Q3 2025 - Lifco

Returning to 3/4-ish percent organic EBITA growth on easier comps

Today, Lifco reported its Q3 and 9M 2025 report, showing the first organic EBITA growth in quite a few quarters on the back of easy comps last year and lapping previous years’ volatility in some end markets.

Brokk - Lifco’s Largest Subsidiary

At the time of writing, the stock’s up 8%. Let’s update the valuation model and highlight the key takeaways - in all candor, little’s changed versus our previous assumptions and management commentary. Overall, as some construction related end markets are still pressured in the Nordics, there isn’t really much to comment on.

In a nutshell, profitability remains exceptionally stable, organic growth is stabilizing, and M&A momentum has been fairly consistent throughout the first nine months of 2025.

Off note, there were some technical issues with the streaming of the conference call and there was only one analyst question.