Panostaja (PNA1V) Q2 2025 earnings summary

Executive summary

• Net sales for the half-year declined by 1% to MEUR 66.1 compared to the same period last year, with EBIT slightly negative at MEUR -0.1.

• Profitability improved at CoreHW and Oscar Software, while Grano and Hygga faced challenges.

• The market environment remained uncertain, with slow investment decisions and cautious customer demand.

• A MEUR 3.1 write-down in loan receivables impacted the profit/loss.

Financial highlights

• Q2 net sales were MEUR 33.5, down 1% year-over-year; EBIT improved to MEUR 0.7 from MEUR 0.4.

• Half-year net sales were MEUR 66.1 (down from MEUR 67.0); EBIT at MEUR -0.1 (previously MEUR 0.0).

• Earnings per share (undiluted) for the half-year were -1.8 cents, improved from -8.4 cents year-over-year.

• Operating cash flow for the half-year was MEUR 7.3, with liquidity remaining good.

• Interest-bearing net liabilities decreased to MEUR 35.8 from MEUR 40.1 year-over-year.

Outlook and guidance

• Corporate acquisition market activity remains slow due to economic uncertainty and high seller price expectations.

• Demand for Grano, Oscar Software, CoreHW, and Hygga expected to remain satisfactory in the short term, but subject to geopolitical and macroeconomic risks.

• The company will continue to seek new investments and assess divestment opportunities.