Inwido Ab · OMXSTO:INWI
Inwido Ab — Q2 2025 Earnings Presentation
24 slides from Inwido Ab's earnings presentation, Jul 14, 2025
Slide 1: Interim Report January-June 2025
Interim Report January-June 2025 Fredrik Meuller, President and CEO Peter Welin, CFO and Deputy CEO July 14, 2025
Slide 2: Europe's leading window group
Europe’s leading window group Inwido facts and figures ▪ Established in 2004 – publicly listed since 2014 ▪ Sales SEK 9 billion RTM ▪ Operating EBITA margin 10.8% RTM ▪ Improving quality of life – great windows and doors ▪ Attractive market boosted by the green transition ▪ No. 1 in the Nordics – No
Slide 3: Stable development in challenging markets
3 Stable development in challenging markets Q2 2025 highlights ▪ Expected market recovery further delayed ▪ Strengthened positions and gained share ▪ Organic sales growth +3% ▪ Organic order intake -8% ▪ All-time high order backlog, +9% organically ▪ Maintained margins despite price pressure, mix an
Slide 4: Stable development despite challenging markets
4 Stable development despite challenging markets April - June 2025 key financials Organic order intake Op EBITA -8% Organic net sales SEK 264 million (263) Net debt vs Op EBITDA +3% 1.2x (1.4x) Order backlog SEK 2,339 million (2,331) Op EBITA margin 0.9x excl. IFRS 16 (1.1x) +9% 11.3% (11.3) SEK 2,8
Slide 5: Stable development despite challenging markets (cont.)
5 Stable development despite challenging markets (cont.) January - June 2025 key financials Op EBITA Organic net sales SEK 375 million (354) ROOC EPS +6% 13.4% (13.1) SEK 3.34 (2.89) SEK 4,338 million (4,142) Op EBITA margin 8.6% (8.5)
Slide 6: Lack of volume a common theme across all markets
Lack of volume a common theme across all markets Operating context per Business Area Scandinavia e-Commerce ▪ ROT incentive and lower interest rates ▪ Household consumption remains in to stimulate renovation in Sweden waiting mode, e-trade down overall ▪ Denmark remains solid, and early signs ▪ Fier
Slide 7: Positive trend on all Sustainability-related KPIs
7 Outcome KPI’s Q2 2024 – 2025 (LTM) Positive trend on all Sustainability-related KPIs 2025 2024 Energy usage (kWh/wing) 51.1 61.2 Waste (kg/wing) 3.74 4.22 ▪ Health and Safety efforts pay off through fewer Hazardous waste (kg/wing) 0.24 0.33 accidents and lower absence rates Accidents (LTA/million
Slide 8: Making healthy progress on 2030 roadmap
Making healthy progress on 2030 roadmap Group ‘Vital few’ strategic priorities Priority Status ▪ Increased relevance to reach 2030 turnover target Pursue acquisitions to expand geographic ▪ Lengthy processes – market uncertainty, emotional family ties footprint and exploit synergies ▪ Target funnel
Slide 9: Financials Q2 and H1 2025
1 Financials Q2 and H1 2025
Slide 10: Margin at same level as last year despite mix
10 Margin at same level as last year despite mix Negative translation impact from a stronger SEK Q2 Q1-Q2 SEKm 2025 2024 Change 2025 2024 Change LTM 2412 Net sales 2,339 2,331 0% 4,338 4,142 5% 9,034 8,838 Gross Profit 600 597 0% 1,057 1,005 5% 2,299 2,249 Gross margin, % 25.6 25.6 - 24.4 24.3 - 25.
