Nilsson Special Vehicles (NILS) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 were 47,951 KSEK, down 25% year-over-year due to lower delivery volumes.

• EBITDA for the quarter was 839 KSEK, compared to 1,371 KSEK in Q1 2024.

• Net income after tax was 87 KSEK, down from 235 KSEK year-over-year.

• Cost-saving and structural measures have stabilized results despite lower volumes.

• The company is facing challenges in the hearse segment but remains optimistic about ambulance tenders.

Financial highlights

• Order intake: 8 vehicles (10,257 KSEK) vs. 30 vehicles (53,407 KSEK) in Q1 2024.

• Order backlog: 49 vehicles (90,096 KSEK) vs. 71 vehicles (115,207 KSEK) year-over-year.

• Cash flow from operations: -5,356 KSEK, improved from -8,735 KSEK in Q1 2024.

• Liquidity at period end: 134 KSEK; check credit utilized 9,680 KSEK (limit 10,000 KSEK).

• Investments in Q1 2025 totaled 181 KSEK.

Outlook and guidance

• Management expects cost-saving measures to continue supporting results.

• The company is actively pursuing new ambulance contracts and aims to strengthen its position in the hearse market.

• Workforce reductions have been initiated to align costs with current sales levels.