Navigo Invest (NAVIGO) Q1 2025 earnings summary

Executive summary

• Achieved stable results in a turbulent market, with 2.5% year-over-year revenue growth and improved EBITDA margin to 11.4%.

• Chemgroup showed strong organic growth and margin improvement; CalorMet returned to profit; Vinga executed a major bond issue; Geogruppen faced project delays.

• Substansvärde per stamaktie was largely unchanged at 8.69 SEK, slightly impacted by a decline in Nordisk Bergteknik's share price.

Financial highlights

• Group net revenue for Q1 2025 was 151.5 MSEK, up 2% from 147.8 MSEK in Q1 2024.

• EBITDA increased to 17.5 MSEK (Q1 2024: 14.9 MSEK); net income after tax was 6.6 MSEK (Q1 2024: -10.8 MSEK).

• Substansvärde per stamaktie at quarter-end was 8.69 SEK, down 1.7% from 8.84 SEK at year-end 2024.

• Group equity ratio at period-end was 76% (Q1 2024: 79%).

• Cash flow from operations improved to 15.1 MSEK (Q1 2024: -28.1 MSEK); net cash flow was -10.5 MSEK (Q1 2024: -33.6 MSEK).

Outlook and guidance

• The group is well positioned in its sectors; further substansvärde growth depends on improved results and valuation recovery in key holdings.

• Vinga and Nordisk Bergteknik have started Q2 strongly, supporting a positive outlook for the rest of 2025.