CTEK (CTEK) Q3 2025 earnings summary

Executive summary

• Q3 2025 net sales reached SEK 212 million, with organic growth of -1%; excluding the discontinued General Motors business, organic growth was 4%.

• Record gross margin above 59%, driven by strong Low Voltage sales, especially to Amazon.

• Adjusted EBITA was SEK 32 million (margin 15.1%), and cash flow from operating activities was SEK -19 million.

• New product launches (CS ONE Wi-Fi, NXT series, premium boosters) are scheduled for Q4, expected to expand addressable markets.

• Strong sales to Amazon influenced results, but changes in their purchasing patterns are expected to lower Q4 order intake.

Financial highlights

• Consumer division accounted for about 75% of turnover, with 12% organic growth year-over-year and adjusted EBITDA margin of 41.4%.

• Professional division saw a 27% decline in net sales, mainly due to the end of the General Motors collaboration and a weak EVSE market; adjusted EBITDA was 0.

• Gross margin improved to 59.1% from 56.4% year-over-year.

• Adjusted EBITA for Q3 was SEK 32 million (SEK 30 million last year), margin 15.1% (13.6%).

• Cash flow from operating activities was SEK -19 million, down from SEK -3 million.

Outlook and guidance

• New product launches in Q4 are expected to expand the addressable market, with significant financial impact anticipated in 2026.

• Q4 2025 is expected to see lower Amazon order intake due to changed purchasing patterns.

• Financial targets include net sales of SEK 2 billion and adjusted EBITA margin of 20% by 2028.

• Gradual ramp-up expected for new product categories, especially premium boosters.