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Infrea

Infrea

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Infrea is an industrial group focused on maintaining and developing Sweden's infrastructure. With operations in land & construction (91% of sales in '23) and water & sewage (9%), Infrea manages and develops companies with local presence in a fragmented market. This is done through a decentralised model that focuses on subsidiaries serving both private and public clients.

Sustainability information

M&A execution, post-acquisition performance of acquired entities, working capital discipline, contract/price calculations on projects undertaken, cost inflation, increased price competition in bidding processes.

Financials

SEKm 2025 2026e 2027e
Sales 2189,3 2089,32 2106,55
Sales growth (%) 5,4 -4,6 0,8
EBITDA 131 60 141
EBITDA margin (%) 6 2,9 6,7
EBIT adj. 49 -5 68
EBIT adj. margin (%) 2,2 -0,2 3,2
Pretax profit 12 -73 61
EPS 1,77 -2,54 1,72
EPS growth (%) N/A N/A N/A
EPS adj. 1,98 -0,43 1,72
Dividend per share 0,65 0,7 0,75
EV/EBITDA (x) 3 6,9 2,6
EV/EBIT adj. (x) 7,9 -83,5 5,5
P/E (x) 7,34 N/A 7,55
P/E adj. (x) 6,6 N/A 7,6
EV/sales (x) 0,18 0,2 0,18
FCF yield (%) 52,4 21,2 29,2
Le. adj. FCF yld. (%) 37,4 9,9 16,9
Dividend yield (%) 5 5,4 5,8
Net IB debt/EBITDA (x) 0 0,8 0
Le. adj. ND/EBITDA (x) -1,2 -4,9 -1,2
SEKm 2025 2026e 2027e
Sales 2189,3 2089,32 2106,55
COGS -1465 -1481 -1375
Gross profit 724 608 732
Other operating items -594 -548 -591
EBITDA 131 60 141
Depreciation and amortisation -82 -65 -73
Depreciation on leased assets -57 -45 -49
EBITA 48,9 -4,75 68,01
Operating EO items 0 0 0
Impairment and amortisation charges -14 -16 0
EBIT 35,2 -20,85 68,01
Net financial items -14 -8 -7
Pretax profit 12 -73 61
Tax -9 2 -13
Net profit 3 -71 48
Minority interest 0 0 0
Net profit discontinued 50 0 0
Net profit to shareholders 53 -71 48
EPS 1,77 -2,54 1,72
EPS adj. 1,98 -0,43 1,72
Total extraordinary items after tax -3 -44 0
Leasing payments -57 -45 -49
Tax rate (%) 73,5 2,8 20,6
Gross margin (%) 33,1 29,1 34,7
EBITDA margin (%) 6 2,9 6,7
EBITA margin (%) 2,2 -0,2 3,2
EBIT margin (%) 1,6 -1 3,2
Pre-tax margin (%) 0,5 -3,5 2,9
Net margin (%) 0,1 -3,4 2,3
Sales growth (%) 5,4 -4,6 0,8
EBITDA growth (%) 7,8 -54 135
EBITA growth (%) 61,4 -109,7 -1532,4
EBIT growth (%) N/A -159,2 -426,2
Net profit growth (%) -139,2 -2403,2 -167,8
Profitability N/A N/A N/A
EPS growth (%) N/A N/A N/A
Year N/A N/A N/A
ROE (%) 8 -11 7,8
ROE adj. (%) 10,5 -1,8 7,8
ROCE (%) 2,7 -7,6 8,2
ROCE adj. (%) 5,1 -0,5 8,2
ROIC (%) 1,7 -0,7 8,3
ROIC adj. (%) 1,7 -0,7 8,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 131 60 141
EBITDA adj. margin (%) 6 2,9 6,7
EBITDA lease adj. 73 15 92
EBITDA lease adj. margin (%) 3,3 0,7 4,4
EBITA adj. 49 -5 68
EBITA adj. margin (%) 2,2 -0,2 3,2
EBIT adj. 49 -5 68
EBIT adj. margin (%) 2,2 -0,2 3,2
Pretax profit Adj. 35 -13 61
Net profit Adj. 19 -12 48
Net profit to shareholders adj. 69 -12 48
Net adj. margin (%) 0,9 -0,6 2,3
SEKm 2025 2026e 2027e
EBITDA 131 60 141
Goodwill 340 324 324
Net financial items -14 -8 -7
Other intangible assets 31 31 31
Tangible fixed assets 72 56 44
Paid tax -9 2 -13
Right-of-use asset 98 132 128
Non-cash items 11 -10 0
Other Fixed Assets All 0 0 0
