Rejlers (REJL-B) Q2 2025 earnings summary

Executive summary

• Revenues for Q2 2025 reached SEK 1,200.4 million, up 5.2% year-over-year, with organic growth of 5.7% excluding currency effects.

• EBITA for Q2 2025 was SEK 81.6 million, slightly down from SEK 83.0 million in Q2 2024, with a margin of 6.8%, impacted by one less working day and SEK 7 million in restructuring costs.

• Net profit after tax was SEK 39.2 million, down from SEK 47.1 million year-over-year; EPS before and after dilution was SEK 1.74 (2.13).

• The company maintains a sustainable business strategy targeting 2030, focusing on energy transition, industry transformation, and sector diversification.

• Strong organic growth in H1 2025 (7.2%), with adjusted results up over 20% after calendar effects; continued focus on acquisitions.

Financial highlights

• Q2 2025 net sales: SEK 1,200.4 million (up 5.2%); EBITA: SEK 81.6 million; EBITA margin: 6.8%.

• H1 2025 net sales: SEK 2,401.7 million (up 7.4%); EBITA: SEK 184.1 million; EBITA margin: 7.7%.

• Operating profit (EBIT) for H1 was SEK 148.2 million; net financial items at SEK -16.6 million, negatively impacted by currency effects.

• Cash flow from operating activities in H1 was SEK 172.0 million; net debt/EBITDA at 1.2x.

• Equity/assets ratio at 51.8%; equity per share SEK 88.5.

Outlook and guidance

• Strategy targets for 2030: EBITA margin ≥10%, turnover ≥SEK 8 billion, industry-leading organic growth, and net-zero emissions by 2050.

• Market outlook remains strong in energy and infrastructure, with cautious demand in construction and real estate; Norway expected to recover.

• The company continues to focus on transformation, higher fee utilization, and sector diversification.