Values in Action

Annual Review 2025

Axel Johnson International is a privately owned industrial group with a global presence. We develop, own, and acquire companies providing technical solutions by combining products and services to industrial customers. Our companies have a unique ability to solve the problems of our customers through local presence, deep expertise, and an entrepreneurial culture.

1898

MEUR in net sales

+ 220

Companies worldwide delivering solutions, products and services

+ 6700

Employees

36

Countries of presence

22

Acquisitions

+ 100

Sales in no. of countries worldwide

United by Our Strong Values

In a time when much is changing, when the pace is high and rules are being reshaped, it is a source of stability to stand firmly on values that do not shift. At Axel Johnson International, our core values guide us regardless of market cycles or external uncertainty. They provide stability, clarity, and a shared reference point in everything we do.

 
The Annual Review 2025 brings together the many parts of our group and shows how they connect. Through selected stories and perspectives, the review illustrates the diversity of our operations and what unites us. Being Far-Sighted, Making Things Happen, and Being Good to Work With are present throughout. We hope you enjoy reading this Annual Review and gain a deeper understanding of our performance, our decentralized model, and what defines us as a group.

We drive sustainable change. We favor long-term commitments and have the intention to remain in and serve the market.

We have a passion for business. We challenge, initiate, and take responsibility for delivering on our promises.

We inspire confidence and genuinely respect people and relationships.

Creating Stability in a Turbulent Landscape

2025 was a year marked by geopolitical shifts, new technologies and evolving regulations, all reshaping the industrial landscape rapidly. It is easy to get caught up in uncertainty. But it is important to recognize the progress being made every day. Across industries and markets, our companies continue to innovate, invest, and find new ways to serve customers.

About us

Axel Johnson International is a privately owned Swedish industrial group operating globally. The group has a dedicated long-term approach to ownership, emphasizing sustainable progress and collaboration. The focus lies on acquisitions and the development of companies, specializing in technical components and industrial solutions. The group consists of more
than 220 companies and employs 6,700 people in 36 countries, organized into six business groups, each focusing on selected niche markets. Axel Johnson International is a part of the Swedish family-owned corporate group, Axel Johnson.

Ownership

Family Ownership, Strong Foundation

Business Model

Driven by Long-Term Commitment

Strategy

Diversification Across Markets and Geographies

127
MEUR in net sales
2
Acquired companies
7
Countries of presence

Driveline Solutions

A leader in the mobile off-highway, marine and industrial driveline industry, delivering customer-tailored solutions that improve performance in operations and machinery.

Growing Through the Group

Building a stronger base
When Managing Director Ryan Langley first spoke to Driveline Solutions, becoming part of the business group was not on his mind. Two decades after he had joined Hercules as a 17-year-old apprentice, the company was still growing strongly. Yet the demands on Ryan as an owner-entrepreneur were rising.

“We were doing well and expanding, but the opportunities and the responsibilities were starting to get too big for one person to carry,” he says.

What attracted Ryan was a two-way partnership. Early conversations focused on cultural fit, shared values and what the two sides could accomplish together. “The decision wasn’t about stepping back; it was about taking Hercules further than we could go alone,” he says.

Ryan Langley, Managing Director, Hercules Group
Ryan Langley, Managing Director, Hercules Group

That shift in perspective has already reshaped how Hercules plans and leads. This foundation was further developed through Driveline Solutions’ more structured process and strategic input, turning ambitions into a more concrete direction.

“Having structure and strategic guidance to challenge our thinking made the discussions more focused and the outcome far more powerful,” Ryan says.

“Being connected across the group opens doors we could not have found on our own.”

Collaboration that creates opportunities
“Some collaborations have grown naturally from long-standing relationships, such as Hercules’ work with fellow UK group company Marine & Industrial Transmissions (MIT) around electric bow thrusters powered by new permanent magnet motor technology. Others became possible after joining the group.

With group company Progress in Norway, Hercules exhibited jointly at an aquaculture show and visited customers together. Discussions and quotations with colleagues at the driveline company Trans-Auto are under way.

