Goodtech (GOD) Q2 2025 earnings summary

Executive summary

• Net operating revenue after external project costs rose 5.7% year-over-year to 126.9 MNOK in Q2 2025, with EBITDA up 50% to 15.2 MNOK and EBITA up 70% to 8.5 MNOK.

• Order intake for the quarter was 170 MNOK, with a stable order backlog of 345 MNOK; employee count increased to 302.

• Strategic focus on margin improvement, cash flow, and expanding service/aftermarket offerings amid industry modernization trends.

Financial highlights

• Total revenue decreased 12% year-over-year due to lower external project costs, but net operating revenue after external project costs increased 6%.

• EBITDA margin improved to 12.0% (from 8.5%), and EBITA margin to 6.7% (from 4.2%) compared to Q2 2024.

• Earnings before tax was 3.9 MNOK (down from 4.7 MNOK), with reported profit for the period at 3.6 MNOK.

• Cash and cash equivalents at quarter-end were 71.3 MNOK, with total liquidity available of 151.3 MNOK.

• Net interest-bearing debt including IFRS 16 liabilities was 2.4 MNOK.

Outlook and guidance

• Diversified industry exposure helps mitigate sector downturn risks; continued strong modernization investment in core markets.

• Strategic emphasis on increasing margins, improving cash flow, and expanding service/aftermarket support.