Navigo Invest (NAVIGO) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 increased by 30% year-over-year to 151.4 MSEK, with strong EBIT margin and broad improvement across portfolio companies.

• EBITDA for Q3 reached 23.1 MSEK, a significant turnaround from -0.7 MSEK in Q3 2024.

• Substantial growth in Chemgroup (strongest Q3 ever), Vinga (59% sales growth), and CalorMet (returned to profit).

• Nordisk Bergteknik resumed organic growth, especially in Norway.

• Net asset value per share increased to 9.00 SEK, up 6% from the previous quarter.

Financial highlights

• Q3 net sales: 151.4 MSEK (116.5 MSEK in Q3 2024), up 30% year-over-year.

• EBITDA: 23.1 MSEK (-0.7 MSEK in Q3 2024); EBIT: 18.8 MSEK (-5.8 MSEK in Q3 2024).

• Net income for Q3: 14.3 MSEK (-10.7 MSEK in Q3 2024).

• YTD net sales: 453.2 MSEK (426.9 MSEK in 2024), up 6%.

• YTD net income: 17.3 MSEK (5.9 MSEK in 2024).

• Cash flow for Q3: -15.2 MSEK (-19.9 MSEK in Q3 2024).

• Equity ratio: 77.6% (79.5% in Q3 2024).

Outlook and guidance

• Management expects continued positive development in coming quarters, with strong pipelines in Vinga and improving market normalization for Nordisk Bergteknik.

• Focus remains on improving cash flow and reducing the discount to net asset value.