Second quarter highlights
- Revenue increased by 1.6 per cent to MSEK 2,470 (2,432). Organic growth was -4.3 per cent.
- Gross margin was 40.1 per cent (40.3).
- Adjusted EBITA decreased to MSEK 144 (166), corresponding to an adjusted EBITA margin of 5.8 per cent (6.8).
- Operating profit decreased to MSEK 98 (147) and the operating margin was 4.0 per cent (6.0). Operating profit was charged with items affecting comparability of MSEK -28 (-4).
- Profit amounted to MSEK 46 (87).
- Earnings per share amounted to SEK 0.88¹ SEK (1.70¹).
- Cash flow from operating activities amounted to MSEK 150 (270).
First six months highlights
- Revenue increased by 2.2 per cent to MSEK 4,702 (4,601). Organic growth was -3.5 per cent.
- Gross margin was 40.5 per cent (40.7).
- Adjusted EBITA decreased to MSEK 218 (250), corresponding to an adjusted EBITA margin of 4.6 per cent (5.4).
- Operating profit decreased to MSEK 135 (212) and the operating margin was 2.9 per cent (4.6). Operating profit was charged with items affecting comparability of MSEK -47 (-8).
- Profit amounted to MSEK 63 (110).
- Earnings per share amounted to SEK 1.22¹ (2.16¹).
- Cash flow from operating activities amounted to MSEK 112 (398).
1) Before and after dilution.
Significant events during the second quarter
- The Annual General Meeting on 21 May approved a dividend of SEK 2.00 per share (3.50).
- The Annual General Meeting on 21 May voted for the re-election of the Board members Göran Näsholm, Stefan Hedelius, Cecilia Marlow, Johan Sjö, Christina Åqvist and Johan Lilliehöök. Alexandra Fürst was elected as a new Board member. Göran Näsholm was re-elected Chair of the Board of Directors.
- The Science Based Targets initiative (SBTi) validated Alligo’s science-based targets for reducing greenhouse gas emissions, as well as the target for net zero emissions by 2050.
Events after the end of the period
- On 1 July, Alligo acquired 100 per cent of the shares in Galaxi Företagsreklam Aktiebolag. The company focuses on product media, generates annual revenue of approximately MSEK 13 and has three employees.
- On 14 July, Alligo signed an agreement to acquire 100 per cent of the shares in Broderiet i Kungsbacka AB. The company focuses on product media, generates annual revenue of approximately MSEK 14 and has five employees. The acquisition is expected to be completed in August 2025.
Comments from the CEO
“We have a strong offering of own brands and external brands, along with services, a store network and delivery capability that means we have every opportunity to become unbeatable.”
“The market overtones are more positive now than they have been during the past two years, but our customers continue to adopt a cautious approach.”
“Alligo has maintained a strong position on the market and is rising to the challenges with cost adjustments and continued investments in sales.”
“During the quarter, we reached a key milestone in our sustainability work when our science-based targets for reducing emissions were validated by the Science Based Targets initiative (SBTi).”
Presentation of the interim report for the second quarter 2025
Alligo publishes its interim report for the second quarter on Thursday, 17 July 2025, at 08:00 a.m. CEST. In conjunction with this, Alligo is pleased to issue this invitation to a webcast conference call in which Group President & CEO Clein Johansson Ullenvik and CFO Irene Wisenborn Bellander will present the report and answer any subsequent questions. The presentation will be held in English.
Date and time: Thursday, 17 July 2025 at 11:00 a.m. CEST
Web link: https://www.alligo.com/en/report/q2-2025/
Telephone conference: https://register-conf.media-server.com/register/BI3902cabade934c88a5a9e47e698d7e23
To participate in the conference call, you need to register via the link above before the conference starts. When you register, you will receive a phone number and a personal code.
Key figures
| Group | 2025 APR–JUN |
2024 APR–JUN |
2025 JAN–JUN |
2024 JAN–JUN |
30/06/2025 12 months to |
2024 JAN–DEC |
| Revenue, MSEK | 2,470 | 2,432 | 4,702 | 4,601 | 9,434 | 9,333 |
| Gross profit, MSEK | 991 | 979 | 1,904 | 1,871 | 3,835 | 3,802 |
| Gross margin, % | 40.1 | 40.3 | 40.5 | 40.7 | 40.7 | 40.7 |
| Operating profit, MSEK | 98 | 147 | 135 | 212 | 428 | 505 |
| Operating margin, % | 4.0 | 6.0 | 2.9 | 4.6 | 4.5 | 5.4 |
| Adjusted EBITA, MSEK | 144 | 166 | 218 | 250 | 569 | 601 |
| Adjusted EBITA margin, % | 5.8 | 6.8 | 4.6 | 5.4 | 6.0 | 6.4 |
| Return on equity, % | 6 | 8 | ||||
| Equity per share2, SEK | 72.05 | 71.16 | 72.05 | 71.16 | 72.05 | 74.28 |
| Equity/assets ratio, % | 38 | 39 | 38 | 39 | 38 | 38 |
| 1) Before and after dilution. | ||||||
| 2) Refers to equity attributable to the Parent Company’s shareholders. | ||||||
Message from the CEO
Clein Johansson Ullenvik, Group President and CEO
We have a strong offering of own brands and external brands, along with services, a store network and delivery capability that means we have every opportunity to become unbeatable.
