Refine Group (REFINE) Q2 2025 earnings summary

Executive summary

• Revenue and earnings declined year-over-year due to divestments and fewer operating units, with a strategic focus on profitability and financial stability.

• Gross margin improved, driven by a shift toward proprietary brands and the exclusion of previously divested businesses.

• Cash flow and capital structure strengthened through reduced debt and lower financing costs.

• A new business segment, Digital Assets, was launched post-period, focusing on Bitcoin accumulation as a strategic reserve.

Financial highlights

• Q2 net revenue: 38.5 MSEK (down from 79.1 MSEK year-over-year); H1 net revenue: 72.2 MSEK (down from 133.7 MSEK year-over-year).

• Q2 EBITDA: 0.1 MSEK (2.1 MSEK prior year); H1 EBITDA: -3.9 MSEK (-0.4 MSEK prior year).

• Q2 EBITA: -0.1 MSEK (1.8 MSEK prior year); H1 EBITA: -4.3 MSEK (-0.9 MSEK prior year).

• Q2 net result: -7.0 MSEK (-12.2 MSEK prior year); H1 net result: -5.3 MSEK (-27.5 MSEK prior year).

• Q2 EPS: -0.10 SEK (-0.21 SEK prior year); H1 EPS: -0.08 SEK (-0.49 SEK prior year).

Outlook and guidance

• Ongoing focus on operational improvements, debt reduction, and profitable growth.

• Digital Assets segment expected to provide long-term value and financial resilience.

• Continued restructuring in subsidiaries, with Folkhemmet's process expected to conclude in H2.