Triona (TRIONA) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 reached 67.5 MSEK, up 0.9 MSEK year-over-year, with recurring revenues increasing by 2.6%.

• EBITA for Q2 was -1.2 MSEK, a decrease of 3.0 MSEK from last year, with a negative EBITA margin.

• The group is undergoing a transition year with the FOCUS28 strategy, focusing on software and recurring revenues.

• Norway saw a significant decline in expert services due to lower infrastructure demand, while Sweden showed positive development.

• Measures in Norway included the layoff of five employees to address reduced demand.

Financial highlights

• Q2 net sales: 67.5 MSEK (Q2 2024: 66.5 MSEK), up 1.4%.

• Recurring revenues: 22.9 MSEK, up 2.6% year-over-year.

• EBITA: -1.2 MSEK (Q2 2024: 1.9 MSEK); EBIT: -3.4 MSEK (Q2 2024: -0.4 MSEK).

• Cash flow from operations: -7.2 MSEK (Q2 2024: 0.4 MSEK).

• For H1 2025, net sales were 131.9 MSEK, down 4.2% year-over-year; recurring revenues up 4.4%.

• H1 EBITA: -5.5 MSEK (2024: 5.2 MSEK); EBIT: -10.0 MSEK (2024: 0.6 MSEK).

Outlook and guidance

• Expectation of increased product sales and ARR, with expert services demand stabilizing.

• Anticipated improvement in sales and results in Q3 and Q4 as new contracts and product launches take effect.

• Market stabilization expected as government infrastructure investments increase, especially in Sweden.