - 30 June 2025 has been prepared in
accordance with additional Danish disclosure requirements for interim
reports of listed companies.
In our opinion, the interim financial report gives a true and fair view of
the Group’s assets, liabilities, and financial position on 30 June 2025 and
of the results of the Group’s operations and cash flows for the first six
months of 2025.
We also believe that the Management commentary contains a fair review
of the development in the Group’s business and financial position, the
results for the period and the Group’s financial position as well as a
description of the principal risks and uncertainties facing SKAKO.
Faaborg, 20 August 2025
EXECUTIVE BOARD
BOARD OF DIRECTORS
DEPUTY CHAIRMANCHAIRMAN
Jens Wittrup Willumsen
Christian Herskind
Jørgensen
Carsten Krogsgaard
Thomsen
Sophie Louise Knauer
CEO CFO
Lionel Girieud Thomas Pedersen
Half year report 2025
Page 13
4.2 CONSOLIDATED INCOME STATEMENT
DKK thousands
H1 2025 H1 2024 2024
Revenue from contracts with customers
Production costs
(102,737 ) (88,403 )
(164,553 )
Gross profit
Distribution costs
(17,659 ) (14,544 )
(28,384 )
Administrative expenses
(11,910 ) (10,251 )
(23,318 )
Operating profit (EBIT)
Special items
Operating profit (EBIT)
after special items
Financial income
Financial expenses
(3,129 ) (1,725 ) (4,613 )
Profit before tax
Tax on profit for the period
(1,284 ) (2,438 )
(4,593 )
Profit for the
period before discontinued activities
Result
of discontinued activities after tax
(1,907 ) (1,069 )
(2,591 )
Profit for the period
Profit for the period attributable to SKAKO A/S shareholders
Earnings per share (EPS), DKK
Diluted earnings per share (EPS), DKK
Earnings
per share continuing activities (EPS), DKK
Diluted
earnings per share continuing activities (EPS), DKK
Half year report 2025
Page 14
4.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
DKK thousands
H1 2025 H1 2024 2024
Profit for the period
Other comprehensive income:
Items that have been or may subsequently be reclassified to the income statement:
- -
-
Foreign
currency translation, subsidiaries
(2,893 )
Value
adjustments of hedging instruments
Other comprehensive income
(2,893 )
Comprehensive income
Comprehensive income attributable to SKAKO A/S shareholders
Half year report 2025
Page 15
4.4 CONSOLIDATED BALANCE SHEET 30 JUNE
DKK thousands
30 June 2025 30 June 2024 31 December 2024
Intangible assets
Intangible assets under development
Intangible assets
Leased assets
Land and buildings
Plant and machinery
Operating equipment, fixtures and fittings
Leasehold improvements
Tangible assets under construction
Property, plant and equipment
Other receivables
Deferred tax assets
Other non
-current assets
Total non
-current assets
Inventories
Trade receivables
Contract assets
Income tax
Other receivables
Prepaid expenses
Cash
Current assets
Assets
Half year report 2025
Page 16
CONSOLIDATED BALANCE SHEET 30 June CONTINUED
DKK thousands
30 June 2025 30 June 2024 31 December 2024
Share capital
Foreign currency translation reserve
(150 ) - (150 )
Hedging reserve
Proposed dividends
Retained earnings
Equity
Other payables
Leasing
Loans and borrowings
Provisions
Non
-current liabilities
Loans and borrowings
Bank loans and credit facilities
Leasing
Provisions
Contract liabilities
Trade payables
Income tax
Other
liabilities, discontinued activities 1,316 - -
Other liabilities
Current liabilities
Liabilities
EQUITY AND LIABILITIES
Half year report 2025
Page 17
4.5 CONSOLIDATED CASH FLOW STATEMENT
DKK thousands
H1 2025 H1 2024 2024
Profit
before tax including discontinued activities 3,953 9,500 18,193
Adjustments
Changes
in receivables, etc.
(1,502 ) (19,364 )
(8,648 )
Change
in inventories
(4,090 )
Change
in trade payables and other liabilities, etc.
