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Midsona (MSON) investor relations material
Midsona Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 net sales declined 5.7% year-over-year to SEK 865 million, with a 2% organic drop, mainly due to setbacks in the Nordics and fewer selling days; sales were flat when adjusted for trading days and Easter effect.
Own organic brands returned to 1% organic growth, but overall sales and EBIT were below expectations; private label business grew strongly, especially in North and South Europe.
Gross margin declined to 28.1% due to less favorable sales mix and factory efficiency issues; EBIT before items affecting comparability fell to SEK 4 million (0.5% margin), down from SEK 22 million.
Cash flow from operations improved to SEK 5 million from SEK -19 million, mainly due to better working capital management; net debt leverage improved to 1.9x EBITDA.
Fire at Spanish plant in July caused significant disruption, impacting SEK 75 million in sales, but most operations resumed quickly and insurance covers damages.
Financial highlights
Q2 2025 net sales were SEK 865 million, down from SEK 918 million; organic change -2.0%.
EBIT before items affecting comparability was SEK 4 million, down from SEK 22 million; EBIT margin 0.5% (2.4%).
Gross margin declined to 28.1% from 28.9% year-over-year.
Net debt/Adjusted EBITDA: 1.9x (improved from 2.3x); cash flow from operations SEK 5 million in Q2.
H1 2025 net sales SEK 1,802 million (down from SEK 1,847 million); EBIT SEK 41 million (down from SEK 60 million); H1 EBIT margin 2.3%.
Outlook and guidance
Short-term priorities include restoring Spanish production, regaining growth in Nordics, and leveraging growth in North Europe.
Strategy targets 3–5% organic growth and EBIT margin above 8% through brand focus, efficiency, and selected market expansion.
Outlook remains uncertain due to economic headwinds and market volatility, but long-term prospects are positive, supported by healthy and sustainable food trends.
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