Rejlers (REJL-B) Q1 2025 earnings summary

Executive summary

• Net sales rose 9.6% year-over-year to SEK 1,201.3 million, with organic growth at 8.7% and EBITA reaching SEK 102.5 million, a record for Q1 despite one less working day and market uncertainty.

• EBITA margin was 8.5% (down from 9.0%), impacted by calendar effects, but profit after tax increased to SEK 65.4 million and EPS before/after dilution was SEK 2.96.

• Updated strategy targets SEK 8 billion turnover and at least 10% EBITA margin by 2030, focusing on energy transition, industry transformation, and future-proofing communities.

Financial highlights

• Operating profit (EBIT) increased to SEK 86.9 million from SEK 83.7 million year-over-year; net financial items were SEK -4.3 million.

• Cash flow from operating activities was SEK 49.8 million, down from SEK 91.6 million in Q1 2024.

• Net debt decreased to SEK 577.6 million (from SEK 601.7 million at year-end), with net debt/EBITDA at 1.12.

• Equity/assets ratio improved to 53.1% (from 52.4% at year-end); equity per share was SEK 88.8.

• Utilisation rate was 79.0% (79.2% in Q1 2024); number of employees increased to 3,282.

Outlook and guidance

• Long-term targets for 2030 include doubling sales to over SEK 8 billion, achieving at least 10% EBITA margin, and leading the industry in organic growth.

• Focus remains on organic growth and acquisitions, especially in energy and infrastructure sectors in the Nordics.

• Market expected to remain challenging in construction/property, but strong in energy, infrastructure, and industry.