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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.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.
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