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MARKET OUTLOOK
As feared, 2025 was another year shaped by global uncertainty
and weaker demand in many sectors. External factors such
as geopolitics, inflation and changes in regulations on
sustainability, for example, have impacted Mellby Gård’s work in
different ways.
“When we look at the world around us, 2025 has been a turbulent
year and as a company, you can no longer take anything for granted,”
says Mikael Helmerson, CEO of Mellby Gård. “We don’t know where
and how major disasters will take place until they happen. What we
can do is try to be as prepared as possible.”
BUILDING STABILITY DURING RELATIVE CALM
The geopolitical landscape has continued to shift, affecting
everything from supply chains to investment appetite. Many
industries have hit the brakes out of sheer caution. Inflation
has slowed down, but the economic climate remains relatively
weak. Consumers are more cautious with their spending, which is
particularly evident in consumer-facing industries, with the low-cost
segment growing while other segments are under pressure.
“It’s clear that consumers aren’t quite ready to start spending,”
says Sven Knutsson, Deputy CEO of Mellby Gård. “At the same time,
their level of savings is high and demand is starting to pick up as the
economic situation stabilises, but they’re proceeding with caution.
We hope, of course, that confidence will increase and consumption
will soon gain momentum.”
In such a business environment, the ability to manage uncertainty
becomes a key strategic skill.
“It’s crucial to be mentally and practically prepared to act when
something happens, even if day-to-day activities constantly require a
lot of attention,” says Mikael Helmerson. “It’s a question of resilience.
We try to build stability when things are relatively calm so that we’re
stronger when the next unexpected event occurs.”
EVOLVING REPORTING FRAMEWORKS
One task area demanding greater resources during the year was that
of preparing and adapting the Group to new reporting requirements,
both in sustainability through the CSRD and through new regulations
on reporting under Pillar Two on minimum taxes. Johan Sandberg,
CFO of Mellby Gård explains:
“There’s a lot going on in the area of reporting, and it’s shifting
and changing all the time. Just look at the uncertainty generated in
sustainability reporting given the Omnibus package proposals. We're
viewing the pause in the reporting legislation as an opportunity for us
to move more tactically and put everything in place without any time
pressure. However, I do want to stress that our work on sustainability
has not been put on hold just because the reporting requirement has!”
“But the new requirements do mean that, as shareholder
representatives on company boards, we need to acquire greater
understanding of the regulations and how they impact different parts
of the business,” says Mikael Helmerson. “We work actively as board
representatives to ensure that each company has the right conditions
to be able to meet the demands placed on them in the best possible
way.”
BOARD WORK PROVIDES IMPORTANT PERSPECTIVES
The boards play a key role in terms of Mellby Gård influencing the
companies in the portfolio and ensuring that they perform well in the
long term, regardless of the external environment. Board work is also
an effective way to keep an ear to the rail regarding geopolitical and
macroeconomic events.
“The most important work on managing the external environment
takes place in the companies, and the board has a crucial role
in ensuring that the right people are in the right place in each
company,” says Mikael Helmerson. “That’s why we prefer to have two
representatives from Mellby Gård in each company, with one of them
normally chairing the board.”
“The fact that at least one of us is represented on most of
the companies’ boards is a strength,” explains Sven Knutsson.
“Companies are often faced with similar issues and may have made
different amounts of progress or approached the issue in different
ways. This allows us to quickly identify different perspectives and
ensure that companies share knowledge among themselves. We find
this much more efficient than us trying to coordinate things.”
BUILT-IN RISK DIVERSIFICATION
To manage uncertainty, it is also a good idea to have a well-diversified
portfolio of companies in different sectors. Mellby Gård has four
verticals in the consumer goods, industrial, agricultural and services
sectors, ensuring risk diversification is built in.
“One of Mellby Gård’s great strengths is that we are diversified both
geographically and across industries,” says Sven Knutsson. “Even if
one company is performing badly, there’s always another one that’s
doing well.”
“We also have an ownership structure that allows us to take a long-
term approach to everything we do and thus also build capacity to be
flexible and agile,” says Mikael Helmerson. “However, taking a long-
term approach is not the same as being slow to act.”
As Mellby Gård looks to the future, there are several things on its
wish list that would make day-to-day life a little less complex.
“I think we’re all hoping for more predictability when it comes to
factors affecting our value chains, the rules in the market and in the
political landscape,” says Johan Sandberg.
“I’d also like to stress the importance of being united in our belief
in and support for the free movement of capital, goods and services.
Our view, which I think we share with many, is that free trade makes
everyone a winner in the long run,” concludes Mikael Helmerson.
“It’s a question of
resilience. We try
to build stability
when things are
relatively calm”
MIKAEL HELMERSON
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