Northbaze Group (NBZ) Q3 2025 earnings summary

Executive summary

• Q3 2025 marked a turnaround with all subsidiaries delivering positive EBITDA in September, reflecting successful cost reductions and operational improvements.

• Strategic decision made to delist from Nasdaq First North Growth Market to focus on operational efficiency and reduce costs.

Financial highlights

• Net sales for Q3 2025 reached 81.7 MSEK, up from 48.5 MSEK in Q3 2024; nine-month sales totaled 229.3 MSEK, up from 131.2 MSEK year-over-year.

• EBITDA for Q3 2025 was 4.2 MSEK (2.1 MSEK in Q3 2024); EBIT was 0.1 MSEK (-2.4 MSEK in Q3 2024).

• Net result for Q3 2025 was -1.0 MSEK, a significant improvement from -4.1 MSEK in Q3 2024.

• Gross margin declined to 24% from 41% in Q3 2024, mainly due to a shift in sales mix toward lower-margin distribution and B2C segments.

• Cash flow from operations for Q3 2025 was -3.2 MSEK (4.5 MSEK in Q3 2024), impacted by increased accounts receivable following strong September sales.

Outlook and guidance

• Focus remains on sustainable profitability, cost control, and leveraging synergies across Nordic subsidiaries.

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