Premium Snacks Nordic (SNX) Q1 2025 earnings summary

Executive summary

• Sales increased 15.7% year-over-year to 122.7 MSEK in Q1 2025, with EBITA up 37% to 6 MSEK, despite currency and raw material challenges.

• Gårdschips segment grew 32.4%, driven by strong consumer demand and new product launches; Exotic Snacks packaged nuts up 17.6%.

• Bruttomarginal slightly decreased to 40.5% (from 40.8%), impacted by currency effects but offset by higher-margin products.

• New product launches and a major SAS contract (>10 MSEK annual sales) support future growth.

Financial highlights

• EBITDA rose to 8.3 MSEK (from 7.3 MSEK), EBITA to 6 MSEK (from 4.4 MSEK), and net income to 3.6 MSEK (from 2.3 MSEK) year-over-year.

• EPS increased 56% to 0.27 SEK (from 0.17 SEK); equity per share up 17.2% to 5.43 SEK.

• Operating cash flow declined to -0.9 MSEK (from 7.5 MSEK), mainly due to inventory build-up and higher receivables.

• Net debt reduced by 14.2% to 42.1 MSEK; net debt/EBITDA improved to 1.4 (from 1.7).

• ROCE increased to 23.4% (from 18.9%).

Outlook and guidance

• Full-year 2025 sales expected to exceed 520 MSEK, with EBITA margin above 6% (raised from >5%).

• Management anticipates record sales and profitability for 2025, supported by strong Q2 start and new product launches.