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Boreo (BOREO) investor relations material
Boreo Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved fourth consecutive quarter of organic sales growth, with Q3 2025 net sales reaching EUR 32.8 million, up 16% year-over-year, supported by 10% organic growth and recent acquisitions.
Operational EBIT for Q3 2025 was EUR 1.7 million, down 6% year-over-year, mainly due to higher fixed costs and absence of prior year provision releases, but a stable 5% margin was maintained.
Strong cash flow with Q3 cash conversion at 151%, supported by a reduction in working capital of EUR 1.4–1.5 million.
Order books increased both year-over-year and sequentially, especially in industrial businesses, while construction remains slow.
New CEO Tuomas Kahri appointed, effective by May 2026, expected to lead the next growth phase.
Financial highlights
Q3 2025 net sales: EUR 32.8 million (+16% y/y); Q1–Q3 2025: EUR 107.0 million (+13% y/y).
Q3 operational EBIT: EUR 1.7 million (-6% y/y); Q1–Q3: EUR 5.2 million (+10% y/y).
Gross margin stable at 31–32% on a rolling 12-month basis.
ROCE improved to 8.2% (from 7.9% in Q4 2024); ROTWC at 25.6%.
Net debt/operational EBITDA at 2.4x (target 2–3x).
Outlook and guidance
Order books show positive momentum, particularly in industrial segments, while construction sector expected to remain weak through winter.
Focus remains on developing existing businesses, pursuing new acquisitions, and ongoing ERP and growth initiatives.
Strategic targets include minimum 15% annual average operational EBIT growth and ROCE, with net debt/operational EBITDA targeted at 2–3x.
Expectation to further reduce working capital in H2 while pursuing growth opportunities.
Stable and decent short-term performance expected.
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