Hedera Group (HEGR) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 were 128.0 MSEK, a decrease of 12.9% compared to Q1 2024, mainly due to lower volumes in the Bemanning segment.

• EBITDA increased to 5.3 MSEK from 3.0 MSEK, with margin improvement to 4.2% from 2.0% year-over-year.

• Net income rose to 2.4 MSEK from 0.4 MSEK, and EPS before dilution was SEK 0.16 (SEK 0.03).

• Amortization of 7 MSEK in 2024 resolved all acquisition credits.

Financial highlights

• Rolling 12-month pro forma sales were 525.1 MSEK, down 20.7% year-over-year.

• Rolling 12-month pro forma EBITDA was 8.5 MSEK, down from 18.6 MSEK.

• Cash flow from operations was 2.2 MSEK (1.7 MSEK), with period-end cash at 5.0 MSEK (14.3 MSEK).

• No significant investments in tangible assets during the quarter.

Outlook and guidance

• Management expects market stabilization in 2025 at a lower level, with fewer companies able to deliver over time.

• Positive outlook for Hedera Assistans and improved profitability in Bemanning due to cost adjustments and margin focus.