Nordic LEVEL Group (LEVEL) Q3 2025 earnings summary

Executive summary

• Achieved strongest Q3 to date with net sales of 75.2 MSEK, up 8.7% year-over-year, and first-ever positive adjusted EBITDA in a third quarter at 0.1 MSEK, marking the third consecutive profitable quarter and first time with positive results in Q3 history.

• Growth driven by regionalization, efficiency improvements, and a strong focus on long-term strategy over short-term gains.

• Next Level transformation project underway, emphasizing efficiency, data-driven processes, and a significant investment in expanding the sales organization.

• Nine-month net sales rose 5% to 277.1 MSEK, with adjusted EBITDA at 4.9 MSEK, up from 0.5 MSEK last year, and net loss after tax reduced to -12.0 MSEK from -15.3 MSEK.

• Order backlog increased 7% to 95.7 MSEK and offer stock grew 16% to 446.7 MSEK, indicating strong future demand.

Financial highlights

• Q3 net sales: 75.2 (69.2) MSEK; adjusted EBITDA: 0.1 (-4.1) MSEK; adjusted EBIT: -3.4 (-8.3) MSEK.

• Q3 net result after tax: -6.2 (-13.7) MSEK; EPS: -0.03 (-0.07) SEK.

• 9M net sales: 277.1 (263.8) MSEK; adjusted EBITDA: 4.9 (0.5) MSEK; adjusted EBIT: -6.6 (-11.5) MSEK.

• Cost savings of 2 million SEK realized in Q3, with a total of 11 million SEK targeted; further 5 million SEK expected in Q4.

• Improved cash flow compared to last year, though still negative; liquidity supported by an expanded credit facility and 5.8 MSEK from exercised warrants.

Outlook and guidance

• Q4 expected to be strong, traditionally the best quarter, with full effects of sales team investment anticipated in the first half of next year and even greater impact in the second half.

• No formal forecast for 2025; management expects continued improvement in profitability and efficiency, with a strong pipeline and focus on realizing project potential in Q4.

• Focus remains on long-term growth, onboarding new sales hires, and leveraging investments for sustained profitability.