Inission (INISS) Q1 & AGM 2025 earnings summary

Executive summary

• Turnover for 2024 was SEK 2.15 billion, with a SEK 191 million drop in organic sales and a SEK 15 million drop in organic gross profit, mitigated by improved material share.

• Q1 2025 sales decreased by 16.8% to SEK 484 million, with organic decline at 19.2%.

• EBITDA for Q1 2025 was SEK 20 million (4.1% margin), down from 51.9 million (8.9% margin) year-over-year, impacted by lower volumes and one-time listing costs.

• Order intake rose to SEK 606.8 million from SEK 377.1 million year-over-year.

• Cost reduction programs are ongoing, with annualized costs about SEK 10 million lower year-over-year and full effect expected by Q4.

Financial highlights

• 2024 EBITDA margin: 5.8%; Q1 2025 EBITDA margin: 4.1%.

• Q1 2025 cash flow was SEK 34 million, supported by improved working capital.

• LTM EBITDA: SEK 93 million, margin 4.5%.

• Net income per share was SEK 0.1 in Q1 2025, compared to SEK 1.7 last year.

• Net debt increased to SEK 469.7 million; equity ratio at 38.9%.

Outlook and guidance

• 2025 targets: sales of SEK 2.2 billion, EBITDA/EBITA margin above 6%, equity ratio above 30%, dividend up to 30% of net profit.

• Management maintains guidance but notes increased uncertainty due to global macro factors, especially U.S. tariffs.

• Order book is 23% higher year-over-year, but volume growth is approached cautiously due to potential order delays.

• Cost reduction programs are expected to show results in Q2 and beyond.

• Management expects cost reductions to restore profitability even if volumes remain at Q1 levels.