KH Group (KHG) Q2 2025 earnings summary

Executive summary

• Net sales from continuing operations increased 4% year-over-year to EUR 95.9 million for H1 2025, but operating profit and profitability declined.

• KH-Koneet's net sales grew, but higher fixed expenses and a weak Swedish market reduced operating profit.

• Nordic Rescue Group's net sales declined, but operating profit remained stable; order book reached record-high levels.

• Indoor Group, classified as discontinued, saw an 18% drop in net sales and continued profitability challenges.

• Strategic focus remains on building around KH-Koneet and divesting other business areas.

Financial highlights

• H1 2025 net sales: EUR 95.9 million (up from EUR 92.5 million year-over-year).

• Comparable operating profit: EUR 1.0 million (down from EUR 2.3 million year-over-year).

• Net profit from continuing operations: EUR -1.0 million (vs. EUR -1.1 million year-over-year).

• Earnings per share from continuing operations: EUR -0.02 (unchanged year-over-year).

• Cash and cash equivalents at period end: EUR 3.1 million.

Outlook and guidance

• 2025 guidance: net sales and comparable operating profit expected to remain at 2024 levels (EUR 194.0 million and EUR 7.2 million, respectively).

• Focus on growth in core business and potential dividends after significant exits.