Unibap (UNIBAP) Q3 2025 earnings summary

Executive summary

• Q3 saw net revenues of 17.3 MSEK, a 27% year-over-year growth, but revenue remained low due to delayed export licenses, shifting recognition to Q4.

• The company is in an early growth phase, expecting continued volatility in order intake and revenue between quarters.

• Major multi-year framework agreements were signed with Loft Orbital (3 years, min. 2.6 MEUR) and Argotec (3.5 years, min. 2.0 MEUR), and a strategic partnership was initiated with Leonardo S.p.A.

• Strategic collaborations and export licenses position the company for future deliveries and revenue recognition in Q4 and beyond.

Financial highlights

• Q3 2025 net sales: 17,312 KSEK (17,694 KSEK in Q3 2024); 9M 2025 net sales: 66,505 KSEK (63,511 KSEK in 9M 2024).

• EBIT for Q3 was -13.1 MSEK, impacted by lower revenues and increased costs from U.S. expansion, defense initiatives, and R&D.

• Q3 2025 net result: -12,651 KSEK (-4,042 KSEK); 9M 2025 net result: -23,800 KSEK (2,856 KSEK).

• Cash flow from operating activities was negatively affected by two quarters of lower net revenues; Q3 2025 cash flow: -18,747 KSEK.

• Cash and equivalents at period end: 26,425 KSEK (45,172 KSEK); no interest-bearing debt.

Outlook and guidance

• Delivery and revenue from a 1.4 MEUR UAE order will be recognized in Q4 following export license approval.

• Full-year 2025 growth is expected to be below the 30% target, but the medium-term ambition of 30-50% annual growth remains.

• Continued focus on expanding U.S. operations and leveraging increased European defense spending.