MatvareExpressen (MVE) Q1 2025 earnings summary

Executive summary

• Achieved record revenue and best pre-tax profit in company history for Q1 2025, with strong organic growth and increasing customer base.

• Strategic focus on internet-based wholesale and grocery for professional customers, leveraging technology for scalable, sustainable growth.

Financial highlights

• Revenue reached NOK 127.9 million, up 28% year-over-year from NOK 100.0 million in Q1 2024.

• EBITDA was NOK 8.6 million, a 170% increase from NOK 3.2 million in Q1 2024.

• Pre-tax profit rose to NOK 3.8 million, up 692% from NOK 0.5 million in Q1 2024.

• Bank deposits at quarter-end were NOK 25.4 million; net interest-bearing debt increased to NOK 59.6 million.

• Equity ratio at 27.0%, down from 29.6% a year earlier.

Outlook and guidance

• Targeting full-year 2025 revenue of approximately NOK 500 million, with continued growth in all regions.

• Aims to further increase pre-tax profit in 2025, supported by strong Q1 results.

• Expects ongoing customer growth and additional contract wins, but not reliant solely on tenders for revenue growth.