Qben Infra (QBEN) Q3 2025 earnings summary

Executive summary

• Major strategic divestments of Rail and Kvalitetsbygg/Construction have resulted in a focused portfolio of Power, Inspection, and Team Bygg/Norwegian residential development platforms.

• Proforma LTM revenue for remaining operations is about SEK 1.3 billion, with adjusted EBITA of SEK 73 million.

• Net financial position has shifted from net debt to a net cash position of SEK 390 million, strengthening the balance sheet.

• Several new large contracts secured in Power and Inspection segments, especially in Norway.

• Leadership changes include a new CFO in January and interim CEO appointed in April.

Financial highlights

• Order book after divestments stands at SEK 837 million, providing good visibility for coming quarters.

• Q3 2025 net sales from continuing operations: 253 MSEK; EBITA: -49 MSEK; EBITA margin: -19.3%.

• Net asset value for remaining platforms is SEK 1,180 million, with total NAV including net cash at SEK 1,570 million.

• Group cost structure is being adjusted to the new, leaner organization.

• Group net debt at Q3: 681 MSEK; equity: 563 MSEK; equity ratio: 23%.

Outlook and guidance

• The three platforms are guiding for SEK 1.6 billion in revenue and SEK 153 million in EBITA (10% margin) for 2026.

• 2026 outlook is positive across all platforms, with a strong project pipeline and focus on securing the order book for H1 2026.

• Company expects improved financial strength and readiness for further acquisitions and investments.

• Power segment anticipates strong development for full year 2025.