Elon (ELON) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 decreased by 1.4% year-over-year to 1,105 MSEK, mainly due to the planned wind-down of physical logistics in the Solutions segment, while B2C volumes grew 4.9% and B2B remained flat.

• EBIT for Q3 was -34 MSEK (0.4% margin), heavily impacted by restructuring costs; adjusted EBIT was 4 MSEK, in line with last year.

• Net result for Q3 was -69 MSEK, with significant one-off charges from asset write-downs and a correction of chemical tax reporting.

• A new CEO and CFO were appointed in September 2025, and a cost-saving program targeting 50 MSEK annual savings was launched.

Financial highlights

• Q3 net sales: 1,104.9 MSEK (down 1.4% YoY); 9M net sales: 3,283.3 MSEK (down 0.9% YoY).

• Q3 gross profit: 173 MSEK (15.7% margin, up from 15.3%); 9M gross profit: 556 MSEK (16.9% margin, up from 14.4%).

• Q3 EBIT: -34.3 MSEK; adjusted EBIT: 3.8 MSEK. 9M EBIT: -66.1 MSEK; adjusted EBIT: -28.1 MSEK.

• Q3 net result: -68.6 MSEK; 9M net result: -104.6 MSEK. Adjusted Q3 net result: -2.3 MSEK.

• Q3 operating cash flow: 63.8 MSEK (up from 36.5 MSEK YoY); 9M operating cash flow: -74.1 MSEK (improved from -138.9 MSEK YoY).

Outlook and guidance

• A cost-saving program is being implemented, expected to deliver 50 MSEK in annual savings by 2026.

• Focus remains on core profitable segments, with further restructuring and divestment of unprofitable Norwegian operations.

• Management expects improved profitability and financial stability as restructuring and efficiency measures take effect.