Holdings

BE Group

BE Group is a trading and service company in the steel and metal industry. The company’s approximately 10,000 customers are primarily in the engineering and construction industry in Sweden and Finland, where BE Group is one of the market’s leading suppliers. With solid expertise and efficient processes in purchasing, logistics and simple production, BE Group offers stock sales, production service and direct deliveries based on their specific needs for steel and metal products. The head office is located in Malmö.

For the full year 2024, net sales amounted to MSEK 4,667 (5,328) with an underlying operating result of MSEK 51 (30). Market conditions remain weak, and the decline in material prices contiuned throughout the year. The underlying operating margin for 2024 was 1.1 (0.6) percent, compared to 7.1 percent in 2022 and 9.8 percent in 2021. BE Group’s long-term margin target of exceeding 5 percent is expected to be achieved not only through a more favourable price level but also through contiued supply chain optimisation, cost focus and deeper customer collaboaration. In 2024, it was decided that the Polish operations were to be relocated to Sweden and Finland, which is expected to have an ongoing positive impact on results, with a payback period of less tan one year. The Baltic operations were discontnued. In the Spring, Anders Rothstein took office as the new chairman.

Traction has been involved in the company’s Board of Directors since 2012. BE Group has been listed on the Nasdaq Stockholm Small Cap list since November 2006.

Drillcon

Drillcon is Europe’s largest core drilling company and a major raise boring contractor. The company’s market consists of customers in the mining and construction industry. The Nordics segment accounts for just over half of the Group’s sales. The remaining sales are from the Iberia segment, which includes Portugal and Spain.
The main operations are currently run through subsidiaries in Sweden, Portugal and Spain. Through these subsidiaries, Drillcon provides services to customers in several countries. In Sweden, Drillcon supplies drilling services to Boliden, LKAB and Lundin Mining, among others. Core drilling is used to take material samples in rock and can also be used for concrete reinforcement, while raise boring is a method for drilling shafts in rock, including for ventilation and mine lifts. The services are offered in all geographical markets. Drillcon has been in business since 1963 and is headquartered in Örebro, Sweden.
For the full year 2024, Drillcon reported net sales of MSEK 416 (474) with an adjusted operating result of MSEK 34.0 (34.6). Despite lower sales in 2024 compared to 2023, efforts to improve internal processes and reduce costs have resulted in maintained profitability, with a return on equity of 12.0 (13.5) percent and an adjusted operating margin of 8.2 (7.3) percent. Drillcon’s financial target is an operating margin exceeding 10 percent.

Traction has been a co-owner of Drillcon since autumn 2008 and since 2013 owns more than 50 percent of the shares. Drillcon is listed on Nasdaq Stockholm First North.

Diales

Diales is a UK-based consultancy firm and one of the global leaders in dispute management, primarily focusing on the construction, infrastructure and energy sectors under the Diales brand. The company also offers services in traditional project management under the Driver Project Services brand. Diales has the expertise to provide tailored services across all stages of the project cycle. The company operates across five continents in 15 countries. The operational segments include Europe & Americas (EuAm), the Middle East and Asia Pacific, with EuAM accounting for approximately 50 percent of the group’s revenue.

For the financial year 2023/24, the company achieved a turnover of MGBP 43. Diales was founded in 1978, with its headquarters located in London, UK.

Traction acquired a stake in Diales at the end of 2019 and currently owns 27 percent of the company. The company is listed on the AIM market of the London Stock Exchange.

