KH Group (KHG) Q3 2025 earnings summary

Executive summary

• Net sales from continuing operations increased 14% year-over-year in Q3 to EUR 45.3 million and 7% for January–September to EUR 141.3 million.

• Operating profit and comparable operating profit declined year-over-year, with Q3 EBIT at EUR 0.9 million and comparable EBIT at EUR 1.2 million.

• Net profit from continuing operations remained negative, at EUR -0.1 million for Q3 and EUR -1.1 million for the nine-month period.

• Strategic focus shifted to developing both KH-Koneet and Nordic Rescue Group as core businesses, while the sale process for Indoor Group continues.

Financial highlights

• Q3 EBITDA from continuing operations was EUR 4.6 million (10.1% margin), down from EUR 4.7 million (11.9%) year-over-year.

• January–September EBITDA was EUR 12.4 million (8.8% margin), down from EUR 13.5 million (10.2%).

• Earnings per share from continuing operations were EUR -0.00 for Q3 and EUR -0.02 for the nine-month period.

• Cash and cash equivalents at period end were EUR 2.3 million.

Outlook and guidance

• Updated 2025 guidance: net sales of EUR 190–200 million and comparable operating profit of EUR 5–6 million.

• Both KH-Koneet and Nordic Rescue Group to be developed as core businesses; Indoor Group divestment targeted by end of 2025.

• Focus on investing in core business growth and paying dividends within financial constraints.