Qben Infra (QBEN) Q1 2025 earnings summary

Executive summary

• LTM revenue reached 2,830 MSEK, up 7% year-over-year, with adjusted EBITA at 128 MSEK (5% margin), up 14% year-over-year.

• Q1 2025 net sales surged 567% to 507 MSEK, driven by acquisitions and organic growth.

• Strategic restructuring, cost focus, and liquidity management led to positive trends and recovery in several units.

• High tender activity and major contract wins resulted in a record order book of 2,379 MSEK.

• Leadership changes included interim CEO and new CFO appointments.

Financial highlights

• Q1 revenue was 560 MSEK; LTM revenue increased by 7% to 2,830 MSEK compared to Q1 2024.

• Adjusted EBITA for LTM rose 14% to 128 MSEK (5% margin); Q1 adjusted EBITA was -28 MSEK (-5% margin), reflecting higher costs.

• Net income for Q1 2025 was -113 MSEK; EPS at -1.39 SEK.

• Order book grew 49% during the quarter, ending at 2,379 MSEK; book-to-bill ratio was 2.39.

• Financial costs rose sharply to 65 MSEK, mainly due to bond interest and refinancing.

Outlook and guidance

• Target for 2025 remains at 3.1 billion SEK in revenue and 10% adjusted EBITDA margin.

• Management expects continued strong demand in Nordic infrastructure, focusing on contract delivery, synergy realization, and profitability improvement.

• Long-term targets: organic growth >15% CAGR, EBITA margin >10%, net debt/EBITDA <2.0x, dividend up to 30% of net income.