Organic growth of 17.9% and record volume of demand and order intake in all regions and segments

Nilfisk, a leading provider of professional cleaning products and services, today announced its financial results for the third quarter of 2021.

Highlights of the third quarter of 2021

  • We continued to observe positive developments in the third quarter of 2021 as in the first half with a record volume of demand and order intake. Organic growth was 17.9% for the entire activity. Turnover amounted to EUR 239.2m thanks to an increase in order intake in all regions and segments. Growth is the continued result of a widespread market recovery combined with the successful activation of several business initiatives

  • Branded professional activity posted organic growth of 16.1%, driven in particular by good performance in America and in key markets in other regions

  • The Americas posted 20.9% organic growth, mainly driven by strong order intake in the United States due to our increased focus on strategic accounts, as well as the growth of our dealer business in Canada

  • Europe posted organic growth of 12.5% ​​with positive performance in particular in the Nordic countries as well as a positive performance development in the contract cleaner segment in Southern Europe

  • APAC posted organic growth of 18.1%. China and Southeast Asian countries recorded strong organic growth compared to the previous year, although high exposure to the hospitality segment, still affected by the pandemic, keeps the region below pre-pandemic level

  • The Consumer business continued to perform well, benefiting from our refocusing on this business. Faced with more difficult comparables, organic growth stood at 4.8% in addition to the very good quarter of the previous year

  • Likewise, our Private Label clients have experienced strong demand for their products. As a result, our Private Label business recorded strong organic growth of 74.8% during the quarter.

  • Gross margin decreased by 0.4 percentage point compared to Q3 2020, reaching 40.7%, negatively impacted by exceptionally high freight rates and higher raw material costs

  • Due to significantly higher sales in the third quarter of 2021, the overhead ratio improved by 3.9 percentage points compared to the third quarter of 2020. Thanks to prudent cost management, overhead costs did not increase than 5.3% or in absolute value of 3.9m EUR compared to the third quarter of 2020 despite a significantly higher commercial activity during the quarter

  • Due to higher revenue and lower overhead ratio, EBITDA before exceptionals increased by 35.3% in the third quarter of 2021 compared to the third quarter of 2020 and reached 34.5 mEUR, leading to an EBITDA margin of 14.4%. This corresponds to an increase of EUR 9.0m compared to Q3 2020 and an improvement in the EBITDA margin of 180 basis points

  • Due to significantly higher business activity and investments in critical supply chain components, working capital increased by EUR 15.3 million. However, thanks to the continued focus on working capital management, the working capital ratio improved to 15.5% from 19.9% ​​in Q3 2020

  • Free cash flow for the quarter increased significantly to EUR 14.5m, compared to EUR 5.6m in Q3 2020. Net interest-bearing debt was reduced at the end of the period by EUR 56.0m compared to the end of Q3 2020 and reached EUR346.1m

Outlook for 2021


July 13, 2021

Organic growth for the entire activity

17 to 18%

12% to 16%

EBITDA margin before exceptional items

14% to 15%

13% to 15%

With continued positive trading and strong execution in our key markets, supported by a strong order book as well as improved supply chain visibility, we can now raise our revenue target for the full year to organic growth in the 17% – 18% range. (Previous tips: in the upper range of 12% to 16%)

For the EBITDA margin before special items, we are increasing the forecast lower bound to 14% and forecasting an EBITDA margin for the full year of between 14% and 15%. (Previous tips: in the upper range of 13% to 15%)

We also expect the significantly higher freight and material costs that we are currently experiencing will affect us in the coming quarters and potentially outweigh the positive effects of price and operating leverage.

CEO Commentary
Commenting on the results, CEO Torsten Türling said:

“The third quarter marked the continuation of our strong sales growth and improved EBITDA margin. Thanks to the tremendous efforts of our sales and operations teams, we have experienced significant year-over-year sales growth despite material shortages and significant challenges in the supply chain. Our determined pricing actions have helped us mitigate much of the unusually high impact of freight costs and commodity inflation. Based on our strong order backlog and improved supply chain visibility, we are delighted to be able to increase the outlook for the full year, for the third time this year. “

“Over the past two months, we have made good progress in clarifying our strategic direction. Based on enhanced execution capacity, we aim to focus on long-term sustainable growth. We are currently finalizing our 5-year financial plan and will share its highlights during a capital market day in the first quarter of 2022. ”

Key figures

Q3 2021

Q3 2020

Turnover (mEUR)



Organic growth



Gross margin



EBITDA before exceptional items (mEUR)



EBITDA margin before exceptional items



EBIT before exceptional items (mEUR)



EBIT margin before exceptional items



Conference call

Nilfisk will host a conference call today at 10:00 am CET. Please visit to access the call. Presentation materials will be available on the website prior to the conference call.

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Media relations

Sara Westphal Emborg
Global Head of Media Relations
T: +45 2222 8577


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