Lyckegård Group
Lyckegård Group is a Swedish holding company whose subsidiaries supply products and services for irrigation, land, and outdoor environments. Its business spans green-area irrigation for golf courses, sports fields, parks, and urban settings, as well as agricultural irrigation and pump-station solutions.
Fiscal year 2025 · change from previous year
Development 2024–2025
Business
Share of revenueIrrigation systems and related equipment for golf, sports, parks, and urban landscapes.
Solutions for farm irrigation and water-efficient agricultural applications.
Pump-station solutions and supporting technical components for water handling.
Project execution, installation, maintenance, and service work for customer systems.
Customers
Lyckegård sells to organizations that need reliable water management for outdoor assets and cultivated land. Core customers include golf courses, sports facilities, municipalities, landscape operators, and agricultural users that want lower water and energy use. The company also serves customers that need project delivery, installation, and ongoing service around irrigation infrastructure.
Buy irrigation systems and service to maintain playing surfaces and manage water use.
Buy irrigation equipment and installation for reliable turf maintenance.
Buy systems for parks and city landscapes where water efficiency matters.
Buy irrigation and pump-station solutions to improve water efficiency in farming.
Buy installation, upgrades, and maintenance for existing irrigation assets.
Strategy
Lyckegård’s strategy centers on decentralized local execution combined with group-level expertise, allowing it to stay close to customers while coordinating know-how across the group. The company also emphasizes product mix, project execution, and service pricing to support a stronger value proposition in irrigation and outdoor-environment solutions. Its long-term positioning is tied to water efficiency, energy efficiency, and technical competence in a market where skilled labor is scarce.
The business depends on close customer relationships and technical delivery.
Mix and pricing determine profitability in equipment and project businesses.
The company relies on specialized irrigation and installation expertise.
The group structure can add capabilities and geographic reach through acquisitions.
Geography
Lyckegård Group is headquartered in Sweden and operates through Swedish subsidiaries plus a Norwegian subsidiary and its operating company. The business is therefore concentrated in the Nordic region, with Sweden as the core market and Norway as an additional operating geography. Its local structure matters because irrigation projects, service work, and customer relationships are typically managed close to end users.
Risks
Lyckegård’s main risks come from project execution, acquisition integration, and dependence on specialized employees who are difficult to replace. The business also faces input-cost and currency exposure because it buys in several currencies while much of its sales are in SEK. As an irrigation and outdoor-environment supplier, it is also exposed to weather patterns, public and private capex cycles, and the need to correctly estimate long-duration projects.
- Acquisition integration riskImpact: HighLikelihood: Medium
The group has grown through acquisitions and must integrate systems, people, and processes.
Exposure: Purchased businesses and future acquisitions
- Key-person and specialist labor riskImpact: HighLikelihood: Medium
The company depends on experienced irrigation and installation staff that take time to train.
Exposure - Demand cyclicalityImpact: MediumLikelihood: High
Customer spending depends on irrigation budgets, weather, and infrastructure investment cycles.
Exposure - Foreign exchange riskImpact: Medium
Purchases are made in multiple currencies while sales are largely in SEK.
Exposure - Project margin riskImpact: Medium
Longer-duration projects require accurate costing and execution to protect margins.
Exposure: Entrepreneurial/project delivery activities
Accounting
Judgemental itemsAcquired businesses create goodwill that must be tested if performance weakens.
Impact: Could materially affect equity and reported earnings
Longer projects and service work require judgment on completion and margin recognition.
Impact: Can move revenue and profit between quarters
The company noted inventory build, which affects cash flow and obsolescence risk.
Impact: Can influence cash conversion and write-down risk
Purchases in EUR, USD, and DKK can change reported costs and margins.
Impact: Affects gross margin and operating expenses
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Last updated: 24/09/2026