Samhall (SH) Q1 2025 earnings summary

Executive summary

• Maintained high goal fulfillment despite economic uncertainty and high unemployment, with continued positive trends in employee transitions to external jobs and new business wins.

• 1,138 new employees or interns with disabilities joined during the quarter; 293 transitioned to jobs outside Samhall, exceeding last year's figure for the fourth consecutive quarter.

Financial highlights

• Net sales for Q1 2025 were SEK 848 million, up 2% year-over-year; gross profit was SEK 736 million, up 1%.

• Operating result was SEK -34 million (down from SEK 60 million last year); period result was SEK -64 million (down from SEK 139 million).

• Gross margin was 87% (88% last year); operating margin was -4% (7% last year).

• State compensation for additional costs was SEK 1,931 million, down from SEK 1,965 million due to fewer wage hours.

• Cash flow from operations was SEK 97 million; cash and bank at period end was SEK 1,435 million.

Outlook and guidance

• 2025 expected to be challenging due to a funding model that does not keep pace with rising costs; positive that a government inquiry proposes annual indexation of state compensation.

• Continued uncertainty expected in sectors sensitive to economic cycles, especially automotive.