CTT Systems (CTT) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 were SEK 80 million (MSEK 79.7), a 3% decrease year-over-year, but a 7% increase currency-adjusted, with strong growth in Private Jet sales and significant new orders driving a record order intake of SEK 89 million and backlog of SEK 158 million.

• EBIT fell to SEK 18 million from SEK 31 million, with EBIT margin at 23% (down from 38%), mainly due to currency effects and one-off costs; adjusted EBIT margin was 28%.

• Earnings per share dropped to SEK 1.19 from SEK 1.96 year-over-year.

• Aftermarket rebounded to SEK 57 million from a Q1 dip, accounting for 71% of Q2 sales.

• Private jet segment contributed 13% of Q2 sales, with revenue up SEK 8 million year-over-year due to kit deliveries.

Financial highlights

• Q2 net sales: SEK 80 million (MSEK 79.7), down 3% year-over-year; currency-adjusted sales up 7% to SEK 88 million.

• EBIT at SEK 18 million (down from SEK 31 million); adjusted EBIT SEK 22 million, with one-off costs of SEK 4 million.

• Operating cash flow was SEK 3 million, down from SEK 16 million last year, impacted by working capital and payment timing.

• Net debt at SEK 35 million, up from SEK -5 million last year; cash closed at SEK 2 million.

• Equity ratio at 71%; return on capital employed 23%.

Outlook and guidance

• Q3 2025 net sales guidance: SEK 70–80 million, up from SEK 57 million in Q3 2024.

• OEM deliveries expected to ramp up from Q1 2026, driven by Airbus and Boeing backlogs.

• Aftermarket expected to accelerate as installed base increases; private jet revenue expected at ~SEK 10 million per quarter.

• Stable aftermarket with low growth rate, but faster growth as system sales increase.

• No major retrofit deals expected before 2026.