NRC Group (NRC) Q2 2025 earnings summary

Executive summary

• Q2 2025 performance aligned with expectations, showing solid profit improvement and strong order intake year-over-year across Norway, Sweden, and Finland.

• Order backlog reached NOK 9.0 billion, up from NOK 7.8 billion year-over-year, supporting future revenue growth.

• Margin improvements in all countries, with Norway and Finland achieving EBIT margins of 4.8% and 4.9%, and Sweden securing a major NOK 678 million energy contract.

• Cost efficiency and transformation programs progressed as planned, contributing to operational improvements.

• The group is on track to achieve its full-year EBIT margin target above 2.0% for 2025, with a solid order pipeline and high tender activity.

Financial highlights

• Q2 2025 revenue reached NOK 1.8 billion, up from NOK 1.7 billion in Q2 2024.

• EBIT improved to NOK 60 million (3.4% margin) from NOK -742 million (-42%) in Q2 2024; adjusted EBIT in Q2 2024 was NOK -88 million.

• Net profit for Q2 2025 was NOK 31 million, compared to a net loss of NOK 785 million in Q2 2024.

• Operating cash flow increased to NOK 83 million from NOK 7 million year-over-year.

• Earnings per share improved to NOK 0.18 from NOK -10.78 year-over-year.

Outlook and guidance

• Revenue for 2025 expected below NOK 7 billion, with EBIT margin above 2.0%; 2026 revenue expected above NOK 7 billion and margin above 3.0%.

• Long-term target for 2028 is revenue above NOK 10 billion and EBIT margin above 5.0%.

• Promising tender pipeline across all countries, with NOK 25–29 billion in upcoming opportunities.

• Order backlog and high tender activity support positive outlook for 2026 and beyond.