Transtema Group (TRANS) Q2 2025 earnings summary

Executive summary

• Revenue increased by 10.3% year-over-year in Q2 2025, with organic growth of 11.9% and strong performance in Sweden offsetting weaker demand in Norway.

• Adjusted EBITA margin improved to 3.3% from 3.1% year-over-year, driven by profitability improvements in Norway.

• Cash flow from operations was negative at -39.6 MSEK, mainly due to increased accounts receivable and ongoing projects linked to growth.

• A major six-year contract with E.ON, valued at approximately 300 MSEK, was signed, marking entry into the energy solutions segment.

Financial highlights

• Q2 2025 revenue: 671.8 MSEK (up 10.3% year-over-year); H1 2025 revenue: 1,269.1 MSEK (up 14.5%).

• Q2 2025 EBITA: 22.1 MSEK (3.3% margin); H1 2025 EBITA: 36.9 MSEK (2.9% margin).

• Q2 2025 EBITDA: 46.0 MSEK (6.8% margin); H1 2025 EBITDA: 83.8 MSEK (6.6% margin).

• Net income for Q2 2025: 13.6 MSEK; EPS before dilution from continuing operations: 0.28 SEK.

• Cash flow from operations Q2 2025: -39.6 MSEK; H1 2025: -54.1 MSEK.

Outlook and guidance

• Continued strong growth expected in Sweden, supported by previously signed contracts now fully contributing to revenue.

• Ongoing efficiency improvements and restructuring in Norway to secure long-term profitability.

• Strategic expansion into energy solutions, with the E.ON contract as a key milestone.

• Medium-term financial targets: revenue growth (including acquisitions) of at least 10%, EBITA margin of at least 7%, and net debt/EBITDA not exceeding 2.0.