Jetpak Group Due Diligence

Run due diligence on Jetpak Group: check compliance and get alerts when suppliers or ownership change.

Sweden · owned by Independent (Sweden) · jetpak.com · 40 vendors

Jetpak is a same-day, door-to-door express courier and logistics company operating primarily across Europe, with worldwide delivery capabilities. The company offers tailor-made logistics solutions via air and road, serving industries such as healthcare, aviation, automotive, and manufacturing. Jetpak operates 24/7 and specializes in time-critical shipments with real-time package tracking.

Resilience scores

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Last updated 2026-10-23 · revision 6

40 direct vendors, 303 subvendors

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Financials

Three-year financials

Financial Resilience Score: 5/10

Jetpak Group occupies a defensible niche in time-critical, same-day and next-flight-out express delivery, which carries higher margins and lower price sensitivity than standard parcel delivery. Its direct access to major Nordic airport terminals (Stockholm-Arlanda, Oslo Gardermoen, Copenhagen Kastrup, Helsinki-Vantaa) represents a structural competitive advantage that is difficult for new entrants to replicate. The asset-light model, relying on approximately 4,000 daily airline departures rather than owned aircraft, reduces capital intensity and supports flexibility. The Nasdaq First North Premier listing since 2018 imposes financial discipline through regular disclosure and provides access to equity capital markets. However, the financial profile reveals meaningful vulnerabilities. EBIT margins in the 3–7% range are modest and leave limited buffer against cost shocks. The 2023–2024 period has seen significant margin compression driven by lower industrial volumes in Sweden and Norway, elevated fuel and personnel costs, integration expenses from CTS Express and Budakuten acquisitions, and pricing pressure in the road segment. Revenue has declined from a peak of approximately SEK 1,530m in FY2022 to an estimated SEK 1,350–1,380m in FY2024, representing a meaningful contraction. The balance sheet carries goodwill and intangibles from multiple acquisitions (3D Logistik, CTS Express, Budakuten, and earlier bolt-ons), creating impairment risk if acquired businesses underperform. Net debt has been a persistent feature since the 2018 IPO-era acquisitions. The pace of M&A — four significant acquisitions between 2016 and 2023 — creates ongoing integration complexity. Shareholders' equity has been declining, estimated at SEK 300–340m in FY2024 versus SEK 350–380m in FY2022. The company's small-cap status on Nasdaq First North Premier limits free float and trading liquidity, which can elevate the cost of capital. Subcontractor dependency exposes the business to cost inflation and availability risk. FX exposure across NOK, DKK, and EUR against the SEK reporting currency adds further earnings volatility. Overall, the resilience score reflects a structurally sound niche business facing a cyclical downturn with limited margin headroom.

Key strengths: Defensible niche in time-critical same-day and next-flight-out express delivery, Direct airport terminal access at major Nordic hubs — difficult to replicate, Asset-light model with ~4,000 daily airline departures reduces capital intensity, Diversified customer base across healthcare, automotive, aviation MRO, and manufacturing, 40+ year operating history with proven M&A consolidation track record, Nasdaq First North Premier listing providing transparency and capital access, Geographic diversification across Sweden, Norway, Denmark, Finland, and select European markets

Risk factors: Revenue cyclicality tied to Nordic industrial production — 2023–2024 downturn directly impacted volumes, Thin EBIT margins (3–7%) leave limited buffer against cost shocks, Goodwill impairment risk from multiple acquisitions on balance sheet, Persistent net debt since 2018 IPO-era acquisitions, Subcontractor dependency exposes business to cost inflation and availability risk, Small-cap liquidity risk on Nasdaq First North Premier limits cost of capital efficiency, FX exposure across NOK, DKK, and EUR against SEK reporting currency, Integration complexity from four significant acquisitions in 2016–2023, Competition from DHL Express, TNT/FedEx, PostNord, and Bring

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