Ferronordic (FNM) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was SEK 1,088 million, down 2% year-over-year, with stable cash flow from operations at SEK 262 million.

• Operating profit was -SEK 5 million, mainly due to lower contribution from the US segment and business optimization measures.

• Net income improved to -SEK 51 million from -SEK 81 million, driven by lower finance costs and reduced net debt.

• Inventory and net debt were significantly reduced, supporting financial stability.

• New CEO Henrik Carlborg appointed in May 2025, focusing on strategic and financial objectives.

Financial highlights

• Gross profit declined by 4% to SEK 177 million; gross margin stable at 16.3%.

• SG&A expenses decreased by 6% year-over-year; SG&A as % of revenue declined to 16.6%.

• Net finance costs fell to SEK 29 million; EBITDA decreased 8% to SEK 95 million.

• Net debt reduced to SEK 1,679 million, with equity/assets ratio at 31%.

• Earnings per share improved to SEK -3.51 from SEK -5.56 year-over-year.

Outlook and guidance

• Optimism for US operations, with strong infrastructure demand and confirmed tax incentives.

• German truck demand remains low, but service and parts demand is stable; recovery expected with economic improvement.

• Kazakhstan remains a small but promising market for long-term growth despite current low activity.