Norden Estates (NORDEN) Q2 2025 earnings summary

Executive summary

• Achieved key milestones in commercial establishment, including first major project completion and new contracts, with a focus on energy-efficient and sustainable buildings.

• Strategic investments in team, processes, and technology drove a planned negative result, supporting future growth.

• Completed acquisition of Zustainment AB, strengthening control over the value chain and project execution.

• Prepared for listing on Spotlight Market, with all documentation submitted and due diligence underway.

Financial highlights

• Proforma net sales for H1 2025 reached SEK 11.7 million; reported net sales SEK 7.4 million.

• Proforma operating result was SEK -2.75 million; reported operating result SEK -2.1 million.

• Proforma net result was SEK -3.14 million; reported net result SEK -2.5 million.

• Net result per share was SEK -0.10 for H1 2025.

• Equity at period end was SEK 18.2 million.

Outlook and guidance

• Aims to accelerate growth and expand internationally, with first steps in Germany and the UK.

• Ongoing new share issue targets SEK 5 million to fund project starts and recruitment, expected to secure over 12 months of working capital post-listing.

• Project pipeline totals approximately SEK 42 million, with additional projects in negotiation.