Active Listed Holdings
Traction is a major owner in a number of smaller and medium-sized listed companies. We invest in companies where we see a significant revaluation potential and where the risks are manageable. Other involvement in listed companies can be in the form of underwriting equity offerings in companies in need of new capital and where we see a potential for good returns. Traction has been an owner in some of the companies listed below before they became publicly listed and we participated actively in their respective processes of going public. Below listed companies refers to companies where Traction has an ownership stake exceeding 10 percent of the votes or where Traction has an active role as represented in the companies’ Board of Directors.
BE Group
BE Group is a leading independent steel service company that stocks, processes and distributes steel, stainless steel, aluminium and reinforcement to customers in the construction and manufacturing industries in Sweden and Finland. The product range includes commercial steel, steel tubing, special steel, reinforcement, stainless steel and aluminium. In addition to distribution, the company offers value adding production services including cutting, sawing, blasting, drilling and flame cutting, enabling customers to streamline their processes, free up resources and minimise their own inventories. BE Group is a professional partner supporting customer development through availability, expertise and reliable delivery. In addition to its core operations, the company conducts joint venture activities in the thin sheet segment through ArcelorMittal BE Group SSC AB. BE Group works actively with sustainability and offers green steel with a low carbon footprint under the BELOW brand, partly in response to the European carbon border adjustment mechanism, CBAM.
For the full year 2025, net sales amounted to MSEK 3,934 (4,667), with an underlying operating result of MSEK -113 (51), corresponding to an underlying operating margin of -2.9 percent (1.1). Earnings were further impacted by significant items affecting comparability, mainly related to impairment of goodwill, capitalised expenditure for a new business system and implemented restructuring measures. To strengthen its financial position, a rights issue was carried out during 2025, half of which was underwritten by Traction. A new CEO assumed office on 1 February 2026.
BE Group has been listed on Nasdaq Stockholm, Small Cap, since November 2006. Traction is represented on the Board of Directors and holds 26.5 percent of the shares in the company, representing the same proportion of the voting rights. Year of investment: 2011.
Drillcon
Drillcon is a leading partner in drilling services for mining and infrastructure projects, with more than 60 years of experience and a strong international presence. The company specialises in exploration drilling, core drilling, production drilling and raise boring. Core drilling is used to extract rock samples, while raise boring is used to drill shafts, including for ventilation and mine hoisting systems. With safety, sustainability and service quality as guiding principles, Drillcon delivers long-term value to customers in the mining and construction industries globally. The company was founded in 1963 and is headquartered in Örebro.
For the full year 2025, Drillcon reported revenue of MSEK 395 (416) and EBITDA of MSEK 41 (57), corresponding to an EBITDA margin of 10.5 percent (13.7), and operating profit of MSEK 8.3 (27.1), corresponding to an operating margin of 2.1 percent (6.5).
Drillcon is listed on Nasdaq Stockholm First North. Traction is represented on the Board of Directors and holds 53.8 percent of the shares in the company, representing the same proportion of the voting rights. Year of investment: 2008.
Diales
Diales Plc is a UK-based consultancy and one of the global leaders in dispute resolution, primarily focused on the construction, infrastructure and energy sectors under the Diales brand. The company also provides traditional technical project management services under the Driver Project Services brand. Its geographical presence spans 13 countries across five continents.
For the financial year 2024/25, the company reported revenue of 43 (43) MGBP, with an operating profit of 1.3 (0.9) MGBP, corresponding to an operating margin of 3.0 (2.0) percent.
The company is listed on the AIM market of the London Stock Exchange. Traction’s ownership amounts to 27.4 percent. Year of investment: 2019.
Hultström Group
Hultström Group, formerly Hifab Group, is a corporate group focused on transformation and development within the community development sector. By bringing together companies with complementary capabilities, the group creates a dynamic platform to address the industry’s increasing demands for digitalisation, sustainability and innovation. The objective is to support client development and generate long-term shareholder value. In November 2025, the company adopted a new strategic direction focused on building a corporate group aimed at addressing evolving industry needs and contributing to the ongoing transformation within the sector. In connection with this, the listed parent company changed its name to Hultström Group. The Hifab companies, Hifab AB, Hifab Advisory AB, Hifab DU-Teknik AB and Hifab OY, form a key cornerstone and continue to operate under their own brand as independent advisors and project managers within community development, offering services in strategy, projects and technology to private and public sector clients that own, develop and manage properties, facilities and infrastructure. The group has approximately 190 employees, generates revenue of just over MSEK 300 and is headquartered in Stockholm.
For the full year 2025, Hultström Group reported revenue of MSEK 310 (328) and operating profit of MSEK 24 (26), corresponding to an operating margin of 7.6 percent (8.0). A new CEO assumed office in January 2026.
