Northbaze Group (NBZ) Q1 2025 earnings summary

Executive summary

• Net sales increased to 59.0 MSEK in Q1 2025 from 45.5 MSEK in Q1 2024, driven by the integration of Enter Sales & Distribution.

• EBITDA fell to -3.4 MSEK from 1.9 MSEK year-over-year, with EBIT at -8.4 MSEK versus 1.9 MSEK.

• Cash flow from operations deteriorated to -23.5 MSEK, impacted by lower profitability and seasonal working capital changes.

• Bruttomarginal dropped to 27% from 47% due to sales mix shift toward lower-margin segments.

• Enter Sales & Distribution contributed positively post-acquisition, while Lowwi AB entered restructuring.

Financial highlights

• Net sales: 59.0 MSEK (Q1 2025) vs 45.5 MSEK (Q1 2024).

• EBITDA: -3.4 MSEK (Q1 2025) vs 1.9 MSEK (Q1 2024).

• EBIT: -8.4 MSEK (Q1 2025) vs 1.9 MSEK (Q1 2024).

• Net result: -9.5 MSEK (Q1 2025) vs 0.3 MSEK (Q1 2024).

• Cash flow from operations: -23.5 MSEK (Q1 2025) vs -5.5 MSEK (Q1 2024).

Outlook and guidance

• Full effect of cost-saving program expected from autumn 2025, targeting 7 MSEK annualized savings.

• Focus on restoring profitability across all subsidiaries and improving order predictability.

• No detailed forecasts provided; management targets 20% annual growth, 10% EBITDA margin, and >30% equity ratio long-term.