Hifab Group

Hifab Group is one of Sweden’s leading project management groups, with over 75 years of experience in the property industry and all its disciplines.
Hifab offers independent advice and project management where the company helps clients with strategy, projects and management. Hifab’s clients own, invest in, develop and manage land, buildings, premises, facilities, infrastructure and social resources such as energy and water.
To meet the civil engineering industry’s increasing need for strategic advice, Hifab Advisory was launched at the end of 2022, which is a wholly owned start-up in the Hifab Group. Hifab Advisory is growing rapidly with several large assignments with real estate companies and offers advice in business development, sustainability, energy strategy and digitalisation to management teams and decision-makers in the industry.
Through Hifab OY, the company also has a presence in the Finnish market with an increased focus on energy consultancy and project management.
For the full year 2024, Hifab reported net sales of MSEK 328 (309), corresponding to a growth of 6 percent. The operating result amounted to MSEK 25 (13), resulting in an operating margin of 7.6 (4.2) percent. The turnaround that began in 2022 has clearly materialised in 2024, with margin improvement achieved despite a cautious market. Hifab’s target is a sustainable operating margin exceeding 10 percent.
During the year, Hifab increased its focus on Advisory, launched Hifab Tech, established an office in Uppsala, and strengthened its presence in Gothenburg. In 2024, Traction sold shares to Hifab’s CEO Nicke Rydgren and other management personnel for approximately MSEK 3.

The company is listed on Nasdaq Stockholm First North.

Nilörngruppen

Nilörn is an international group, founded in 1977, which adds value to brands through branding and design in the form of labels, packaging and accessories for customers primarily in the fashion and clothing industry. The customers can simply be categorised as brand owners and retail chain companies. Nilörngruppen endeavours to increase its customers’ competitiveness by offering services that cover all design resources, including a logistics system that guarantees reliable and short delivery times. Nilörngruppen is one of Europe’s leading players with a revenue of MSEK 945, where about 90 percent of the revenue takes place outside the Nordic region. Nilörngruppen delivers over 1.5 billion labels per year of different sizes and types.
Nilörngruppen is represented through its own companies in Sweden, Denmark, Great Britain, Germany, Belgium, Portugal, Hong Kong, India, Turkey, China, Bangladesh, Italy, Switzerland, Vietnam, USA and Pakistan. The group has its own production of printed labels in England, Turkey, India and Hong Kong, and production of woven and printed labels in Portugal and Bangladesh.
Since Traction bought out Nilörngruppen from the stock exchange in 2009, the company has developed strongly.
For the full year 2024, net sales amounted to MSEK 945 (870), and the operating result was MSEK 82.9 (63.0), corresponding to an operating margin of 8.8 (7.2) percent.

In June 2015 Nilorn was listed on NASDAQ First North in Stockholm and since April 2018 the company is listed on NASDAQ Stockholm Small Cap list.

OEM International

OEM International is one of Europe’s leading technology trading groups in industrial components and systems. In total, the group sells to over 30,000 customers in selected markets in Europe and the British Isles. OEM offers a broad and deep range of more than 60,000 products from more than 400 leading and specialised suppliers in electrical components, fluid power, motors and transmissions, bearings and seals, appliance components and lighting.
By having a well-developed local market organisation and efficient logistics, OEM is a better alternative for suppliers than their own sales com¬panies. OEM provides a high level of knowledge and service and markets the products based on the specific conditions of each market. In addition, the product range is adapted to each individual market and the local organisation is tasked with continuously searching for new products and companies to further increase the competitiveness of the customer offering.
For the full year 2024, OEM International reported net sales of MSEK 5,239 (5,145), and adjusted EBITA, excluding one-off costs of MSEK 11, amounted to MSEK 774 (811), corresponding to an adjusted EBITA margin of 15.4 (15.8) percent.
Traction has been a major shareholder in OEM since the end of 2009 and has been involved in the Board of Directors since spring 2010.
In February 2025, EQT’s offer for OEM International was completed, and Traction sold all of its A shares for MSEK 420 while simultaneously acquiring nearly 1.8 million B shares at the same price, totalling MSEK 195. Through the offer, EQT assumed majority ownership of OEM from Orvaus and the founding families of Hans Franzén and Agne Svenberg.
OEM International is listed on Nasdaq Stockholm, Large Cap list.

