Solid Q1 despite turbulence from the COVID-19 pandemic

May 13, 2020

"Despite turbulence from the COVID-19 pandemic whose impact we began to feel late in the quarter, we achieved solid Q1 results. Climate change isn’t going away, however. Energy renovation is a high-impact economic recovery measure that creates local jobs, a more resilient and healthy society while at the same time contributing to reaching long-term global climate ambitions." - CEO Jens Birgersson



  • Sales in Q1 2020 reached EUR 649 million, a growth of 0.5 percent in local currencies excluding the acquisition of the Parafon business in Sweden. With a positive currency impact of 0.4 percentage points and acquisition impact of 0.4 percentage points, the sales growth in reported figures totalled 1.3 percent.
  • EBIT in Q1 2020 increased 4.5 percent to EUR 80 million, with a 12.3 percent EBIT margin, up 0.3 percentage points from last year.
  • Investments excluding acquisitions reached EUR 96 million, up EUR 18 million compared to last year, primarily due to ongoing expansions in Germany and the United States, and offset by a grant received in China.
  • Annualised return on invested capital reached 20.2 percent compared to 21.5 percent last year, a decrease due to an increased investment level.
  • The COVID-19 pandemic did not materially impact Q1 2020 results, although sales were affected in Asia and started to decrease during the last weeks of March in southern Europe.
  • Net sales in April declined around 20 percent with pandemic restrictions affecting building activities in many European markets.

Outlook 2020 (suspended)

  • At this stage, we are not able to forecast the impact and duration of the crisis mid-term, and as previously disclosed have suspended our full year guidance until we have gained improved clarity on the pandemic’s development and its effect on the economy mid-term.