Refine Group (REFINE) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 were 27.8 MSEK, down from 58.6 MSEK year-over-year, mainly due to divestments and fewer operating subsidiaries.

• EBITDA for Q3 was -1.2 MSEK (0.6), and for the nine months -5.0 MSEK (0.1), reflecting restructuring and one-off costs.

• Net result after tax for Q3 was -5.9 MSEK (-19.2), and for the nine months -11.2 MSEK (-46.7), showing improved loss reduction.

• Strategic focus on cost savings, debt reduction, and capital structure improvement, including two directed share issues totaling 15 MSEK.

• Launch of a new Digital Assets segment with initial Bitcoin acquisition.

Financial highlights

• Gross margin improved to 41.7% in Q3 (40.1% last year), and 44.1% for the nine months (40.6%).

• EBITA for Q3 was -1.3 MSEK (0.3), and for the nine months -5.6 MSEK (-0.6).

• Cash flow for Q3 was 4.6 MSEK (-10.8), and for the nine months -0.9 MSEK (-23.9).

• Equity at period end was 86.2 MSEK (195.0), with a balance sheet total of 156.8 MSEK (350.9).

• Earnings per share for Q3 was -0.07 SEK (-0.29), and for the nine months -0.15 SEK (-0.78).

Outlook and guidance

• Focus on returning to historical growth and profitability, leveraging a cost-efficient structure and strengthened customer offerings.

• Expectation of further positive effects from cost reductions and restructuring, especially in Q4 2025.

• Strategic emphasis on digital commerce and services for growth in 2026.