Portmeirion

Portmeirion Group Plc is a British company within tableware and homeware. The company owns and markets a number of well-established brands such as Portmeirion, Spode, Royal Worcester and Pimpernel. In total, Portmeirion Group owns six global brands with sales in over 80 countries.
The brands have an accumulated history of over 750 years. For instance, Spode brand’s Blue Italian collection, launched in 1816, is an iconic British design classic of crockery and plates.
The company has two factories in the UK and primarily delivers through its distri¬bution centres in the UK and USA. Clear focus is on growth in direct-to-consumer (D2C), e-commerce for retail customers, as well as building partnerships with wholesale national and independent retailers, many of whom are omnichannel with both physical stores and e-commerce sites.
Portmeirion’s FY24 revenue is expected to be approximately MGBP 90, with a profit before tax at MGBP1.
Traction acquired just over four percent of the company in connection with a directed rights issue in 2020. During 2023, ownership exceeded 10 percent, resulting in its reclassification as active listed holdings.
Ownership has since gradually increased and amounted to just over 15% as of March 2025. Portmeirion Group is listed on the AIM list of the London Stock Exchange.
New Chairman Peter Tracey took office at the beginning of 2025.

Softronic

Softronic is an IT and management consultancy whose services range from consultancy and new development to management and operation. Softronic has a holistic approach to change, which means that the company can support customers in everything from strategy to structure, including organisation, processes and IT. Its customers are mainly medium-sized and large companies and organisations in Sweden. Customer relationships are characterised by a long-term approach and the company’s partnerships often extend back 10-20 years.
One example of Softronic’s offering is the anti-money laundering service CM1, which helps customers to monitor and identify transactions that may be associated with criminal activity and terrorism. The service is available 24/7/365 and processes more than 100 million transactions per day. CM1 handles all information in accordance with anti-money laundering regulations and GDPR.
In 2024, net sales amounted to MSEK 842 (838). The operating result was MSEK 100 (105), and the operating margin was 11.9 (12.5) percent. In 2025, Mattias Flock takes office as the new CEO and Johan Ahlgren as the new CFO.
Most of Softronic’s 438 employees are represented in Stockholm. The company also operates in Gothenburg, Malmö, Sundsvall, Arjeplog, Karlstad and Visby.
Softronic is listed on Nasdaq Stockholm, Small Cap list.

Ankarsrum Kitchen

Ankarsrum Kitchen markets, develops and sells the Ankarsrum Assistent Original® household appliance. The company is a wholly owned subsidiary of Ankarsrum Industries, which is 100 percent owned by Traction. Ankarsrum Assistent Original® is a Swedish classic from 1940.

Over the years, the machine has been improved with a more powerful motor, equipped with stepless speed control and overload protection, which has made it stronger and more reliable. The machine comes with a wide range of accessories such as a meat grinder, blender, vegetable slicer, pasta roller and ice cream maker. The plan is to launch more accessories in the coming years to further expand the machine’s areas of use.

The company markets Ankarsrum Assistent Original® through physical and digital channels globally. The company has a strong established presence in its Nordic domestic market, with export sales through distributors as well as its own subsidiaries in the US and Germany. Ankarsrum Assistent Original® is sold primarily in the Nordic countries, the US, Germany, and other European markets. In 2024, revenue increased by 44 percent to MSEK 347 (241) with strong profitability. Growth in the US exceeded 90 percent.

Sigicom

Sigicom is the Nordic region’s leading supplier of field measurement systems for unmanned monitoring of vibrations, noise and other environmental disturbances—such as particles in the air. The field measurement systems wirelessly monitor construction and civil engineering works, mines, quarries and road and rail traffic.

Sigicom sells its measurement systems and services on a global market, with exports accounting for the majority of its revenue and continuing to grow. Major markets for Sigicom are the USA, the UK, France, Canada and the Nordic region.

The company has developed the market’s most innovative and complete field measurement system from sensor to web presentation and reporting. For Sigicom’s customers, this means simple installation, automated measurements and cost-effective monitoring. The sensors continuously measure what is happening and can be triggered by a certain disturbance and can then record detailed signal sequences and alert selected users. The measuring instruments withstand harsh environments and have very high accuracy and reliability.

In addition to web-based application programmes, Sigicom also offers support, service and regular calibration. Sigicom has an ambitious growth agenda based on product leadership and internationalisation. Sigicom is in an intensive internationalisation phase with its own operations in the UK, France, USA and Canada, and a growing number of customers globally.

