SDIP-BNasdaq StockholmIndustrialsIFRS · SEK

Sdiptech

Sdiptech is a Stockholm-based technology group focused on the infrastructure sector, owning a portfolio of niche companies that supply technical products and services for safer, more sustainable and efficient societies. The group operates with a decentralised governance model in which individual business units manage day-to-day operations and customer relationships, while the parent company provides strategic direction, capital and support. Its portfolio companies are active across multiple infrastructure segments and geographies in Europe and the UK.

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Revenue5,196m SEK
+0.6 %y/y
Operating profit (EBIT)454m SEK
−49.3 %y/y
EBIT margin8.7%
−8.6 ppy/y
Net income-67.0m SEK
−118.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,000m SEK2020: 2,088 m SEK2020: EBIT 311 m SEK20202021: 2,719 m SEK2021: EBIT 364 m SEK20212022: 3,505 m SEK2022: EBIT 641 m SEK20222023: 4,818 m SEK2023: EBIT 836 m SEK20232024: 5,166 m SEK2024: EBIT 895 m SEK20242025: 5,196 m SEK2025: EBIT 454 m SEK20255,196454
RevenueOperating profit (EBIT)
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Business

Share of revenue
Infrastructure Technical Products40 %

Equipment and systems for electrification, cooling, control and other infrastructure functions supplied by portfolio companies.

Infrastructure Services and Maintenance30 %

Engineering, installation, operation and maintenance services for technical infrastructure at customer sites.

Safety and Sustainability Solutions15 %

Niche products and services that enhance safety, energy efficiency and environmental performance of infrastructure.

Project-Based Solutions10 %

Turnkey or project deliveries combining products, engineering and commissioning for specific infrastructure projects.

Group-Level Management and Other5 %

Central group services, ownership activities and other revenue not allocated to operating categories.

Customers

Sdiptech’s end customers are primarily public and private entities that own, operate or develop critical infrastructure, including utilities, transport networks, buildings and industrial facilities. Portfolio companies typically work closely with customers through local relationships, providing tailored technical solutions, installation and long-term service. Demand is driven by the need to renew ageing infrastructure, comply with regulations and improve safety, energy efficiency and reliability.

Public Sector and Municipalities

Buy technical systems and services for transport, water, buildings and other public infrastructure to meet safety and regulatory requirements.

Utilities and Energy Companies

Purchase electrification, cooling and control solutions to modernise grids, plants and distribution networks and improve efficiency.

Industrial and Commercial Facilities

Use niche technical products and maintenance services to ensure reliable operations and energy-efficient buildings and production sites.

Construction and Engineering Contractors

Engage Sdiptech units as subcontractors for specialised technical installations and project-based infrastructure solutions.

Other Infrastructure Operators

Rely on long-term service contracts for operation and upkeep of installed technical systems in various infrastructure segments.

Strategy

Sdiptech’s strategy is to acquire and develop market-leading niche businesses with products and services in the growing infrastructure sector, combining organic growth with disciplined M&A. The group reinvests cash flows into its portfolio based on clear capital-allocation priorities, aiming for long-term value creation, profitable growth and solid returns on capital employed. A decentralised operating model with proactive ownership, board representation and structured performance follow-up underpins strategic development in each business unit.

Acquire and develop niche infrastructure businesses with strong market positionsLong term

Niche companies in infrastructure benefit from long-term demand drivers such as ageing assets, electrification and regulation, supporting durable growth and margins.

Drive profitable growth and solid return on capital employed across the portfolioMedium term

Balancing growth with capital efficiency supports sustainable value creation and underpins the group’s financial targets.

Maintain a strong balance sheet while funding organic investments and acquisitionsMedium term

Financial flexibility is needed to pursue acquisitions in attractive niches without over-leveraging the group.

Leverage decentralised governance with proactive ownership to enhance business unit performanceLong term

Entrepreneurial autonomy combined with strategic support helps retain key talent and adapt to local customer needs.

Integrate sustainability into strategy and portfolio developmentLong term

Sustainability factors affect both risk management and business opportunities in infrastructure markets.

Geography

Sdiptech is headquartered in Stockholm, Sweden, with a portfolio of companies operating across several European markets and the UK. Its value chain spans multiple geographies, from global sourcing of metals, electronic components, chemicals and plastics to local delivery, operation and maintenance of technical solutions at customer sites. Geographic exposure influences the group’s logistics, supply-chain risks and regulatory environment, particularly in its core European regions.

