Roblon (RBLN) Q2 24/25 earnings summary

Executive summary

• Revenue for H1 2024/25 increased to DKK 113.0 million from DKK 110.6 million year-over-year, driven by composite business growth and favorable product mix.

• EBITDA before special items rose to DKK 26.2 million (DKK 15.1 million), and EBIT before special items increased to DKK 19.0 million (DKK 6.8 million), with a margin of 16.8% (6.2%).

• Net result for H1 2024/25 was negative DKK 25.7 million, impacted by a DKK 31 million loss from discontinued US operations.

• Announced divestment of US subsidiary, with a DKK 31 million write-down, sale to two key employees for $1, and a DKK 7.7 million capital injection.

• No further liquidity obligations to the US subsidiary post-divestment.

Financial highlights

• Gross margin improved to 65.9% for H1, up from 58.9% year-over-year, mainly due to favorable product mix and productivity gains.

• Order intake increased to DKK 144.6 million (DKK 132.2 million), with Composite up DKK 19.9 million and FOC down DKK 7.5 million.

• Cash position at end-April was DKK 84.1 million, stable year-over-year.

• Equity stood at DKK 171.1 million after the US write-down, with a solid equity ratio of 65.5%.

• Working capital increased to DKK 88.2 million from DKK 69.8 million year-over-year due to higher activity.

Outlook and guidance

• Upgraded full-year 2024/25 revenue guidance to DKK 220–250 million, EBITDA to DKK 40–50 million, and EBIT before special items to DKK 26–36 million.

• Guidance confirmed following H1 results, supported by strong order coverage and improved margins.

• Special items related to the US subsidiary divestment expected at DKK 2.5–4 million, reported under discontinued operations.

• Divestment of the US subsidiary expected to complete by end of July 2025.