Indutrade AB (publ) (INDT) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.198 14.8% last year, but still a high level and a clear step 00:00:05.198 -- 00:00:08.222 up sequentially from 13.7% in Q2. 00:00:08.222 -- 00:00:10.222 We 00:00:10.385 -- 00:00:15.068 had a record high Q3 gross margin of 35.5%. 00:00:16.052 -- 00:00:21.119 Margin accretive acquisitions and divestments supported as well, but the 00:00:21.119 -- 00:00:26.526 EBITDA margin was dampened by the lower organic sales and somewhat higher 00:00:26.526 -- 00:00:29.287 organic expenses. 00:00:30.794 -- 00:00:34.019 In terms of the organic expenses, 00:00:34.019 -- 00:00:37.083 around a percentage point 00:00:37.083 -- 00:00:39.367 year over year increase 00:00:39.367 -- 00:00:42.088 in absolute numbers. 00:00:42.391 -- 00:00:46.337 I would say that the expense situation overall is in control. 00:00:46.337 -- 00:00:51.104 There is still a cluster of companies which can improve somewhat. 00:00:51.104 -- 00:00:56.452 However, a majority of the companies are growing and it's 00:00:56.452 -- 00:01:01.938 likely to see some expense increase linked to this. 00:01:04.983 -- 00:01:10.269 Looking at the net sales per business area, as mentioned, the same number of working 00:01:10.269 -- 00:01:15.335 days in the quarter, but the slightly lower order book coming into the quarter and 00:01:15.335 -- 00:01:20.381 strong references resulted in a slightly negative organic sales development for 00:01:20.381 -- 00:01:23.165 the group as a whole. 00:01:23.165 -- 00:01:28.591 Organic sales was up 3% in business area, process, energy and water. 00:01:28.591 -- 00:01:32.658 For instance, many of the Swedish companies had a good development 00:01:32.658 -- 00:01:38.001 and the development within the finished process industry also improved. 00:01:38.003 -- 00:01:42.948...