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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 2192 2145 2203
Sales growth (%) 5,5 -2,1 2,7
EBITDA 143 151 161
EBITDA margin (%) 6,5 7 7,3
EBIT adj. 54 59 67
EBIT adj. margin (%) 2,5 2,7 3
Pretax profit 28 53 63
EPS 2,08 1,4 1,68
EPS growth (%) N/A -32,5 19,3
EPS adj. 2,38 1,4 1,68
DPS 0,5 0,5 0,6
EV/EBITDA (x) 3,1 2,6 2,2
EV/EBIT adj. (x) 8,2 6,8 5,3
P/E (x) 7,8 11,5 9,6
P/E adj. (x) 6,8 11,5 9,6
EV/sales (x) 0,2 0,19 0,16
FCF yield (%) 62,4 25,1 26,7
Le. adj. FCF yld. (%) 50,5 12,4 13,1
Dividend yield (%) 3,1 3,1 3,7
Net IB debt/EBITDA (x) -0,3 -0,6 -0,8
Le. adj. ND/EBITDA (x) -2,5 -2,9 -3,2
SEKm 2025 2026e 2027e
Sales 2192 2145 2203
COGS -1443 -1381 -1413
Gross profit 750 765 790
Other operating items -606 -614 -629
EBITDA 143 151 161
Depreciation and amortisation -89 -92 -94
of which leasing depreciation -62 -66 -70
EBITA 54 59 67
EO Items 0 0 0
Impairment and PPA amortisation -4 0 0
EBIT 50 59 67
Net financial items -12 -5 -4
Pretax profit 28 53 63
Tax -9 -11 -13
Net profit 19 42 50
Minority interest 0 0 0
Net profit discontinued 43 0 0
Net profit to shareholders 62 42 50
EPS 2,08 1,4 1,68
EPS adj. 2,38 1,4 1,68
Total extraordinary items after tax -7 0 0
Leasing payments -62 -66 -70
Tax rate (%) 32,7 20,6 20,6
Gross margin (%) 34,2 35,6 35,8
EBITDA margin (%) 6,5 7 7,3
EBITA margin (%) 2,5 2,7 3
EBIT margin (%) 2,3 2,7 3
Pre-tax margin (%) 1,3 2,5 2,9
Net margin (%) 0,9 2 2,3
Sales growth (%) 5,5 -2,1 2,7
EBITDA growth (%) 18,2 5,4 6,9
EBITA growth (%) 78 8,5 14,4
EBIT growth (%) N/A 16,3 14,4
Net profit growth (%) -341,4 120,9 19,3
Profitability N/A N/A N/A
EPS growth (%) N/A -32,5 19,3
ROE (%) 9,7 6,3 7,2
ROE adj. (%) 11,2 6,3 7,2
ROCE (%) 4,1 6,1 6,9
ROCE adj. (%) 5,5 6,1 6,9
ROIC (%) 5 7,7 9,1
ROIC adj. (%) 5 7,7 9,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 143 151 161
EBITDA adj. margin (%) 6,5 7 7,3
EBITDA lease adj. 81 85 91
EBITDA lease adj. margin (%) 3,7 3,9 4,1
EBITA adj. 54 59 67
EBITA adj. margin (%) 2,5 2,7 3
EBIT adj. 54 59 67
EBIT adj. margin (%) 2,5 2,7 3
Pretax profit Adj. 42 53 63
Net profit Adj. 29 42 50
Net profit to shareholders adj. 72 42 50
Net adj. margin (%) 1,3 2 2,3
SEKm 2025 2026e 2027e
EBITDA 143 151 161
Goodwill 322 322 322
Net financial items -12 -5 -4
Other intangible assets 16 16 16
Tangible fixed assets 39 25 13
Paid tax -9 -11 -13
Right-of-use asset 160 155 150
Non-cash items 3 0 0
Total other fixed assets 0 0 0
Cash flow before change in WC 125 134 145
Fixed assets 537 519 502
Change in working capital 9 -1 -3
Inventories 32 33 34
Operating cash flow 134 134 141
Receivables 234 237 245
Capex tangible fixed assets 31 -12 -12
Other current assets 170 175 182
Capex intangible fixed assets 3 0 0
Cash and liquid assets 354 355 406
Acquisitions and Disposals 134 0 0
