Nordic LEVEL Group (LEVEL) Q2 2025 earnings summary

Executive summary

• Delivered an operationally strong Q2 2025 with record-high order intake and improved margins despite a 12.2% revenue decline year-over-year.

• Strategic focus on consolidation, efficiency, and high-value projects led to stable EBITDA and enhanced profitability.

• Launched the Next LEVEL efficiency program, targeting annual profit improvements of approximately 11 MSEK.

• Strengthened liquidity with an expanded credit facility and successful option exercise raising 5.8 MSEK.

Financial highlights

• Q2 2025 net sales: 91.8 MSEK (down 12.2% YoY); H1 2025 net sales: 201.8 MSEK (up 3.7% YoY).

• Adjusted Q2 EBITDA: 4.1 MSEK (4.5 MSEK prior year); adjusted Q2 EBIT: 0.4 MSEK (0.3 MSEK prior year).

• Q2 net result: -1.0 MSEK (-6.3 MSEK prior year); H1 net result: -5.8 MSEK (-1.7 MSEK prior year).

• Q2 order intake: 145.4 MSEK (up 85.7% YoY); order backlog: 127.6 MSEK (up 24.4% YoY); quotation stock: 470 MSEK (up 22.1% YoY).

• Q2 operating cash flow before working capital: 0.9 MSEK (1.8 MSEK prior year); after working capital: 17.6 MSEK (-7.4 MSEK prior year).

Outlook and guidance

• Order stock is at 50%, with fat stock at 12%, indicating a mixed inventory position.

• Focus on leveraging technology and advisory capabilities, with plans to enhance these over the coming months.

• High order and quotation stock, plus strong positions in banking, finance, and datacenter security, support continued profitable growth.

• Next LEVEL program expected to deliver significant profit improvements, mainly in 2025.

• No formal forecast for 2025 provided.