Gullberg & Jansson (GJAB) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 were 46.0 MSEK, down 9% year-over-year, mainly due to a one-time large order in Park & Miljö in Q1 2024; EBITDA was -4.2 MSEK and net result after tax was -6.9 MSEK.

• Hem & Trädgård segment grew sales by 40% year-over-year, while Park & Miljö declined 34% (adjusted for last year's large order, underlying growth was 43%); Energi & Klimat declined 41%.

• Bruttomarginal decreased by 5 percentage points due to inventory clearance of older products.

• Cash flow from operations was -0.9 MSEK; total cash flow for the quarter was -7.5 MSEK, mainly due to loan amortizations.

• No direct impact from tariffs or trade conflicts; strengthened SEK may improve purchasing conditions.

Financial highlights

• Net sales: 46.0 MSEK (50.8 MSEK Q1 2024), EBITDA: -4.2 MSEK (-2.3), EBIT: -5.9 MSEK (-4.3), Net result: -6.9 MSEK (-6.3), EPS: -0.78 SEK (-0.63).

• Equity at period end: 117.6 MSEK (131.2), equity per share: 13.39 SEK (15.02), soliditet: 47% (47%).

• Cash and equivalents: 14.8 MSEK (25.3), unused credit lines: 19.0 MSEK.

• Total market cap at quarter end: ~123 MSEK.

Outlook and guidance

• No full-year earnings guidance provided; focus remains on strengthening market position and leading in sustainable products.

• Management expects improved conditions for the rest of the year due to better inventory management and a more positive market in Hem & Trädgård.

• Cautious view on macroeconomic uncertainty, but no immediate impact from external trade factors.