Dovre Group (DOV1V) Q2 2025 earnings summary

Executive summary

• Net sales for H1 2025 declined 28.3% year-over-year to EUR 26.3 million, with Q2 net sales down 45.8% to EUR 12.3 million.

• Operating result for H1 was EUR -13.8 million, a significant deterioration from EUR -4.8 million in H1 2024.

• Losses were mainly due to increased project losses in Swedish wind farm projects and lowered gross margin estimates in both Swedish and Finnish projects.

• The sale of Project Personnel and Norwegian Consulting businesses was completed, making the group focused on renewable energy.

• Management changes included a new CEO and CFO for Suvic and Dovre, and new board members were appointed.

Financial highlights

• EBITDA for H1 2025 was EUR -13.3 million, compared to EUR -4.6 million in H1 2024.

• Earnings per share for H1 were EUR -0.001, compared to EUR -0.013 in H1 2024.

• Net cash flow from operating activities was EUR -5.8 million, down from EUR -0.3 million in H1 2024.

• Equity ratio at period end was 17.2%, down from 35.1% a year earlier.

• Return on equity for H1 was -114.8% and return on investment was -64.6%.

Outlook and guidance

• Net sales for 2025 are expected to decline compared to 2024.

• Operating profit (EBIT) is expected to improve but remain negative.

• Majority of Renewable Energy turnover will be recognized in H2, with expected improvement in operating result.