Hedera Group (HEGR) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 decreased by 8.1% year-over-year to 125.3 MSEK, with EBITDA at -2.7 MSEK and a margin of -2.2%.

• First half 2025 net sales fell 10.6% to 253.3 MSEK, but EBITDA improved to 2.6 MSEK with a 1.0% margin.

• A successful share issue was completed to strengthen the financial position, with proceeds received in July 2025.

• The quarter was marked by market challenges, customer attrition in Assistans, and continued weak demand in Bemanning.

• New Life Science segment launched, with initial contracts and strong interest from clients and consultants.

Financial highlights

• Q2 2025 net sales: 125.3 MSEK (136.3 MSEK in Q2 2024), EBITDA: -2.7 MSEK (-0.8 MSEK), EBIT: -4.0 MSEK (-2.0 MSEK), net result: -5.3 MSEK (-2.9 MSEK).

• H1 2025 net sales: 253.3 MSEK (283.2 MSEK), EBITDA: 2.6 MSEK (2.2 MSEK), EBIT: -0.5 MSEK (-0.3 MSEK), net result: -2.9 MSEK (-2.5 MSEK).

• Rolling 12-month pro forma sales: 513.3 MSEK (626.6 MSEK), pro forma EBITDA: 6.9 MSEK (14.0 MSEK).

• Cash flow from operations in Q2: -0.7 MSEK (2.8 MSEK), total cash flow: 1.9 MSEK (-3.0 MSEK).

• Equity as of June 30, 2025: 118.0 MSEK, with group solidity at 51% including ongoing share issue.

Outlook and guidance

• Management expects market stabilization in Bemanning and sees growth potential in Life Science.

• Ongoing focus on efficiency, customer retention, and margin improvement in Assistans.

• Hopes for indexation of compensation in personal assistance to support long-term sustainability.