Guideline Geo (GGEO) Q2 2025 earnings summary

Executive summary

• H1 2025 net sales grew 8.8% to 94.1 MSEK, with positive EBITDA and operating cash flow, despite currency and tariff headwinds; Q2 net sales were 44.4 MSEK, down 14% year-over-year, and order intake was 47.6 MSEK.

• EBITDA for Q2 was 1.2 MSEK (2.8% margin), EBIT -3.0 MSEK; H1 EBITDA was 3.0 MSEK, EBIT -6.3 MSEK.

• Strong operating cash flow (H1: 11.1 MSEK), net cash position of 20.9 MSEK at quarter-end, and improved cash flow from reduced stock levels.

• Americas and APAC regions drove growth, offsetting EMEA weakness; infrastructure and utility locating markets rebounded, with sales to 14 countries in Q2.

• Acquisition of the Australian MALÅ distributor in January 2024 contributed to sales growth in Oceania and ABEM segment.

Financial highlights

• H1 2025 net sales: 94.1 MSEK (up 8.8%); Q2 net sales: 44.4 MSEK (down 14% y/y); order intake Q2: 47.6 MSEK.

• H1 EBITDA: 3.0 MSEK (3.2% margin); Q2 EBITDA: 1.2 MSEK (2.8% margin); H1 EBIT: -6.3 MSEK.

• Operating cash flow H1: 11.1 MSEK; Q2: 0.6 MSEK; net cash: 20.9 MSEK; available credit: 10 MSEK.

• Americas sales grew 12%, APAC 26% in H1; EMEA declined 12%.

• Currency effects negatively impacted EBITDA by 4.3 MSEK in H1; US tariffs increased from 10% to 15% in August.

Outlook and guidance

• Seasonal effects and macroeconomic turbulence expected to continue, with stronger sales and profitability in H2.

• Large tenders (2–5 MSEK) expected periodically, though timing is unpredictable.

• Long-term strategy focuses on raising profitability to achieve stable positive EBIT.

• Global sales and diversified markets provide resilience; local US presence mitigates tariff impact.