ADDvise Group (ADDV) Q2 2025 earnings summary

Executive summary

• Q2 net sales were SEK 396 million, down 3.9–4% year-over-year, but up 3.8–4% FX adjusted, with EBITA/EBITDA margin improving to 15.5–16% and nearly flat earnings year-over-year.

• Strong cash flow from operations, rising to SEK 16.8–70 million from negative last year, reflecting improved financial discipline.

• Laboratory equipment and clinical trials in the U.S. and Europe showed strong momentum, offsetting tough comparables from last year's large clean room orders.

• Macroeconomic uncertainty, geopolitical tensions, and currency headwinds impacted results, but core markets remained resilient.

• Focus remains on acquisition strategy, efficiency, and sustainable value creation.

Financial highlights

• Net sales for Q2 were SEK 396–396.1 million, representing 3.8–4% year-over-year growth FX adjusted, but -3.9–4% including FX effects.

• EBITA/EBITDA was SEK 61–61.3 million, flat year-over-year, with margin up to 15.5–16%.

• Cash flow from operations was SEK 16.8–70 million, up from -SEK 18.6 to -SEK 19 million last year.

• Pro forma net profit would be SEK 23 million versus reported SEK 10.8–11 million, reflecting new financing structure.

• Cash at quarter-end was SEK 139.7–140 million, with SEK 111 million in unused credit facilities.

Outlook and guidance

• Order intake, adjusted for FX and last year's large clean room orders, is flat to slightly positive, indicating continued growth.

• Management targets average annual EBITA growth of 15%, ROCE of 15%, and net debt/EBITDA not to exceed 3.0x.

• Achieving 15% EBITDA growth for the year will require acquisitions; standalone growth is insufficient.

• Focus remains on efficiency, profitability, and selective M&A opportunities.

• Stable market demand expected to continue, with ongoing acquisition strategy and attractive valuations.