Transferator (TRAN) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended September 2025 was 42.0 MSEK, up from 38.8 MSEK year-over-year.

• Net income for the period was 0.0 MSEK, compared to 34.4 MSEK in the prior year, which included significant one-time gains.

• The company participated in Q-Linea AB's rights issue, now holding 4.7% via a corporate-owned insurance policy.

Financial highlights

• Q3 revenue was 14.1 MSEK, up from 11.2 MSEK in Q3 2024.

• EBITDA for Jan–Sep 2025 was 5.9 MSEK, up from 2.1 MSEK year-over-year.

• Depreciation for the nine months was -2.1 MSEK, down from -5.2 MSEK year-over-year.

• Financial items resulted in a loss of -1.8 MSEK, mainly due to unrealized write-downs on an unlisted holding.

• Cash and cash equivalents at the end of Q3 were 2.2 MSEK.

Outlook and guidance

• Market conditions in the construction and civil engineering sector remain weak due to the economic downturn, but increased demand in other segments such as backup power has partially offset this.

• Revenue development is in line with previous years, with quarterly invoicing subject to project completion timing.