Nimbus Group (BOAT) Q2 2025 earnings summary

Executive summary

• Q2 net sales were SEK 571 million, down 8% year-over-year, outperforming broader industry trends but impacted by negative currency effects and market uncertainty.

• EBITDA/EBITA for Q2 was SEK 25 million, down from SEK 45 million, reflecting lower volumes and negative currency effects.

• Order intake improved to SEK 356 million from SEK 341 million, with notable growth in North America and a doubling in Europe, despite ongoing tariff-related uncertainty.

• Cost reduction initiatives and new organizational structure are yielding results, with OPEX down to SEK 42 million from SEK 53 million.

• New CEO Johan Inden appointed, effective September 1, 2025; focus on stock release and expanding marketplaces in North America, Europe, and Asia.

Financial highlights

• Net sales for Q2 were SEK 571 million, down from SEK 623 million last year.

• EBITDA/EBITA for Q2 was SEK 25 million, down 43% year-over-year; EBITA margin dropped by 2.7 percentage points to 4.5%.

• Gross margin for Q2 was 11.9%, down 3.7 percentage points; adjusted for tariffs and currency, gross margin was 13.9%.

• Operating cash flow improved to SEK 90 million from SEK 79 million year-over-year; inventory reduced by SEK 129 million during the quarter.

• Available cash, including unused credit, was SEK 299 million, up from SEK 77 million last year.

Outlook and guidance

• Management expects revenue and margins to improve from Q3 onward as cost savings and inventory actions take effect.

• Gross margin is expected to improve as one-off stock reduction effects subside and production aligns with demand.

• Cost savings of approximately SEK 20 million per quarter are targeted on a rolling 12-month basis.

• Financial targets remain: growth above 10%, EBITA margin 10%, no financial debt, and 30% dividend policy.

• Ongoing investments in market presence and product development are expected to support future growth.