Nordrest (NREST) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 net sales of 578 MSEK, up 39.8% year-over-year, with 17.1% organic growth and improved profitability.

• Significant growth driven by both organic expansion and strategic acquisitions in Finland and Denmark, with all customer groups reporting increased net sales.

• EBITA margin rose to 10.6% from 9.0% in Q3 last year, supported by higher defense segment sales and operational improvements.

• Major contracts extended, including with the Swedish Armed Forces and Volvo Cars.

Financial highlights

• Q3 net sales: 578 MSEK (up 39.8% year-over-year), EBITA: 61 MSEK (up from 37 MSEK), EBITA margin 10.6% (up from 9.0%).

• Jan–Sep net sales: 1,727 MSEK (up 25.8% year-over-year), EBITA: 178 MSEK (up from 118 MSEK), EBITA margin 10.3% (up from 8.6%).

• EBITDA for Q3: 69 MSEK (45 MSEK), for Jan–Sep: 202 MSEK (139 MSEK).

• EPS before dilution: Q3 2.28 SEK (1.89 SEK), Jan–Sep 8.42 SEK (7.44 SEK).

• Operating cash generation (R12): 89.8% (up from 68.4%).

Outlook and guidance

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

• Strong balance sheet and net cash position support continued organic and acquisition-driven expansion.

• Continued focus on expanding in the Nordics and increasing production capacity.