“We can offer people a career path in a way we couldn’t before.”

“What makes the difference is that you suddenly have people you can pick up the phone to people who genuinely want you to succeed and will challenge, support and balance your thinking.”

These relationships have broadened Hercules’ reach beyond its marine platforms. The MIT connection has introduced Ryan and his team to mining and other land- based industries that value hydraulic expertise. “Being connected across the group opens doors we could not have found on our own,” Ryan notes.

Investing in people and culture
One of the most visible shifts has taken place inside Hercules. The company has formed its first management team and onboarded new training and development pathways. Ryan himself begins a Personal Leadership course in 2026, and colleagues are participating in programs such as the Talent Acceleration Program (TAP).

“We focused a lot on culture in 2025, making people feel trusted, supported, and part of the journey. It’s not just saying the words; it’s giving people tools and space to grow,” he says.

Creating clearer career paths has also helped attract new talent. “It makes a difference when you can say we’re a small company with the backing of something much bigger. We can offer people a career path in a way we couldn’t before,” Ryan says.

The efforts are already visible. Confidence and motivation have grown, even though the company is barely 18 months into its integration. “If you can make everyone a couple of percent better each year, that alone delivers meaningful growth,” he says.

Future-focused on electrification
Looking ahead, Hercules is building its growth around diversification and electrification. By offering hydraulic, electric, and hybrid systems—from individual components to complete packages—Hercules stays relevant as cus- tomers transition to new ways of powering their vessels. With a clear focus on its core strengths and access to the group’s network, the company is well positioned to grow across markets in the UK and internationally.

“The potential is far bigger than what we could have achieved alone,” Ryan reflects. “If someday I can look back and say I was part of that journey, that’s the legacy I want to leave.”

Hercules Group

Specialist in hydraulic, electric, and hybrid systems for offshore vessels and related marine applications.

 
 

Business group Driveline Solutions
Founded 2004
Location Paignton and Dartmouth, England, United Kingdom
Employees ~35
Joined the Group 2024

Story within the story

Hercules’ workshop spans several generations. Apprentices in their teens work alongside engineers in their 60s and 70s, some of whom have been with the company for decades. “What I love is seeing a 17-year-old and a 70-year-old having a laugh together while doing work that really matters,” Ryan says. “That mix of experience and fresh ideas is who we are.”

542
MEUR in net sales
4
Acquired companies
31
Countries of presence

Fluid Handling Solutions (AxFlow)

AxFlow is a leading source of pumps, mixers, valves, heat exchangers, instruments, and complete fluid handling systems for the process industry.

Automation to Scale the Business

Scaling for global growth
As AxFlow Group pursues an ambitious growth trajectory, the EDC in Lelystad, Netherlands, stands at the center of the group’s ability to scale efficiently. The facility supports sales companies in more than 30 countries, delivering critical components within 24 hours in over 90 percent of cases, a sharp contrast to industry lead times of 10-16 weeks.

But as demand continued to rise, it became clear that incremental improvements were not enough to keep up. Rikard Kristensson, Group Chief Supply Chain Officer, and the EDC team therefore decided to set a bold target: Growing from today’s 50,000 annual orders to 100,000, up from just 20,000 in 2018 with the same number of employees.

“It’s not about five percent improvements; this is a paradigm shift.”

– Pieter Molenaar

New structure, new systems, new capabilities Two foundations made the next step possible: A new ERP system and a restructured organization. The ERP platform gives real-time control over stock levels, purchase triggers, shipment status, and incoming orders. It also eliminates countless manual steps.

Pieter Molenaar, Managing Director, AxFlow DC, says: “Being able to move from fully manual picking to scanners, vertical storage and automated processes has been a major leap. It shows how fast and accurately we can work.”

At the same time, the EDC reorganized into specialist teams, with one focusing on upstream supply and another managing the outbound flow. New digital tools, including a Freshdesk-based ticketing system, streamline internal inquiries and reduce administrative work, with a digi- tal agent now being explored to further boost efficiency.

