Bulten (BULTEN) Q1 2025 earnings summary

Executive summary

• Q1 2025 net sales declined 6.6% year-over-year, mainly due to lower global vehicle sales, but volumes and operating results were in line with expectations.

• Adjusted EBIT margin improved to 6.2% in Q1 2025, up from 5.2% in 2024, despite a SEK 45 million one-time anti-dumping cost.

• Engagement with customers and partners remains strong, and a new strategy is being drafted for 2025.

• Non-automotive sales grew 16% year-over-year, now representing 13.9% of total sales, and are more profitable.

• A SEK 45 million anti-dumping duty on Chinese imports impacted EBIT, with SEK 35 million under appeal.

Financial highlights

• Adjusted EBIT for Q1 was SEK 89 million, with a 6.2% margin; currency effects reduced margin to 6.8% from 7.4% last year.

• Adjusted EPS was SEK 2.09 for the quarter and SEK 5.3 for the rolling 12 months.

• Cash flow from operating activities was SEK 71 million, down from SEK 123 million last year; CapEx outflows increased due to equipment investments.

• Net debt stood at SEK 1,383 million at quarter end; liquidity at SEK 847 million including unused credit lines.

• Gross profit was SEK 252 million, with a gross margin of 17.6% (down from 20.7%).

Outlook and guidance

• Order intake in Q1 was slightly better than last year, with no major volume drops expected in the near term.

• Light vehicle market is projected to grow a few percent in 2025, supporting stable volumes.

• New strategy and financial targets for 2025 will be set and communicated after board approval.

• Management sees room to improve EBIT even in an uncertain market environment.