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ViaCon's Interim Report January March 2024

A quarter of good organic growth and improved earnings.


  • Net sales amounted to EUR 32,926 thousand (30,534), an increase of 7.8% compared with the corresponding period last year. Organic growth amounted to 21.4%.
  • Operating earnings (EBIT) amounted to EUR -1,359 thousand (-3,600), corresponding to an EBIT margin of -4.1% (-11.8).
  • Operating earnings before depreciation (EBITDA) amounted to EUR 373 thousand (-2,023), corresponding to an EBITDA margin of 1.1% (-6.6).
  • Underlying earnings before depreciation (underlying EBITDA) amounted to EUR 865 thousand (-1,742), corresponding to an underlying EBITDA margin of 2.6% (-5.7).
  • Order intake amounted to EUR 38,222 thousand (43,330), a decrease of 11.8% compared with the same period last year. Organic growth amounted to -3.6%.


ViaCon started the year with high organic growth and improved earnings and cashflow. We have accomplished this despite the fact that market conditions are not yet at the level we expect them to be over time. However, we see that activity in the market is higher compared to the corresponding period last year. Infrastructure investments are being made all over Europe and the demand for sustainable solutions continues to increase. ViaCon is well positioned to serve the gradually improved market.

The high volumes in Turkey continue also in the first quarter, where there is a great need to restore and improve roads and railways after the powerful earthquake in February 2023. ViaCon’s solutions, with their quick installation and high durability, are very well suited for this type of challenging situation.

In Poland, the change of government that took place at the end of 2023 has meant that the previously frozen EU funds have gradually started to be made available to the country. These funds have not yet reached ViaCon’s part of the infrastructure market, but we expect that the investments that have been held back in recent years will gradually resume in the second half of 2024.

Sales for the quarter increased to EUR 32,926 thousand (30,534), an increase of 7.8% compared to the previous year. Organic growth was 21.4%, adjusted for exchange rate effects, divestments and acquisitions. The difference between total growth and organic growth is mainly due to the clear weakening of the Turkish currency.

Operating earnings (EBIT) amounted to EUR -1,359 thousand (-3,600), corresponding to an EBIT margin of -4.1% (-11.8). Adjusted operating profit amounted to EUR -867 thousand (-3,320), corresponding to an adjusted EBIT margin of -2.6% (-10.9). Operating profit has been affected by higher volumes, but also by the reduced costs from the intensified efficiency work carried out during the second half of 2023. ViaCon has a clear seasonal variation that follows weather conditions. Normally, this is reflected in the lowest sales and profit in the first and fourth quarters. Cash flow from operating activities for the quarter improved compared with the corresponding period last year, mainly driven by operating profit and improved working capital. Order intake during the quarter amounted to EUR 38,222 thousand (43,330), corresponding to organic growth of -3.6%. At the beginning of the second quarter, order intake increased compared with the corresponding period last year.

For several years now, ViaCon has had a high focus on sustainability. An important milestone was achieved in April 2024 when we had our Science-Based Targets (SBTi) approved, which means that we have an independent validation of our emission reduction targets and that we can make verifiable measurements of our sustainability efforts.

As a natural stage of having a private equity owner like FSN Capital V*, which usually owns its portfolio companies for a certain, limited, period, FSN Capital V has initiated a strategic review to explore alternatives for its ownership in ViaCon. This includes, but is not limited to, a potential public listing of existing, or existing and new, shares of ViaCon, and may, among other options, involve a use of proceeds to reduce debt at ViaCon either through existing repayment terms, repayment offers or other similar transactions.

The year has started on a positive note and we see that ViaCon has very good conditions for continued development in 2024 and beyond.

Stefan Nordström,
President and CEO, ViaCon Group

*FSN Capital GP V Limited acting in its capacity as general partner for and on behalf of each of FSN Capital V L. P., FSN Capital V (B) L. P. and FSN Capital V Invest L. P.

Presentation of the report

A live presentation of the financial results and development for the period followed by a Q&A session will be held as follows:

Date: May 24, 2024
Time: 10:00-11:00 CET
Presenters: CEO Stefan Nordström and CFO Philip Delborn
Link to webcast:

The session will be recorded and available to watch on-demand via the link above.

The full report is published at