SIBEK (SIBEK) Q2 24/25 earnings summary

Executive summary

• Revenue for Q2 increased by 18.6% year-over-year to 50,613 TSEK, with EBIT up 39.5% to 12,164 TSEK and an EBIT margin of 24.0%.

• High activity in assignments, especially commissioning, drove strong results; no significant events during or after the quarter.

• The company completed a major interlocking replacement project on the Dalabanan line.

Financial highlights

• Q2 net sales: 50,613 TSEK (42,681 TSEK last year); EBIT: 12,164 TSEK (8,721 TSEK); EPS: 0.96 SEK (0.73 SEK).

• H1 net sales: 87,601 TSEK (72,532 TSEK); EBIT: 19,851 TSEK (9,928 TSEK); EPS: 1.57 SEK (0.84 SEK).

• EBITDA margin for Q2: 24.1% (20.5%); for H1: 22.8% (13.8%).

• Cash flow from operations in Q2 was -392 TSEK, mainly due to increased accounts receivable.

• Equity at period end: 52,020 TSEK; cash and bank: 25,051 TSEK.

Outlook and guidance

• Q3 expected to be seasonally weaker for commissioning due to winter, but high activity continues in design and project management.

• Government prioritization of ERTMS rollout is positive for long-term demand for Sibek’s services.

• Good order backlog for spring and summer 2025.