Svenska Aerogel (AERO) Q2 2025 earnings summary

Executive summary

• Sales increased by 130% year-over-year in Q2 2025, driven by strong performance in the Building & Real Estate and Advanced segments.

• Two major orders in Advanced and Building & Real Estate segments pushed H1 2025 invoicing above full-year 2024 levels.

• Efficiency program and directed share issue have improved the financial position.

• CFO transition announced, with a new CFO appointed effective September 1, 2025.

Financial highlights

• Q2 2025 net sales: SEK 1.3 million (Q2 2024: SEK 0.5 million); H1 2025: SEK 2.6 million (H1 2024: SEK 1.0 million).

• Q2 2025 EBITDA: SEK -6.5 million (Q2 2024: SEK -4.2 million); EBIT: SEK -8.3 million (Q2 2024: SEK -6.1 million).

• Result after tax Q2 2025: SEK -8.5 million (Q2 2024: SEK -6.2 million); EPS Q2 2025: SEK -0.41 (Q2 2024: SEK -0.66).

• Total assets as of June 30, 2025: SEK 49.3 million; equity: SEK 38.4 million; equity ratio: 78%.

• Cash flow from operations Q2 2025: SEK -9.8 million; financing cash flow: SEK 18.8 million.

Outlook and guidance

• Ongoing efficiency program and recent capital raise provide a stable foundation for long-term profitability.

• Anticipated further orders in the Advanced segment and continued growth in Building & Real Estate.

• Launch preparations for new fire-protective paint system in South Africa and scaling up of Matrix Brands production.