Safe at Sea (SAFE) Q2 2025 earnings summary

Executive summary

• Operating revenues for Jan–Jun 2025 rose 44% year-over-year to 12,512 tkr, driven by strong demand in both civil and military markets.

• EBITDA for the period increased to 1,303 tkr from 579 tkr, and net income after financial items reached 941 tkr, up from 446 tkr.

• Production remained at high capacity, with deliveries across all product models and notable new orders from Italy and Brazil.

Financial highlights

• Q2 2025 revenues were 7,687 tkr, up from 3,919 tkr in Q2 2024.

• EBITDA for Q2 2025 was 898 tkr, compared to 286 tkr in Q2 2024.

• Net income per share for Jan–Jun 2025 was 0.034 kr, up from 0.016 kr year-over-year.

• Cash and cash equivalents at period end were 328 tkr, down from 5,488 tkr at the start of the year, mainly due to increased working capital tied up in ongoing projects and receivables.

Outlook and guidance

• Continued strong interest from both military and civil sectors, though military procurement processes remain slow.

• Civil market shows positive development with repeat customers and new international orders.

• Ambition to further develop business and become the preferred choice for current and future customers.