CONSOLIDATED INCOME STATEMENT, CONDENSED
| 3 months | 9 months | Rolling 12 months | ||||||||
| SEKm | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Mar 2025 | ||||
| Net sales | 5,556 | 5,481 | 16,845 | 16,046 | 22,595 | 21,796 | ||||
| Cost of sales | -3,693 | -3,740 | -11,307 | -10,912 | -15,199 | -14,804 | ||||
| Gross profit | 1,863 | 1,741 | 5,538 | 5,134 | 7,396 | 6,992 | ||||
| Selling expenses | -851 | -825 | -2,480 | -2,362 | -3,314 | -3,196 | ||||
| Administrative expenses | -298 | -277 | -866 | -795 | -1,161 | -1,090 | ||||
| Other operating income and expenses | 16 | 22 | 31 | 37 | 45 | 51 | ||||
| Operating profit | 730 | 661 | 2,223 | 2,014 | 2,966 | 2,757 | ||||
| - as % of net sales | 13.1 | 12.1 | 13.2 | 12.6 | 13.1 | 12.6 | ||||
| Financial income and expenses | -41 | -69 | -151 | -203 | -190 | -242 | ||||
| Profit after financial items | 689 | 592 | 2,072 | 1,811 | 2,776 | 2,515 | ||||
| - as % of net sales | 12.4 | 10.8 | 12.3 | 11.3 | 12.3 | 11.5 | ||||
| Income tax expense | -159 | -136 | -481 | -414 | -642 | -575 | ||||
| Profit for the period | 530 | 456 | 1,591 | 1,397 | 2,134 | 1,940 | ||||
| Profit for the period attributable to: | ||||||||||
| Equity holders of the Parent Company | 516 | 445 | 1,544 | 1,362 | 2,074 | 1,892 | ||||
| Non-controlling interests | 14 | 11 | 47 | 35 | 60 | 48 | ||||
| Earnings per share before dilution, SEK | 1.90 | 1.65 | 5.70 | 5.05 | 7.65 | 7.00 | ||||
| Earnings per share after dilution, SEK | 1.90 | 1.65 | 5.70 | 5.05 | 7.65 | 7.00 | ||||
| Average number of shares after repurchases, ’000s | 269,916 | 269,840 | 269,890 | 269,818 | 269,883 | 269,829 | ||||
| Number of shares at end of the period, ’000s | 269,957 | 269,852 | 269,957 | 269,852 | 269,957 | 269,862 | ||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, CONDENSED
| 3 months | 9 months | Rolling 12 months | ||||||
| SEKm | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Mar 2025 | ||
| Profit for the period | 530 | 456 | 1,591 | 1,397 | 2,134 | 1,940 | ||
| Items that may later be reversed in the income statement | ||||||||
|
The period’s translation differences when translating foreign operations | -202 | 141 | -147 | 8 | -631 | -476 | ||
| Items that may not be reversed in the income statement | ||||||||
| Revaluations of defined-benefit pension plans | - | 9 | - | -15 | -4 | -19 | ||
| Other comprehensive income | -202 | 150 | -147 | -7 | -635 | -495 | ||
| Comprehensive income for the period | 328 | 606 | 1,444 | 1,390 | 1,499 | 1,445 | ||
| Total comprehensive income attributable to: | ||||||||
| Equity holders of the Parent Company | 322 | 590 | 1,403 | 1,356 | 1,461 | 1,414 | ||
| Non-controlling interests | 6 | 16 | 41 | 34 | 38 | 31 | ||
CONSOLIDATED BALANCE SHEET, CONDENSED
| SEKm | 31 Dec 2025 | 31 Dec 2024 | 31 Mar 2025 |
| Assets | |||
| Non-current assets | |||
| Goodwill | 5,678 | 5,482 | 5,527 |
| Other intangible non-current assets | 2,988 | 3,187 | 3,182 |
| Property, plant and equipment | 1,456 | 1,502 | 1,447 |
| Other non-current assets | 65 | 73 | 79 |
| Total non-current assets | 10,187 | 10,244 | 10,235 |
| Current assets | |||
| Inventories | 3,300 | 3,498 | 3,260 |
| Current receivables | 3,653 | 3,816 | 3,850 |
| Cash and cash equivalents | 1,217 | 1,075 | 1,168 |
| Total current assets | 8,170 | 8,389 | 8,278 |
| Total assets | 18,357 | 18,633 | 18,513 |
| Equity and liabilities | |||
| Equity | |||
| Equity attributable to Parent Company shareholders | 7,115 | 6,612 | 6,627 |
| Non-controlling interests | 442 | 385 | 436 |
| Total equity | 7,557 | 6,997 | 7,063 |
| Liabilities | |||
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | 4,698 | 5,039 | 4,902 |
