Pricer (PRIC) Q2 2025 earnings summary

Executive summary

• Net sales declined 30.3% year-over-year in Q2 2025, falling below expectations due to delayed customer investments and macroeconomic uncertainty.

• Order intake increased 7.7% year-over-year (FX-adjusted), with notable strength in Europe, especially in the Nordic and French markets, and a 20% rise in the European market.

• Operating profit was negative, with a Q2 EBIT of SEK -20.3M, impacted by SEK 7.9M in restructuring costs in France.

• Cash flow from operations improved due to better working capital management and inventory reduction, despite lower net sales.

• Geopolitical and macroeconomic factors, including U.S. tariffs and uncertainty, led to delayed procurement decisions and impacted sales.

Financial highlights

• Q2 net sales were SEK 448.7M, down 30.3% year-over-year, with a gross margin of 19.0% (down from 22.8%).

• Operating margin was -4.5% compared to 7.5% in Q2 2024, and Q2 EBITDA was SEK 0.5M, down from SEK 66.4M last year.

• Order backlog rose 34.8% year-over-year to SEK 660.7M.

• Cash and cash equivalents stood at SEK 240.7M as of June 30, 2025.

• Net debt at period end was SEK 110.2M, with stable levels despite H1 losses.

Outlook and guidance

• Management maintains a positive long-term market growth outlook of 15% annually through 2030, with demand for digitalization and automation in retail expected to drive recovery.

• Gross margin is expected to recover to previous year levels as lower production costs take effect in H2.

• Purchases in Nordics and Baltics are expected to resume in H2 as customers transition to direct agreements.

• Recurring revenue from SaaS and software upselling is expected to grow, with increasing store migrations.

• No formal forecast for 2025 was provided.