T he second quarter followed the trend of the first. The economy remained weak and the market situation was challenging but stable in all countries. Alligo has maintained a strong position on the market and is rising to the challenges with cost adjustments and continued investments in sales.
Integration phase completed
The merger of Swedol and Tools is complete. We have combined two very different corporate groups of roughly equal size and established a fundamentally new one. There is no doubt that we have formed Alligo during the most turbulent times the world has seen for a very long time, including on the stock markets.
The first thing we did was to establish our overall strategy, our mission of “We make businesses work” and our vision of “We are unbeatable”. This sent clear signals within the organisation about what we want to be and it has continued to guide our work.
Since then, we have constructed a Nordic platform with shared logistics, IT and ERP systems, legal structure, pricing system and range. Through this platform, we run the company in a way that is both efficient and provides scalability and a basis for future profitable growth.
The final major building block was laid in Norway with the implementation of a new ERP system in February this year. Since the merger in 2020 and the formation of Alligo in 2021, we have invested in a new store concept, new own products and brands and service offerings, such as ReCare and Smart Service.
At the heart of Alligo’s business model is the integrated business. However, in order to also enable the acquisition of companies that complement and strengthen Alligo within strategically important product and technology areas, we have supplemented the integrated model with a structure that means not all acquisitions have to be fully integrated. Adapting the integration model has provided further structure for growth, both organically and through more acquisitions.
Alligo’s sales and earnings for the second quarter
Consolidated revenue amounted to MSEK 2,470 (2,432) in the second quarter, an increase of almost 1.6 per cent. In Sweden, we are seeing a stabilisation of in-store sales, although organic growth was negative during the quarter as a result of lower sales volumes to Northvolt and an unusually large order from the defence sector during the comparison quarter. Overall, organic growth was -4.3 per cent. The negative organic growth was offset by growth through acquisitions totalling 7.8 per cent during the quarter.
We still have a strong market position and it is the weak economy that has had the greatest impact on sales. The market overtones are more positive now than they have been during the past two years, but our customers continue to adopt a cautious approach. There was one less trading day in the quarter.
Adjusted EBITA for the quarter amounted to MSEK 144 (166) and the adjusted EBITA margin was 5.8 per cent (6.8). The weaker earnings are primarily the result of lower sales volumes in Sweden and Norway.
As the economy entered recession, we made an early decision to maintain healthy gross margins as far as possible and not to maximise sales volumes at the cost of weak margins. We have done this because we are convinced that the margins that are established when times are bad are difficult to increase again once the market picks up.
Climate targets validated by the Science Based Targets initiative
During the quarter, we reached a key milestone in our sustainability work when our science-based targets for reducing emissions were validated by the Science Based Targets initiative (SBTi).
Reducing our greenhouse gas emissions is a strategically important issue that strengthens Alligo’s position as one of the leaders in sustainability in the industry. We are proud to take this step and we look forward to working to further develop Alligo in order to achieve these targets.
Scalable platform for profitable growth
Over the past five years, we have built an organisation with efficient and coordinated key functions at Nordic level. This structure provides a scalable platform and a stable foundation for profitable growth. All the key pieces are in place – we have future-proofed Alligo.
There are still areas for improvement that we need to work on. Tools in Finland has developed weakly and a review of the operations is underway. Another example is our common pricing system, which became a bit more complicated for the small and medium-sized customers of what was formerly Swedol, something that we are in the process of adjusting.
I am proud of the work that we have done together to build a strong Alligo. We have streamlined the business and maintained our margins. Sales management is continuously being improved and we are winning new customers and contracts. Once sales volumes begin to increase again, we will be able to benefit from all the long-term work we have done and achieve our financial targets. We have a strong offering of own brands and external brands, along with services, a store network and delivery capability that means we have every opportunity to become unbeatable.