| Provisions for pensions | 262 | 261 | 262 |
| Deferred tax liabilities | 885 | 893 | 924 |
| Non-current non-interest-bearing liabilities | 30 | 23 | 37 |
| Total non-current liabilities | 5,875 | 6,216 | 6,125 |
| Current liabilities | |||
| Current interest-bearing liabilities | 1,216 | 1,378 | 1,284 |
| Current non-interest-bearing liabilities | 3,549 | 3,910 | 3,871 |
| Provisions | 160 | 132 | 170 |
| Total current liabilities | 4,925 | 5,420 | 5,325 |
| Total liabilities | 10,800 | 11,636 | 11,450 |
| Total equity and liabilities | 18,357 | 18,633 | 18,513 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, CONDENSED
| SEKm | 1 Apr - 31 Dec 2025 | 1 Apr - 31 Dec 2024 | 1 Apr 2024 - 31 Mar 2025 | ||||||
|
Parent Company shareholders |
Non- control- ling interests |
Total equity |
Parent Company shareholders |
Non- control- ling interests |
Total equity |
Parent Company shareholders |
Non- control- ling interests |
Total equity | |
| Opening balance | 6,627 | 436 | 7,063 | 5,974 | 504 | 6,478 | 5,974 | 504 | 6,478 |
| Exercised, issued and repurchased options | -17 | - | -17 | -23 | - | -23 | -34 | - | -34 |
| Dividend, ordinary | -864 | -34 | -898 | -755 | -32 | -787 | -755 | -33 | -788 |
| Change, non-controlling interests | -5 | -1 | -6 | 229 | -121 | 108 | 229 | -66 | 163 |
| Option debt, acquisition | -29 | - | -29 | -169 | - | -169 | -201 | - | -201 |
| Total comprehensive income | 1,403 | 41 | 1,444 | 1,356 | 34 | 1,390 | 1,414 | 31 | 1,445 |
| Closing balance | 7,115 | 442 | 7,557 | 6,612 | 385 | 6,997 | 6,627 | 436 | 7,063 |
CONSOLIDATED CASH FLOW STATEMENT, CONDENSED
| 3 months | 9 months | Rolling 12 months | ||||||
| SEKm | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Mar 2025 | ||
| Operating activities | ||||||||
| Profit after financial items | 689 | 592 | 2,072 | 1,811 | 2,776 | 2,515 | ||
| Adjustment for items not included in cash flow | 210 | 220 | 711 | 714 | 957 | 960 | ||
| Income tax paid | -227 | -218 | -557 | -466 | -793 | -702 | ||
|
Cash flow from operating activities before changes in working capital | 672 | 594 | 2,226 | 2,059 | 2,940 | 2,773 | ||
| Changes in working capital | 126 | 59 | -92 | -211 | 55 | -64 | ||
| Cash flow from operating activities | 798 | 653 | 2,134 | 1,848 | 2,995 | 2,709 | ||
| Investing activities | ||||||||
| Net investments in non-current assets | -52 | -43 | -124 | -149 | -171 | -196 | ||
| Acquisitions and disposals | -81 | -351 | -492 | -1,216 | -878 | -1,602 | ||
| Cash flow from investing activities | -133 | -394 | -616 | -1,365 | -1,049 | -1,798 | ||
| Financing activities | ||||||||
| Dividend paid to Parent Company shareholders | - | - | -864 | -755 | -864 | -755 | ||
| Repurchase of own shares/change of options | 49 | 39 | -17 | -23 | -28 | -34 | ||
| Other financing activities | -488 | -285 | -568 | 569 | -822 | 315 | ||
| Cash flow from financing activities | -439 | -246 | -1,449 | -209 | -1,714 | -474 | ||
| Cash flow for the period | 226 | 13 | 69 | 274 | 232 | 437 | ||
| Cash and cash equivalents at beginning of period | 1,015 | 1,032 | 1,168 | 798 | 1,075 | 798 | ||
| Exchange differences in cash and cash equivalents | -24 | 30 | -20 | 3 | -90 | -67 | ||
| Cash and cash equivalents at end of period | 1,217 | 1,075 | 1,217 | 1,075 | 1,217 | 1,168 | ||
FAIR VALUES ON FINANCIAL INSTRUMENTS
| 31 Dec 2025 | 31 Mar 2025 | |||||
| SEKm | Carrying amount | Level 2 | Level 3 | Carrying amount | Level 2 | Level 3 |
| Derivatives - fair value through profit | 5 | 5 | - | 10 | 10 | - |
| Total financial assets at fair value per level | 5 | 5 | - | 10 | 10 | - |
| Derivatives - fair value through profit | 8 | 8 | - | 14 | 14 | - |
