Norden Estates (NORDEN) Q3 2025 earnings summary

Executive summary

• Transitioned from a technology-focused company to an established player in energy-efficient industrial and logistics buildings, with strengthened structure and delivery capacity.

• Completed the Hörby project and initiated the Ystad project, the first external contract fully managed by the group.

• Achieved strong reference results in the Skurup project, showing significant energy and CO2 reductions.

• Officially listed on Spotlight Stock Market on September 25, 2025, enhancing internal routines and compliance.

Financial highlights

• Net sales for January–September 2025 reached SEK 10.2 million, with SEK 2.8 million in Q3.

• Operating result for the period was SEK -5.3 million, with SEK -3.2 million in Q3.

• Net result for the period was SEK -5.8 million, with SEK -3.3 million in Q3.

• Earnings per share for the period were SEK -0.17 (Q3: -0.08).

• Equity at period end was SEK 18.8 million.

• Cash and cash equivalents at period end were SEK 3.0 million.

Outlook and guidance

• Focus remains on scaling processes, building more reference projects, and deepening customer and partner relationships.

• Swedish market prioritized through 2026, with international expansion planned from late 2026.