Nimbus Group (BOAT) Q1 2025 earnings summary

Executive summary

• Q1 2025 net sales declined 13% year-over-year to SEK 300 million, with Commercial Sales down and Retail Sales up, reflecting a challenging market and tariff-driven uncertainty.

• EBITA/EBITDA was -13 million SEK, a slight improvement from -14 million SEK last year, with OPEX reduced to 50 million SEK.

• Order intake was SEK 334 million, below last year, with a strong start but a soft March impacting results.

• Rights issue completed in January 2025 raised SEK 345 million after costs, strengthening liquidity and the balance sheet.

• CEO Jan-Erik Lindström announced intention to retire during 2025, with succession planning underway.

Financial highlights

• Net sales for Q1 2025 were SEK 300 million, down from SEK 344 million in Q1 2024; Commercial Sales: SEK 244 million (down 17%), Retail Sales: SEK 56 million (up 15%).

• EBITA/EBITDA loss of SEK 13 million, improved from SEK 14 million loss last year; EBITA margin: -4.2% (Q1 2024: -4.0%).

• Operating cash flow in Q1 was SEK -127 million, down from SEK -90 million, mainly due to higher receivables and inventory.

• Gross margin held steady at 12.3%, still impacted by under-absorption from low production volumes and inventory reduction campaigns.

• OPEX reduced by 12% to SEK 50 million, reflecting cost savings and targeted investments.

Outlook and guidance

• Market remains unpredictable due to tariffs, global economic uncertainty, and cautious customer behavior, with a weaker outlook than estimated at year-end 2024.

• Inventory release expected to take longer than previously forecast, with significant reductions anticipated but timing uncertain.

• Retail Sales show positive momentum with increased order intake and highest orderbook since Q1 2023.

• Financial targets remain unchanged, though current performance lags behind.