In 2024, revenue increased by 23 percent to MSEK 251 (203) with a double-digit operating margin. A small complementary acquisition was completed in the fourth quarter of 2024.

Recco Holding

Recco Holding owns RECCO, which is a rescue system used by more than 800 rescue organisations, mountain rescue services and helicopter companies worldwide to find avalanche victims and missing persons. The two-part system consists of RECCO detectors used by professional rescue teams and RECCO reflectors which are built into ski equipment such as clothing, helmets and boots. RECCO is based on a radar technology that enables a quick and accurate localisation of a person wearing a RECCO reflector. The reflectors are completely passive and require no battery or expertise to operate. The RECCO system is intended for organised rescue and is not an alternative but a complement to the use of search equipment enabling peer rescue.

Because the RECCO system enables a faster search effort, skiers and snowboarders caught in an avalanche have an additional chance of being rescued in time. The RECCO system is established in every major ski resort in the world.

For several years, Recco has been developing a system that will enable searches over large areas of land in an efficient manner, and for some years now the RECCO SAR Helicopter Detector has been established in several markets around the world. With RECCO SAR, which is attached to a helicopter as shown on page 15, searches can be made at a speed of up to 100 km/h over an area 100 metres wide. This means that an area of 1 km2 can be searched within six minutes. The company has a presence in over 900 ski resorts in 32 countries.

In 2024, revenue increased by 48 percent to MSEK 96 (65) with significantly improved profitability.

Medino

Medino is a fast-growing online pharmacy based in the UK. Medino sees opportunities to digitalise and streamline the pharmacy trade with the ambition to take a leading position in the country. Co-founders are Christian Jakobsson (CEO), Lars Elfversson (Chairman), Henrik Blomkvist and Viktor Holmberg. Traction’s ownership share amounts to approximately 9 percent. Investment year: 2020.

Tengai

Tengai is a start-up company specialising in AI technology for recruitment and personal assessment. The company offers an automated interview software that ensures an unbiased and efficient recruitment process. The founder of Tengai is the recruitment and staffing group Key People/ TNG Group, which owns approximately 56 percent of the shares. Traction’s ownership amounts to approximately 14 percent. Investment year: 2020.

Brillianze

Brillianze Sweden has invented and patented the Transversor technology. A Transversor detects and prevents movement before it causes damage or waste of resources. The first product to use a Transversor is the RolloGuard Instant Fall Protection for walkers. Here the technology acts as fall protection and prevents dangerous movement from occurring, enabling a better walking aid which in turn creates safety. The Transversor technology has the potential to be used in several other applications, such as fishing reels, in order to create a controlled movement that is both safer and more sustainable. The company is led by entrepreneur and major shareholder Patrik Zander. Traction’s ownership share amounts to approximately 14 percent. Investment year: 2021.

Duroc

Duroc is an industrial group that owns and acquires industrial and industrial trading businesses in a variety of industries. The group’s current seven companies include IFG and Drake, which together account for 55 percent of the group’s revenue. IFG is a market-leading producer of polypropylene-based staple fibres in Europe, while Drake is North America’s leading manufacturer of filament yarn and staple fibres. Other companies are active in the tool trade, maintenance of railway wheels and production of climate fabric for greenhouses. Duroc’s revenue amounted to MSEK 3,250 as of December 2023 for a rolling 12-month period.

The company is listed on the Nasdaq Stockholm, Small Cap list and Traction’s ownership amounts to 8 percent.

PION Group

PION Group’s operations consist of the Poolia, QRIOS and Uniflex segments. The largest segment, Uniflex, accounts for approximately 54 percent of the Group’s sales and operates in the staffing and recruitment of personnel for the industrial, logistics and customer service sectors. Poolia, which accounts for 35 percent of sales, is mainly focused on the recruitment of salaried employees. In 2022, a new strategy was implemented to combine consulting and strategy services with tech solutions. The strategy permeates the entire Group, but with an emphasis on the QRIOS segment. PION Group’s sales in 2023 totalled MSEK 2,020.

The company is listed on Nasdaq Stockholm, Small Cap list. Traction’s ownership share is 6 percent.