(17,880 )
Cash flow from operating activities before financial items and tax
(21,544 )
Interests received
Interests
paid
(3,129 ) (1,725 )
(4,613 )
Taxes
paid and received
(1,284 ) (2,769 )
(7,685 )
Cash
flow from operating activities 26,903 (23,330 ) (32,219 )
Investment
in intangible assets (568 ) (1,584 ) (210 )
Investment
in tangible assets
(775 ) (1,202 )
(5,128 )
Disposals
Proceeds from sale of Concrete activities
(1,907 ) -
(2,591 )
Cash
flow from investing activities
(3,250 ) (2,786 ) (6,035 )
Change in
borrowings
(4,549 ) (4,330 ) 8,630
Repayments
Paid
dividends
(7,881 ) (137,521 ) (136,522 )
Change
in short-term bank facilities
Cash flow from financing activities
(1,194 )
(107,571 )
(92,934 )
Change in cash and cash equivalents
Cash and cash equivalents beginning of the period
Foreign exchange adjustment, cash and cash
Cash and cash equivalents at the end of the period
Breakdown of cash and cash equivalents at the end of the period:
- -
-
Cash and other investments
Cash
and cash equivalents at the end of the period:
Half year report 2025
Page 18
4.6 CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Shared capital
Foreign currency
translation reserve
Hedging reserve
Retained
earnings
Proposed
dividends
Equity
Equity 1 January 2025
Extraordinary dividends
Paid dividends
(7,881 ) (7,881 )
Comprehensive
income in H1 2025:
Profit for the period
Other comprehensive income:
Foreign currency translation
adjustments, subsidiaries
Value adjustments of hedging instruments
Other
comprehensive income
Comprehensive income, period
Share
-based payment, warrants
Equity 30 June 2025
Half year report 2025
Page 19
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONTINUED
Shared capital
Foreign currency
translation reserve
Hedging reserve
Retained
earnings
Proposed
Dividends
Equity
Equity 1 January 2024
Extraordinary dividends
(121,989 ) 121,989 -
Paid dividends
Increase of share capital
Comprehensive
income in 2024:
Profit for the period*
Other comprehensive income:
Foreign currency translation adjustments, subsidiaries
(2,893 ) (2,893 )
Value adjustments of hedging instruments
Other
comprehensive income - (2,893 ) - - - (2,893 )
Comprehensive income, period
(2,893 )
Share
-based payment, warrants
Equity 31 December 2024
Half year report 2025
Page 20
CONTINGENT LIABILITIES
The Group has received notice that potential warranty claims relating to certain mixers delivered by the Group's Concrete business, which was
divested in 2023, may be brought against the Group in the foreseeable future. Limited information is available at this stage, and it is not possible
for the Group to determine whether the Group will incur a cost or when any potential warranty claims may be raised. However, if the claims
were to materialize, the potential financial impact could be material. However, management has determined that while it is possible that the
Group will incur a future cost, it is not probable that a present obligation exists at the reporting date that would require a provision under IAS 37
Provisions, Contingent Liabilities and Contingent Assets. Accordingly, no liability has been recognized in the statement of financial position as of
30 June 2025.
In addition, reference is made to the item described under 'Discontinued activities', which contains information regarding past payments of DKK
1.9m, which in part also relates to a warranty claim from the divested Concrete activity.
4.7 CONSOLIDATED NOTES
Half year report 2025
Page 21
4.8 HALF YEAR KEY FIGURES AND FINANCIAL RATIOS
DKK thousands
H1 2025 H1 2024 Full year 2024
INCOME STATEMENT
Revenue
139,003 123,341 237,438
Gross profit
36,266 34,939 72,885
Operating profit (EBIT) before special items
6,697 10,144 21,183
Operating profit (EBIT)
after special items 6,697 10,144 21,183
Net financial items
(2,744) (644) (2,990)
Profit before tax
3,953 9,500 18,193
Profit for the
period before discontinued activities 2,669 7,062 13,600
Result
of discontinued activities after tax (1,907) (1,069) (2,591)
Profit for the year
762 5,992 11,009
BALANCE SHEET
Non
-current assets
61,318 57,810 62,833
Current assets
188,397 178,723 168,731
Assets
249,715 236,534 231,563
Equity
80,162 81,245 87,281
Non
-current liabilities
14,711 18,403 15,647
Current liabilities
154,842 136,886 127,272
Net debt
21,525 28,158 37,297
Net working capital
53,177 78,228 79,259
OTHER KEY FIGURES
Investment in intangible and tangible assets
1,343 2,786 13,969
Cash flow from operating activities (CFFO)
26,903 (23,330) (24,135)
Free cash flow
23,653 (26,116) (34,810)
Average number of employees
130 115 132
Half year report 2025
Page 22
HALF YEAR KEY FIGURES AND FINANCIAL RATIOS CONTINUED
DKK thousands
H1 2025 H1 2024 Full year 2024
FINANCIAL
RATIOS
Gross
profit margin 26.1% 28.3% 30.7%
Profit
margin (EBIT margin) before special items 4.8% 8.2% 8.9%
Profit margin (EBIT margin) after special items
4.8% 8.2% 8.9%
Liquidity ratio
121.7% 130.6% 132.6%
Equity ratio
32.1% 34.3% 37.7%
Return
on equity 7.2% 77.9% 7.3%
ROIC
7.3% 42.2% 11.7%
Financial
leverage 26.9% 34.7% 42.1%
Net
debt to EBITDA 0.5 0.7 1.3
NWC/revenue
38.3% 21.1% 33.4%
Earnings per share
0.25 1.94 3.51
Equity value per share
25.99 26.35 28.32
Share price
69.4 68.2 81.2
Price
-book ratio 2.67 2.59 2.9
Market capitalization
215,585 211,858 255,983
Half year report 2025
Page 23
FINANCIAL RATIO
• Financial ratios are calculated as follows:
• Gross profit margin = Gross profit x 100 / Revenue
• Profit margin = EBIT x 100 / Revenue
• EBIT margin before special items = EBIT before special items x 100
/ Revenue
• EBIT after special items = EBIT after special items x 100 / Revenue
• Liquidity ratio = Total current assets x 100 / Total current liabilities
• Equity ratio = Total equity x 100 / Total assets
• Return on equity = Profit for the period x 100 / (Equity this year +
equity prior year) / 2*
• Financial leverage = Net interest-bearing debt x 100 / Equity
• Net debt to EBITDA = Net debt / EBITDA (EBIT less depreciations)*
• NWC/Revenue = Net working capital x 100 / Revenue*
• Earnings per share = Profit for the period / Shares in free flow
• Equity value per share = Equity / Total shares
• Share price = Share price at end of period
• Price-book ratio = Share price / Equity per share
• Market capitalization = Total number of share x Share price
• ROIC = NOPAT / (Invested capital this year + invested capital prior
year) / 2*
• NOPAT = Profit for the period +/- net financial income*
• Invested capital = Total assets - net cash and credits - deferred tax
* Measured over a 12-month period
Half year report 2025
Page 24
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