Stockholm Treasury (STHLM) Q3 2025 earnings summary

Executive summary

• Achieved strong organic growth in core wind tunnel operations, with a 23% increase in comparable unit sales year-over-year after divesting VREX.

• Focused on cost control and operational efficiency, leading to improved operating results despite lower total revenue.

• Proflyer (sport flyer) segment outperformed expectations, attracting global clientele and enhancing brand reputation.

• Initiated strategic efforts to expand into leisure and corporate customer segments for future growth.

• Strengthened balance sheet through loan repayments and maintained high equity ratio.

Financial highlights

• Q3 2025 net revenue: 5,535 Tkr, down from 6,115 Tkr year-over-year due to VREX divestment; organic growth for comparable units at 22.9%.

• Q3 operating result: -1,146 Tkr, improved from -1,981 Tkr year-over-year.

• Q3 net result: -1,657 Tkr, up from -2,362 Tkr year-over-year; EPS: -0.10 SEK.

• January–September 2025 net revenue: 15,808 Tkr (vs. 22,540 Tkr prior year, mainly due to VREX divestment).

• January–September operating result: -2,985 Tkr; net result: -4,218 Tkr; EPS: -0.25 SEK.

Outlook and guidance

• Plans to leverage recent success in sport flyer segment by targeting leisure and corporate customers with tailored offerings.

• Management expects continued broadening of the customer base and further operational optimization.