Press release

Interim report January-June 2023

Sales increased 14.5 per cent and the order backlog is at a record high

Second quarter
Net sales increased 14.5 per cent to MSEK 861 (751), of which organic growth was 5.3 per cent.
Adjusted EBITA MSEK 41 (48) with an adjusted EBITA margin of 4.7 per cent (6.4).
EBITA MSEK 27 (45) with an EBITA margin of 3.4 per cent (6.0).
Operating profit (EBIT) MSEK 29 (44) with an operating margin of 3.3 per cent (5.9).
Profit for the period MSEK 3 (29).
Earnings per share before and after dilution SEK 0.07 (0.60).
Cash flow from operating activities MSEK 29 (-36).
Net sales increased 12.1 per cent to MSEK 1,544 (1,377), of which organic growth was 2.5 per cent.
Adjusted EBITA MSEK 51 (76) with an adjusted EBITA margin of 3.3 per cent (5.5).
EBITA MSEK 24 (67) with an EBITA margin of 1.7 per cent (4.9).
Operating profit (EBIT) MSEK 25 (66) with an operating margin of 1.6 per cent (4.8).
Profit/loss for the period MSEK -6 (44).
Earnings per share before and after dilution SEK -0.12 (0.93).
Cash flow from operating activities MSEK 37 (-120).
Net debt amounted to MSEK 788 (622) and net debt/adjusted EBITDA to 3.2 (2.6).
The order backlog increased to MSEK 3,976 (3,408).

Significant events during and after the second quarter

  • Continued strong performance with a record-high order backlog of SEK 4.0 billion, of which about SEK 1.5 billion pertains to projects that will be carried out during the second half of 2023.
  • The negotiations with a major customer within Power in Finland have been finalised and Netel can now finalise ongoing framework agreements and adapt its organisation and ways of working for the Finnish power operations, which thereby have the prerequisites to become profitable. Netel made a reserve of MSEK 10 for these restructuring projects in the second quarter, which is considered sufficient.
  • Netel has settled with a large fiber customer, which means that the customer has paid a total of SEK 70 million in compensation in the second quarter of 2023. The settlement also means that Netel and the customer continue their long-term collaboration. Through the settlement, the parties have reached an agreement and the dispute has ended.
  • Jeanette Reuterskiöld was appointed acting President and CEO on 16 May 2023 after Ove Bergkvist stepped down from his role as President and CEO.

2023 indication

  • Netel expects at least 10 per cent growth for the full-year 2023, which is line with the financial growth target.
  • Netel expects an adjusted EBITA margin of 4.5–5.5 per cent for the full-year 2023. This means that profitability in the second half of the year is expected to approach the financial profitability target of an adjusted EBITA margin of above 7% in the medium term.

Webcast presentation and teleconference

Jeanette Reuterskiöld, acting President and CEO, and Peter Andersson, CFO, will present the interim report on Friday, 14 July at 9:00 a.m. CEST in a webcast. Questions may be asked both online and by phone. Presentation material is also available at The presentation will be held in English.

If you want to participate through the webcast, use the link It will be possible to submit written questions during the webcast. If you want to ask questions orally via teleconference, please register through the link After registration, you will receive a telephone number and ID to log in to the conference. It will be possible to ask questions orally during the teleconference.

Interim reports on
The complete interim report and previous reports are available on

Next report
The third quarter report will be published 8 November 2023, 07:30 a.m. CEST.


Jeanette Reuterskiöld, acting President and CEO +46 (0) 70 228 03 89,
Peter Andersson, CFO +46 (0) 73 842 36 90,
Åse Lindskog, IR +46 (0) 73 024 48 72,

About Us

Netel is a leading specialist in critical infrastructures in Northern Europe. We have over 20 years of experience in carrying out projects as well as services and maintenance for the industry’s largest players in power, telecommunications, heating as well as water and sewage. We have a clear strategy for organic growth and acquisitions based on an efficient business model that is characterized by decentralization, low capital tied up and high cash conversion. Our business is based on a solid sustainability approach with intense responsibility for the environment and work safety. Netel had sales of more than SEK 3.1 billion in 2022 and has over 800 employees. Read more at

This information is information that Netel Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-07-14 07:30 CEST.