Triona (TRIONA) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was 64.4 million, down over 9% year-over-year, mainly due to lower consulting demand in Norway, customer churn, and reduced hardware and service sales, while recurring revenue increased by over 6% to 22.7 million.

• EBITA was -4.3 million, a decrease of 7.6 million compared to Q1 2024, with all countries reporting negative profitability.

• Strategic transformation (FOCUS28) and implementation of a new product organization are underway, with investments in management, sales, marketing, and a new ERP system impacting costs; full effect expected by Q4.

• Order intake exceeded the previous year, supported by a major contract with Statens Vegvesen.

• New key hires in operations and marketing to support ongoing strategic initiatives.

Financial highlights

• Revenue: 64.4 million (Q1 2024: 71.1 million); recurring revenue: 22.7 million (Q1 2024: 21.4 million).

• EBITA: -4.3 million (Q1 2024: 3.3 million); EBIT: -6.6 million (Q1 2024: 1.0 million).

• Operating cash flow remained positive at 7.2 million, though nearly 3 million lower than the previous year.

• Liquidity at quarter-end: 31.2 million; equity: 59.2 million; equity ratio: 42.5%.

• Direct costs decreased by 40%, mainly due to lower hardware sales; under-consultant costs fell by 25%.

Outlook and guidance

• 2025 is a transition year with continued investments in transformation and expected positive effects from FOCUS28 and the new product organization in the second half, especially Q4.

• Sales and marketing initiatives are expected to drive growth, with a strong order book and new partner sales focus.

• Positive outlook for Sweden and Finland, with stable or growing demand; Norway remains challenging.