Bong (BONG) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 decreased to SEK 435 million from SEK 456 million year-over-year; for Jan–Sept 2025, net sales were SEK 1,342 million, down from SEK 1,420 million.

• Operating profit for Q3 fell to SEK -6 million from SEK 1 million; for Jan–Sept, it dropped to SEK 3 million from SEK 30 million.

• Net result for Q3 was SEK -18 million (vs. -13 million); for Jan–Sept, SEK -35 million (vs. -15 million).

• The company is transitioning towards light packaging, with envelope sales declining in line with the shrinking European market.

Financial highlights

• EBITDA for Q3 was SEK 13 million (down from SEK 19 million); for Jan–Sept, SEK 59 million (down from SEK 88 million).

• Earnings per share for Q3 were SEK -0.09 (vs. -0.06); for Jan–Sept, SEK -0.17 (vs. -0.07).

• Cash flow from operating activities for Q3 was SEK 4 million (vs. 1 million); for Jan–Sept, SEK 52 million (vs. 40 million).

• Cash and cash equivalents at 30 September 2025 were SEK 91 million.

Outlook and guidance

• Macroeconomic conditions remain challenging, especially in Germany, with no improvement expected in Q4 2025.

• The envelope market is expected to decline 8–10% for 2025, with continued pressure from digitalization.

• The company will continue to adapt capacity and shift focus to light packaging.