Slide 11: Growth in Scandinavia and Eastern Europe
Growth in Scandinavia and Eastern Europe Overall, profit on par with last year Sales in Q2, SEKm, from 2024 to 2025 Op EBITA in Q2, SEKm, from 2024 to 2025 3000 300 11 5 -7 -6 -1 2500 51 2 -22 -38 15 250 2000 200 1500 150 1000 100 500 50 2,331 2,339 263 264 0 0 Sales Scandinavia Eastern e-Commerce W
Slide 12: Margin on the same level as last year
Margin on the same level as last year Pandemic impact and a higher degree of consumer sales in Q2 during 2020 – 2023 Sales and Op EBITA % in Q2, 2019 - 2025 3,000 13.3% 13.5% 13.0% 2,500 12.5% 2,000 12.0% 11.8% 12.0% 1,500 11.6% 11.3% 11.3% 11.5% 1,000 10.9% 11.0% 500 10.5% 1,710 1,719 2,009 2,475 2
Slide 13: Cash flow from operating activities above last year
Cash flow from operating activities above last year Increased working capital in Q2, mainly related to higher increase of operating receivables Q2 Acquisitions of tangible and intangible assets in SEKm and % of sales Change SEKm 2025 2024 SEKm 400 4.1% 4.5% Cash flow from operating activities 289.9
Slide 14: Financial headroom for further growth – gearing reduced
Financial headroom for further growth – gearing reduced Dividend of SEK 319m paid in the quarter; Net Debt vs Operating EBITDA below last year and target of 2.5x Net Debt (SEKm), Net Debt vs Op EBITDA (times) 2,000 2.5 1,800 Net Debt / Op EBITDA incl. IFRS 16: 1.2x (1.4) 1,600 2.0 Net Debt / Op EBIT
Slide 15: Continued improvement in ROOC
15 Continued improvement in ROOC Improved EBITA in combination with lower average Operating Capital Average Operating Capital (SEKm), and ROOC (%) 7,300 20% 17.8% 17.9% 17.9% 18.3% 16.9% 17.6% 16.4% 16.8% 16.2% 18% 6,900 15.7% 15.4% Target 16% 13.7% 6,500 13.1% 13.1% 12.7% 13.2% 13.4% 14% 12% 6,100
Slide 16: Lower order intake but all-time high order backlog
Lower order intake but all-time high order backlog Lower project orders vs. last year mainly due to record-sized order in Ireland in Q2 2024 (EUR 9 million) Order backlog, SEKm, 2023 - 2025 Order intake in Q2 2025 compared to last year 3,000 2,829 Adj for 2,654 FX Organic 2,500 Group - 7% - 8% 2,000
Slide 17: Business Areas Q2 2025
2 Business Areas Q2 2025
Slide 18: Q2 Scandinavia
18 Q2 Scandinavia 6 000 Sales SEKm and Op EBITA %, LTM 16% Sales increase driven by project market in Sweden 5 000 14% 12% 4 000 10% ▪ Sales +5% to SEK 1,168 million (1,117) 3 000 8% 6% ▪ Order intake +1%, adjusted for FX 2 000 4% 1 000 ▪ Order backlog +1% 2% 0 0% ▪ Operating EBITA increased to SEK
Slide 19: Q2 Eastern Europe
19 Q2 Eastern Europe 3 000 Sales SEKm and Op EBITA %, LTM 14% Increased project sales 2 500 12% 10% 2 000 ▪ Sales +1% to SEK 443 million (441) 1 500 8% 6% ▪ Order intake -5% adjusted for FX 1 000 4% 500 2% ▪ Order backlog +5% 0 0% ▪ Operating EBITA increased to SEK 29 million (24) Q2 Q3 Q4 Q1 Q2 Q3
Slide 20: Q2 e-Commerce
20 Q2 e-Commerce 1 150 Sales SEKm and Op EBITA %, LTM 9% Continued challenging market for e-trade 8% 1 100 7% 6% ▪ Sales -7% to SEK 289 million (311) 1 050 5% 4% ▪ Order intake +7% adjusted for FX 1 000 3% 950 2% ▪ Order backlog +19% 1% 900 0% ▪ Operating EBITA decreased to SEK 26 million (34) Q2 Q3
Slide 21: Q2 Western Europe
21 Q2 Western Europe 2 000 Sales SEKm and Op EBITA %, LTM 14% Gaining share in a challenging market 12% 1 600 10% ▪ Sales -8% to SEK 433 million (471) 1 200 8% 6% ▪ Order intake -34%, adjusted for FX, but note Q2 2024 800 4% record order by Carlson in Ireland (EUR 9 million) 400 2% ▪ Order backlog +
Slide 22: Summary and outlook
3 Summary and outlook
Slide 23: Market rebound delayed but fundamentals strong
23 Market rebound delayed but fundamentals strong Summary and outlook ▪ Lack of volume a common theme across markets ▪ Inwido results on par with or better vs. Q2 2024 ▪ Strengthened positions ▪ All-time high order backlog ▪ Progress on strategically important priorities ▪ M&A activity high and prom
Slide 24: Upcoming events
Upcoming events Financial calendar 2025 October 25 Q3 report 2025 2026 February 3 Q4 report 2025 April 28 Q1 report 2026 May 27 Annual General Meeting 2026 July 15 Q2 report 2026 Join our journey on LinkedIn