KH Group Plc’s Business Review January–September 2025: Group net sales increased, rescue vehicles integrated into strategy

KH Group Plc
Stock Exchange Release 31 October 2025 at 8:00 am EET

KH Group Plc’s Business Review January–September 2025:
Group net sales increased, rescue vehicles integrated into strategy

This is the summary of the Business Review for January–September 2025. The full Business Review is attached to this release and is also available on the company’s website at www.khgroup.com.

KH Group July–September 2025

• Net sales amounted to EUR 45.3 (39.7) million.
• Comparable operating profit was EUR 1.2 (1.4) million.
• Operating profit was EUR 0.9 (1.1) million.
• Net profit for the period from continuing operations was EUR -0.1 (-0.2) million.
• Earnings per share from continuing operations were EUR -0.0 (0.0).
  

KH Group January–September 2025

• Net sales amounted to EUR 141.3 (132.3) million.
• Comparable operating profit was EUR 2.2 (3.8) million.
• Operating profit was EUR 1.3 (2.7) million.
• Net profit for the period from continuing operations was EUR -1.1 (-1.3) million.
• Earnings per share from continuing operations were EUR -0.02 (-0.02).
• Equity per share at the end of the review period was EUR 0.83 (1.30).
• Return on equity for rolling 12 months was -44.6% (-7.1%).
• The Group’s cash and cash equivalents amounted to EUR 2.3 million at the end of the review period.
• Gearing at the end of the review period was 294.9% (195.6%).
• Gearing excluding lease liabilities was 202.2% (120.6%). 

CEO Carl Haglund:

“I took up my post as KH Group’s CEO on 19 September 2025. During this autumn, the focus has been on the development of the Group's long-term financing and the sale process of Indoor Group. As part of ongoing strategic assessment, in October the Board decided to revise the strategy regarding Nordic Rescue Group and concluded that we are no longer actively seeking a new owner for NRG but develop it as part of the Group structure.

The Group’s net sales from continuing operations increased, but operating profit decreased year-on-year during the July–September review period. KH-Koneet’s net sales increased and operating profit decreased. The machine dealership and rental business grew in Finland, but operating profit declined. In Sweden, the machine rental business, in particular, performed well. In Finland, sales of heavy crawler excavators continued to increase year-on-year. Due to the weaker operating profit of KH-Koneet, KH Group updated its guidance in September. According to the updated guidance, the company estimates, with the continuing operations Group structure, to reach net sales of EUR 190–200 million and comparable operating profit of EUR 5–6 million in 2025.

Nordic Rescue Group’s net sales and operating profit increased in the third quarter. The order book developed very favourably during the review period in both Finland and Sweden. This development gives the company a clear outlook for its business in 2026, whilst the order books for 2027 are also filling up at a good pace.

In September, we also started the process of recruiting a new CEO for KH-Koneet. This followed the decision by KH-Koneet's long-standing CEO, Teppo Sakari, to step down from operational duties in the first half of 2026. He will subsequently serve as a strategic advisor to the company.
KH Group announced in March 2025 that it had initiated a sale process for Indoor Group. KH Group has engaged a financial advisor to explore various options for its Indoor Group shareholding. No final decision has been made on the sale of Indoor Group holdings and there is no certainty as to the timing, terms or completion of any such transaction. KH Group aims to complete the process during 2025.

In Indoor Group, the general uncertainty in the market continued to have a negative impact on net sales and operating profit. The extensive operating model reform programme aimed at improving the company's profitability is targeted at an annual improvement in operating profit of at least EUR 10 million by the end of 2026. The cost-saving measures that have already been decided on, and largely implemented, exceed the set targets and amount to nearly EUR 15 million per year."

Events after the review period

There were no significant events after the review period.

Financial objectives and future outlook

KH Group updated its strategy in October 2025. According to the strategy published in December 2022, KH Group’s objective was to become an industrial group built around the KH-Koneet business and to divest other business areas in line with the Group's strategy.

Following the strategy update, KH Group will no longer actively pursue the sale of Nordic Rescue Group. Both KH-Koneet and NRG businesses will be developed as part of a group focusing on earth-moving equipment and rescue vehicles. The ongoing sale process for Indoor Group will continue, and the aim is to divest the ownership by the end of 2025.

During the next few years, the aim is to invest in the growth of the core business and pay dividends within the limits established by the balance sheet structure and financing agreements.

In the 2024 Financial Statements Release published on 21 March 2025, the company estimated that both the net sales (EUR 194.0 million) and the comparable operating profit (EUR 7.2 million) of continuing operations will remain approximately at the same level year-on-year.

On 19 September 2025, the company updated its previously issued guidance for 2025. According to the updated guidance, the company estimates, with the continuing operations Group structure, to reach net sales of EUR 190–200 million and comparable operating profit of EUR 5–6 million in 2025.

KH GROUP PLC

Carl Haglund
CEO

FURTHER INFORMATION:
CEO Carl Haglund, tel. +358 40 500 6898

DISTRIBUTION:
Nasdaq Helsinki Ltd
Major media
www.khgroup.com

KH Group Plc is a Nordic conglomerate operating in business areas of KH-Koneet, Nordic Rescue Group and Indoor Group. We are a leading supplier of construction and earth-moving equipment, rescue vehicle manufacturer as well as interior decoration retailer. The objective of our strategy is to create an industrial group around the business of KH-Koneet. KH Group’s share is listed on Nasdaq Helsinki.

Attachment

• KH Group Plc - Business Review Q3_2025