Northbaze Group
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Northbaze Group (NBZ) investor relations material

Northbaze Group has been delisted

Northbaze Group Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary20 Nov, 2025

Executive summary

  • Q3 2025 marked a turnaround with all subsidiaries delivering positive EBITDA in September, reflecting successful cost reductions and operational improvements.

  • Strategic decision made to delist from Nasdaq First North Growth Market to focus on operational efficiency and reduce costs.

Financial highlights

  • Net sales for Q3 2025 reached 81.7 MSEK, up from 48.5 MSEK in Q3 2024; nine-month sales totaled 229.3 MSEK, up from 131.2 MSEK year-over-year.

  • EBITDA for Q3 2025 was 4.2 MSEK (2.1 MSEK in Q3 2024); EBIT was 0.1 MSEK (-2.4 MSEK in Q3 2024).

  • Net result for Q3 2025 was -1.0 MSEK, a significant improvement from -4.1 MSEK in Q3 2024.

  • Gross margin declined to 24% from 41% in Q3 2024, mainly due to a shift in sales mix toward lower-margin distribution and B2C segments.

  • Cash flow from operations for Q3 2025 was -3.2 MSEK (4.5 MSEK in Q3 2024), impacted by increased accounts receivable following strong September sales.

Outlook and guidance

  • Focus remains on sustainable profitability, cost control, and leveraging synergies across Nordic subsidiaries.

  • No detailed forecasts provided; operations are guided by long-term targets of 20% annual growth, 10% EBITDA margin, and >30% equity ratio.

Delisting: How will capital access change?
Sales mix impact on 10% EBITDA target?
Plan to improve working capital management?
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