How did the team respond to such major changes? “Some apprehension about change is natural at first, but engaging employees early on made the difference. You need the team with you, and we made that a priority,” Rikard explains.

State-of-the-art robotics
Two large, automated picking robots, each 17 meters long and 6 meters high – now retrieve up to 1,600 box-stored components within seconds. The system delivers the items directly to the operator for final labeling before dispatch. “It feeds faster than you can label the boxes,” Rikard says.

Eight Kardex lifts, each storing the equivalent of 150 m² of shelving in just a 12 m² footprint, now handle smaller items. Together with the new picking robots, they form the backbone of a high-volume, high-precision process for picking and replenishment. The system also ensures full stock rotation, operating 100 percent first-in, first-out (FIFO) so that as one product leaves the warehouse, its replacement is often already on the way.

“World-class performance is not one thing: It is the system, the hardware, and the people all working together.”

– Rikard Kristensson

“One person can now handle more than 70 percent more inbound work than before. The efficiency gain is enormous,” Pieter notes.

For AxFlow’s sales companies, the impact is immediate. They receive fast, predictable, and transparent order fulfillment, freeing up time to focus on customer relationships and technical support.

“Our job is to take everything behind the scenes off their shoulders so they can focus their time and energy on what matters most–the customers,” Rikard says. “World-class performance is not one thing: It is the system, the hardware, and the people all working together.”

Benefits beyond Europe
The transformation benefits the group by increasing resilience, reducing bottlenecks, and reinforcing AxFlow’s reputation for dependable delivery.

Learnings from Lelystad are already shaping new plans, including the launch of a dedicated distribution center in Oceania to serve Australia, New Zealand, and the wider region. Canada is also joining the network as a newly integrated market.

Behind the EDC lies a mindset of continuous improvement. During the fall of 2025, the center reached its highest shipping volumes to date, a milestone that showed what a motivated team can accomplish together.

“It becomes a positive spiral,” Rikard says. “The better you get, the more time you free up for further improvements.”

AxFlow European Distribution Centre (EDC)

Specialists in distribution, logistics, and customer fulfillment for pumps, valves, and industrial components.

 

Business group Fluid Handling Solutions (AxFlow)
Location Lelystad, Netherlands
Employees ~28
Joined the Group AxFlow has been part of Axel Johnson International since its formation.

Story within the story

A quiet strength of the EDC is its low staff turnover. In a flat organization with few formal promotion steps, retention depends on offering people something more meaningful. The secret, says Rikard, is a mix of personal development and a culture people want to stay in. Training, new responsibilities, and strong team spirit give room to grow. “Someone else can always pay more, but people stay because they feel valued and proud of what we’re building together.”

54
MEUR in net sales
2
Acquired companies
9
Countries of presence

Industrial Automation

Our Industrial Automation business group operates in three niches: automation components, material handling, and surface treatment.

Limited Space, Multiple Levels

From challenge to opportunity
The project began with listening. SEW-Eurodrive, a German-based multinational company, needed a high-performing, low-maintenance conveyor system to support its newest gearmotor production line. OCS, based in Sweden, translated that need into action, and applied its multiplex, friction-based technology to deliver a flexible system capable of handling various heavy loads at speed.

The most complex task lay in developing customized lifting units to transport goods between different levels in the factory, units that combined mechanical strength with operator safety.

“The result reflects how teamwork and smart design can turn a practical challenge into a solution offering improved performance and energy efficiency,” says OCS Project Manager Krister Söderström.

“It’s never about one person. We learn from each other and support each other. That’s how good systems are built.”

“It was our first project with SEW, so our way of working closely with the customer proved essential. We brought our conveyor solution know-how; they brought their deep production expertise, and the system integrator company Energy Partner Systems (EPS) coordinated the installation on site. Together we built trust and learned a lot.”

Teamwork beyond engineering
More than 20 OCS colleagues contributed across design, production, and installation, each adding their own expertise to keep the project on track. Krister describes the project as a year-long dialogue in which technical precision and practical collaboration shaped every step.

