Karnell Group AB/Skr KARNEL B

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About Karnell Group AB

Karnell Group AB is a Swedish investment company specializing in the acquisition and long-term ownership of small to medium-sized industrial technology firms in the Nordic region. The company focuses on B2B industrial technology enterprises, excluding general distributors or systems reliant on third-party suppliers. Karnell typically invests between SEK 50 million and SEK 150 million in companies with annual revenues ranging from SEK 50 million to SEK 350 million, targeting firms with an EBITA exceeding SEK 10 million and an EBITA margin above 10%. Headquartered in Stockholm, Sweden, Karnell operates with a decentralized model, preserving the unique characteristics of each portfolio company while providing strategic and financial support for growth.
Ticker
Skr KARNEL B
Sector
Industrials
Primary listing
XSTO
Employees
883
Headquarters
Stockholm, Sweden
Website
www.karnell.se/en

Karnell Group AB Metrics

BasicAdvanced
kr 5.6B
34.44
kr 3.04
0.81
-

Bulls say / Bears say

Karnell is showing strong operating momentum: Q2 sales rose 35.6%, organic growth was 17.4%, and EBITA increased 59.0% to SEK 100.0 million. The EBITA margin reached 17.1%, taking the rolling 12-month margin to 15.4%. (Karnell)
Cash generation has improved sharply, with first-half operating cash flow of SEK 120.8 million versus SEK 33.3 million a year earlier. Net debt at 1.9 times EBITA remains within Karnell’s stated ceiling, preserving capacity for further acquisitions. (Karnell, StockAnalysis)
The portfolio is expanding into Italy and the UK through OBA and flex7, adding geographic diversification and new growth platforms. Flex7 is a profitable niche lighting business serving demand for energy-efficient and smart buildings, and its managing director retained a 2% stake. (Karnell, Karnell)
The acquisition-led model has increased borrowing materially: interest-bearing debt stood at SEK 771 million at the end of Q2, up from SEK 370 million at year-end, while net debt was 1.9 times EBITA. That is close to the company’s normal ceiling of 2 times and leaves less room for an earnings setback or an expensive new deal. (StockAnalysis, Karnell)
Growth still depends substantially on acquisitions: in Q2, acquisitions contributed 19.1% to sales growth versus 17.4% from organic growth. This makes future returns more dependent on sourcing, pricing and integrating additional businesses. (Karnell)
The margin milestone needs to prove durable rather than merely achieved: the rolling 12-month EBITA margin is 15.4%, only just above the 15% target. Management itself says that staying above the target through the business cycle is the challenge, while current market conditions remain mixed. (Karnell, StockAnalysis)
Data summarised monthly by Lightyear AI. Last updated on 21 Sept 2026.

Karnell Group AB Financial Performance

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Q3 24
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Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Market data provided by CBOE Europe and Deutsche Börse.