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Vestum’s Interim Report January – June 2022: Strong demand and solid profitability

Highlights of the period April – June 2022

  • Net sales amounted to SEK 1,838 (36) million
  • Adjusted EBITA amounted to SEK 202 (6) million, corresponding to an adjusted EBITA margin of 11.0% (16.7%)
  • EBITA amounted to SEK 192 (1) million, corresponding to an EBITA margin of 10.5% (3.3%)
  • EBITA per share before and after dilution amounted to SEK 0.53 (0.03)
  • Operating profit (EBIT) amounted to SEK 114 (0) million
  • Cash flow from operating activities amounted to SEK 71 (1) million
  • Operating cash flow amounted to SEK 122 (7) million, corresponding to a cash conversion of 48% (243%)
  • Vestum has completed ten acquisitions during the second quarter

Summarising comments by CEO Conny Ryk
The second quarter of the year delivered solid growth and stable profitability. Net sales for the quarter amounted to SEK 1,838 million and adjusted EBITA amounted to SEK 202 million, corresponding to an adjusted EBITA margin of 11.0%. Organic growth for all completed acquisitions up to and including the second quarter 2022 was 15.0% on an annual basis compared to the same period in the previous year. The previously announced process of moving our listing to Nasdaq Stockholm is proceeding according to plan and the formal auditing process has been initiated.

Strong demand and stable profitability in combination with positive cash flow led to a decrease in net debt in relation to pro forma EBITDA compared to the previous quarter, despite the fact that Vestum completed ten acquisitions during the second quarter. Net debt at the end of the quarter amounted to 2.8x pro forma EBITDA, which is within the range of our financial target of 2.5-3.5x. Operating cash flow amounted to SEK 122 million, corresponding to a cash conversion of 48%. We see continued potential in freeing up capital, which is an ongoing process within the Group.

Our acquisition activity has been intense during the quarter with ten completed acquisitions, of which seven were in Sweden and three in Norway. The acquisitions will strengthen and advance Vestum’s position within our segments by adding know-how, an expanded customer base, geographic expansion and a stronger offering. A good example of this is the company Østcom, a Norwegian market leader within perimeter security which we acquired in April. Østcom is an excellent complement to our Swedish company Skandinaviska Områdesskydd, which operates within the same industry but in a different geographical market. Two of the acquisitions completed during the period were add-on acquisitions, which is an important part of Vestum’s value creation strategy.

We see solid demand for our products and services. There are major investment needs in the infrastructure industry, while commercial properties have a significant need to maintain a high pace when it comes to improving energy efficiency and making adjustments to meet stricter environmental and accessibility requirements. It is clear that new construction is negatively impacted by the current market situation, but this is only a small part of Vestum’s operations. Challenges remain at the supply chain level, but our decentralised business model in combination with having experienced and skilled co-workers allow us to maintain high customer satisfaction and solid profitability. It is in these times that we get to prove that our portfolio of companies and collective competence make a difference and that we, therefore, can deliver solid profitability over an economic cycle.

We look back on a quarter where we have delivered high organic growth, stable profitability, positive cash flow and several successful acquisitions, in addition to a decreased net debt in relation to pro forma EBITDA. By using the collective expertise of our more than 2,000 employees and our experienced business leaders, we shall actively drive the transformation of our industry while continuing to deliver organic growth and profitability.

For additional information, please contact:

Conny Ryk, CEO of Vestum AB (publ)
Phone: +46 70 775 53 10

Olle Nykvist, Head of Communications and IR, Vestum AB (publ)
Tel: +46 72 177 61 54

About Vestum

Vestum is an industrial group that provides niche services and products to societal important infrastructure. Our portfolio of leading specialists has extensive industry experience, broad competence and strong local presence. Vestum has over 2,000 employees in the Nordics, Germany and the UK.

For additional information, please visit:

Vestum's share is traded under the short name VESTUM on Nasdaq First North Growth Market and the company's Certified Adviser is G&W Fondkommission: phone: +46 (0)8 503 000 50, e-mail:

This information is information that Vestum AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-08-26 07:00 CEST.


Interim Report Q2 2022

Författare MFN