Navigo Invest (NAVIGO) Q2 2025 earnings summary

Executive summary

• Net sales for January–June 2025 decreased by 3% year-over-year to SEK 301.9m, with Q2 sales down 8% to SEK 150.4m compared to Q2 2024.

• EBITDA for Q2 was SEK 10.3m, down from SEK 22.9m in Q2 2024, impacted by one-off costs and investments in Chemgroup.

• Net profit for the first half was SEK 2.9m, a significant drop from SEK 16.7m in the prior year period.

• Strong cash flow in Q2, with SEK 20.2m generated, mainly from improved working capital in Chemgroup.

• Substantial focus on efficiency and cash flow, with the strongest quarterly cash flow since Q3 2022.

Financial highlights

• Q2 net sales: SEK 150.4m (down 8% YoY); H1 net sales: SEK 301.9m (down 3% YoY).

• Q2 EBITDA: SEK 10.3m (Q2 2024: SEK 22.9m); H1 EBITDA: SEK 27.8m (H1 2024: SEK 37.8m).

• Q2 net profit: SEK -3.6m (Q2 2024: SEK 27.5m); H1 net profit: SEK 2.9m (H1 2024: SEK 16.7m).

• Q2 cash flow: SEK 20.2m (Q2 2024: SEK -7.8m); H1 cash flow: SEK 9.7m (H1 2024: SEK -41.5m).

• Substansvärde (NAV) per share at June 30, 2025: SEK 8.51 (down from SEK 8.84 at year-end 2024).

Outlook and guidance

• Management expects a stronger second half, especially for Vinga Group, due to a robust project pipeline.

• Chemgroup is expected to maintain results in line with historical levels and continue positive development.

• Market for unlisted high-yield products remains cautious, but improvement is anticipated.