Total assets 1327 1318 1368
Free cash flow 302 122 129
Shareholders equity 652 679 711
Dividend paid -15 -15 -18
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 652 679 711
Leasing liability amortisation -58 -62 -66
Long-term debt 124 82 84
Other non-cash items 19 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 162 159 163
Total other long-term liabilities 26 26 26
Short-term debt 26 28 26
Accounts payable 187 191 197
Other current liabilities 150 155 161
Total liabilities and equity 1327 1318 1368
Net IB debt -42 -87 -132
Net IB debt excl. pension debt -42 -87 -132
Net IB debt excl. leasing -204 -246 -295
Capital employed 964 947 984
Capital invested 610 592 579
Working capital 98 99 103
Market cap. diluted (m) 484 484 484
Net IB debt adj. -42 -87 -132
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 442 397 352
Total assets turnover (%) 162 162,2 164
Working capital/sales (%) 4,7 4,6 4,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -6,4 -12,8 -18,6
Net debt / market cap (%) -8,7 -17,9 -27,3
Equity ratio (%) 49,1 51,5 52
Net IB debt adj. / equity (%) -6,4 -12,8 -18,6
Current ratio 2,17 2,14 2,26
EBITDA/net interest 11,6 27,5 43,9
Net IB debt/EBITDA (x) -0,3 -0,6 -0,8
Net IB debt/EBITDA lease adj. (x) -2,5 -2,9 -3,2
Interest coverage 4,4 10,7 18,2
SEKm 2025 2026e 2027e
Shares outstanding adj. 30 30 30
Diluted shares adj. 30 30 30
EPS 2,08 1,4 1,68
Dividend per share 0,5 0,5 0,6
EPS adj. 2,38 1,4 1,68
BVPS 21,73 22,64 23,71
BVPS adj. 10,45 11,36 12,43
Net IB debt/share -1,4 -2,9 -4,42
Share price 16,15 16,15 16,15
Market cap. (m) 484 484 484
P/E (x) 7,8 11,5 9,6
EV/sales (x) 0,2 0,2 0,2
EV/EBITDA (x) 3,1 2,6 2,2
EV/EBITA (x) 8,2 6,8 5,3
EV/EBIT (x) 8,8 6,8 5,3
Dividend yield (%) 3,1 3,1 3,7
FCF yield (%) 62,4 25,1 26,7
Le. adj. FCF yld. (%) 50,5 12,4 13,1
P/BVPS (x) 0,74 0,71 0,68
P/BVPS adj. (x) 1,47 1,36 1,24
P/E adj. (x) 6,8 11,5 9,6
EV/EBITDA adj. (x) 3,1 2,6 2,2
EV/EBITA adj. (x) 8,2 6,8 5,3
EV/EBIT adj. (x) 8,2 6,8 5,3
EV/CE (x) 0,5 0,4 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 1,5 0,6 0,5
Capex/depreciation -1,3 0,5 0,5
Capex tangibles / tangible fixed assets 79 47,3 89,7
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 68,3 102,4 179,4

Equity research

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Media

Infrea - Company presentation 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 20.0 % 20.0 % 23 Dec 2025
Birger Ulrik Lindeblad 15.0 % 15.0 % 23 Dec 2025
Avanza Pension 11.0 % 11.0 % 23 Dec 2025
Pontus Lindwall 5.6 % 5.6 % 7 Aug 2025
Urban Sturk 2.6 % 2.6 % 23 Dec 2025
Futur Pension 2.1 % 2.1 % 23 Dec 2025
von Euler & Partners 1.8 % 1.8 % 23 Dec 2025
Fallax Aktiebolag 1.5 % 1.5 % 23 Dec 2025
Nordnet Pensionsförsäkring 1.5 % 1.5 % 23 Dec 2025
Mikael Gunnarsson 1.3 % 1.3 % 23 Dec 2025
Source: Holdings by Modular Finance AB