Avensia (AVEN) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was 109.7 MSEK, down 2% year-over-year, but up 1% when adjusted for calendar effects; operating margin at 8.5%.

• First half 2025 operating income rose to 24.7 MSEK (17.2), with a 10.8% margin, meeting the short-term margin target.

• Market conditions remained cautious, especially in e-commerce, but overall business performance was stable.

• Staff increased by 2%, mainly in the Commerce segment.

Financial highlights

• Q2 2025 net income was 6.7 MSEK (8.0), and EPS was 0.18 SEK (0.21); H1 net income was 18.1 MSEK (12.1), EPS 0.49 SEK (0.33).

• Cash flow for Q2 was -13.0 MSEK (6.2), mainly due to a dividend payout of 18.6 MSEK; cash at period end was 39.2 MSEK.

• Operating expenses for Q2 were 100.6 MSEK (101.5), with personnel costs at 70% of revenue.

• Depreciation for Q2 was 4.3 MSEK (4.5); book value of intangible assets at 0.4 MSEK.

Outlook and guidance

• Structural demand in core markets is expected to grow over time, but global recession risk remains.

• No specific revenue or profit forecasts are provided; targets are 10% annual organic growth and 10% short-term operating margin.