Nimbus Group (BOAT) Q4 2025 earnings summary

Executive summary

• Q4 2025 net sales were SEK 233 million, down 15% year-over-year, mainly due to weak North American demand; full-year net sales were SEK 1,366 million, a decrease of 16% from the prior year.

• Q4 gross profit was SEK 6 million (2.6% margin), significantly lower than last year, with EBITA at SEK -52 million (-22.5% margin), impacted by restructuring costs and low sales.

• Major restructuring in Finland and North America, including closure of Finnish operations and new leadership appointments, significantly impacted results.

• Available cash at year-end was SEK 233 million, up from SEK 80 million last year, with no financial debt.

• No dividend is proposed for 2025.

Financial highlights

• Q4 operating cash flow was SEK -7 million; full-year operating cash flow was SEK -87 million.

• Inventory reduced by SEK 39 million in Q4; net working capital at SEK 607 million, down SEK 63 million year-over-year.

• Earnings per share for Q4 were SEK -1.72; full-year EPS was SEK -3.94.

• Finance net for Q4 was SEK -12 million, mainly due to negative USD FX effects; net financial items for the year were SEK -93 million.

• Order book for commercial sales at SEK 357 million, retail sales order book at SEK 84 million.

Outlook and guidance

• Market volumes are at decade lows, with North America remaining soft and Europe showing stabilization and some improvement.

• Management expects dealer stock replenishment to drive future recovery, but timing is uncertain.

• Cost-saving measures and restructuring are expected to yield SEK 70 million in annual savings, with full effect in Q1 2026.

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

• First quarter 2026 sales volumes expected to remain low due to seasonality and market conditions.