Inwido Ab · OMXSTO:INWI
Inwido Ab — Q1 2025 Earnings Presentation
24 slides from Inwido Ab's earnings presentation, Apr 24, 2025
Slide 1: Interim Report January-March 2025
Interim Report January-March 2025 Fredrik Meuller, President and CEO Peter Welin, CFO and Deputy CEO April 24, 2025
Slide 2: Europe's leading window group
2 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 –
Slide 3: A good start to the year
3 A good start to the year Q1 2025 highlights ▪ Organic sales growth +10% ▪ Order intake increased for the fourth consecutive quarter, +13% ▪ Order backlog +19% ▪ Higher profit and margins, Operating EBITA 5.5% ▪ Strong cash flow, net debt further reduced ▪ Progress made on strategically important p
Slide 4: A mixed picture across geographies and segments
A mixed picture across geographies and segments Operating context per Business Area Scandinavia e-Commerce ▪ Renovation market strengthening – ▪ Lower activity overall – fewer Google ROT incentive in Sweden searches ▪ Denmark remains solid, and early signs ▪ Fierce price pressure, demanding a of a n
Slide 5: Actions within Sustainability continue to pay off
5 Actions within Sustainability continue to pay off Positive trend on all KPIs 2502 2402 Trend ▪ Lower energy use in relation to volume – Energy usage (kWh/wing) 54.0 62.1 particularly strong performance in Danish entities Waste (kg/wing) 3.83 4.16 ▪ Waste per wing, including hazardous waste, contin
Slide 6: A bumpy ride, but making progress on 2030 roadmap
A bumpy ride, but making progress on 2030 roadmap Group ‘Vital few’ strategic priorities Priority Status ▪ Market activity reasonably high Pursue acquisitions to expand geographic ▪ Structured and selective M&A approach footprint and exploit synergies ▪ A promising funnel ▪ National EPBD implementat
Slide 7: Pushing hard in M&A
Pushing hard in M&A A vital part of our profitable growth strategy Selection criteria Market activity reasonably high ▪ Multiples up on attractive targets – bid competition ▪ Several companies in financial difficulties for sale ▪ Valuation difficult in volatile context Inwido remains focused and sel
Slide 8: Off to a good start to 2025
8 Off to a good start to 2025 Q1 2025 key financials Order intake Op EBITA +13% Net sales SEK 111 million (91) Net debt vs Op EBITDA +10% 1.1x Order backlog SEK 1,999 million (1,811) Op EBITA margin (0.8x excluding IFRS 16) +19% 5.5% (5.0) SEK 2,660 million (2,236)
Slide 9: Financials Q1 2025
1 Financials Q1 2025
Slide 10: Sales growth of 10 percent with improved margin
10 Sales growth of 10 percent with improved margin Improved Operating EBITA margin by 0.5 percentage points and EPS by 78% Q1 SEKm 2025 2024 Change LTM 2412 Net sales 1,999 1,811 10% 9,026 8,838 Gross Profit 457 408 12% 2,298 2,247 Gross margin, % 22.9 22.5 - 25.5 25.4 Operating EBITDA 196 169 16% 1
Slide 11: Growth in all segments except for e-Commerce
Growth in all segments except for e-Commerce e-Commerce had a slower start to the year than expected Sales in Q1, SEKm, from 2024 to 2025 Op EBITA in Q1, SEKm, from 2024 to 2025
Slide 12: Margin above last year as well as pre-pandemic level
Margin above last year as well as pre-pandemic level Inwido had positive pandemic impact with lower seasonality in Q1 during 2021 – 2023 Sales and Op EBITA % in Q1, 2020 - 2025
Slide 13: Cash flow from operating activities above LY
Cash flow from operating activities above LY Improved cash flow in the first quarter mainly due to lower tax payments, working capital and capex Q1 Acquisitions of tangible and intangible assets in SEKm and % of sales SEKm 2025 2024 Change Cash flow from operating activities 131.3 53.0 78.3 Changes
Slide 14: Financial headroom for further growth
Financial headroom for further growth Net Debt vs Operating EBITDA below last year as well as below the target of maximum 2.5x Net Debt (SEKm), Net Debt vs Op EBITDA (times) 2 000 2,5 1 800 Net Debt / Op EBITDA incl. IFRS 16: 1.1x (1.4) 1 600 2,0 1 400 Net Debt / Op EBITDA excl. IFRS 16: 0.8x (1.1)
Slide 15: ROOC turning upwards
15 ROOC turning upwards Improved EBITA in combination with lower average Operating Capital Average Operating Capital (SEKm), and ROOC (%) Target ROOC (%) Operating Capital, average latest four quarters (SEKm) ROOC defined as: EBITA, rolling 12 months (LTM), as a percentage of average operating capit
Slide 16: Improved order intake and backlog
Improved order intake and backlog Organic order intake growth of 13 percent, reported as well as organic, due to increased Project orders Order backlog, SEKm, 2023 - 2025 Order intake in Q1 2025 compared to last year Total Organic 2,660 Group + 13% +13% 2,236 - whereof Consumer + 3% +2% - whereof Pr
Slide 17: Business Areas Q1 2025
2 Business Areas Q1 2025
Slide 18: Q1 Scandinavia
18 Q1 Scandinavia 6 000 Sales SEKm and Op EBITA %, LTM 16% A strong start to the year 5 000 14% 12% 4 000 10% 3 000 8% 6% ▪ Sales +14%, to SEK 927 million (816) 2 000 4% 1 000 ▪ Order intake +16% 2% 0 0% ▪ Order backlog per end of quarter +13% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2023 2024 2024
Slide 19: Q1 Eastern Europe
19 Q1 Eastern Europe 3 000 Sales SEKm and Op EBITA %, LTM 14% Increased activity in parts of the market 2 500 12% 10% 2 000 8% 1 500 6% ▪ Sales +18%, to SEK 379 million (321) 1 000 4% 500 ▪ Order intake +17% 2% 0 0% ▪ Order backlog per end of quarter +14% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 20
Slide 20: Q1 e-Commerce
20 Q1 e-Commerce 1 150 Sales SEKm and Op EBITA %, LTM 9% Weaker e-trade market at the start of the year 8% 1 100 7% 6% 1 050 5% 4% 1 000 ▪ The positive market trend from 2024 reversed 3% 950 2% ▪ Reduced activity in e-trade overall reflected in 1% Business Area’s performance 900 0% Q1 Q2 Q3 Q4 Q1 Q2
Slide 21: Q1 Western Europe
21 Q1 Western Europe 2 000 Sales SEKm and Op EBITA %, LTM 14% Inwido gains market share 12% 1 600 10% 1 200 8% 800 6% ▪ Sales +3% to SEK 438 million 4% 400 2% ▪ Despite a difficult market situation, especially in 0 0% England, all business units reported increased sales Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20
Slide 22: Summary and outlook
3 Summary and outlook
Slide 23: A good start to the year: Summary and outlook
23 A good start to the year Summary and outlook ▪ Organic sales growth +10% ▪ Order intake increased for the fourth consecutive quarter, +13% ▪ Order backlog +19% ▪ Higher profit and margins ▪ Strong cash flow, net debt further reduced ▪ Progress made on strategically important priorities ▪ Inwido f
Slide 24: Upcoming events
Upcoming events May 15 Annual General Meeting July 14 Q2 report 2025 October 21 Q3 report 2025 Join our journey on LinkedIn