Novedo (NOVEDO) Q2 2025 earnings summary

Executive summary

• Net sales for H1 2025 declined by 3.4% year-over-year to SEK 1,406.8 million, with organic growth at -6.8% due to postponed tenders and project delays.

• EBITA dropped 38.8% to SEK 91.8 million, with a margin of 6.5% (down from 10.3%), reflecting increased price pressure and a cautious market.

• Cash flow from operating activities improved to SEK 42.6 million for H1 2025, and SEK 128.1 million for the last twelve months.

• Two strategic acquisitions were signed in Q2 to strengthen the Infrastructure segment.

Financial highlights

• Q2 2025 net sales fell 4.1% to SEK 758.0 million; organic growth for comparable units was -7.4%.

• Q2 EBITA was SEK 66.4 million (margin 8.8%), down from SEK 94.3 million (margin 11.9%) in Q2 2024.

• Profit/loss for H1 2025 was SEK -144.0 million, with EPS at SEK -9.14.

• Equity/assets ratio declined to 1.9% from 11.5% a year earlier.

• Interest-bearing net debt increased to SEK 1,371.0 million, with a net debt/EBITDA ratio of 3.8x.

Outlook and guidance

• Market climate expected to remain challenging and cautious through 2025, with demand varying by segment and geography.

• Structural drivers such as public investment, climate initiatives, and infrastructure needs support a positive long-term outlook.

• Companies are positioned to benefit from a gradually improving business climate.