About the project

Customer: SEW-Eurodrive (SEW), global drive-technology and automation company

Location: Jönköping, Sweden

Solution: Modular overhead conveyor using patented friction-based technology and state-of-the-art lifting units

Integrator: Energy Partner Systems (EPS), responsible for coordination and installation

Challenge: Expand production capacity within limited floor space

Sustainability: Energy regenerated through SEW drive technology

“It’s never about one person. We learn from each other and support each other. That’s how good systems are built,” Krister says.

The line runs on two floor levels at speeds of up to 30 meters per minute, handling loads of up to one ton safely and efficiently while minimizing noise and maintenance.

Each movement is controlled, every lift balanced, and all risks assessed in advance.

The finished system met all production and safety targets on day one. For SEW, the new line supports their sustainability goals. The drive units of each lift recover energy during downward movement, feeding it back into the system and reducing total electricity consumption by 25 percent.

 

OCS Overhead Conveyor Systems

Specialists in material handling solutions for production and intralogistics, including floor and overhead conveyor systems.

 
 
 

Business group Industrial Automation
Founded 1993
Location Headquarters in Borås, Sweden, with global reach
Employees ~40
Joined the Group 2019

 

Customer Perspective: SEW on the OCS Solution

For SEW, flexibility and speed are essential to meeting their customer expectations. Thanks to OCS’s fully integrated conveyor solution, connected directly to SEW’s order and control systems, the company now operates in a fully digital flow that secures fast, reliable deliveries. A key reason for choosing OCS was the ability to design a compact, silent, friction-based system that also supports SEW’s own technology showcase.

“OCS managed to meet our demand for a smaller footprint, which was a key factor. Their friction-based technology also gives us a quieter solution. And with this setup, we can use our own drive technology as a showcase for customers in an even better way,” says Magnus Bengtsson, Project Manager at SEW.

Energy efficiency was another priority. Early commissioning tests indicate the system can reuse around 25 percent of the energy consumed, depending on load and lift cycles. Performance is expected to follow a linear curve as operations scale.

Strong collaboration throughout the project was also critical. While SEW partnered with EPS as the main contractor, OCS’s project leadership became increasingly central during the final stages.

“In a project of this size, teamwork is always crucial. Even though EPS was the main contractor, OCS—and especially Krister’s project leadership—played an increasingly important role in finalizing the system,” Magnus concludes.

465
MEUR in net sales
4
Acquired companies
18
Countries of presence

Lifting Solutions

Lifting Solutions is a global leader, shaped by deep lifting expertise and a heritage that spans generations.

Sharing Knowledge Across Generations

A legacy of craftsmanship
The clatter of machines has been part of Adán’s life for as long as he can remember. His father, Francisco, joined Cables y Eslingas when the factory opened in the Canary Islands more than half a century ago. As a teenager, Adán spent school holidays helping in the workshop, delivering coffee and sandwiches to his father’s team during their daily 11 a.m. break. The family ritual still makes him smile.

“You could say I literally grew up in the workshop,” he says. “We lived almost next door. Every day I was fascinated seeing my father working with wire ropes, measuring, splicing, making slings for cranes and vessels.”

“My father was an old-school artisan. He taught me that when making slings and cables every millimeter matters.”

Adán Morán
Sling Specialist, Cables y Eslingas

Those moments sparked a lifelong fascination with the craft that still defines his work today. “That’s where my curiosity began,” Adán explains.

Crafted with pride
Adán joined the company full time in 2000, working alongside his father. His craft demands precision and responsibility. Each steel wire rope sling must meet increasingly strict safety standards, often under intense time pressure.

“What I enjoy most is meeting a challenge,” he says. “Sometimes you get an order that seems impossible – like 200 slings for an offshore platform within 24 hours. But when you finish it, the feeling is great. You push yourself and you deliver.”

Although the pressures have increased and the techniques have evolved, the principles remain the same: skill, concentration, and care. “My father was an old-school artisan. He taught me that when making slings and steel wire ropes every millimeter matters.”

