Qben Infra (QBEN) Q2 2025 earnings summary

Executive summary

• Strong operational progress in Q2 2025, with improved profitability and stable performance across all main segments; revenue from continuing operations rose 43% year-over-year to 310 MSEK, driven by acquisitions and segment expansion.

• Strategic initiatives and acquisitions, including Testpartner Gruppen and additional shares in Nordic Infrastructure Group, have strengthened the group's position in attractive infrastructure segments.

• Order book stands at approximately SEK 2.4 billion, providing good visibility for upcoming quarters.

• Well positioned to deliver on growth targets and create long-term shareholder value.

• Letter of intent signed for potential divestment of Rail segment, valued at 800–850 MNOK, with process ongoing and expected clarification in early Q4.

Financial highlights

• Net sales for Q2 2025 reached SEK 835 million, up 5% year-over-year; LTM net sales at SEK 2,913 million.

• Adjusted EBITA for Q2 2025 was SEK 67 million (10% margin), up from SEK 46 million (6%) in Q2 2024; adjusted EBITA from continuing operations reached 27 MSEK (9% margin).

• Net result for continuing operations was 37 MSEK, with EPS at 0.15 SEK.

• Order book at quarter-end was SEK 2.4 billion, supporting future revenue.

• Net debt at quarter-end: 986 MSEK; equity: 656 MSEK; equity ratio: 24%.

Outlook and guidance

• Target of SEK 3.1 billion in net sales and 10% adjusted EBITDA margin remains in place.

• Ongoing process to divest Qben Rail expected to complete in Q3 2025.

• Continued focus on organic growth, strategic acquisitions, and margin improvement.

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

• Positive market outlook, especially in energy and telecom infrastructure, with continued demand expected.