Nimbus Group
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Nimbus Group (BOAT) investor relations material

Nimbus Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary4 Feb, 2026

Executive summary

  • Q4 2025 net sales were SEK 233 million, down 15% year-over-year, with full-year net sales at SEK 1,366 million, a 16% decline, mainly due to weak North American demand and restructuring in Finland.

  • Gross profit for Q4 was SEK 6 million (2.6% margin), down from SEK 28 million (10.3%) last year.

  • EBITA for Q4 was SEK -52 million (margin -22.5%), with full-year EBITA at SEK -84 million.

  • Available cash at year-end was SEK 233 million, up from SEK 80 million last year.

  • No dividend is proposed for 2025.

Financial highlights

  • Q4 operating cash flow was SEK -7 million; full-year operating cash flow was SEK -87 million.

  • Inventory reduced by SEK 39 million in Q4, with net working capital at SEK 607 million, down SEK 54 million sequentially.

  • Finance net for Q4 was SEK -11 to -12 million, mainly due to negative FX effects.

  • Order book at year-end was SEK 441 million, with commercial sales order book at SEK 357 million and retail at SEK 84 million.

  • Earnings per share for Q4 were SEK -1.72; full-year EPS was SEK -3.94.

Outlook and guidance

  • Market volumes are at decade lows, especially in North America, but Europe shows stabilization and some improvement.

  • Full effect of SEK 70 million cost-saving program expected in Q1 2026.

  • Management expects dealer restocking to drive recovery, but timing is uncertain.

  • Financial targets remain: >10% growth, 10% EBITDA margin, no financial debt, and 30% dividend policy, though not yet achieved.

  • Q1 2026 sales volumes expected to remain low due to seasonality and market conditions.

Quantify expected impact of NA restructuring
Detail drivers for 2026 gross margin improvement
FMV contract: When will revenue be recognized?
Beyond current plans, what further cost cuts?
What is the long-term strategy for workboat sector?
What is the target NWC % of sales and path to it?
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Frequently asked questions

Nimbus Group AB designs, manufactures, and markets recreational motorboats worldwide. It offers boats under the Nimbus and Wise brands, as well as walking floor trailers under the Dieci brand. The company also sells various accessories, such as motorboat electronics, interior fittings, water toys, boat covers and winter covers, boat clothing for use on and off the water, sociable outdoor living equipment for use on the boat, mooring and anchoring equipment, ropes and teak accessories, wheels and tires for trailers, cleaning products and boating guides. In addition, it provides engine spare parts; technical services comprising winter storage service for boats in its indoor hall’s heated facility; maintenance of boat; spare parts distribution; as well as carpet replacements. The company was founded in 1968 and is based in Gothenburg, Sweden.

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