Northbaze Group (NBZ) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 increased to 88.6 MSEK from 37.3 MSEK year-over-year, mainly due to the acquisition of Enter Sales & Distribution AB and changes in sales mix.

• EBITDA for Q2 was 2.3 MSEK, positively impacted by a one-time gain of 2.9 MSEK from the closure of HAJP AB's bankruptcy.

• EBIT and net result were negative, with Q2 EBIT at -2.1 MSEK and net result at -3.1 MSEK, reflecting lower gross margins and increased costs.

• Ongoing restructuring in Lowwi AB and continued cost-saving measures are expected to yield results in H2 2025.

Financial highlights

• Q2 2025 revenue: 88.6 MSEK (Q2 2024: 37.3 MSEK); H1 2025 revenue: 147.6 MSEK (H1 2024: 82.7 MSEK).

• Q2 EBITDA: 2.3 MSEK (Q2 2024: 5.3 MSEK); H1 EBITDA: -1.0 MSEK (H1 2024: 7.3 MSEK).

• Q2 EBIT: -2.1 MSEK (Q2 2024: 1.1 MSEK); H1 EBIT: -10.5 MSEK (H1 2024: 3.0 MSEK).

• Q2 net result: -3.1 MSEK (Q2 2024: -0.4 MSEK); H1 net result: -12.6 MSEK (H1 2024: -0.05 MSEK).

• Q2 gross margin dropped to 18% from 44% year-over-year due to a shift in sales mix toward lower-margin distribution and B2C sales.

Outlook and guidance

• Cost-saving program continues, with full effects expected in H2 2025.

• Focus remains on sales-driven growth, operational efficiency, and leveraging synergies across group companies.

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