Bong (BONG) Q2 2025 earnings summary

Executive summary

• Net sales declined to SEK 419 million in Q2 2025 from SEK 456 million year-over-year; H1 2025 net sales were SEK 907 million, down from SEK 964 million.

• Operating profit before depreciation (EBITDA) fell to SEK 14 million in Q2 2025 from SEK 30 million; H1 EBITDA was SEK 46 million, down from SEK 69 million.

• Operating profit turned negative in Q2 2025 at SEK -4 million (Q2 2024: SEK 10 million); H1 operating profit was SEK 9 million (H1 2024: SEK 29 million).

• Earnings after tax for H1 2025 were SEK -17 million, compared to SEK -2 million in H1 2024; EPS was SEK -0.08 (H1 2024: SEK -0.01).

• Cash flow from operating activities improved to SEK 47 million in H1 2025 (H1 2024: SEK 40 million).

Financial highlights

• Gross margin slightly decreased year-over-year but remains at a healthy level.

• Net financial items for H1 2025 were SEK -22 million (H1 2024: SEK -20 million).

• Cash and cash equivalents at June 30, 2025, were SEK 105 million, with total available liquidity of SEK 119 million.

• Interest-bearing net loan debt was SEK 400 million at period end, down from SEK 456 million at December 2024.

• Equity at period end was SEK 534 million, down from SEK 573 million at December 2024.

Outlook and guidance

• Market demand remains subdued across all segments, with continued decline in the envelope market due to digitalization.

• Strategic focus is on transitioning to a Light Packaging company, targeting a 50% share in this segment.

• Optimism remains for e-commerce-related Light Packaging products and high-end paper carrier bags, which showed strong growth.