Nimbus Group (BOAT) Q4 2024 earnings summary

Executive summary

• Launched new premium models, including Aquador 400 and Nimbus 495, with strong demand and Nimbus 495 winning Powerboat of the Year 2025.

• Entered larger premium segment, began U.S. production of Nimbus-branded boats, and expanded North American distribution and partnerships.

• Closed Finnish value boat production to focus on premium segment, with related asset and licensing deals post-year-end.

• Secured SEK 400 million Alukin order from Swedish Armed Forces, opening new market opportunities in professional/governmental segments.

• Completed SEK 356 million rights issue in January 2025 to support growth and strengthen financials.

Financial highlights

• Q4 sales were SEK 274 million, down 24% year-over-year; full-year sales down 15% to SEK 1,619 million.

• Q4 EBITA was SEK -25 million; full-year EBITA was SEK -60 million, impacted by non-recurring costs totaling SEK 110 million.

• Q4 order intake increased 53% year-over-year, with strong growth in the Nordics (+102%) and Europe (+95%).

• Operating cash flow in Q4 improved to SEK -26 million from -69 million last year.

• Order book at Q4 stood at SEK 574 million, down from SEK 759 million last year.

Outlook and guidance

• Financial targets remain: growth above 10% over the business cycle, EBITA margin of 10%+, and a 30% dividend policy.

• Focus for 2025 includes cash release, finalizing exit from value boat production, and capitalizing on market opportunities.

• Continued fine-tuning of cost-out program and organizational improvements to drive efficiency and accountability.

• Management notes signs of a turnaround, with increased sales at own dealers and a stabilized order book.