Nordic LEVEL Group (LEVEL) Q3 2025 earnings summary

Executive summary

• Achieved strongest Q3 to date with net sales of 75.2 MSEK, up 8.7% year-over-year, and first-ever positive adjusted EBITDA in a third quarter at 0.1 MSEK, reflecting improved operational efficiency and project execution.

• Nine-month net sales rose 5% to 277.1 MSEK, with adjusted EBITDA at 4.9 MSEK, up from 0.5 MSEK last year, and net loss after tax reduced to -12.0 MSEK from -15.3 MSEK.

• Order backlog increased 7% to 95.7 MSEK and offer stock grew 16% to 446.7 MSEK, indicating strong future demand.

Financial highlights

• Q3 net sales: 75.2 (69.2) MSEK; adjusted EBITDA: 0.1 (-4.1) MSEK; adjusted EBIT: -3.4 (-8.3) MSEK.

• Q3 net result after tax: -6.2 (-13.7) MSEK; EPS: -0.03 (-0.07) SEK.

• 9M net sales: 277.1 (263.8) MSEK; adjusted EBITDA: 4.9 (0.5) MSEK; adjusted EBIT: -6.6 (-11.5) MSEK.

• 9M net result after tax: -12.0 (-15.3) MSEK; EPS: -0.06 (-0.08) SEK.

• Q3 operating cash flow before working capital: -3.8 (-5.4) MSEK; after working capital: -6.8 (7.4) MSEK.

Outlook and guidance

• No formal forecast for 2025; management expects continued improvement in profitability and efficiency, with a strong pipeline and focus on realizing project potential in Q4.