Third quarter highlights
- Revenue increased by 2.1 per cent to MSEK 2,189 (2,143). Organic growth was -2.7 per cent.
- Gross margin increased to 41.4 per cent (40.5).
- Adjusted EBITA increased to MSEK 158 (137), corresponding to an adjusted EBITA margin of 7.2 per cent (6.4).
- Operating profit increased to MSEK 134 (115) and the operating margin increased to 6.1 per cent (5.4).
Operating profit was charged with items affecting comparability of MSEK -5 (-6). - Profit amounted to MSEK 83 (60).
- Earnings per share amounted to SEK 1.64¹ SEK (1.20¹).
- Cash flow from operating activities amounted to MSEK 148 (116).
First nine months highlights
- Revenue increased by 2.2 per cent to MSEK 6,891 (6,744). Organic growth was -3.3 per cent.
- Gross margin increased to 40.8 per cent (40.6).
- Adjusted EBITA amounted to MSEK 376 (387), corresponding to an adjusted EBITA margin of 5.5 per cent (5.7).
- Operating profit amounted to MSEK 269 (327) and the operating margin was 3.9 per cent (4.8).
Operating profit was charged with items affecting comparability of MSEK -52 (-14). - Profit amounted to MSEK 146 (170).
- Earnings per share amounted to SEK 2.85¹ (3.36¹).
- Cash flow from operating activities amounted to MSEK 260 (514).
1) Before and after dilution.
Significant events during the third quarter
- 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 1 August, Alligo acquired 100 per cent of the shares in Broderiet i Kungsbacka Aktiebolag. The company focuses on product media, generates annual revenue of approximately MSEK 14 and has five employees.
Events after the end of the period
- Clein Ullenvik informed the Board of Directors that he is leaving his position as Group President and CEO in 2026, but will remain in the role until a successor is in place. Recruitment of a successor will be initiated.
Comments from the CEO
“After six quarters of weakened profits as a consequence of the market downturn, bucking the trend with a positive earnings performance during the third quarter is a very welcome development.”
“We consider the improved profitability to be evidence that we are making the right investments and implementing the right measures and that they are delivering results.”
“Reducing our inventories is still a priority but this needs to be balanced against demand for our own brands and must not impact on our opportunities for profitable growth.”
“Hopefully, we are now reaching the end of a protracted recession, and after 12 years with the Group it feels like the right time to hand on the role of CEO over the coming year.”
Presentation of the interim report for the third quarter 2025
Alligo publishes its interim report for the third quarter on Friday, 24 October 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: Friday, 24 October 2025 at 11:00 a.m. CEST
Web link: https://www.alligo.com/en/report/q3-2025/
Telephone conference: https://register-conf.media-server.com/register/BI506406827a024f058d87735b97dd3862
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 JUL–SEP |
2024 JUL–SEP |
2025 JAN-SEP |
2024 JAN–SEP |
30/09/2025 12 months to |
2024 JAN-DEC |
| Revenue, MSEK | 2,189 | 2,143 | 6,891 | 6,744 | 9,480 | 9,333 |
| Gross profit, MSEK | 906 | 868 | 2,810 | 2,739 | 3,873 | 3,802 |
| Gross margin, % | 41.4 | 40.5 | 40.8 | 40.6 | 40.9 | 40.7 |
| Operating profit, MSEK | 134 | 115 | 269 | 327 | 447 | 505 |
| Operating margin, % | 6.1 | 5.4 | 3.9 | 4.8 | 4.7 | 5.4 |
| Adjusted EBITA, MSEK | 158 | 137 | 376 | 387 | 590 | 601 |
| Adjusted EBITA margin, % | 7.2 | 6.4 | 5.5 | 5.7 | 6.2 | 6.4 |
| Return on equity, % | 7 | 8 | ||||
| Equity per share2, SEK | 73.48 | 71.63 | 73.48 | 71.63 | 73.48 | 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
After six quarters of weakened profits as a consequence of the market downturn, bucking the trend with a positive earnings performance during the third quarter is a very welcome development.
After six quarters of weakened profits as a consequence of the market downturn, bucking the trend with a positive earnings performance during the third quarter is a very welcome development. It is clear that our cost measures and focus on gross margin have had the desired effect.
Improved gross margin and positive earnings performance
Consolidated revenue amounted to MSEK 2,189 (2,143) in the third quarter, an increase of 2.1 per cent. Organic growth was -2.7 per cent.
The market situation is largely unchanged compared with the previous quarter. We are seeing improvements in certain areas but the general cautiousness among customers remains.
Sales to Northvolt and unusually large orders from the defence sector in Sweden during the comparison quarter also had a negative impact, as was the case earlier in the year. The impact of this will be considerably lower in the future.
The negative organic growth was offset by growth through acquisitions totalling 6.3 per cent during the quarter.
Currency effects for the quarter amounted to -1.5 per cent. We began to see positive effects for our purchases, however, as a result of the lower dollar rate, which will be beneficial going forward if the dollar remains at its current level relative to the Swedish krona. The number of trading days was the same as in the comparison quarter.
Adjusted EBITA for the quarter increased by 15.3 percent to MSEK 158 (137) and the adjusted EBITA margin was 7.2 per cent (6.4).
Improved cash flow and continued capital efficiency work
Cash flow from operating activities increased to MSEK 148 (116) during the quarter. We have continued to work to reduce our inventories and tied-up capital. The measures have had positive effects, although these have been offset by new investments and increased sales of own brands. Reducing our inventories is still a priority but this needs to be balanced against demand for our own brands and must not impact on our opportunities for profitable growth. The economy and the uncertain market situation have made this more difficult, as purchases are generally made long in advance with a lead time of up to one year, depending on the product.
Increased competitiveness and effective offering
In this challenging market situation, we have continued to focus on strengthening our competitiveness and we have maintained our market position. We are implementing aggressive sales initiatives and continuously working to develop and improve both our own brands and the overall offering. Alligo has a particularly competitive offering within workwear and personal protective equipment, where our own brands of Björnkläder, Univern, Gesto and 1832 are well positioned in the premium, mid-range and budget segments.
Focus on growth
We are implementing aggressive sales initiatives and strengthening our marketing, including through campaigns and increased automation of marketing.
Acquisitions have helped us to grow overall, however, and we can see that our acquisitions have continued to deliver after becoming part of Alligo. Acquisitions remain an important tool for growth and profitability, while we are also balancing this against the goal of significantly further reducing the debt ratio.
Hopefully, we are now reaching the end of a protracted recession, and after 12 years with the Group it feels like the right time to hand on the role of CEO over the coming year. The work of building Alligo is now largely complete, and I am proud of what we have accomplished together. We have an efficient structure and a strong platform in place, with clear financial targets and a strategy to achieve them.
We consider the improved profitability to be evidence that we are making the right investments and implementing the right measures and that they are delivering results. Alligo is a strong company that is highly competitive on the market. With the current trend, we also hope to be able to turn organic growth in a positive direction before long.