Nilsson Special Vehicles (NILS) Q3 2025 earnings summary

Executive summary

• Net sales for Jan–Sep 2025 were 128.9 MSEK, down 22% year-over-year, with Q3 sales at 39.5 MSEK, down 4% year-over-year.

• EBITDA improved to 1.2 MSEK for Jan–Sep (from -1.9 MSEK), and to 1.1 MSEK in Q3 (from -1.5 MSEK), reflecting efficiency measures.

• Net result after tax for Jan–Sep was -1.0 MSEK (improved from -4.8 MSEK), and Q3 net result was 0.4 MSEK (from -2.1 MSEK).

• Order intake for Jan–Sep was 36 vehicles (down from 66), with an order book of 36 vehicles valued at 64.6 MSEK.

• The order book is fully booked through June 2026, providing operational stability.

Financial highlights

• Gross margin for Jan–Sep increased to 22% (from 21%), and Q3 gross margin rose to 21% (from 19%).

• Operating costs for Jan–Sep were 130.0 MSEK (down from 169.8 MSEK), with personnel costs reduced by 5.0 MSEK year-over-year.

• Cash flow from operations for Jan–Sep was -2.7 MSEK (improved from -11.0 MSEK), but Q3 cash flow was -4.9 MSEK.

• Investments during Jan–Sep totaled 0.9 MSEK (up from 0.5 MSEK).

• Liquidity at period end was 63 KSEK, with 9.9 MSEK utilized on a 10 MSEK credit line.

Outlook and guidance

• Strategic focus remains on profitability over volume, with ongoing efficiency programs and cost reductions.

• All planned staff reductions are expected to be completed by November 2025.

• Development of a new fully electric hearse (ES90) is on track for launch in summer 2026.

• The company is well positioned for 2026 with a stable order book and improved cost structure.