Novedo shares
Unlisted company
Novedo is an acquisition-driven industrial group that owns and develops small and medium-sized B2B companies with strong regional market positions. The Group is organised into three business segments. Installation & Services comprises companies operating in electrical installations, painting, façade renovation, roofing, ventilation and sheet metal work. Infrastructure comprises groundworks and civil engineering, cable installation, and water and wastewater projects. Industry comprises the manufacture of industrial components, drilling tools and signage. Revenue is generated through contract sales, service assignments and component manufacturing under long-term customer agreements.
Decentralised operations across multiple countries
The Group operates in several European countries, with a focus on the Nordic and Baltic regions. Operations are decentralised, with each subsidiary having full profit responsibility and local teams responsible for customer relationships and business decisions.
Growth strategy
The growth strategy is based on acquiring profitable, entrepreneur-led companies with proven business models, established niche positions and a sound corporate culture. Acquisitions require the existing management team to be entrepreneurial and willing to continue running the business after the acquisition. Novedo sees growth opportunities in its existing markets but also has an active acquisition agenda beyond its current geographic footprint. Organic growth is driven by each subsidiary's own initiatives in its local markets, supported by the Group's collective experience and resources.
Business model characteristics
Acquisition-driven group of regionally strong B2B companies
Three segments: Installation & Services, Infrastructure, Industry
Decentralised governance, with subsidiaries holding operational responsibility
Market and ownership
Several European countries, with a focus on the Nordic and Baltic regions
Part of the Esmaeilzadeh Holding Group
Acquisition of profitable companies with strong cash flows and local leadership
Financial performance
Published 22 September 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2025-12-31
- 498MSEK
- Operating cash flow
- 178MSEK
- Net sales
- 2,943MSEK
- Equity ratio
- -1.9%
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net sales | 2,943(-2.8 %) | 3,027(+66,220.7 %) | 4.6(-99.7 %) | 1,773 |
| Revenue growth | -2.8%(-66,223.4 pp) | 66,220.7%(+66,320.4 pp) | -99.7% | – |
| EBITDA | 332(-17.8 %) | 403 | – | 164 |
| EBIT | 162(-34.5 %) | 247 | -19 | – |
| Net income | -273 | -188(-354.3 %) | 74 | -57 |
| Equity | -67(-129.5 %) | 228(-39 %) | 374(-20.2 %) | 468 |
| Total liabilities | 3,527(+9.1 %) | 3,233(+24.2 %) | 2,602(+41.7 %) | 1,836 |
| Cash and bank | 498(+4 %) | 479(+111.2 %) | 227 | – |
| Operating cash flow | 178(+46 %) | 122(+12.6 %) | 108(+107.2 %) | 52 |
| Equity ratio | -1.9%(-8.5 pp) | 6.6%(-6 pp) | 12.6%(-7.8 pp) | 20.3% |
Documents and reports
4Questions about Novedo
Is Novedo publicly listed?
No, Novedo is a public limited company, but it is not publicly listed. The company has not completed an IPO, and its shares are therefore not traded on a regulated stock exchange, but on the unlisted market.
What does Novedo do?
Novedo Holding AB is a European industrial group that acquires, owns and develops small and medium-sized B2B companies with strong positions in regional markets. Its operations span property servicing and renovation, infrastructure projects and the manufacture of industrial components.
Can I buy shares in Novedo?
Yes, it is possible to buy Novedo shares through trading in unlisted shares, provided that there are sellers. Through Eqvor, you can place a buy order and be matched with sellers in the unlisted market.
How do I sell shares in Novedo?
If you own shares in Novedo, you can place a sell order via Eqvor and be matched with buyers. Once the transaction has been completed, the shares are transferred in accordance with the company’s Euroclear-connected custody structure.
Is Novedo affiliated with Euroclear?
Yes, Novedo is affiliated with Euroclear. This means that the shares are handled in the Swedish securities system and can be delivered to a custody account with any bank or securities firm once the transaction has been completed.
Can I hold Novedo shares with Avanza or Nordnet?
Yes, since Novedo is affiliated with Euroclear, the shares can normally be held in a securities account with, for example, Avanza or Nordnet, provided that the bank or online broker supports the custody of unlisted shares.
At what price is the Novedo share traded?
Since Novedo is not listed on a stock exchange, there is no official share price on a regulated marketplace. Instead, the price is determined by supply and demand among buyers and sellers in the unlisted market.
Has Novedo carried out any share issues?
Novedo has not carried out any new share issues involving external investors. Instead, the company raises capital through bonds and convertible instruments, as described under Investors at novedo.se.
When will Novedo be listed on the stock exchange?
There is currently no publicly announced timetable for a stock exchange listing of Novedo. We therefore do not know when Novedo may be listed or whether the company will carry out an IPO.
What are the risks of investing in Novedo?
Investing in Novedo involves risk, just like other investments in unlisted shares. The company’s value may be affected by acquisitions, the integration of portfolio companies, indebtedness, economic conditions, customer contracts, margins, and demand in property services, infrastructure, and industrial components. Trading in unlisted shares also normally entails lower liquidity than trading in listed shares.
Does Novedo have any right-of-first-refusal or pre-emption clauses?
The available company information does not indicate whether Novedo is subject to any right-of-first-refusal or pre-emption provisions. If such terms exist, they are handled in connection with any potential share transfer in accordance with the company’s shareholders’ agreement or articles of association.
Where can I find Novedo's annual report?
Novedo's annual report can be found under Investor Relations and Financial Reports. The company's annual reports, year-end reports, and other financial reports are available there for download.
Has Novedo reported a profit or a loss?
Novedo reports a negative result in the latest available information. Under Key figures, EBITDA is stated as TSEK 331,600 and Profit/loss for the year as TSEK -272,961. The company’s earnings trend is also shown in the Results by year chart.