Risks

Sdiptech faces a mix of macroeconomic, operational, regulatory and financial risks stemming from its infrastructure focus and acquisition-driven model. Exposure to complex supply chains, variable interest rates, certification requirements and cyber threats can affect costs, delivery capability and compliance, while the group’s success also depends on retaining key personnel and executing acquisitions effectively. Environmental and social risks in upstream raw-material extraction and manufacturing add further complexity to risk management.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Supply-chain and geopolitical disruptions in key regions1Regulatory and certification risk in specialised technical niches2Acquisition and integration risk in an M&A-driven growth model3Interest-rate and inflation risk affecting financing costs and investment appetite4IT and cybersecurity incidents at group or subsidiary level5Environmental and social risks in upstream raw-material extraction and manufacturing6
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. Supply-chain and geopolitical disruptions in key regionsImpact: HighLikelihood: Medium

    Heightened tensions in areas such as the Middle East can disrupt logistics chains, delay customer and supplier deliveries and increase oil and energy prices, raising the group’s cost base.

    ExposureGlobal sourcing of metalsElectronic componentsChemicalsPlastics for portfolio companies
  2. Regulatory and certification risk in specialised technical nichesImpact: HighLikelihood: Medium

    Many subsidiaries operate in regulated areas such as cooling applications and electrification, where loss of accreditation or failure to meet standards could halt operations or restrict market access.

    Exposure: Dependence on ongoing certifications and compliance audits by accreditation bodies.

  3. Acquisition and integration risk in an M&A-driven growth modelImpact: HighLikelihood: Medium

    The group’s strategy depends on identifying, valuing and integrating new companies; missteps can lead to overpayment, underperformance or challenges in aligning governance and culture.

    Exposure: In-house acquisition team managing end-to-end processes and contingent consideration structures.

  4. Interest-rate and inflation risk affecting financing costs and investment appetiteImpact: MediumLikelihood: Medium

    Variable-rate loans expose Sdiptech to uncertainty about future interest levels, while changing inflation and central-bank policies influence both financing costs and customer investment decisions.

    Exposure: Debt portfolio with variable interest and infrastructure customers sensitive to financing conditions.

  5. IT and cybersecurity incidents at group or subsidiary levelImpact: MediumLikelihood: Medium

    Unplanned downtime, ransomware or other cyberattacks can interrupt operations, damage customer relationships and require significant remediation spending, with additional exposure via third-party systems.

    Exposure: Reliance on multiple information systems and decentralised IT infrastructures across subsidiaries.

  6. Environmental and social risks in upstream raw-material extraction and manufacturingImpact: MediumLikelihood: Medium

    Suppliers’ activities in metals, electronics, chemicals and plastics can involve high environmental impact, safety issues and potential human-rights violations, which may create reputational and supply risks.

    Exposure: Global supply chain with limited traceability in early stages of production.

  7. Dependence on key personnel and specialised technical expertiseImpact: Medium

    Losing senior executives or technical specialists could disrupt operations and slow development in niche businesses, even if currently assessed as not a significant risk.

    Exposure: Key individuals identified across senior management and critical technical roles.

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Accounting

Judgemental items
Business combinations and contingent consideration

Acquisitions increase goodwill and other intangible assets, and contingent considerations are measured at fair value, affecting both the balance sheet and subsequent profit through revaluations.

Impact: Changes in assumptions about future performance of acquired units can alter contingent consideration liabilities and acquisition-related expenses.

Goodwill impairment testing

Goodwill is monitored at the level of four business areas and tested annually using value-in-use calculations based on strategic plans and long-term growth assumptions; results can materially affect earnings if assumptions change.

Impact: No impairment in the reported year, but shifts in discount rates or growth expectations could trigger future write-downs.

Lease accounting under IFRS 16

Measurement of lease liabilities and right-of-use assets depends on estimated incremental borrowing rates and lease terms, influencing reported debt, assets, interest expense and depreciation.

Impact: Different discount-rate assumptions would change both the size of lease liabilities and the timing of expense recognition.

Options over minority interests and related financial liabilities

When previous owners remain as minority shareholders with put/call options, no non-controlling interest is recognised; instead, a financial liability is recorded, affecting leverage and equity.

Impact: Subsequent changes in expected exercise outcomes can affect profit and key leverage ratios.

Use of alternative performance measures such as adjusted EBITA

Adjusted EBITA excludes acquisition-related costs, revaluation effects and other items affecting comparability, which can create differences between statutory and headline performance.

Impact: Investors must reconcile adjustments to understand underlying profitability and growth relative to strategic targets.

Parent company deviations from IFRS 16 and IFRS 9

The parent company applies local exemptions, recognising leases as operating leases and valuing financial assets at cost less impairment, which can make parent-only figures non-comparable with group IFRS numbers.

Impact: Analysis of funding and dividend capacity should focus on consolidated IFRS accounts rather than parent-only statements.

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Last updated: 24/09/2026