Ogunsen (OGUN) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 decreased by 6.2% year-over-year to 111.4 MSEK, with EBIT down 51.4% to 2.7 MSEK and net income down 48.5% to 2.0 MSEK.

• For H1 2025, net sales fell 7.6% to 228.3 MSEK, EBIT dropped 59.3% to 6.4 MSEK, and net income declined 59.4% to 4.9 MSEK.

• Cash flow from operations was 8.6 MSEK in Q2 and 12.0 MSEK for H1, both significantly lower year-over-year.

• The board approved a dividend of 1.90 SEK per share for 2024.

Financial highlights

• Q2 EBIT margin was 2.4% (down from 4.6% last year); H1 EBIT margin was 2.8% (down from 6.4%).

• Earnings per share for Q2 were 0.19 SEK (0.37 SEK last year); H1 EPS was 0.46 SEK (1.13 SEK last year).

• Return on equity for H1 was 23.6% (44.8% last year); return on capital employed was 32.3% (58.7%).

• Liquidity at June 30, 2025, was 23.7 MSEK, down from 39.8 MSEK a year earlier.

Outlook and guidance

• Demand in consulting stabilized in Q2, matching last year and Q1 levels, while recruitment demand improved sequentially but remained below last year.

• Management expects a possible upturn in demand in the fall but notes a cautious start to Q3 due to the holiday season.

• Market activities have been intensified to regain growth and profitability.