Press release

Interim Report January-March 2023

Quarter affected by seasonality and weaker performance in Norway and Finland where margin-enhancing improvement measures are ongoing

First quarter
– Net sales increased 9.3 per cent to MSEK 684 (626), with organic growth of -0.8 per cent.
– Adjusted EBITA amounted to MSEK 11 (28), with an adjusted EBITA margin of 1.6 per cent (4.5).
– EBITA amounted to MSEK -3 (22), with an EBITA margin of -0.4 per cent (3.6).
– Operating profit (EBIT) amounted to MSEK -4 (22), with an operating margin of -0.6 per cent (3.4).
– Profit/loss for the period amounted to MSEK -9 (15).
– Earnings per share before and after dilution amounted to SEK -0.18 (0.33).
– Cash flow from operating activities amounted to MSEK 8 (-85).
– Net debt amounted to MSEK 789 (557) and net debt/adjusted EBITDA to 3.2 (2.4).
– The order backlog increased to MSEK 3,750 (3,401).

Significant events during and after the first quarter

  • Growth and profitability were affected by seasonality during the quarter.
  • Margin-enhancing improvement measures due to a weaker performance in Norway and Finland are ongoing.
  • The ongoing termination of operations for fibre roll-out in Sweden is progressing as planned. Adjusted for fibre roll-out in Sweden, the Group’s organic growth was 3.6 per cent in the quarter.
  • Record high order backlog of SEK 3.75 billion.
  • The initiatives to reduce tied-up capital have led to improved cash flow of MSEK 8 (-85).
  • In April, the arbitration with a fiber customer was settled in Netel’s favor and Netel has requested execution of the payment of approximately MSEK 80. The arbitration ruling has been appealed by the counterparty, which does not impact the execution of the payment of approximately MSEK 80. The previously communicated positive one-off effect on EBITA of approximately MSEK 5 and on profit before tax of approximately MSEK 15 are included in earnings for the first quarter of 2023.
  • Netel is expanding into power projects for railways and defence with the acquisition of Elektrotjänst i Katrineholm.
  • Changes to reporting of business areas from first quarter 2023.

Webcast presentation and teleconference

Ove Bergkvist, President and CEO, and Peter Andersson, CFO, will present the interim report on Thursday, 4 May 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 second quarter report will be published 14 July 2023, 07:30 a.m. CEST.


Ove Bergkvist, CEO +46 (0) 73 337 09 37,
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. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-05-04 07:30 CEST.