Idun Industrier AB (publ)

Hej och välkomna till Iduns Conference Call för det första kvartalet 2025. Carl Korset heter jag och jobbar som analytiker här på Carnegie med fokus på sådana här serieförvärvare. Och jag ska då moderera det här samtalet. Jag ska bara påminna om att det finns en chattfunktion, så ni som lyssnar in, skjut era frågor där om det är några så kommer jag sedan framföra det till VD och CFO här i rummet. Det var det jag tänkte säga, så lämnar jag över till er för att prata lite mer om Idun.

Thank you. This is the first time that we at IDUN are presenting a quarterly report, so we thought we'd take a few minutes to repeat IDUN Industries, which we are, before we go into the quarterly report. IDUN Industries is an industry group with what we think are some of Sweden's finest small and medium-sized companies. Vi består av 18 gruppbolag, oftast familjeägda, som har ett starkt fokus inom ett eller ett par områden. Vi är värdeinvesterare, vi letar bara efter företag som tjänar bra med pengar, har höga marginaler, goda kassaflöden och som har haft det under en lång tid. Vi har en dogmatisk inställning till pilotskolan. Alla vi som arbetar centralt på idun är delägare med det mesta av det vi äger och har i idun. Alla i styrelsen på idun är delägare i idun. Inte minst i samtliga gruppbolag så är ledningen delägare i respektive bolag. Det tror vi är något som är ganska unikt för börsnoterade företag i Sverige. Om vi tittar lite vidare, vad investerar vi i? We invest only in companies where we feel that we can understand them fundamentally. And for us it was about manufacturing industry, industry trade and industry service. And the high market share for us often meant more than 50% in its market. If we look at the profitability, where high profitability is important for us, then the gross margin on IDUN companies is around 60% and the turnover margin after writing off is around 14%. We have mentioned the pilot school, we are over 100 shareholders in the IDUN group, and then we count with CEOs in group companies, financial managers, marketing managers, production managers and such people as well. And we have made 30 investments in 10 years. 30 investments over 10 years. Here we see a good development. Since 2018, there has been an annual increase in profits of 30% step by step from year to year. If we take a look at IDUN, we are a small group that works on the mother company. There are seven people sitting there, plus our working CEO and founder, Adam Samuelsson, up to the left. We are a group of people who have worked together for a long time. We have a mix of experiences, both from having led companies and from making investments. All of us, as I said, are well-invested in IDEN. And what separates us, one thing is that we do almost everything, all investments on our own. We use very few consultants. And the last thing to say about this is that in this group, we have plenty of space to invest and take care of significantly more companies without the need for this group to expand. And so far, it is actually no one who has finished at IDEN who has started at IDEN. I leave it to you, Oskar.

Thank you, Henrik. A little about our financial goals for IDUN. We have a goal to increase EBITDA by at least 15% this year. We see that around 5% will come from organic growth. Historically, we have reached this level. I think that between 2020 and 2022 we had two-digit organic growth. If you look at a five-year period, we are at over 10%. If you look even further, we are at around 8% organic growth. And then there is growth in Bita. Then I would say that at least as important for us is the profit development per share, since we are all shareholders in Idun. And then you can see that during 2023 we had negative organic growth, like many others. But now 12 months have passed since last March and we are positive again with 7.6%. If we go to the debt, and all of these financial goals are from before our notations in 2021. And then we put a quote on that net debt through EWTDA should exceed 3.5. And we may not have plans to lie that high, but we can think of going up over time or during periods when we see nice acquisitions. But if you look at the history, we may have leaned around. Two and a half, somewhere there. And I think, if I were to guess something in advance, I think that we will be somewhere between two and three times. Now we are at 1.9 times EBITDA. The last goal, the allocation goal, is that we will share up to 10 percent. And we still see a lot of opportunities for investment, both in the form of new group companies, And also the additional value we have for group companies and investments in our companies, for example machine investments. So we believe that the capital will be compensated, but that we still have a division and up to 10% of the results adjusted for goodwill. And we do this according to K3 and not according to IFRS in order to get comparability. We can move on.