Ortelius International (ORTIN) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 were 36.4 MSEK, down from 44.6 MSEK year-over-year.

• Gross margin was 9.9% compared to 10.2% in Q1 2024.

• EBITDA was -2.5 MSEK, and operating income was -4.8 MSEK, both lower than the previous year.

• Net loss for the quarter was -6.2 MSEK, with EPS at -5.2 SEK, an improvement from -10.2 SEK per share last year.

• Lower sales attributed to delayed vehicle deliveries and cautious customer sentiment amid market uncertainty.

Financial highlights

• Net sales decreased 18% year-over-year to 36.4 MSEK.

• Gross profit was 3.6 MSEK, with a gross margin of 9.9%.

• EBITDA was -2.5 MSEK, operating loss -4.8 MSEK, and net loss -6.2 MSEK.

• Cash flow from operations was -1.0 MSEK; cash at period end was 2.9 MSEK.

• Net debt stood at 28.8 MSEK, slightly improved from 30.9 MSEK a year ago.

Outlook and guidance

• Q2 expected to be the strongest quarter due to seasonality and improved weather.

• April sales were good but slightly below April 2024.

• Removal of malus tax on new motorhomes and a recent interest rate cut are expected to support demand.

• Strategic focus on completing the acquisition of Ortelius International AB and adapting operations accordingly.