Tessin Nordic (TESSIN) Q1 2025 earnings summary

Executive summary

• Net revenue for Q1 2025 was 4.3 MSEK, down 31% year-over-year, mainly due to a challenging real estate market.

• EBITDA was -7.3 MSEK (vs. -3.6 MSEK), and EBIT was -8.4 MSEK (vs. -4.1 MSEK) compared to Q1 2024.

• Net loss widened to -12.2 MSEK from -5.1 MSEK year-over-year; EPS was -0.03 SEK (vs. -0.02 SEK).

• Loan volume brokered increased 3% to 55.5 MSEK.

• Anders Kumlin appointed as new CEO; company aims to improve efficiency and return to profitability.

Financial highlights

• Revenue declined to 4.3 MSEK from 6.2 MSEK year-over-year.

• EBITDA margin deteriorated, with EBITDA at -7.3 MSEK (vs. -3.6 MSEK).

• EBIT was -8.4 MSEK (vs. -4.1 MSEK), mainly due to lower income and higher personnel/depreciation costs.

• Cash flow from operations was -11.7 MSEK; cash at period end was 20.8 MSEK.

• Equity at period end was -13.8 MSEK, corresponding to a negative equity ratio of 5.9%.

Outlook and guidance

• Management targets improved efficiency, cost control, and capital access to support growth.

• Strategy to attract more institutional capital is ongoing and will be concretized during 2025.

• Market conditions remain challenging due to high interest rates, inflation, and construction delays.