Honkarakenne (HONBS) Q2 2025 earnings summary

Executive summary

• Net sales for H1 2025 rose 15% year-over-year to EUR 16.7 million, with operating profit at EUR -2.8 million and profit before taxes at EUR -2.9 million.

• Order book increased 18% from December 2024, reaching EUR 26.2 million, though it was 3% lower than the previous year.

• Domestic sales grew, but profitability was challenged by a sales mix weighted toward lower-margin domestic business and high fixed costs.

• Export sales declined 16% year-over-year, mainly due to project delivery schedules and regulatory uncertainties in Asia.

Financial highlights

• Net sales: EUR 16.7 million (H1 2024: EUR 14.5 million).

• Operating profit: EUR -2.8 million (H1 2024: EUR -2.7 million).

• Profit before taxes: EUR -2.9 million (H1 2024: EUR -3.3 million).

• Earnings per share: EUR -0.39 (H1 2024: EUR -0.46).

• Equity ratio: 52.3% (H1 2024: 55.7%).

• Net financial liabilities: EUR -0.8 million (H1 2024: EUR -3.2 million).

Outlook and guidance

• 2025 net sales expected at EUR 38–45 million, slightly higher than previous guidance.

• Operating profit for 2025 forecasted between EUR -2.6 and 0.0 million.

• Strategic focus on export markets to support profitable growth.