Key figures
| Group | 2025 OCT–DEC |
2024 OCT–DEC |
2025 JAN–DEC |
2024 JAN–DEC |
| Revenue, MSEK | 2,660 | 2,589 | 9,551 | 9,333 |
| Gross profit, MSEK | 1,113 | 1,063 | 3,923 | 3,802 |
| Gross margin, % | 41.8 | 41.1 | 41.1 | 40.7 |
| Operating profit, MSEK | 202 | 178 | 471 | 505 |
| Operating margin, % | 7.6 | 6.9 | 4.9 | 5.4 |
| Adjusted EBITA, MSEK | 239 | 214 | 615 | 601 |
| Adjusted EBITA margin, % | 9.0 | 8.3 | 6.4 | 6.4 |
| Return on equity, % | 7 | 8 | ||
| Equity per share², SEK | 74.89 | 74.28 | 74.89 | 74.28 |
| Equity/assets ratio, % | 39 | 38 | 39 | 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
Stabilised demand on the market enabled organic growth during the quarter.
It is incredibly pleasing to have followed up the trend-breaking positive earnings performance during the third quarter by achieving organic growth during the fourth quarter. Organic growth remains low but, boosted by acquisitions, Alligo has successfully continued to grow in a challenging market environment.
The acquisition of Respond Profilering & Firmagaver AS established our product media business in Norway, where we now have a platform for continued expansion. This is an important step for a profitable product area with good potential for development.
Organic growth and further profit improvement in the quarter
Revenue for the fourth quarter was MSEK 2,660 (2,589), an increase of 2.7 per cent. The number of trading days was the same as in the comparison quarter but currency translation effects had a negative impact on revenue of -2.0 per cent.
Organic growth for the quarter was 0.5 per cent (-3.0) and growth through acquisitions was 4.2 per cent (6.8). Stabilised demand on the market enabled organic growth during the quarter. In Sweden, growth was driven by project orders for the defence industry, while the recovery from a weak 2024 continued in Finland. In Norway, reduced market activity was observed, primarily driven by the oil and gas sector.
Adjusted EBITA for the quarter increased to MSEK 239 (214) and the adjusted EBITA margin increased to 9.0 per cent (8.3). The improvement in profit is driven by increased volume, cost adjustments and a higher gross margin, alongside the acquisitions made. A small proportion of the improvement in gross margin is down to the lower dollar exchange rate, which made purchases from Asia cheaper. Due to the lead times for purchases of own products, this will have increasingly greater impact during 2026.
Renewed effort in Finland
The Tools business in Finland has a history of weak profitability. To reverse this trend, we need to increase sales and improve the customer mix, as the customer base is mainly focused on large industrial companies where the profitability of our sales is often lower.
The ongoing efficiency project that was launched at the beginning of 2025 has so far not achieved the desired effect and stronger leadership is required in order to ensure its implementation. For this reason, we have now appointed a new country manager in Finland. The project’s activities have not changed – a review of the store network, driving traffic to stores and improving profitability from sales to large industrial customers. We are also carrying out a structural review, in view of the fact that two larger customer relationships are set to end.
Strong position and financial stability
The organic growth for the quarter breaks a long trend of negative organic growth. This is partially the effect of weaker comparative figures in Sweden, but we have also continued to invest the entire time, both internally and through acquisitions. These investments are now clearly having results as the slowdown is drawing to an end and demand is stabilising.
Organic growth for the full year 2025 was -2.2 per cent. The work we have done and the foundation we have now laid means, however, that Alligo is well-equipped to grow organically in the future, provided that the economy continues to stabilise.
The adjusted EBITA margin was on a par with the previous year and amounted to 6.4 per cent (6.4) for the full year. The weaker demand on the market was balanced by cost adjustments and a focused effort to strengthen gross margin.
The strong cash flow and positive profit trend during the fourth quarter reduced the ratio of net operational liabilities to adjusted EBITDA from 3.1 to 2.5 at the end of the year. A continued positive profit trend and improved capital efficiency will reduce the debt ratio even further. Together with the refinancing of the business that was recently completed in February, this gives us an even stronger financial position and good room for manoeuvre going forward.
We are seeing some early signs of an upturn in the economy and if demand remains stable, Alligo will have good opportunities for organic growth and a positive profit trend that will enable us to move towards and ultimately achieve our financial targets.