olivLaw · European equity research
Green Landscaping Group AB (publ) GREEN.ST
Sweden · Nasdaq Stockholm · ISIN SE0010985028 · Vertical: Listed companies from Sweden
Green Landscaping Group is a Swedish group providing green space maintenance, landscaping and winter services through locally run subsidiaries acquired over time. In 2025 the group reported net sales of 6229 mkr, while operating profit fell sharply amid weak demand in Norway and a mild winter.
At the close of 05 Nov 2026, Green Landscaping Group AB (publ) (GREEN.ST) stock was 16.26 SEK (−1.81% on the day), with market capitalisation 920.9 m SEK, P/E 7.2 on diluted EPS of 2.26 SEK over the last 12 months, dividend yield 0.22%, beta 0.43, 52-week range 15.38–49.05 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.7
- neutral
- Bollinger (20, 2)
- 15.47 – 16.50
- in the upper half of the band · %B 0.77 · band width 6.4%
- SMA 50 / 200
- 18.23 / 30.07
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.50 / -0.74
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.4% | −0.6% | +0.3 pp | — |
| 3 months | −34.4% | −4.2% | −30.3 pp | — |
| 6 months | −49.4% | +4.3% | −53.8 pp | — |
| Year to date | −64.4% | +7.5% | −71.9 pp | — |
| 1 year | −62.1% | +9.9% | −72.0 pp | −8.5% |
| 3 years | −73.2% | +49.8% | −123.1 pp | +12.3% |
| 5 years | −81.7% | +42.8% | −124.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 18.3, median 20.2, max 20.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.9 bn | 6.4 bn | 6.3 bn |
| Revenue YoY | unavailable | +8.8% | −1.2% |
| Net income | 216.0 m | 196.0 m | 128.0 m |
| Net income YoY | unavailable | −9.3% | −34.7% |
| Diluted EPS | 3.85 | 3.48 | 2.26 |
| Diluted EPS YoY | unavailable | −9.6% | −35.1% |
| net % | 3.7% | 3.1% | 2.0% |
| Free cash flow | 282.0 m | 474.0 m | 216.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 651.0 m SEK
- Financial debt
- 1.9 bn SEK
- Net debt
- 1.3 bn SEK
- Equity
- 1.7 bn SEK
- Total assets
- 6.2 bn SEK
- Debt / equity
- 1.13x
- Current ratio
- 1.74x
- ROE
- 7.6%
- ROA
- 2.1%
- FCF margin
- 3.4%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.9 bn | 6.4 bn | 6.3 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 2.6 bn | 2.8 bn | 2.7 bn | esef· 26 Oct 2026verified |
| Gross profit | 3.3 bn ≈ | 3.6 bn ≈ | 3.7 bn ≈ | esef· 26 Oct 2026derived |
| Operating income | 394.0 m | 419.0 m | 337.0 m | esef· 26 Oct 2026verified |
| Interest expense | 164.0 m | 177.0 m | 193.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 293.0 m | 271.0 m | 178.0 m | esef· 26 Oct 2026verified |
| Income tax | 75.0 m | 74.0 m | 50.0 m | esef· 26 Oct 2026verified |
| Net income | 216.0 m | 196.0 m | 128.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 3.85 | 3.48 | 2.26 | esef· 26 Oct 2026verified |
| Dividend per share | 0.00 | 0.11 | 0.04 | esef· 26 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 416.0 m | 688.0 m | 651.0 m | esef· 26 Oct 2026verified |
| Receivables | 1.4 bn | 1.3 bn | 1.4 bn | esef· 26 Oct 2026verified |
| Inventories | 80.0 m | 87.0 m | — | esef· 08 May 2025verified |
| Current assets | 1.9 bn | 2.1 bn | 2.2 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 997.0 m | 1.2 bn | — | esef· 08 May 2025verified |
| Goodwill | 1.9 bn | 2.2 bn | 2.3 bn | esef· 26 Oct 2026verified |
| Total assets | 5.4 bn | 6.0 bn | 6.2 bn | esef· 26 Oct 2026verified |
| Accounts payable | 393.0 m | 314.0 m | 333.0 m | esef· 26 Oct 2026verified |
| Long-term debt | 1.7 bn | 2.1 bn | 1.9 bn | esef· 26 Oct 2026verified |
| Current liabilities | 1.4 bn | 1.3 bn | 1.2 bn | esef· 26 Oct 2026verified |
| Equity | 1.5 bn | 1.7 bn | 1.7 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 56.1 m | 56.3 m | 56.6 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 379.0 m | 601.0 m | 314.0 m | esef· 26 Oct 2026verified |
| Capex | 97.0 m | 127.0 m | 98.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 282.0 m ≈ | 474.0 m ≈ | 216.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -279.0 m | -395.0 m | -364.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -137.0 m | 62.0 m | 44.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 0 | 6.0 m | 2.0 m | esef· 26 Oct 2026verified |
