Strong sales growth and profitability in H1

August 24, 2022

Volatile environment leads to lower full-year EBIT margin estimate


  • Sales in H1 2022 reached 1942 MEUR, an increase of
    31 percent in local currencies compared to H1 last year.

  • Sales in Q2 2022 amounted to 1018 MEUR, an increase of 26 percent in local currencies compared to Q2 2021. Volume remained stable at a high level during the quarter.
  • EBITDA in H1 2022 reached 342 MEUR, up 14 percent, with a 17.6 percent EBITDA margin.

  • EBITDA in Q2 2022 reached 187 MEUR, an increase of 17 percent. Due to the soaring energy and material costs EBITDA margin at 18.4 percent was down 2.2 percentage points from last year.

  • EBIT in H1 2022 increased 16 percent to 233 MEUR, with a 12.0 percent EBIT margin, down 1.9 percentage points from H1 2021.

  • EBIT in Q2 2022 increased 18 percent to 131 MEUR with a 12.9 percent EBIT margin, down 1.4 percentage points from Q2 2021.

  • Investments excl. acquisitions reached 155 MEUR in H1 2022, at the level of last year.
  • Annualised return on invested capital reached 18 percent compared to 19 percent in H1 2021.

  • Continued good progress on our sustainability goals.

  • Shareholders may now and until 7 September 2022 request conversion of A shares to B shares. For further please refer to

Outlook 2022

  • Growth in net sales of 20-25 percent in local currencies.

  • EBIT margin between 10 and 12 percent (as announced on 18 August 2022).

  • Investment level around 375 MEUR (as announced on 18 August 2022).


We saw continued strong growth in the second quarter of the year, driven by high volume and necessary price increases. Price increases helped profitability to recover in the second quarter despite rampant inflation.

Looking ahead to the remainder of the year, we see a tougher macroeconomic environment and in particular yet another surge in energy costs and price volatility. We expect this will impact us negatively with in excess of 100 MEUR in the second half of the year, which cannot be fully priced in with such short notice. We maintain our sales growth forecast, but based on current energy price expectations, lower the full-year EBIT margin estimate to 10-12 percent.

CEO Jens Birgersson