Skandia GreenPower (SKAND) Q2 2025 earnings summary

Executive summary

• Achieved stable operations and continued consolidation in the Norwegian end-user electricity market, focusing on private consumers through multiple brands.

• EBITDA for H1 2025 was NOK 13.8 million, up from NOK 9.2 million in H1 2024; Q2 2025 EBITDA was NOK 6.3 million.

• Net income for H1 2025 reached NOK 4.2 million, up from NOK 2.4 million in H1 2024; Q2 2025 net income was NOK 1.3 million.

• First-ever shareholder distributions to be executed in two phases: share buyback and dividend payout, totaling NOK 3.78 million, representing 90% of H1 2025 net income.

• Enhanced software platform and implemented new regulatory compliance systems, improving efficiency and cost savings.

Financial highlights

• Q2 2025 gross revenue reached NOK 90.1 million, up from NOK 67.8 million in Q2 2024.

• Net revenue for Q2 was NOK 12.1 million, a marginal increase year-over-year.

• Consolidated operating income for H1 2025 was NOK 5.4 million, up from NOK 2.5 million in H1 2024.

• Cash and cash equivalents at period end were NOK 40.3 million.

• Cash flow from operations was NOK 4.4 million, a significant improvement from -NOK 31.1 million in H1 2024.

Outlook and guidance

• EBITDA guidance for Q3 and Q4 2025 remains consistent with previous communication.

• Ongoing preparations for the introduction of Norgespris and through-invoicing, with expected regulatory changes in September/October 2025.

• Customer growth target set at 100,000 by 2026.

• Expects continued growth and improved profitability, leveraging a scalable cost structure and digital platform.

• Anticipates further margin improvements due to industry trends and cost-reduction programs.