| Share repurchases | 17.0 m | 63.0 m | 11.0 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 63 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 920.9 m SEK
Key indicators
Coverage and freshness
Score by group
- Valuation100
- Balance sheet34
- Returns52
- Quality51
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 63/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.0% | 35 (vs peers) | 17% |
| Net margin · Quality | 2.0% | 28 (vs peers) | 10% |
| FCF conversion · Quality | 168.8% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.7x | 4 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.7x | 79 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 7.2x | 100 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 23.5% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.4% | 20 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 0.9% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet34/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality51/100 · 3/3 factors with a value
- Returns52/100 · 2/2 factors with a value
- Valuation100/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Green Landscaping Group AB (publ) (GREEN.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.3 bn SEK in 2025; YoY growth -1.2%; net margin 2.0%; ROE 7.6%.
The estimated value range is 52.52–110.10 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 71.92 SEK, the price of 16.26 SEK leaves a potential of 342.3% (value / price − 1) and a margin of safety of 77.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 63/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 168.8%
- Current ratio: 1.7x
- P/E (TTM): 7.2x
- FCF yield: 23.5%
- Payout ratio (FCF): 0.9%
- The price is below the estimated value range
What contradicts it
- Net margin: 2.0%
- Interest coverage: 1.7x
- Shareholder yield (distributions): 1.4%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for GREEN.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 9.06 Total return -44% · Per year -44% | 16.06 Total return -1% · Per year -1% | 24.25 Total return 49% · Per year 49% |
| 3 years | 7.80 Total return -52% · Per year -21% | 15.66 Total return -3% · Per year -1% | 26.10 Total return 61% · Per year 17% |
| 5 years | 6.72 Total return -58% · Per year -16% | 15.27 Total return -5% · Per year -1% | 28.10 Total return 74% · Per year 12% |
- Exit P/E± 3.91
- Net margin± 2.74
- Annual revenue growth± 2.38
- Annual dilution± 0.23
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Green Landscaping Group is a Swedish group providing green space maintenance, landscaping and winter services through locally run subsidiaries acquired over time. In 2025 the group reported net sales of 6229 mkr, while operating profit fell sharply amid weak demand in Norway and a mild winter.
SWOT
Strengths
- Long-term maintenance contracts and a client base balanced between public and private sectors.
- Decentralised model in which acquired firms keep their management and brand.
- Proven experience in acquiring and integrating entrepreneur-led firms.
Weaknesses
- Dependence on season and weather makes revenue and profit volatile from quarter to quarter.
- The Norwegian segment saw a sharp drop in profitability in 2025.
- Growth relies heavily on acquisitions, which carries integration risk.
Opportunities
- Municipal demand for green spaces, play areas and safe outdoor areas could support growth.
- A fragmented market offers further acquisition options, especially in Europe.
- Stormwater and climate adaptation services could become a source of revenue.
Threats
- Mild winters could again reduce demand for snow clearing.
- Intense competition and price pressure could limit margins.
- Rising material and wage costs could weigh on profitability in the short term.
Risks
- Acquisition riskshigh
Acquisitions can hide unforeseen obligations or be overvalued, and integration can fail, with effects on the group's reputation 1.
