Tourn International (TOURN) Q2 2025 earnings summary

Executive summary

• Positive profitability trend in core operations, with EBITDA up 14% year-over-year in Q2 2025, despite a 10.8% drop in core sales volume compared to Q2 2024.

• Agency segment improved profitability sequentially, while NAGATO achieved a strong EBITDA margin of 8.4% in Q2 2025.

• Strategic focus on expanding international presence and scaling own productions, with AI-driven solutions enhancing efficiency and margins.

Financial highlights

• Q2 2025 net sales: SEK 16.7m (Q2 2024: SEK 16.6m); H1 2025 net sales: SEK 31.1m (H1 2024: SEK 31.2m).

• Q2 2025 EBITDA: SEK 133k (Q2 2024: SEK -1.0m); Adjusted EBITDA: SEK -919k, impacted by lower sales volume.

• Q2 2025 net result per share: SEK -0.25 (Q2 2024: SEK -0.42); H1 2025: SEK -0.76 (H1 2024: SEK -1.56).

• Cash position at June 30, 2025: SEK 3.7m, down SEK 1.6m during Q2.

Outlook and guidance

• Short-term target: SEK 100m in core business sales for 2025 with 5–10% profit margin; SEK 80m sales in Baud for 2025.

• Long-term target: SEK 500m sales by 2028 with at least 10% profit margin; full establishment in USA, Europe, and Asia.