| Contingent considerations - fair value through profit | 358 | - | 358 | 451 | - | 451 |
| Total financial liabilities at fair value per level | 366 | 8 | 358 | 465 | 14 | 451 |
|
The fair value and carrying amount are recognised in the balance sheet as shown in the table above. For quoted securities, the fair value is determined on the basis of the asset’s quoted price in an active market, level 1. As of the reporting date the Group had no items in this category. For currency contracts and embedded derivatives, the fair value is determined on the basis of observable market data, level 2. For contingent considerations, a cash-flow-based valuation is performed, which is not based on observable market data, level 3. For the Group’s other financial assets and liabilities, fair value is estimated to be the same as the carrying amount. | ||||||
| Contingent considerations | 31 Dec 2025 | 31 Mar 2025 | ||||
| Opening balance | 451 | 360 | ||||
| Acquisitions during the year | 97 | 231 | ||||
| Adjustments through profit or loss | -34 | -11 | ||||
| Consideration paid | -159 | -129 | ||||
| Interest expenses | 12 | 19 | ||||
| Exchange differences | -9 | -19 | ||||
| Closing balance | 358 | 451 | ||||
KEY FINANCIAL INDICATORS
| 12 months ending | |||||
| 31 Dec 2025 | 31 Mar 2025 | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | |
| Net sales, SEKm | 22,595 | 21,796 | 21,137 | 20,019 | 18,714 |
| EBITDA, SEKm | 3,968 | 3,692 | 3,561 | 3,245 | 2,872 |
| EBITA, SEKm | 3,510 | 3,265 | 3,148 | 2,860 | 2,540 |
| EBITA-margin, % | 15.5 | 15.0 | 14.9 | 14.3 | 13.6 |
| Operating profit, SEKm | 2,966 | 2,757 | 2,663 | 2,426 | 2,167 |
| Operating margin, % | 13.1 | 12.6 | 12.6 | 12.1 | 11.6 |
| Profit after financial items, SEKm | 2,776 | 2,515 | 2,390 | 2,183 | 2,005 |
| Profit for the period, SEKm | 2,134 | 1,940 | 1,848 | 1,691 | 1,554 |
| x | |||||
| Working capital | 4,474 | 4,312 | 4,247 | 4,219 | 3,855 |
| Return on working capital (P/WC), % | 78 | 76 | 74 | 68 | 66 |
| Return on equity, % | 29 | 29 | 28 | 28 | 32 |
| Return on capital employed, % | 22 | 22 | 22 | 22 | 22 |
| Equity ratio, % | 41 | 38 | 38 | 39 | 36 |
| x | |||||
| Financial debt, SEKm | 4,959 | 5,280 | 5,603 | 4,668 | 4,325 |
| Debt / equity ratio, multiple | 0.7 | 0.7 | 0.8 | 0.7 | 0.8 |
| Financial debt / EBITDA, multiple | 1.2 | 1.4 | 1.6 | 1.4 | 1.5 |
| Net debt excl. pensions, SEKm | 4,697 | 5,018 | 5,342 | 4,427 | 4,107 |
| Net debt, excl. pensions / equity ratio, multiple | 0.6 | 0.7 | 0.8 | 0.7 | 0.7 |
| Interest coverage ratio, multiple | 13.1 | 9.6 | 8.9 | 8.7 | 13.7 |
| x | |||||
| Average number of employees | 4,559 | 4,341 | 4,274 | 4,109 | 3,781 |
| Number of employees at end of the period | 4,637 | 4,470 | 4,430 | 4,175 | 3,911 |
KEY FINANCIAL INDICATORS PER SHARE
| 12 months ending | |||||
| SEK | 31 Dec 2025 | 31 Mar 2025 | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 |
| Earnings per share before dilution | 7.65 | 7.00 | 6.65 | 6.05 | 5.55 |
| Earnings per share after dilution | 7.65 | 7.00 | 6.65 | 6.05 | 5.55 |
| Cash flow from operating activities per share | 11.10 | 10.05 | 9.35 | 9.55 | 7.10 |
| Shareholders’ equity per share | 26.35 | 24.55 | 24.50 | 22.15 | 19.25 |
| Share price at the end of the period | 327.40 | 292.80 | 301.20 | 243.80 | 192.30 |
| Average number of shares after repurchases, ’000s | 269,883 | 269,829 | 269,799 | 269,634 | 269,557 |
| Average number of shares adjusted for repurchases and dilution, ’000s | 270,214 | 270,332 | 270,242 | 269,761 | 269,723 |
| Number of shares outstanding at end of the period, ’000s | 269,957 | 269,862 | 269,852 | 269,779 | 269,565 |
| For definitions of key financial indicators, see page 19-21. | |||||