Interim Report
Third Quarter of 2025
Plejd AB (publ)
Third Quarter of 2025
Third Quarter │ July-Sep 2025Net sales amounted to TSEK 215,349 (153,148), which is an increase of 40.6 % compared to the same period last year.
The gross margin amounted to 52.6% (53.5).
Operating profit before depreciation (EBITDA) amounted to TSEK 68,005 (44,038) which corresponds to an operating margin before depreciation of 31.6 % (28.8).
Operating profit (EBIT) amounted to
TSEK 45,075 (26,048), which corresponds to an operating margin of 20.9 % (17.0).
Earnings per share before dilution amounted to SEK 3.15 (1.82).
Amounts in TSEK
For definitions of key figures, see table on page 17.
(Comparative figures in parentheses refer to the corresponding period in the previous year.)
Jan-Sep 2025Net sales amounted to TSEK 646,435 (458,343), which is an increase of 41.0 % compared to the same period last year.
The gross margin amounted to 52.1 % (52.9).
Operating profit before depreciation (EBITDA) amounted to TSEK 213,714 (131,473), which corresponds to an operating margin before depreciation of
33.1 % (28.7).
Operating profit (EBIT) amounted to
TSEK 149,558 (80,480), which corresponds to an operating margin of 23.1 % (17.6).
Earnings per share before dilution amounted to SEK 10.50 (5.54).
(Comparative figures in parentheses refer to the corresponding period in the previous year.)
Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2023 |
Net sales | 215,349 | 210,703 | 220,383 | 203,991 | 153,148 | 146,194 | 159,001 | 161,868 |
Gross margin, % | 52.6 | 52.0 | 51.6 | 55.1 | 53.5 | 53.4 | 51.9 | 51.9 |
Operating profit before depreciation (EBITDA) | 68,005 | 68,570 | 77,140 | 71,155 | 44,038 | 41,712 | 45,722 | 44,520 |
Operating profit (EBIT) | 45,075 | 47,384 | 57,100 | 54,039 | 26,048 | 24,906 | 29,524 | 29,325 |
Operating margin, % | 20.9 | 22.5 | 25.9 | 26.5 | 17.0 | 17.0 | 18.6 | 18.1 |
Profit after tax | 35,244 | 37,117 | 44,991 | 42,749 | 20,319 | 18,919 | 22,677 | 22,498 |
Earnings per share before and after dilution, SEK | 3.15/3.13 | 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 |
Equity/assets ratio, % | 72.6 | 74.2 | 74.0 | 74.0 | 73.0 | 74.2 | 74.2 | 71.3 |
Cash and cash equivalents | 95,315 | 78,464 | 62,290 | 43,825 | 21,762 | 31,485 | 20,366 | 21,365 |
Value growth in installations | |||||||
Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
% 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2023 |
Global | 44.4 | 46.7 | 44.1 | 36.0 | 33.6 | 33.8 | 22.4 | 19.8 |
Sweden | 29.3 | 31.6 | 29.8 | 29.7 | 22.3 | 21.4 | 11.3 | 5.3 |
Norway | 64.6 | 67.0 | 64.1 | 39.0 | 46.5 | 54.6 | 41.4 | 55.2 |
Finland | 36.6 | 39.3 | 37.5 | 42.6 | 36.1 | 48.4 | 25.9 | 33.1 |
The Netherlands | 85.1 | 103.0 | 86.4 | 89.1 | 90.0 | 95.6 | 128.5 | 146.7 |
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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.
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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.
Rolling 12-month EBIT
EBIT per quarter
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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
The third quarter has continued in the same strong direction as the two previous ones. Growth in both installations and net sales are still very good. The underlying increase in demand, which started to grow almost a year ago, persists, and in combination with successful product launches - such as
TRM-01 - these factors have continued to drive development during the quarter.
The dimmable smart plug SPD-01, which was launched during the previous quarter, has now reached the customers. The product is not considered to be a direct growth driver, but plays an important role as a brand strengthener and entry-level product.
The cost-optimized versions of our down-lights have now entered production. As these involve large volumes and changes in inventory management, the effect on the gross margin
is expected to become visible further ahead. On the production side, several new initiatives have been initiated that are expected to contribute positively to the gross profit. These initiatives have a longer-term perspective, with noticeable effects first during the coming year.
Operations are developing according to plan, with strong organic growth and steadily improved profitability.
I would like to extend my sincere thanks to the entire team for a very well-executed effort during the quarter.
Babak Esfahani
CEO
Market developmentThe 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.
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.
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 develops all products and services in-house, which provides full control from idea to finished product and ensures highest quality and best user experience.