- Weather and seasonal riskmedium
Weather and seasonality directly affect revenue and results, especially in the first quarter 1.
- Refinancing and covenantsmedium
The group could have to refinance debt on less favourable terms or breach financial covenants if capital markets deteriorate 1.
- Currency exposurelow
Operations in Norway and the euro area expose the group to exchange rate movements, mainly through translation of results and equity 1.
- Cost inflationmedium
Rising material and wage prices could affect profitability in the short term, although most multi-year contracts contain indexation clauses 1.
Investment thesis
What would need to be true (bull case)
- If demand for green spaces and municipal services keeps growing, the European segment could offset weakness in Norway.
- Long-term contracts and a public client base could stabilise revenue across economic cycles.
- Acquisitions in a fragmented market could add profitable firms and widen the group's footprint.
What would break the thesis
- If winters stay mild, snow clearing revenue could remain below expectations.
- Problems in Norway could persist if demand and prices do not recover, limiting total profitability.
- Acquisition-led growth could bring integration costs and additional debt.
What to watch
- Quarterly results and the EBITA margin trend in NorwayQ1 2026
- Effect of the January 2026 German acquisition and the Jordelit divestment2026
- Pace of organic growth compared with new acquisitions2026
- Covenant status and the 2200 mkr financing facilitynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Green Landscaping Group AB (publ) is a Swedish company listed on Nasdaq Stockholm, offering green space maintenance, landscaping, tree planting and snow clearing to public and private clients 1. Its model is decentralised: subsidiaries keep full commercial responsibility, brand and way of working, while the group sets strategy, finance and acquisitions 1. In 2025 net sales were 6229 mkr and operating profit 337 mkr 1.
The group states it grows both organically and through acquisitions, favouring entrepreneur-led firms with strong local presence and high profitability 1. Seasonal and weather risks are managed as part of daily operations 1.
The company listed on Nasdaq First North in 2018 and later moved to Mid Cap; at year-end 2025 it had 4207 known shareholders 1.
Segments
Segment Other Europe
The fastest-growing segment, with net sales of 1423 mkr and EBITA of 287 mkr in 2025, equal to 23 percent of group net sales and 59 percent of group EBITA, with growth driven by acquisitions in Germany and Finland 1.
Segment Norway
The Norwegian segment fell to net sales of 2346 mkr and EBITA of 87 mkr in 2025, under pressure from weak demand, fierce competition and an unusually mild winter, with regional management changed 1.
Market context
The group describes the green space services market as fragmented, with tens of thousands of firms, and relatively non-cyclical thanks to long maintenance contracts 1. Demand is supported by urbanisation, municipal green space policies and the need for safe, climate-resilient outdoor areas 1.
Seasonality is strong: winter directly affects revenue and results, and the first quarter, a low season for most activities, is usually weak on profit 1.
Trends
- Greener and safer citiestailwind
Municipalities are increasing investment in parks, play areas and green spaces, and citizens increasingly demand nature near home, which could support demand for the group's services 1.
- Climate change effectsmixed
Heatwaves and flooding raise the need for green spaces and stormwater management, but could also raise operating costs 1.
- Mild wintersheadwind
A winter with little snow, as in 2025, reduces the volume of snow clearing services and hits Norway in particular 1.
- Price pressure in Norwayheadwind
Weak demand and intense competition in Norwegian landscaping have led to price pressure and lower margins 1.
Competitive position
The fragmented market means the group faces many local and regional operators in each country rather than a single dominant rival 1. Competition is described as intense especially in Norway, where prices have been under pressure 1.
The reviewed sources do not name specific competitors, so no particular companies can be cited 1.
- Regional landscaping and snow clearing operators
Local firms in Norway and Central Europe, not named in the sources.
- Local road construction firms
Competition in road maintenance and infrastructure work, mentioned generically 1.
- German park and landscape construction firms
The German market is fragmented; no competitor names appear in the sources.
- Municipal maintenance service providers
Rivals for public contracts, not identified in the sources.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Green Landscaping Group AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.