Investing.com — shares rose over 2% on Thursday after the Swedish ventilation maker posted cash flow that more than doubled year-on-year, offsetting an 18% miss on adjusted operating profit as a strengthening krona erased organic gains.
Cash flow from operating activities surged to 418.7 million Swedish crowns from 206.3 million crowns a year earlier, driven by a 177.5 million crown working capital release on lower trade receivables. Net debt fell to 849 million crowns from 981.5 million crowns, with the debt-to-equity ratio improving to 0.52 from 0.62.
Adjusted EBIT fell 6.5% to 199 million crowns for the November-January quarter, missing the 243 million crown consensus, while reported net sales dropped 5.9% to 2.86 billion crowns.
Organic growth was 1%, with an 8.7 percentage point currency drag accounting for the gap. A 24.9 million crown Norwegian property disposal inflated reported operating profit to 224.2 million crowns. Adjusted operating margin held flat at 7%.
“We are receiving positive signals in many markets,” Chief Executive Robert Larsson said, while acknowledging “uncertainty around several geopolitical factors.”
Regional performance diverged sharply. Eastern Europe and CIS led with 27.4% organic growth, driven by Azerbaijan, Poland and Slovenia. Western Europe advanced 5.8% organically, with the UK, Spain and France posting gains. The Nordic region fell 10.5% organically on weak Norwegian and Danish demand.
North America dropped 8.7% organically as US school ventilation entered seasonal low season. Systemair disclosed it had already moved some Canadian manufacturing to the United States to mitigate tariff exposure, with further shifts possible. Canadian headcount was cut by 13 during the period.
The Middle East, Asia, Australia and Africa segment fell 6.5% organically, with Turkey remaining a persistent drag while India continued to grow.
Gross margin improved to 36.3% from 35.3% on better capacity utilisation and product mix.
For the nine months to January, organic growth was 5%, fully offset by a 6.9% currency drag, leaving reported sales down 0.8% at 9.23 billion crowns. Indian acquisition NADI Airtechnics, completed August 2025 for 217.1 million crowns, contributed 84.2 million crowns in revenue since consolidation.