Elon (ELON) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 decreased by 4.6% year-over-year to 1,045.7 MSEK, mainly due to the wind-down of physical logistics operations in Kalmar, while B2C volumes grew by 9.1% and B2B and Solutions segments declined significantly.

• EBIT for Q2 was -18.6 MSEK (1.0% margin last year), impacted by costs from acquired units, higher customer-related costs in Norway, and increased marketing and IT expenses.

• Net result for Q2 was -26.9 MSEK, with EPS at -1.81 SEK (0.42 SEK last year).

• For H1 2025, net sales were 2,178.4 MSEK (-1.0% YoY), with B2C up 12.5% and Solutions down due to logistics exit.

• A new CEO and CFO were appointed, and a dividend of 1.25 SEK per share was approved.

Financial highlights

• Q2 gross profit was 183.3 MSEK (17.5% margin, up from 17.0%), positively affected by reversal of warranty provisions and new acquisitions, but negatively by currency effects.

• Operating cash flow for Q2 was 7.6 MSEK (54.8 MSEK last year); for H1, it was -126.6 MSEK, an improvement from -176.0 MSEK last year.

• Net debt at quarter-end was 404.6 MSEK (273.0 MSEK last year), with cash and unused credit lines totaling 38.4 MSEK.

• Investments in Q2 focused on digitalization, e-commerce, and Solutions, totaling 4.6 MSEK.

Outlook and guidance

• The consumer market remains cautious but shows signs of improvement; B2C is expected to continue positive momentum.

• The company plans to deepen market initiatives and strengthen profitability through continued investment in the store network.

• The new IT & Solutions concept is under development and expected to drive future growth and margins.