Equity Insights by Pinpoint - HAKI Safety

HAKI Safety is an international industrial group focused on safety products and solutions that create secure working conditions for everyone operating in demanding environments. The company is listed on Nasdaq Small Cap under the ticker $HAKI and has a market capitalization of SEK 616 million.

In 2024, the group generated just over SEK 1 billion in revenue and aims to reach SEK 2 billion by the end of 2027. Based on 2026 forecasts, the company is currently valued at EV/adj. EBITA 10.3.

History

Following its spin-off from Skånegripen in 1989, Midway Holding was established. Until 2016, the group operated as a conglomerate with diversified ownership across several industries. A prolonged period of losses and increasing debt led to a strategic review, resulting in the divestment of most holdings. The focus was instead directed toward the subsidiary HAKI, which was deemed to have strong long-term potential.

Between 2016 and 2018, the company streamlined its operations, and in 2019 began its transformation into an industrial group specializing in workplace safety solutions. Since then, the company has completed several acquisitions and today operates five brands as independent business units.

Segments

The System Scaffolding segment is the group’s largest by sales, accounting for approximately 44% of total revenue in 2024. The product range includes system and frame scaffolding, weather protection, stair systems, bridge systems, and related solutions. For the full year 2024, the segment reported an adjusted EBITA margin of 5.4%.

Workplace Safety accounted for roughly 41% of revenue and includes protective screens, edge protection, fall protection, and work platforms. For the full year 2024, the segment achieved an adjusted EBITA margin of 11.4%.

Digital and Technical Solutions represented 10% of revenue and covers targeting instruments and surveying equipment, as well as construction and civil engineering lasers. The segment’s adjusted EBITA margin for 2024 amounted to 14.9%.

The remaining 5% consists of Other operations, which included the engineering company Landqvist Mekaniska, divested earlier in 2025.

Markets and acquisition Strategy

Before the restructuring, HAKI Safety was primarily focused on its local market, with a large share of revenue coming from Sweden and the Nordic region. Through several strategic acquisitions, the company has significantly expanded its geographical presence. Today, Sweden accounts for 14% of revenue, while the Nordic region as a whole represents 51%. Meanwhile, markets such as the United Kingdom, Austria, and France have emerged as important sources of income. Following the acquisition of Semmco in 2024, the group’s sales office in Canada was complemented by a new production facility in the United States.

All acquisitions align with the company’s strategy: to acquire one to two companies per year that strengthen growth and market position, contribute to risk diversification, and enhance production efficiency. Since 2019, six companies have been acquired — roughly one per year — enabling the establishment of footholds in several new and strategically important markets.

Customers

HAKI Safety sells or rents its products directly to customers. In many cases, these customers are rental companies, scaffolding contractors, or surveying and measurement firms that in turn deliver to the end user. At the same time, the share of direct sales has increased — particularly through Semmco, which sells its products and services directly to airlines and railway operators.

Because a large portion of deliveries are made via intermediaries, it is difficult to precisely determine which industries the end customers ultimately represent. However, they are primarily found within infrastructure, energy, industrial manufacturing, aviation, rail, and construction sectors.

Financial history

The period between 2006 and 2016 was characterized by declining revenue and weakening profitability. Following the restructuring completed in 2018, the Group adopted a new strategic direction. Between 2019 and 2024, revenue increased from SEK 796 million to SEK 1,050 million, and profitability remained at a significantly higher level throughout the period compared to pre-restructuring years.

Growth has been driven by both organic sales and acquisitions, while margins have strengthened through synergies, divestments of unprofitable units, and a more focused business model.

Financial targets

HAKI Safety has, since the strategic shift, grown its revenue and improved profitability fully in line with its plan. In March 2024, the company introduced new financial targets divided into four separate categories. The first is to reach a revenue level of SEK 2,000 million by the end of 2027, corresponding to an annual growth rate of 24% from 2024 levels — a sharp acceleration compared to the five-year average growth of 5.2% (revenue per share).

The company also aims to achieve an adjusted EBITA margin of 10%. While the current margin stands slightly below that level at 7.3%, it is expected to improve as market conditions recover and newly acquired companies contribute a larger share of total revenue.

The company’s leverage has gradually decreased through the divestment of several subsidiaries and business units but has since increased in line with continued growth and new acquisitions. In 2024, leverage exceeded the company’s target of a maximum of 2.5x adjusted EBITDA, reaching 2.8x. In 2025, the company acquired Trimtec, which was financed through a bridge loan. During the summer, HAKI Safety announced a directed share issue of approximately SEK 50 million to repay this loan, which was completed in September 2025.

The company also intends to distribute between 25–50% of its annual net profit as dividends, a target that has been achieved in recent years.

Ownership Structure

The largest shareholder in HAKI Safety is Tibia Konsult, holding 45.1% of the company’s share capital. Tibia is owned by descendants of entrepreneur Sten K. Johnson, who played a central role in the company until his passing in 2013. The family’s involvement continues through Tibia, with Anders Bergstrand serving as an active member of HAKI Safety’s board of directors.

The second largest shareholder is the investment company Marknadspotential AB, with a 16.3% stake, represented on the board by Svante Nilo Bengtsson. Other notable shareholders include Bengt Stillström, founder and chairman of Traction AB, who holds 2.75% of the shares.

Estimates & Valuation

After several years of strong growth, 2024 proved more challenging, with lower revenue and profitability. However, margins and growth are expected to improve going forward. Based on 2025 estimates, the share is trading at an EV/adj. EBITA multiple of 13.2x, which decreases to 10.3x for 2026.

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Pinpointest AB (“Pinpoint Estimates”) is not a financial advisor, is not under the supervision of the Swedish Financial Supervisory Authority, and does not provide investment advice. The information in this document does not constitute an investment recommendation and should not be interpreted as such. This means that any investment decisions based on information derived directly or indirectly from Pinpoint Estimates or individuals associated with Pinpoint Estimates are made independently by the investor. Pinpoint Estimates disclaims all responsibility for any loss or damage of any kind arising from the use of material originating from Pinpoint Estimates.

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