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 declined 16.8% to SEK 483.6 million, with organic decline at 19.2%; EBITDA margin dropped to 4.1%.

• Order intake rose to SEK 606.8 million from SEK 377.1 million year-over-year, and book-to-bill ratio improved to 1.3.

• Cost reduction programs are ongoing, with annualized costs about SEK 10 million lower year-over-year and further reductions expected to show results by Q4.

• Cash flow from operations in Q1 improved to SEK 34.2 million, supported by reduced working capital.

Financial highlights

• EBITDA for 2024 declined by SEK 37 million; LTM EBITDA margin stands at 4.5%.

• Q1 2025 EBITDA was SEK 20 million, with a significant drop in margin compared to last year.

• Net income per share was SEK 0.1 in Q1 2025, compared to SEK 1.7 last year; 2024 profit per share was SEK 3.3.

• Dividend of SEK 1 per share to be paid, in line with policy of up to 30% after tax.

• 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 target of 6%, equity ratio above 30%, dividend up to 30% of net profit.

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

• Order book is 23% higher year-over-year, but volume growth is approached cautiously as orders may stretch over a longer period.

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

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