Elektroimportoren (ELIMP) Q2 2025 earnings summary

Executive summary

• Q2 revenue reached NOK 367 million, up 5.2% year-over-year, with growth in both B2B and B2C segments and strong performance in Sweden.

• Physical stores drove growth, with increased visitors and higher average basket size, while online sales in Norway were flat or declined due to Easter timing.

• Sweden delivered 22.8% revenue growth, gross margin up to 27.9%, and positive EBITDA for the fourth consecutive quarter.

• Store expansion continued, with a new store signed in Bergen, Norway, and plans for further openings in Norway and Sweden.

• SpotOn integration completed, expected to reduce costs by NOK 2 million in H2.

Financial highlights

• Gross margin improved to 34.9% from 32.4% last year.

• EBITDA rose to NOK 40 million (10.8% margin), with adjusted EBITDA at NOK 41 million.

• Net profit for the quarter was NOK 0–0.1 million, up from a loss of NOK 4.9–5 million last year.

• Cash and cash equivalents at quarter-end were NOK 55 million, with an unused overdraft facility of NOK 120 million.

• Net interest-bearing debt (excl. IFRS 16) was NOK 190 million, 2.3x LTM adjusted EBITDA.

Outlook and guidance

• July sales grew 5.8% year-over-year, with positive trends in both B2B and B2C segments despite warm weather.

• Selective search for 1–2 new store locations in Sweden over the next 24 months.

• Continued focus on omnichannel strategy, own brand development, and electrification market opportunities.

• Macroeconomic indicators, such as lower interest rates and increased residential exchange, are expected to support further growth.

• Private consumption remains cautious, potentially impacting future sales.