Triathlon Group: Challenging times for Swedish manufacturing industry

Swedish manufacturing companies are facing a tougher autumn than expected. Order intake and revenues have been revised downward, margins are under pressure from continued weak demand - while trade tariffs have become an increasing headache for companies. Yet despite a weaker 2025, confidence for 2026 remains stronger. These are the findings of the latest Manufacturing Report from the advisory firm Triathlon Group.

GOTHENBURG, Sweden, Oct. 3, 2025 /PRNewswire/ -- Since 2015, Triathlon Group has published the Manufacturing Report, which takes the pulse of Sweden's 100 largest manufacturing companies. The report is based on a survey among decision-makers combined with a study of company data.

This autumn's report highlights a challenging situation in which the optimism seen in the spring has faded. Order intake has been revised down and the share of companies expecting lower revenues has increased compared to the spring report. At the same time, operating margins remain largely unchanged.

"The Swedish manufacturing industry is under pressure from several directions right now. Uncertainty, continued weak demand, and - for export-intensive companies - the negative impact of a stronger swedish krona make 2025 a year where firms are focusing more on efficiency and cost control rather than expansion," says Fredrik Wadsten, CEO of Triathlon Group.

Next year, however, growth is expected to pick up again. Nearly seven out of ten companies (65%) anticipate an increase in order intake and six out of ten (61%) expect higher revenues, although revenue growth is not likely until the latter part of 2026.

There is also a cautious optimism regarding profitability. Only three percent (3%) of companies expect a decline. Company data shows that in recent years, the manufacturing sector has shed more jobs than the private sector as a whole. However, heading into next year, companies expect headcount to remain broadly unchanged.

"Growth is expected to come from stronger demand. Productivity is expected to increase through improved capacity utilization, which is currently relatively low. Investment appetite has increased somewhat, but remains selective," says Fredrik Wadsten.

Trade tariffs have quickly emerged as one of the industry's biggest uncertainties. This autumn, seven out of ten companies (68%) report being negatively affected - a sharp increase compared with 44 % in the spring. Despite this, the survey shows that many companies are passive and hesitant when it comes to managing tariffs. More than half lack both short-term and long-term strategies.

The survey was conducted through telephone interviews between weeks 35-37 in 2025. The sample consisted of the 100 largest manufacturing companies in Sweden.

For comments or to access the report, please contact: Fredrik Wadsten, CEO and Senior Partner, Triathlon Group, +46 (0)70-318 21 20 | [email protected] 

Triathlon Group

Triathlon Group is a professional services firm and a leading actor in business performance improvement, supporting Nordic multinational clients to strengthen international competitiveness. Based on specific expertise, Triathlon delivers lasting improvements with its clients. Triathlon Group is an independent, partner-owned firm headquartered in Gothenburg, Sweden. www.triathlon.se

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