Concejo (CNCJO) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 were 122.7 MSEK, down 11% year-over-year due to deconsolidation of SAL Navigation, but underlying growth in remaining operations was 29% (6% organic, rest acquired).

• EBIT improved to 5.1 MSEK from -6.8 MSEK, positively impacted by a 13.6 MSEK revaluation gain from SAL Navigation and a minor capital gain.

• Net income was 3.9 MSEK, up from -10.9 MSEK year-over-year; EPS was 0.42 SEK (vs. -1.00 SEK).

• Operating cash flow was -25.8 MSEK (14.5 MSEK last year), mainly due to changes in working capital.

• SBF Fonder completed a 540 MSEK recapitalization post-period, enabling a 975 MSEK property portfolio acquisition and the planned wind-down of SBF Bostad AB.

Financial highlights

• Gross margin for Q1 2025 was 39.4% (48.4 MSEK gross profit on 122.7 MSEK sales).

• Solid equity ratio at 73% (up from 70% last year); net cash position with net debt at -128.4 MSEK.

• Equity per share was 57.45 SEK (64.39 SEK last year).

• Group headcount at period end was 235, down from 258, reflecting the deconsolidation of SAL Navigation.

Outlook and guidance

• Continued focus on developing operating businesses and streamlining the portfolio.

• No major direct impact from geopolitical risks yet, but management remains vigilant.

• Targets remain growth, improved profitability, and clearer ownership structure.