Infrea (INFREA) Q2 2025 earnings summary

Executive summary

• Organic revenue growth of 8.4% in Q2 2025, with net sales reaching 635.9 MSEK compared to 586.5 MSEK in Q2 2024.

• EBITA increased to 23.1 MSEK (17.5), with a margin of 3.6% (3.0%), despite -3.2 MSEK in closure costs for Mikaels Grävtjänst.

• Result per share improved to 0.5 SEK (0.3) in Q2; dividend of 0.50 SEK/share paid in May.

• Positive cash flow from operations at 3.5 MSEK in Q2, reversing negative trend from previous year.

• New extended financing agreement with Swedbank secures long-term funding on improved terms.

Financial highlights

• Q2 EBITA up 32% year-over-year; rolling 12-month EBITA at 38.8 MSEK (30.2), margin 1.7% (1.4%).

• Q2 net income at 14.7 MSEK (9.6), up 53% year-over-year.

• H1 2025 net sales at 1,046.8 MSEK (905.6), organic growth of 15.6%.

• H1 EBITA at -17.5 MSEK (-26.1), impacted by -9.7 MSEK in closure costs for Mikaels Grävtjänst.

• Rolling 12-month net sales at 2,219.2 MSEK, organic growth of 6.8%.

Outlook and guidance

• Management expects continued internal improvements and sees potential for further profitability gains.

• Market remains challenging with tough competition and unhealthy pricing in some regions.

• Infrastructure projects expected to be less affected by economic cycles; low exposure to residential sector.

• Anticipated recovery in Beläggning segment as project volumes increase in H2.