A family within a family
With just seven people in the local office, the Canary Islands branch feels like an extended family, Adán says. “We know each other well and trust each other.”

That close-knit culture reflects the broader spirit of Cables y Eslingas and also the Lifting Solutions group as a whole, where relationships are built on teamwork and respect.

“My father treated the company like his home, and I do the same,” Adán says. “He retired 15 years ago but still asks me about my work every day and about how his old customers are doing. He’s proud I’ve continued his legacy.”

“I’d like to train someone to take over my role one day, someone who values quality and precision but also brings new ideas.”

Next generation on the horizon
After nearly 25 years in the workshop, Adán is ready to pass his knowledge to the next generation. “I’d like to train someone to take over my role one day, someone who values quality and precision but also brings new ideas,” he says.

The market around him keeps evolving, with new standards, materials, and customer demands. Yet the essence of the job remains the same: Creating safe, reliable lifting solutions through craftsmanship and care. “Everything changes, but the pride you take in your work should never change,” he reflects.

Cables y Eslingas S.L.U.

Specialist in steel wire ropes, lifting and anchoring systems, height safety, and personal protective equipment.

 
 

Business group Lifting Solutions
Founded 1969
Location Canary Islands, Spain (main office Barcelona)
Employees 8 at the branch on Canary Islands (119 in total)
Joined the Group 2016

Story within the story

Adán’s colleagues know him as the origin of a special tradition: For new team members, he handcrafts miniature slings–perfectly scaled, functional replicas that can be used as keychains.

He makes each piece by hand, just like the full-sized slings in the workshop, and gives them only once the recipient has demonstrated dedication, teamwork, and friendship.

“You have to earn it. Sometimes it can take a year,” he smiles. “It’s a small symbol of respect and appreciation for colleagues who really care about what we do.”

The miniatures also have a practical purpose. “It’s not always easy for outsiders to understand our business. The replicas are a great way to show people what we do.”

452
MEUR in net sales
6
Acquired companies
20
Countries of presence

Power Transmission Solutions

Power Transmission Solutions provides the industry with bearings, industrial transmissions, seals, electric motors, and related engineering services to customers with demanding operating conditions.

Fueling Growth with Family Spirit

A partnership built on trust
Royse was founded 47 years ago by Managing Director Juan Manuel Ortega’s father. The business was built on agility, independence, and entrepreneurial drive. When Juan Manuel began exploring the idea of joining Axel Johnson International in early 2023, he was determined those qualities should remain unchanged.

Juan Manuel Ortega Jiménez, Founder and Juan Manuel Ortega, Managing Director, Royse

 

“One of the reasons we joined was the decentralized way of working. We could keep our decision-making and our entrepreneurial speed,” Juan Manuel says.

That autonomy, combined with shared values, made the partnership a natural fit. Royse continues to operate under its own name and management, while gaining access to the group’s collective experience, supplier network, and investment strength.

For Juan Manuel, it is the best of both worlds: Freedom to act locally, backed by a strong, value-driven owner.

Growth with purpose
Since joining the group, Royse has completed three acquisitions. The new additions have strengthened its footprint across the Iberian Peninsula, expanding the company’s reach in key industrial regions in Spain and Portugal.

“We grow selectively, making sure new people and businesses fit our way of working.”

“Our goal isn’t just to grow in size. It’s to add quality, people, and expertise that make us better for our customers,” Juan Manuel explains.

Being part of Axel Johnson International has also made Royse more attractive to potential aquisitions. “Companies see we have a long-term owner,” Juan Manuel says. “They know we’re here for the future, not to buy and sell quickly. That gives them confidence to join us.”

Strength in values and people
Royse’s success rests on more than business performance. It is built on people, around 260 of them, and a deeply rooted family culture that continues to thrive within the larger group.

“We’ve always been like a big family. If someone faces a problem, we’re there for them. Our people know they truly matter,” Juan Manuel says.

