Stockholm Treasury (STHLM) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 were 5,771 Tkr, down 24% year-over-year due to the exclusion of VREX from the group, but underlying demand remained stable when adjusted for this change.

• Operating result improved to -246 Tkr from -680 Tkr in Q2 2024, driven by cost savings, staffing optimization, and focus on profitable segments.

• Net result for Q2 was -603 Tkr, a significant improvement from -1,055 Tkr in the prior year.

• A 10 MSEK credit facility was secured, used post-period to refinance existing loans, improving monthly liquidity by about 400 Tkr.

• The company is executing a strategy focused on profitability, sustainability, and customer orientation.

Financial highlights

• Q2 2025 net sales: 5,771 Tkr (Q2 2024: 7,611 Tkr); H1 2025 net sales: 10,945 Tkr (H1 2024: 16,426 Tkr).

• Q2 operating margin: -4% (Q2 2024: -9%); H1 operating margin: -10% (H1 2024: -5%).

• Q2 net result: -603 Tkr (Q2 2024: -1,055 Tkr); H1 net result: -1,836 Tkr (H1 2024: -1,564 Tkr).

• Earnings per share after tax: -0.04 SEK for Q2, -0.11 SEK for H1.

• Equity ratio at period end: 58%.

Outlook and guidance

• Efficiency programs and cost reductions are expected to yield stronger results in coming quarters.

• Liquidity is expected to improve from Q3 2025 due to refinancing.