LumenRadio (LUMEN) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 were 55.3 MSEK, down 14.2% year-over-year, mainly due to global trade tensions and weaker currencies.

• EBIT for Q2 was -3.7 MSEK, a significant decline from 7.8 MSEK in Q2 2024; EBITDA margin dropped to 0.2% from 18.1%.

• Cash flow for the quarter was -14.7 MSEK, impacted by changes in working capital.

• Lighting & Smart Cities segment saw a 4.9% sales decline, while Building & Infrastructure Control Systems dropped 26.4% year-over-year.

• Management expects a stronger second half as sales recover and profitability improves.

Financial highlights

• Q2 net sales: 55.3 MSEK (64.4), -14.2% year-over-year; H1 net sales: 111.2 MSEK (110.5), +0.7%.

• Q2 EBIT: -3.7 MSEK (7.8); H1 EBIT: -1.6 MSEK (8.9).

• Q2 EBITDA: 0.1 MSEK (11.6), margin 0.2% (18.1%); H1 EBITDA: 5.9 MSEK (16.4), margin 5.3% (14.8%).

• Q2 EPS after dilution: -0.24 SEK (0.51); H1 EPS: -0.23 SEK (0.67).

• Q2 cash flow: -14.7 MSEK (10.0); H1 cash flow: -31.8 MSEK (4.7).

• Cash and equivalents at period end: 85.8 MSEK (89.1).

Outlook and guidance

• Management anticipates sales recovery and improved profitability in the second half of 2025.

• Long-term targets: average annual organic growth >25% and EBITDA margin >20% over a business cycle.