Nordrest (NREST) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 net sales of 534 MSEK, up 10.1% year-over-year, with 7.7% organic growth and EBITA rising to 49 MSEK, margin improving to 9.2% from 7.9%.

• Growth observed across all customer segments, including defense (+7.0%), healthcare, education (+11.7%), and travel (+36.5%).

• Strengthened MRE segment via acquisition of Orifo ApS and entry into Finland with Garam & Vermiglio Catering Oy.

• Strategic focus on predictable guest flows and long-term contracts ensures stability and resilience.

Financial highlights

• Net sales increased to 534 MSEK from 485 MSEK year-over-year; organic growth was 7.7%.

• EBITA rose to 49 MSEK from 38 MSEK; EBITA margin improved to 9.2%.

• Net debt/EBITDA at -0.9x, indicating a net cash position.

• Operating cash conversion (R12) at 80.4%, down from 93.0% last year.

• Cash position at period end: 231.3 MSEK.

Outlook and guidance

• Medium-term targets: organic growth >10%, EBITA margin 8–10%, net debt/EBITDA <2.0x, and dividend payout >50% of net profit.

• Capital structure and negative net debt position enable continued organic and acquisition-driven expansion.

• Focus remains on operational efficiency, new unit openings, and MRE production start in autumn 2025.