Interim Report
Second Quarter of 2025
Plejd AB (publ)
Interim Report
Second Quarter of 2025
Second Quarter │ April-June 2025
Net sales amounted to TSEK 210,703 (146,194), which is an increase of 44.1 % compared to the same period last year.
The gross margin amounted to 52.0% (53.4).
Operating profit before depreciation (EBITDA) amounted to TSEK 68,570 (41,712), which corresponds to an operating margin before depreciation of 32.5 % (28.5).
Operating profit (EBIT) amounted to TSEK 47,384 (24,906), which corresponds to an
operating margin of 22.5 % (17.0).
Earnings per share before dilution amounted to SEK 3.32 (1.69).
Financial overview
Amounts in TSEK
Net sales
Gross margin, %
Operating profit before depreciation (EBITDA)
Operating profit (EBIT) Operating margin, % Profit after tax
Earnings per share before and after dilution, SEK
Equity/assets ratio, % Cash and cash equivalents
(Comparative figures in parentheses refer to the corresponding period in the previous year.)
Half-year│ Jan-June 2025
Net sales amounted to TSEK 431,086 (305,195), which is an increase of 41.2 % compared to the same period last year.
The gross margin amounted to 51.8 % (52.6).
Operating profit before depreciation (EBITDA) amounted to TSEK 145,709 (87,435), which corresponds to an operating margin before depreciation of 33.8 % (28.6).
Operating profit (EBIT) amounted to TSEK 104,484 (54,430), which corresponds to an operating margin of 24.2 % (17.8).
Earnings per share before dilution amounted to SEK 7.35 (3.72).
(Comparative figures in parentheses refer to the corresponding period in the previous year.)
Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
210,703 | 220,383 | 203,991 | 153,148 | 146,194 | 159,001 | 161,868 | 119,895 |
52.0 | 51.6 | 55.1 | 53.5 | 53.4 | 51.9 | 51.9 | 52.8 |
68,570 | 77,140 | 71,155 | 44,038 | 41,712 | 45,722 | 44,520 | 20,821 |
47,384 | 57,100 | 54,039 | 26,048 | 24,906 | 29,524 | 29,325 | 6,149 |
22.5 | 25.9 | 26.5 | 17.0 | 17.0 | 18.6 | 18.1 | 5.1 |
37,117 | 44,991 | 42,749 | 20,319 | 18,919 | 22,677 | 22,498 | 4,380 |
3.32/3.30 | 4.02/4.02 | 3.82/3.82 | 1.82/1.82 | 1.69/1.69 | 2.03/2.03 | 2.01/2.01 | 0.39/0.39 |
74.2 | 74.0 | 74.0 | 73.0 | 74.2 | 74.2 | 71.3 | 68.3 |
78,464 | 62,290 | 43,825 | 21,762 | 31,485 | 20,366 | 21,365 | 10,669 |
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | |
% | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2023 | 2023 |
Global | 46.7 | 44.1 | 36.0 | 33.6 | 33.8 | 22.4 | 19.8 | 18.2 |
Sweden | 31.6 | 29.8 | 29.7 | 22.3 | 21.4 | 11.3 | 5.3 | 2.5 |
Norway | 67.0 | 64.1 | 39.0 | 46.5 | 54.6 | 41.4 | 55.2 | 59.3 |
Finland | 39.3 | 37.5 | 42.6 | 36.1 | 48.4 | 25.9 | 33.1 | 31.1 |
The Netherlands | 103.0 | 86.4 | 89.1 | 90.0 | 95.6 | 128.5 | 146.7 | 123.7 |
Net sales
TSEK
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Net sales per quarter
Rolling 12-month net sales
The graph presents the net sales per quarter in bars, according to the axis on the left. The line represents the net sales for the last 12-month period, according to the axis on the right.
Operating profit/EBIT
TSEK
60,000
TSEK
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2023 2023 2024 2024 2024 2024 2025 2025
EBIT per quarter
Rolling 12-month EBIT
The graph presents operating income EBIT per quarter in bars, according to the axis on the left. The line presents the operating income for the last 12-month period, according to the axis on the right.
Value growth in installations
The figures show the value growth in installations compared to the same quarter of the previous year, which is the best measure of the company's underlying organic growth, as it excludes variations in inventory held by wholesalers and electricians. An installation is defined as an installed unit multiplied by the price.
Comments from the CEO
We see a continued strong growth in revenue during the second quarter, in line with the positive development we saw during the first quarter of the year. The growth during the quarter is supported by high installation figures, which reflects both a strong increase of the underlying demand and our successful product launches, such as for example the thermostat TRM-01. This is noticeable especially clearly in Norway, where we see a strong increase both in revenue and installations.
During the quarter we also launched our dimmable smart plug SPD-01 and later this autumn we will start the production of the optimized versions of our popular downlights DWN-01 and DWN-02. As downlights represent a significant part of our revenue, and the new design entails significant savings in production, this is expected to have a positive impact on the gross margin.
The cost level during the quarter has been somewhat higher, which mainly is explained by our participation at the large industry fair Elfack as well as increased costs connected to the scaling up of our own production to meet the strong demand.
The business develops according to plan, with strong organic growth and improved profitability. I would like to extend a big thank you to the team for a very well executed job.
Babak Esfahani
CEO
Market development
The global market for smart products has during the past years undergone significant growth, and forecasts indicate that this trend will continue for several years ahead. The market growth is affected by a combination of factors, where connected technology plays a central role.
Other driving factors are cost savings and installation flexibility through the use of wireless technology instead of traditional cable pulling.
With simple scheduling and presence control, energy savings are achieved, which is not only cost-effective but also beneficial for the environment. The increasing use of mobile technology reinforces the trend further, as smartphones enable simple and efficient configuration and control of smart systems. At the same time, the acceptance is increasing for the use of mobile applications for this purpose.
About the company
Plejd is a leading Nordic supplier of smart lighting and other smart products. By focusing on the user experience, Plejd makes smart solutions easy and available to everyone.
Plejd, which is an actor within the professional market for connected smart products, focuses on fixed installations that are performed by authorized electricians in both private and commercial environments. The products are sold via electrical wholesalers to electricians, who then install them at end customers. Even though the products create value for all parties, Plejd's focus is clearly on the electrician. Plejd develops all products and services in-house, which provides full control from idea to finished product and ensures highest quality and best user experience.