Dovre Group (DOV1V) Q1 2025 earnings summary

Executive summary

• Completed sale of Project Personnel and Norwegian Consulting businesses to NYAB AB for EUR 36.4 million, recording a EUR 7.0 million profit from discontinued operations in Q1 2025.

• Post-transaction, business is focused on renewable energy, increasing seasonality and project-based revenue recognition.

• Q1 2025 net sales were EUR 14.0 million, flat year-over-year; operating result was negative due to margin reduction in a Finnish solar park project.

Financial highlights

• Net sales: EUR 14.0 million (0.3% increase year-over-year); Renewable Energy EUR 13.6 million (+0.7%), Consulting EUR 0.4 million (-11.9%).

• EBITDA: EUR -2.9 million (improved from EUR -5.7 million year-over-year).

• Operating result (EBIT): EUR -3.2 million (improved from EUR -5.8 million year-over-year).

• Result for shareholders: EUR 4.9 million (vs. EUR -2.4 million), driven by profit from discontinued operations.

• Net cash flow from operating activities: EUR -10.2 million (vs. EUR -1.9 million year-over-year).

Outlook and guidance

• 2025 net sales expected to slightly decline versus 2024, but operating profit (EBIT) is expected to improve significantly.

• Focus on project selection and successful delivery in Renewable Energy to drive profitability.

• Seasonality expected to increase, with most projects completing in Q4 and new projects starting in spring.