Garpco (GARPCO) Q2 2025 earnings summary

Executive summary

• Net sales increased by 4% year-over-year to 182,101 tkr in Q2 2025, but decreased by 2% when adjusted for acquisitions.

• EBITDA fell 35% year-over-year to 9,612 tkr, mainly due to weak performance in Interior and Design.

• Net income for Q2 2025 was 1,151 tkr, down from 5,405 tkr in Q2 2024.

• A directed share issue of 2 Mkr was completed as part of the SMEAB acquisition.

Financial highlights

• Q2 2025 net sales: 182,101 tkr (up 4% YoY); H1 2025: 352,455 tkr (up 4% YoY).

• Q2 2025 EBITDA: 9,612 tkr (down 35% YoY); H1 2025: 14,576 tkr (down 45% YoY).

• Q2 2025 net income: 1,151 tkr (down from 5,405 tkr YoY); H1 2025: -945 tkr (down from 8,606 tkr YoY).

• Net debt increased to 64,952 tkr; cash and equivalents at period end: 22,204 tkr.

• Equity at period end: 233,598 tkr; solvency ratio: 51.5%.

Outlook and guidance

• Order intake increased at the end of Q2, signaling potential market recovery.

• Deliveries planned for Q3 are expected to improve profitability.

• Interior and Design segment shows signs of turnaround with new contracts and increased activity.

• Continued focus on restructuring and profitable niche segments for a more robust structure.