The company is listed on Nasdaq Stockholm First North. Traction is represented on the Board of Directors and holds 52.2 percent of the shares in the company, representing 53.5 percent of the voting rights. Year of invesmtent: 2004.
Nilörngruppen
Nilörngruppen is a leading innovator in labelling and packaging, with a focus on strengthening clients’ brand identity, primarily within the fashion and apparel industry. The group is one of Europe’s leading players and delivers more than 1.7 billion labels annually. Its offering is built on six pillars, design, product development, production, sustainability, logistics and global presence, and ranges from innovative design language and tactile solutions to efficient logistics solutions with short lead times. The majority of production is carried out through an established network of partners, complemented by in house production in, among other locations, Portugal and Bangladesh to ensure delivery, quality and flexibility. Sustainability is an integral part of operations, with the company working closely with clients and suppliers to continuously reduce environmental impact and ensure responsible production. The company operates globally, with offices and production facilities in 21 countries and approximately 680 employees. Nilörngruppen was founded in 1977 and is listed on Nasdaq Stockholm.
For the full year 2025, revenue amounted to MSEK 945 (945) and operating profit to MSEK 73 (83), corresponding to an operating margin of 7.8 percent (8.8).
Traction is represented on the Board of Directors and holds 26.3 percent of the shares in the company, representing 58.1 percent of the voting rights. Year of investment: 2005.
Portmeirion
Portmeirion Group Plc is a UK-based company specialising in tableware and homeware. The company owns and markets several well-established brands, including Portmeirion, Spode, Royal Worcester and Pimpernel. In total, Portmeirion Group owns six global brands with sales in more than 80 countries. The brands have a combined heritage spanning over 750 years. For example, the Spode Blue Italian collection, launched in 1816, is an iconic British design classic within tableware and dinner sets. The company operates two factories in the UK, with distribution primarily handled through its distribution centres in the UK and the United States. A clear strategic focus lies on growth in its own e-commerce, D2C offerings for retail customers, and building partnerships with national wholesalers and independent retailers, many of which operate omnichannel models combining physical stores and e-commerce platforms.
In 2024, the company reported revenue of 91.2 (102.7) MGBP, with an operating profit of 3.1 (5.1) MGBP, corresponding to an operating margin of 3.4 (5.0) percent.
Portmeirion Group is listed on the AIM market of the London Stock Exchange. Traction’s ownership amounts to 16 percent. Year of investment: 2020.
Softronic
Softronic is an IT and management consulting company that delivers innovative digital solutions that generate tangible societal value, an approach the company refers to as GoodTech. Its offering ranges from advisory and strategy to systems development, management and long-term outsourcing engagements. Its clients are primarily mediumsized and large companies as well as organisations in Sweden, and relationships are characterised by longevity, with most clients having worked with Softronic for decades. The company’s consultants combine deep operational expertise with knowledge of the latest technology and have an average of more than ten years of industry experience. One example of Softronic’s offering is the anti money laundering service CM1, which processes more than 100 million customers per day and helps financial institutions identify transactions linked to criminal activity. Softronic was founded in 1984, has grown to approximately 430 employees and is listed on Nasdaq Stockholm. Its headquarters are located in Stockholm.
In 2025, revenue amounted to MSEK 916 (842). Operating profit totalled MSEK 83 (100) and the operating margin was 9.1 percent (11.9). During the year, a new CEO and CFO assumed their positions, and in addition a minor acquisition was completed of Innofactor’s membership system MMS.
Softronic is listed on Nasdaq Stockholm, Small Cap. Traction is represented on the Board of Directors and holds 22.0 percent of the shares in the company, representing 21.2 percent of the voting rights. Year of investment: 2001.
Unlisted Holdings
Traction’s unlisted holdings consist of wholly- and majority-owned companies as well as minority-owned companies. In the minority-owned companies we co-operate with entrepreneurs and other active owners. The business concept is to develop successful companies as an active partner. The majority-owned companies are usually turn-around projects, reorganisations, management buy-outs or similar situations. Over the years Traction has participated in bringing several unlisted companies public.
Ankarsrum Kitchen
Ankarsrum Kitchen develops, manufactures and sells the Ankarsrum Assistent Original® kitchen machine, a Swedish classic originally designed by Alvar Lenning in 1940 and produced in Sweden ever since. The machine stands out as a high quality product, featuring a powerful motor, a large 7 litre bowl, a range of 17 accessories and 16 different colours. America’s Test Kitchen named Ankarsrum the best stand mixer for three consecutive years from 2023 to 2025. Norway’s largest consumer technology website Tek.no has ranked Ankarsrum as the best kitchen machine for seven consecutive years, and in 2025 the product received top marks from the German publication ETM Testmagazin. Since its inception, approximately two million units have been sold, and the product is now available in more than 30 countries. Slightly more than half of volumes are sold in the Nordic home market, while export sales are conducted through wholly-owned subsidiaries in the United States and Germany, as well as through distributors. Since 2017, revenue has grown from MSEK 55 to more than MSEK 300 in 2025, primarily driven by growth in the Nordic countries and the United States. In 2025, the Ankarsrum Group reported slightly declining revenue while maintaining solid profitability in a challenging market environment for discretionary consumer goods, combined with a stronger Swedish krona. During the year, Fredrik Berg was appointed as new CEO, bringing extensive experience in building premium brands internationally, in line with the company’s continued expansion plans.