This human approach translates into loyalty and pride. Employee turnover is close to zero. And even as the company grows, Juan Manuel ensures its values remain visible at every level. Long-serving employees help integrate new teams, sharing Royse’s way of work- ing and fostering empathy across sites.

“Growth must be balanced with culture,” he reflects. “If you grow too fast, you risk losing alignment. We grow selectively, making sure new people and businesses fit our way of working.”

 
 
Iberia and beyond
Looking ahead, Juan Manuel’s priorities are clear: Further integrate recent acquisitions, improving logistics and service capacities, and continue expanding in areas where Royse can add value. He also sees opportunity in deeper collaboration across the Power Transmission Solutions business group.

“We’ve always been like a big family. Our people know they truly matter.”

“We can share experience and training with colleagues across Europe,” he says. “Our Italian colleagues, for example, have great expertise in predictive maintenance. This could be an area where we can work together to advance the group’s presence in southern Europe.”

Royse (Rodamientos y Servicios S.L.)

Distributor and service provider of bearings, power transmission, and industrial maintenance solutions.

 
 

Business group Power Transmission Solutions
Founded 1979
Location Seville, Spain (18 branches across Spain and Portugal)
Employees ~260
Joined the Group 2024

Story within the story

At Royse’s Seville headquarters, three restored vintage motorcycles greet visitors, a tribute to Juan Manuel’s grandfather, whose entrepreneurial spirit laid the ground for the business. Royse was later founded in 1979 by Juan Manuel’s father, following years spent traveling from village to village selling spare parts.

The idea, says Juan Manuel, is to remind everyone how Royse remains guided by the values that shaped its past. “Those bikes remind us every day of our roots: To stay hands-on, remain curious, and never forget where we come from.”

261
MEUR in net sales
4
Acquired companies
9
Countries of presence

Transport Solutions

Keeping goods moving safely and efficiently across Europe is Transport Solutions’ key mission. The group is Europe’s leading provider of cargo securing systems, vehicle components, and accessories.

Shaping One Future Together

One company, shared direction
The creation of TMT Widni Oy marks a milestone for Transport Solutions in the Nordic region. The new company unites three established names, each with decades of experience serving bodybuilders, transport fleets, and industrial customers.

As Managing Director Tea Lehto explains, the merger makes sense both geographically and strategically. “By combining our expertise, we’ve strengthened our position in Finland and gained a stronger foothold in the Nordic region,” she says.

Together, the companies now form one of Finland’s leading suppliers of body components and transport equipment, employing around 70 people. The integration aligns complementary strengths: TransComponent’s toolbox production near Vaasa; Widni’s industrial know-how; and TMT Malinen’s core product development and market relationships.

Tea Lehto, Managing Director, TMT Widni Oy

 
Leading through change
Merging three companies meant uniting people as well as systems. For Tea, that was the heart of the process. “Any change affects people, so the first thing is to involve them,” she says.

From the start, the message was clear: the merger was about building strength together, with open and continuous communication helping to maintain trust, engagement, and a shared focus on the opportunities.

“You can never communicate too much. We needed to keep people motivated and address their concerns while waiting for each step to be completed,” Tea explains.

To support the integration, the company organized events and workshops that brought employees together to build understanding, develop the teamwork, and break down organizational barriers.

“It helped everyone see the bigger picture. People realized that even if their work differs, we’re all contributing to the same goals. It was an eye-opener for many. People met colleagues they had only heard about and began to see themselves as part of one company,” Tea says.

It wasn’t only about strategy, but also about connection. Friendly competitions and shared activities gave people a chance to get to know each other informally. According to Tea, it made a real difference. “It changed how people saw the merger. Afterwards, their understanding of the new company and their place in it was much clearer.”

Values in action
For Tea, leadership begins with trust. It is a conviction that runs deep, and one that shapes how she leads every day. In a decentralized organization like Transport Solutions, trust is not just a value, it is the foundation that allows the business to thrive.

“I don’t believe in micromanagement,” Tea says. “My role is to support our team leaders so they can succeed.”

