Nilsson Special Vehicles (NILS) Q2 2025 earnings summary

Executive summary

• Net sales for H1 2025 were 89,383 KSEK, down 28% year-over-year, with EBITDA improving to 73 KSEK from -451 KSEK.

• Net result after tax for H1 2025 was -1,419 KSEK, an improvement from -2,702 KSEK year-over-year.

• Cash flow from operations turned positive at 2,220 KSEK for H1 2025, compared to -7,845 KSEK last year.

• Strategic focus shifted to profitability over volume, with ongoing automation, digitalization, and product innovation.

Financial highlights

• Order intake for H1 2025 was 29 vehicles (48,066 KSEK), down from 55 vehicles (95,697 KSEK) year-over-year.

• Order backlog at June 30, 2025, was 48 vehicles (88,230 KSEK), compared to 58 vehicles (101,152 KSEK) last year.

• Gross margin improved to 22% for H1 2025, up 1 percentage point year-over-year.

• Personnel and external costs reduced significantly due to restructuring and efficiency measures.

• Investments in H1 2025 totaled 350 KSEK.

Outlook and guidance

• Focus remains on profitability, innovation, and sustainable transport solutions.

• Ongoing development of a fully electric hearse to address weak demand in that segment.

• Confident in long-term value creation and improved competitiveness through strategic initiatives.