Calviks (CALVIK) Q1 2025 earnings summary

Executive summary

• Achieved 174% year-over-year revenue growth in Q1 2025, driven by acquisitions and organic expansion.

• Completed strategic acquisitions (Succedo AS, ITC, Montico) adding SEK 1.1 billion in annual sales.

• Issued SEK 165 million senior secured bond to finance acquisitions and support growth.

• Organic growth reached 19.6% in the quarter, with strong performance in defense and infrastructure consulting.

• Proforma LTM revenue at SEK 1.6 billion and EBITDA at SEK 63 million, reflecting expanded operational scale.

Financial highlights

• Q1 2025 net revenue: SEK 117.7 million (Q1 2024: SEK 67.7 million); EBITDA: SEK 5.8 million (7.7); EBIT: SEK 4.6 million (6.8).

• Net income: SEK 2.2 million (4.7); EPS: SEK 0.39 (1.02).

• Cash flow from operations: SEK -1.4 million (-7.9); period-end cash: SEK 15.5 million (31.5).

• Proforma Q1 2025: revenue SEK 400.2 million (67.7); EBITDA SEK 15.4 million (7.7); EBIT SEK 14.0 million (6.8).

• Equity at period end: SEK 73.3 million (61.2); total assets: SEK 245.7 million (221.5).

Outlook and guidance

• Demand for services remains strong despite challenging market conditions for peers.

• Financial targets to be updated soon to reflect new group structure and scale.

• Integration of recent acquisitions expected to drive further synergies and profitability.