Nimbus Group (BOAT) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 were SEK 263 million, down 30% year-over-year, mainly due to a weak North American market, while European and Nordic sales improved or stabilized.

• EBITA for Q3 was SEK -45 million, with SEK 17 million in restructuring costs; adjusted EBITA was SEK -28 million, showing improvement from last year.

• Johan Inden became CEO in September, bringing marine industry experience and outlining strategic priorities; Christina Evans was appointed Executive Vice President and Commercial Sales Director.

• Production in Larsmo, Finland, is being closed and consolidated to improve efficiency.

• Cost controls, restructuring, and commercial improvements are underway to regain momentum, especially in North America.

Financial highlights

• Net sales fell to SEK 263 million from SEK 378 million year-over-year, with North America sales dropping sharply.

• Gross profit declined to SEK 8 million, with a margin of 2.9%, mainly due to lower volumes, margin pressure, and restructuring costs.

• Operating cash flow improved to SEK -43 million from SEK -69 million year-over-year; available liquidity at quarter-end was SEK 248 million, including SEK 48 million in cash and SEK 200 million in credit facilities.

• OPEX decreased 21% year-over-year to SEK 45 million, reflecting cost-saving measures.

• Finance net was -18 MSEK, affected by a -6 MSEK impairment and -7 MSEK FX losses.

Outlook and guidance

• Full effect of cost reduction measures expected in Q1 2026, with further reductions under review.

• Focus on strengthening commercial capabilities, especially in North America, and expanding the dealer network.

• Market remains challenging, but long-term growth potential is seen in premium segments and workboats.

• Opportunities identified in the work boat segment, especially with the FMV project.

• Continued focus on cost control, cash management, and working capital efficiency.