In 2025, the company reported revenue of approximately MSEK 305 (347), with an adjusted operating margin of approximately 14 percent.
Traction is represented on the Board of Directors and holds 100 percent of the shares in the company through Ankarsrum Industries. Year of investment: 2009.
Sigicom
Sigicom is the leading provider in the Nordic region of field measurement systems for unattended monitoring of vibrations, noise and other environmental disturbances, such as airborne particles. These systems monitor construction and civil engineering works, mines, quarries as well as road and rail traffic wirelessly. Sigicom markets its measurement systems and services globally, with exports accounting for the majority of revenue and continuing to grow. Key markets include the United States, the United Kingdom, France, Canada, the Netherlands and the Nordic region. The company has developed one of the market’s most innovative and comprehensive field measurement systems, covering everything from sensors to web based presentation and reporting. For customers, this means simple installation, automated measurements and cost efficient monitoring. In addition to web based applications, Sigicom offers support, service and regular calibration. The company has an ambitious growth agenda based on product leadership and international expansion.
In 2025, revenue amounted to MSEK 269 (253), with an operating margin approximately 9 percent. During the year, integration of the AVA acquisition completed in 2024 continued.
Traction is represented on the Board of Directors and holds 21 percent of the shares in the company. Year of investment: 1997.
Recco Holding
Recco Holding owns RECCO AB, a rescue system used by more than 900 rescue organisations and helicopter units worldwide to locate avalanche victims and missing persons year round. The system consists of two parts: RECCO detectors used by professional rescue services and RECCO reflectors integrated into equipment such as clothing, helmets, boots, backpacks and ski boots. The RECCO system is based on radar technology, enabling faster location of a person carrying a RECCO reflector. The reflectors are entirely passive and require neither batteries nor maintenance. The RECCO system is intended for organised rescue operations and is not a substitute but a complement to avalanche transceivers used for companion rescue. By enabling faster search efforts, the RECCO system increases the likelihood of locating avalanche victims and other missing persons. The RECCO system is established in 32 countries globally.
In 2025, revenue amounted to MSEK 112 (96), with an operating margin exceeding 15 percent.
Traction holds 49.9 percent of the shares in the company.
Medino
Medino is a fast-growing online pharmacy based in the UK. Medino sees opportunities to digitalize and streamline the pharmacy sector with the ambition of taking a leading position in the country. Co-founders are Christian Jakobsson (CEO), Lars Elfversson (Chairman), Henrik Blomkvist, and Viktor Holmberg.
Traction’s ownership stake amounts to approximately 9 percent. Investment year: 2020.
Tengai
Tengai is an AI driven recruitment tool in which a digital interview avatar conducts structured interviews and delivers objective, data driven candidate assessments. Organisations reduce the time spent on early stage screening by more than 70 percent while ensuring consistent evaluation of all candidates. Tengai also delivers a strong candidate experience by providing real time feedback. The solution is developed in line with the EU AI Act and is well positioned in an increasingly regulated market. The company was founded by Key People Group, which holds approximately 62 percent of the shares.
Traction holds approximately 12 percent of the shares in the company. 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.
Financial investments
Traction’s investments that are not categorized as active holdings are classified as financial investments, for instance in the form of equities, corporate bonds or CDs. The composition of different classes of assets is largely dependent on prevailing market conditions.
The purpose of the financial investments, as opposed to the active holdings, is not to create value through active ownership. The goal is rather to generate a current return through more traditional management, also on the portion of Traction’s capital not engaged in active holdings. The magnitude of the financial investments thus depends on how large a portion of the net asset value is invested in active holdings from time to time. The financial investments are evaluated on an ongoing basis and on average have a shorter investment horizon than active holdings. The size of individual financial investments may vary as especially major equity investments may occur and from time to time constitute complements to the active holdings.
A major portion of the financial investments consist of liquid holdings that can be sold on short notice. This is important in order to retain the flexibility to be able to support on short notice existing active holdings, to invest in new holdings, and to participate in underwriting consortia for new issues.
An equity investment that is initially classified as a financial investment can, over time, develop into an active listed holding. By following companies as a minor owner, we have better opportunities to evaluate business models as well as corporate managements.