CEO’s comments
2026-03-05
Quarter 3 2025-26
As the newly appointed CEO of Systemair, I am pleased to present Systemair's third quarter. This covers November to January and is normally the weakest in terms of season. We see a quarter that shows a continued strong gross margin, an unchanged adjusted operating margin and a very good cash flow. Organic growth for the quarter amounted to 1.0 percent, with the Christmas and New Year holidays characterized by a lower level of activity than normal. Net sales decreased by 5.9 percent, of which currency effects, due to the strengthened krona, had a negative impact of -8.7 percent. We are receiving positive signals in many markets, and we remain optimistic about the conditions for continued growth.
The market
During the third quarter, demand developed slightly positively and organic growth amounted to 1.0 percent (5.4). The Western European region, which is important to us, continues to show good growth and the German market shows signs of recovery. In Eastern Europe, sales increased in several countries within the region and organic growth amounted to a full 27.4 percent, while the comparison period was weak. In the Nordic region, sales were unchanged in Sweden, while demand in the Norwegian and Danish markets is in a period of weaker demand. In North America, sales of ventilation units for schools are in a seasonal low season after several years of good demand over the year as a whole. In the Middle East, Asia, Australia and Africa, organic development was negative at -6.5 percent. The Turkish market stands out negatively while sales continue to increase in India, among others.
Acquisitions & investments
During the quarter, we completed our largest IT project in history. We upgraded our business system, which covers 62 of the Group’s companies across four continents. The project lasted 24 months and involved a shutdown of the global system environment over Christmas and New Year. The project exceeded expectations and gives us access to the latest system technology to continue developing our business and become more efficient.
In August 2025, the Group completed its acquisition of NADI Airtechnics Ltd, a leading Indian manufacturer of industrial fans. We see great potential in this acquisition and believe that it provides good opportunities for synergies and continued growth in India. NADI's products make a good fit with our existing local product range in fans. The company has its headquarters and production facility in Chennai. It employs 220 people and reports sales of approximately EUR 13,5 million for the previous financial year. NADI’s EBIT margin exceeds that of Systemair.We continue to invest long-term to strengthen our delivery capacity and product development. Our strong balance sheet provides ample room for further future investments and strategic acquisitions. Major investments are underway in Sweden, Slovakia, Saudi Arabia, India and Norway.
Sustainability
Reducing energy needs and thus emissions from buildings is an important issue for reducing climate impact – and property owners need to invest in heating and ventilation of existing buildings to reach set climate goals. Here, our products make an important difference for energy savings and good indoor air quality.
We continuously invest in our own production properties for higher energy effciency and lower emissions. Our strategy of owning our production property portfolio makes this possible. During the quarter, our Norwegian company has just started an investment in a coil plant for higher resource effciency and less sheet metal waste.
We take the whole value chain into account to responsibly address the risks that we face, but also to seize the opportunities that accompany rising demands for more sustainable solutions.
Outlook is favourable
As the newly appointed CEO, I have the privilege of meeting many talented and dedicated employees globally - all of whom are proud that we are improving the indoor climate in an energy-efficient way. Sustainability is clearly a natural part of our business.
Our decentralised organisation is flat and driven by a strong entrepreneurial spirit. We have a broad product portfolio and a strong manufacturing organisation.
To achieve increased customer focus and a more effcient organisation, we are implementing structural and organisational changes in some of our main markets such as North America, Sweden and Germany. We are seeing progress and now have a more stable foundation for continued growth.
With around 90 companies in the group, there are always a number that are not performing according to plan. We are continuously evaluating our measures and course of action in these companies to reverse the trend. In many markets, we are receiving positive signals, and we are optimistic about the conditions for continued growth, even though there is uncertainty around several geopolitical factors. I look forward to contributing to profitable growth in this fine and well-invested company.
Robert Larsson
President and CEO
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Systemair has a well-proven business concept and business model, which is reflected in steadily increasing sales and profit. A large share of our profits are invested in a forward-looking way in increased production development, sustainability initiatives and strategic acquisitions.