Cash flow before change in WC 119 44 122
Fixed assets 541 544 528
Change in working capital -55 29 -3
Inventories 20 21 22
Operating cash flow 64 73 119
Receivables 302 283 289
Capex tangible fixed assets 37 6 -12
Other current assets 200 189 193
Capex intangible fixed assets 2 -1 0
Cash and liquid assets 218 169 192
Acquisitions and Disposals 102 0 0
Total assets 1280 1206 1223
Free cash flow 204 78 107
Shareholders equity 686 610 639
Dividend paid -15 -18 -20
Minority 0 0 0
Share issues and buybacks 0 -31 0
Total equity 686 610 639
Leasing liability amortisation -59 -41 -45
Long-term debt 107 77 59
Other changes in net debt 84 -37 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 88 120 120
Total other long-term liabilities 20 20 20
Short-term debt 20 19 19
Accounts payable 172 168 172
Other current liabilities 187 191 195
Total liabilities and equity 1280 1206 1223
Net IB debt -3 48 6
Net IB debt excl. pension debt -3 48 6
Net IB debt excl. leasing -91 -73 -115
Capital employed 901 827 837
Capital invested 683 658 644
Working capital 163 134 136
Market cap. diluted (m) 390 366 366
Net IB debt adj. -3 48 6
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 387 413 371
Total assets turnover (%) 164,7 168,1 173,4
Working capital/sales (%) 6,2 7,1 6,4
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -0,4 7,8 0,9
Net debt / market cap (%) -0,6 13 1,5
Equity ratio (%) 53,6 50,6 52,2
Net IB debt adj. / equity (%) -0,4 7,8 0,9
Current ratio 1,95 1,75 1,8
EBITDA/net interest 9,5 7,7 20,1
Net IB debt/EBITDA (x) 0 0,8 0
Net IB debt/EBITDA lease adj. (x) -1,2 -4,9 -1,2
Interest coverage 3,5 0,6 9,7
SEKm 2025 2026e 2027e
Shares outstanding adj. 30 28 28
Diluted shares adj. 30 28 28
EPS 1,77 -2,54 1,72
Dividend per share 0,65 0,7 0,75
EPS adj. 1,98 -0,43 1,72
BVPS 22,87 21,68 22,7
BVPS adj. 10,51 9,06 10,08
Net IB debt/share -0,08 1,69 0,2
Share price 13 13 13
Market cap. (m) 390 366 366
P/E (x) 7,34 N/A 7,55
EV/sales (x) 0,18 0,2 0,18
EV/EBITDA (x) 3 6,9 2,6
EV/EBITA (x) 7,9 -87,1 5,5
EV/EBIT (x) 11 -19,8 5,5
Dividend yield (%) 5 5,4 5,8
FCF yield (%) 52,4 21,2 29,2
Le. adj. FCF yld. (%) 37,4 9,9 16,9
P/BVPS (x) 0,57 0,6 0,57
P/BVPS adj. (x) 1,13 1,28 1,16
P/E adj. (x) 6,6 N/A 7,6
EV/EBITDA adj. (x) 3 6,9 2,6
EV/EBITA adj. (x) 7,9 -87,1 5,5
EV/EBIT adj. (x) 7,9 -83,5 5,5
EV/CE (x) 0,4 0,5 0,4
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) 1,8 0,2 -0,6
Capex/depreciation -1,6 -0,2 0,5
Capex tangibles / tangible fixed assets 51,5 10,1 27
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 34,13 34,93 54,05

Equity research

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Media

Infrea - Fireside Chat with CEO Martin Reinholdsson
Infrea - Company presentation with CEO Martin Reinholdsson

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Byggmästare Anders J Ahlström Holding AB 21.4 % 21.4 % 28 Sep 2026
Birger Ulrik Lindeblad 16.0 % 16.0 % 28 Sep 2026
Avanza Pension 8.3 % 8.3 % 28 Sep 2026
Pontus Lindwall 6.3 % 6.3 % 20 Feb 2026
Futur Pension 3.3 % 3.3 % 28 Sep 2026
Dag Olofsson Sundman 2.9 % 2.9 % 30 Apr 2026
Urban Sturk 2.7 % 2.7 % 28 Sep 2026
Nordnet Pensionsförsäkring 1.8 % 1.8 % 28 Sep 2026
von Euler & Partners 1.6 % 1.6 % 28 Sep 2026
Andcarl 2 AB 1.3 % 1.3 % 28 Sep 2026
Source: Holdings by Modular Finance AB