Samhall (SH) Q2 2025 earnings summary

Executive summary

• Continued focus on organizational transformation with emphasis on leadership and employee support, resulting in positive employee survey trends and increased transitions to external employment for the fifth consecutive quarter.

• Strong business development with new contracts, notably with Vattenfall and extended cooperation with Försvarsmakten, broadening service offerings and employment opportunities.

Financial highlights

• Net sales for Q2 2025 reached SEK 874 million, up 4% year-over-year; H1 2025 net sales totaled SEK 1,722 million, up 3%.

• Operating result for Q2 was SEK -79 million (Q2 2024: SEK 55 million); H1 operating result was SEK -113 million (H1 2024: SEK 115 million).

• Net income for Q2 was SEK -12 million (Q2 2024: SEK 99 million); H1 net income was SEK -76 million (H1 2024: SEK 238 million).

• Cash flow for Q2 was SEK -114 million (Q2 2024: SEK 83 million); H1 cash flow was SEK -96 million (H1 2024: SEK 176 million).

• Bruttovinstmarginal for H1 was 87% (H1 2024: 88%); operating margin for H1 was -7% (H1 2024: 7%).

Outlook and guidance

• Ongoing discussions and proposals for a new, annually indexed financing model to address structural funding challenges.

• Management expresses confidence entering the second half of 2025, supported by a new chairperson and strengthened leadership.