Safe at Sea (SAFE) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 increased by 2% to 4,825 tkr compared to Q1 2024, driven by ongoing projects and strong production pace despite extraordinary personnel costs.

• EBITDA rose to 405 tkr (295 tkr), but net income declined to 167 tkr (268 tkr) due to higher depreciation, financial costs, and lower gross margin on delivered boats.

• Military sector interest is growing, though procurement processes are delayed; company is proactively supporting these organizations.

• No interest-bearing debt at period end; cash and available liquidity totaled 6,543 tkr.

Financial highlights

• Revenue: 4,825 tkr (4,745 tkr), up 2% year-over-year.

• EBITDA: 405 tkr (295 tkr), up year-over-year.

• Net income: 167 tkr (268 tkr), down year-over-year.

• EPS: 0.006 kr (0.010 kr) for the quarter.

• Gross margin: 22.9% (42.6%), significantly lower year-over-year.

Outlook and guidance

• Management expects continued opportunities in both military and civil sectors, with increased investments in security and defense.

• Ongoing trade war anticipated to increase costs, but company feels prepared to manage potential impacts.