Concejo (CNCJO) Q2 2025 earnings summary

Executive summary

• Achieved a significant turnaround in Q2 2025, with EBT of 76.1 MSEK (vs. -6.4 MSEK) and net income of 76.1 MSEK (vs. -6.3 MSEK) compared to Q2 2024.

• Strong contributions from financial holdings, especially Berner Industrier and BeammWave, and robust industrial performance from Firenor and ACAF.

• Completed divestment of Berner Industrier with high returns, prompting a proposed extra dividend of 7 SEK per share.

Financial highlights

• Q2 2025 net sales rose 23% to 159.0 MSEK (128.9), EBIT improved to 7.3 MSEK (-15.4), and operating margin reached 4.6% (-11.9%).

• H1 2025 net sales increased 6% to 281.7 MSEK (266.1), EBIT at 12.4 MSEK (-22.2), and net income at 80.0 MSEK (-17.2).

• Cash flow from operations for H1 was 10.5 MSEK (-5.6), and for Q2 was 36.3 MSEK (-20.1).

• EPS for Q2 was 6.35 SEK (-0.48), and for H1 was 6.77 SEK (-1.48).

Outlook and guidance

• Management maintains a long-term goal of owning and developing cash-generating businesses to support competitive dividends.

• Despite a strong quarter, management notes that exceptional events contributed and ongoing work is needed to reach sustainable targets.

• Geopolitical uncertainty remains, but no major direct impact observed yet.