Infrea (INFREA) Q3 2025 earnings summary

Executive summary

• EBITA increased by 50% in Q3 2025 to 32.9 Mkr, with margin rising to 6.2% from 4.1% year-over-year; net income for the quarter was 22.8 Mkr compared to -1.8 Mkr last year.

• Rolling 12-month EBITA doubled year-over-year to 49.7 Mkr, or 60.3 Mkr adjusted for discontinued operations, with a margin of 2.8%.

• Net debt/EBITDA reached target level of 1.5x, reflecting improved financial stability.

• No significant events occurred after the reporting period.

Financial highlights

• Q3 2025 revenue was 531.0 Mkr, nearly flat year-over-year (-0.3% organic change).

• EBITA for Q3 was 32.9 Mkr (22.0 Mkr last year), with a margin of 6.2% (4.1%).

• Net income for Q3 was 22.8 Mkr, up from -1.8 Mkr in Q3 2024.

• Cash flow from operations in Q3 was 52.5 Mkr, up from 28.3 Mkr.

• For Jan–Sep 2025, revenue was 1,577.8 Mkr (+9.7% organic), EBITA 15.4 Mkr (vs. -4.1 Mkr), and net income -0.7 Mkr (vs. -31.0 Mkr).

Outlook and guidance

• Management maintains focus on profitability, project management, and customer relations amid a challenging market.

• The company expects a significantly better full-year 2025 compared to 2024.