Transtema Group (TRANS) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 increased by 4.6% year-over-year to SEK 617.8 million, with organic growth of 5.5%.

• Strong sales growth in Sweden (+23.6%), offsetting a weak Norwegian market (-24.1%).

• Adjusted EBITA margin declined to 1.0% (2.8%), mainly due to lower volumes and profitability in Norway.

• Cash flow from operating activities improved to SEK 15.3 million (7.9) in Q3.

• New long-term contracts signed, including a SEK 300 million agreement with E.ON starting February 2026.

Financial highlights

• Q3 net sales: SEK 617.8 million (up 4.6% year-over-year).

• Adjusted EBITA: SEK 6.0 million (16.3), margin 1.0% (2.8%).

• Net result: SEK -8.1 million (8.9), EPS before dilution: SEK -0.18 (0.23).

• Cash flow from operations: SEK 15.3 million (7.9).

• Net debt/EBITDA: 2.7 (2.2).

Outlook and guidance

• Continued strong demand in Sweden, especially in electricity and energy solutions.

• Norwegian market expected to remain challenging with further volume declines in 2026.

• Focus on profitability and cost structure adjustments in Norway.

• New contracts (E.ON, Trafikverket) to contribute from 2026.