Bong (BONG) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 decreased to SEK 488 million from SEK 508 million compared to Q1 2024, reflecting a challenging macroeconomic environment and continued pressure on sales prices.

• Operating profit declined to SEK 14 million from SEK 19 million year-over-year, with gross margin slightly lower but still healthy.

• Earnings after tax were SEK 0 million, down from SEK 1 million in Q1 2024, and earnings per share remained flat at SEK 0.00.

• Cash flow from operating activities dropped to SEK 22 million from SEK 59 million in the prior year period.

• The company continues its strategic transformation towards a higher share of Light Packaging, with growth in e-commerce-related products.

Financial highlights

• Net sales: SEK 488 million (Q1 2025) vs SEK 508 million (Q1 2024).

• EBITDA: SEK 32 million (Q1 2025) vs SEK 39 million (Q1 2024).

• Operating profit (EBIT): SEK 14 million (Q1 2025) vs SEK 19 million (Q1 2024).

• Earnings after tax: SEK 0 million (Q1 2025) vs SEK 1 million (Q1 2024).

• Cash and cash equivalents at March 31, 2025: SEK 90 million (SEK 104 million at Dec 31, 2024).

Outlook and guidance

• Macroeconomic and political uncertainty in Europe is expected to persist throughout 2025, maintaining a negative investment climate.

• E-commerce market continues to grow, supporting Light Packaging segment optimism.

• The company remains focused on cost reduction, productivity improvements, and transformation towards a 50% Light Packaging share.