Lammhults Design Group (LAMM) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was SEK 212.5m, nearly unchanged year-over-year; H1 revenue reached SEK 422.6m, up 0.4% from H1 2024.

• Adjusted operating profit improved to SEK 0.2m in Q2 (from -13.6m) and SEK 1.1m in H1 (from -23.3m), reflecting cost control and efficiency measures.

• Order intake was stable in Q2 (+0.1%) and up 5.3% for H1; order backlog at period-end was 23% higher year-over-year.

• Library Interiors delivered stable sales and higher order intake; Office Interiors saw strong growth in Norway but a softer Swedish market.

• Ongoing restructuring and a new go-to-market strategy are driving operational improvements and margin gains.

Financial highlights

• Adjusted gross margin rose to 37.2% in Q2 (from 33.9%) and 36.5% in H1 (from 33.8%).

• Net loss after tax was SEK -4.0m in Q2 (improved from -12.3m) and SEK -4.0m in H1 (from -22.2m); EPS was -0.47 SEK in both periods.

• Free cash flow (including leasing) improved to SEK -6.0m in H1 (from -28.1m).

• Investments totaled SEK 10.4m in H1, mainly in production tools, property expansion, and product development.

• Equity ratio at period-end was 52.5% (down from 56.8%); net debt was SEK 153.7m.

Outlook and guidance

• Order backlog is expected to support sales in Q3 and Q4 2025.

• Management maintains guidance for a positive net effect of SEK 30–40m annually from the restructuring program, with full impact expected by Q4 2025.

• Market remains subdued, but the company is focused on growth and achieving an EBIT margin target of 8–10%.