Tessin Nordic (TESSIN) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was 3.7 MSEK, down 39% year-over-year; H1 2025 revenue was 7.9 MSEK, down 43% year-over-year.

• Loan volume for Q2 was 62.3 MSEK, a significant drop from 242 MSEK in Q2 2024; H1 loan volume was 118 MSEK versus 426 MSEK last year.

• Cost-saving program initiated, expected to reduce annual costs by 5 MSEK, with full effect from November 2025.

• Strategic focus on expanding investor offerings, including the launch of the Nordic Bridge Fund.

• Ended partnership with Pollen Street Capital after the period, with minimal financial impact.

Financial highlights

• Q2 EBITDA was -8.1 MSEK (vs. -3.8 MSEK Q2 2024); H1 EBITDA was -15.4 MSEK (vs. -7.5 MSEK H1 2024).

• Q2 EBIT was -9.2 MSEK (vs. -5.2 MSEK Q2 2024); H1 EBIT was -17.5 MSEK (vs. -9.3 MSEK H1 2024).

• Q2 net result was -14.7 MSEK (vs. -2.8 MSEK Q2 2024); H1 net result was -26.9 MSEK (vs. -8.0 MSEK H1 2024).

• Earnings per share for H1 was -0.06 SEK (vs. -0.02 SEK H1 2024).

• Cash flow from operations for H1 was -24.7 MSEK; cash and equivalents at period end were 28 MSEK (vs. 55.7 MSEK prior year).

Outlook and guidance

• Management expects cost savings to be fully realized by November 2025.

• Strategy aims for profitability on a monthly basis by the end of 2025.

• Focus remains on core business and broadening product offerings to attract new investor segments.