Norden Estates (NORDEN) Q1 2025 earnings summary

Executive summary

• Achieved significant milestones in Q1 2025, including the acquisition of Zustainment AB and completion of the first major in-house project in Hörby, positioning for scalable growth and future profitability.

• Order book strengthened with new contracts totaling 45 MSEK and a potential pipeline of 200 MSEK over four years, reflecting strong demand for sustainable energy solutions.

• Ongoing preparations for a planned listing on Spotlight Market, with all documentation submitted and due diligence underway.

Financial highlights

• Pro forma net sales (including Zustainment) reached 7.4 MSEK for Q1 2025; reported net sales were 3.13 MSEK, up from 0.60 MSEK in Q1 2024.

• Pro forma operating result was -1.71 MSEK; reported operating result was -1.07 MSEK.

• Pro forma net result was -1.92 MSEK; reported net result was -1.28 MSEK, in line with expectations for the investment phase.

• Cash position at quarter-end was 6.1 MSEK; equity stood at 16.6 MSEK with a solidity of 42%.

• Ongoing directed share issue, with 2.5 MSEK subscribed by report date, targeting a total of 10 MSEK.

Outlook and guidance

• Expect continued losses for full-year 2025 due to peak expansion and listing costs; targeting positive EBITDA and cash flow from 2026, driven by delivery of the order book and improved margins.

• Q2 priorities: complete the share issue, refinance bank loans, start delivery of new projects, and finalize the Spotlight Market listing.