KebNi (KEBNI) Q1 2025 earnings summary

Executive summary

• Net sales grew 13% year-over-year to 34,962 KSEK in Q1 2025, with a stable EBITDA margin of 10%.

• Interest in Satcom and Inertial Sensing products increased, especially from the drone industry.

• Order intake was below expectations, but the sales pipeline remains strong, with large strategic orders anticipated.

• Kebni is positioned to support NATO and Swedish defense capabilities amid shifting geopolitical dynamics.

Financial highlights

• Net sales: 34,962 KSEK (up 13% from 30,980 KSEK in Q1 2024).

• EBITDA: 3,399 KSEK (10% margin, unchanged year-over-year).

• Net profit: 874 KSEK, down from 2,075 KSEK in Q1 2024, mainly due to higher depreciation and financial expenses.

• Operating cash flow: -8,161 KSEK, primarily due to inventory build-up and SensAltion production ramp-up.

• Cash at period end: 6,858 KSEK; available liquidity: 21,858 KSEK.

• Equity ratio: 70% (down from 79% in Q1 2024).

Outlook and guidance

• Anticipates continued growth in Inertial Sensing and Satcom, with focus on scaling SensAltion production and expanding in Europe and Asia.

• Expects new orders, especially in defense, despite some delays in procurement cycles.

• Sweden's NATO accession expected to positively impact defense-related investments over time.