She believes the people closest to the business are best placed to make decisions and drive progress. Her focus is on creating the right conditions for them to do so, providing clarity, removing obstacles, and offering support when it is needed.

“It’s about having confidence in our people. They know their markets and customers better than anyone. When we trust them to lead, that’s when we’re at our strongest.”

Preserving identity while building unity has also been a priority. “Each company had its own history that we don’t want to lose. We have to unify structures, but we should keep the local character that makes each team unique. Let’s not break what works but build on it,” Tea says.

“Learning from one another helps us innovate and grow.”

 
 
 
Planning ahead
With the merger now complete, the focus is shifting toward growth and innovation. “Cross-selling and product development will help us grow in Finland, but we also see strong potential in export markets,” Tea says. Historically, the companies have served Nordic transport fleets. Now, TMT Widni Oy also aims to use its expanded know-how and size to grow its business in Europe.

“When people from different organizations start working together, that’s when the learning begins,” Tea says. “Learning from one another helps us innovate and grow.”

TMT Widni Oy

Designs and manufactures components and systems for commercial vehicles, with safe, efficient, and sustainable solutions.

 
 

Business group Transport Solutions
Location Lahti, Finland (with operations across Finland and the Baltic region)
Employees ~70
Joined the Group Part of Axel Johnson International since previous TMT and Widni acquisitions; merged under one name in 2025.

Story within the story

TMT Widni Oy is headquartered in Lahti. The city on the shores of Lake Vesijärvi is known for its nature, sustainable profile (European Green Capital 2021), sports (especially skiing and ski jumping). It also has a proud industrial history and is today a major logistics and trade center. Home to Sibelius House, Lahti is also strong in arts and culture.

Support to Grow

As markets, customer expectations, and technology continue to evolve, our companies need access to the right support at the right time. The group functions ensure that this support is always in place, strengthening capabilities, reducing complexity, and enabling development.

 
Through M&A and Strategy, we provide direction and hands-on support in acquisitions. Finance, legal, and tax bring sound financial management, governance, and risk management. IT and Digitalization enable secure, scalable platforms that promote efficiency and innovation. Sustainability supports companies in setting priorities, meeting regulatory requirements and enhancing sustainability in the customer offerings. Strong leadership, continuous learning, and talent development further ensure that each company is well positioned for the future with support from People and Culture. The support adapts to each company’s stage of development, improving performance.

Sustainability

Creating Structure for Impact

People and Culture

Growing by Being Good to Work With

Digitalization

Digital Foundations for a Decentralized Group

Financials

"Maintaining Financial Strength During Market Uncertainty."

2025 started with cautious expectations of a gradual improvement. Instead, market conditions remained weak and hesitant throughout the year, with no recovery in the second half. Uncertainty, driven by heightened geopolitical tensions, continued to restrain investment decisions across many markets. Against this backdrop, supply chains functioned well, and inventory levels across the distribution system remained balanced, providing a stable operational foundation in an otherwise demanding environment.

Organic order intake increased modestly by 1 percent, and the organic sales were in line with the previous year. The first half of the year was slightly stronger, while activity slowed in the second half and the order backlog declined. Gross margin improved further from already high levels, supported by clear and consistent price management. Costs increased during the year, mainly due to inflation but also due to many projects aimed at increasing productivity that will have an effect during the coming year. Our cash flow remained very strong, and despite a high level of acquisition activity, the group ended the year with low net debt. This reflects a solid financial position and provides the stability and flexibility to act as market conditions improve ahead.”

Ola Karlsson
Chief Financial Officer

Facts & Figures (PDF)

Board and Management

“We will continue to invest in people, capabilities, and our companies.”

Executive Management Team

Steering our group functions and business groups with strategic leadership.

Board of Directors

Providing strategic guidance and leadership to drive long-term growth and innovation.

AR25

Values in Action

Annual Review 2025

Download (PDF)

Connected for Growth

Annual Review 2024

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Circle of Progress

Annual Review 2023

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