Luotea (LUOTEA) Q3 2025 earnings summary

Executive summary

• Profitability in Facility Services improved significantly, with Sweden returning to positive figures in Q3 2025; Circular Economy segment maintained solid performance despite market headwinds.

• Net sales for Q3 2025 rose 3.8% year-over-year to EUR 199.5 million, but group net sales for Jan–Sep 2025 declined 0.9% to EUR 571.4 million.

• Adjusted operating profit for Jan–Sep 2025 increased 15.5% year-over-year to EUR 37.7 million.

• Earnings per share for Jan–Sep 2025 rose 23% to EUR 0.63, supported by improved operative profitability.

• A partial demerger is planned to separate the Circular Economy Business into a new listed company by 31 December 2025.

Financial highlights

• Q3 2025 net sales: EUR 199.5m (+3.8% y-o-y); Jan–Sep 2025: EUR 571.4m (-0.9% y-o-y).

• Q3 2025 EBITDA: EUR 33.0m (+0.8% y-o-y); Jan–Sep 2025: EUR 77.4m (+10.8% y-o-y); adjusted EBITDA for Jan–Sep: EUR 80.3m (+8.0%).

• Q3 2025 operating profit: EUR 18.2m (-3.9% y-o-y); Jan–Sep 2025: EUR 34.9m (+23.6% y-o-y); adjusted operating profit Jan–Sep: EUR 37.7m.

• Free cash flow Jan–Sep 2025: EUR 11.4m (EUR 0.30 per share), nearly flat year-over-year.

• Net interest-bearing debt at end-Q3: EUR 170.2m (down EUR 8.5m y-o-y); gearing 78.9%.

Outlook and guidance

• 2025 net sales expected to remain at previous year’s level; adjusted operating profit guidance raised to EUR 44–48 million.

• Q4 adjusted operating profit is expected to be flat or down due to low demand in waste management, timing of maintenance breaks, and ERP rollout impacts.