Nasdaq StockholmIFRS · SEK

North Investment Group

North Investment Group AB (publ.) is a Nordic industrial group organized around two operating businesses, Sono Sweden and Sono Norway. Through these segments, the company serves customers with products and solutions used in workplace, storage, and related industrial applications across Sweden and Norway.

Ask about the company
Revenue786m SEK
−8.4 %y/y
Operating profit (EBIT)10.1m SEK
−71.5 %y/y
EBIT margin1.3%
−2.8 ppy/y
Net income-26.2m SEK
+28.3 %y/y

Fiscal year 2025 · change from previous year

Development 2024–2025

02004006008001,000m SEK2024: 858 m SEK2024: EBIT 35 m SEK20242025: 786 m SEK2025: EBIT 10 m SEK202578610
RevenueOperating profit (EBIT)
Ask Clarifo about North Investment Group

Business

Share of revenue
Sono Sweden75 %

The Swedish business area covering industrial products and solutions sold to customers in Sweden and nearby markets.

Sono Norway25 %

The Norwegian business area covering industrial products and solutions sold to customers in Norway.

Customers

The company sells to business customers that need industrial products and workplace solutions rather than consumer end users. Its customer base appears tied to organizations that purchase for operational use, installation, or resale within Sweden and Norway. Demand is therefore shaped by industrial activity, project timing, and procurement cycles in its core Nordic markets.

Industrial and commercial customers

Buy workplace and industrial products for operational use, installation, or internal equipment needs.

Swedish customers

Purchase through Sono Sweden for industrial and workplace-related solutions in Sweden.

Norwegian customers

Purchase through Sono Norway for industrial and workplace-related solutions in Norway.

Strategy

The group’s structure suggests a strategy centered on managing two national operating businesses under one holding company while serving industrial customers in the Nordic region. Its competitive position depends on maintaining relevance in Sweden and Norway, where local market knowledge, customer relationships, and segment execution matter. The reported segment structure also indicates a focus on operational discipline across the two business areas.

Strengthen the two operating segmentsMedium term

The business is organized around Sono Sweden and Sono Norway, so segment execution drives group performance.

Preserve access to external financingShort term

The group notes reliance on bond financing, making funding continuity important to the business model.

Geography

North Investment Group operates primarily in Sweden and Norway through its two business areas, Sono Sweden and Sono Norway. The reporting structure shows that the business is concentrated in the Nordic region, with each segment tied to a specific national market. This geographic focus makes performance dependent on conditions in Sweden and Norway, including local industrial demand and currency movements.

Risks

The company’s main risks are tied to concentration in specific markets, which makes results sensitive to demand changes in Sweden and Norway. It also faces financial risks from currency movements, interest rates, credit exposure on sales, and refinancing needs because the group uses external financing. These risks are typical for a leveraged industrial group with geographically concentrated operations and customer receivables.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Market concentration in Sweden and Norway1Refinancing risk2Currency risk3Credit risk on sales4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Market concentration in Sweden and NorwayImpact: HighLikelihood: High

    The group says its main risks are related to high exposure to certain markets, so local downturns can affect demand and results.

    Exposure: Nordic industrial demand

  2. Refinancing riskImpact: HighLikelihood: High

    The company states it secures external financing through bonds, so access to capital markets is important.

    Exposure: Bond refinancing

  3. Currency riskImpact: MediumLikelihood: Medium

    Operating across Nordic markets can create translation and transaction exposure between currencies.

    Exposure: SEK/NOK-related exposure

  4. Credit risk on salesImpact: MediumLikelihood: Medium

    Industrial customers may pay on credit, creating exposure to late payment or default.

    Exposure: Trade receivables

Ask Clarifo about North Investment Group

Accounting

Judgemental items
Goodwill impairment

A write-down of goodwill was disclosed, showing that acquisition-related assets depend on valuation assumptions.

Impact: Can materially reduce earnings and equity

Seasonal variations

The company explicitly discloses seasonal variations, which can shift revenue and cost timing between quarters.

Impact: Affects quarterly comparability

Segment reporting and intersegment eliminations

Revenue and EBITDA are reported by Sono Sweden and Sono Norway, with eliminations needed at group level.

Impact: Changes reported group revenue and segment margins

Financing and interest expense

The parent company shows significant interest income and expense, so debt structure affects reported profit.

Impact: Influences profit before tax

Similar listed companies

Publicly listed companies with a comparable business focus.

Sono Group N.V.

SSM · Finance Services

Investor A

INVE-B · Financials

Investor B

INVE-B · Financials

BHG Group

BHG · Consumer Discretionary

Alligo

ALLIGO-B · Consumer Discretionary

Storskogen Group

STOR-B · Financials

Last updated: 24/09/2026

North Investment Group Revenue, Earnings & Financials 2025 – Clarifo