A Nordic micro-cap mid-transformation: HAKI is trying to re-rate from cyclical scaffolding supplier to a safety-and-services compounder—if it can execute through a hostile macro.
Overview
HAKI Safety (HAKI-B.ST) is at an inflection point after completing a multi-year transformation from Midway Holding’s conglomerate structure into a streamlined industrial group focused on safety products and solutions for temporary workplaces. The company has organized itself into Scaffolding Systems, Work Zone Safety, and Digital Solutions, aiming to move up the value chain from commoditized steel components into higher-margin, stickier offerings such as complex access engineering, proprietary protection systems, and recurring geodesy services. In a difficult 2024–Q3 2025 macro marked by weak European residential construction, high rates, and cost pressure, the company showed resilience: Q3 2025 sales grew 14% to SEK 288m (2% organic) and gross margin expanded to 37.2%. Management is targeting SEK 2bn sales by 2027 with >10% adjusted EBITA margins, supported by organic initiatives and continued M&A; a September 2025 rights issue (~SEK 50m, oversubscribed) strengthened the balance sheet and reduced near-term debt risk. The core investor question is whether the market will re-rate HAKI from cyclical construction exposure to an industrial safety compounder as execution proves out.