Safe at Sea (SAFE) Q3 2025 earnings summary

Executive summary

• Revenue for Jan–Sep 2025 increased 40% year-over-year to 16,776 tkr, with strong Q3 driven by large project completions.

• EBITDA for Jan–Sep 2025 rose to 2,721 tkr from 1,057 tkr year-over-year.

• Net income for Jan–Sep 2025 was 2,230 tkr, up from 885 tkr year-over-year.

• Positive momentum in both civil and military markets, with new orders and market expansion in Brazil, Italy, and Malaysia.

• Recruitment initiated to strengthen production and sales to meet rising demand.

Financial highlights

• Q3 2025 revenue was 4,263 tkr, up from 3,318 tkr in Q3 2024.

• Q3 EBITDA reached 1,418 tkr, compared to 478 tkr in Q3 2024.

• Q3 net income was 1,289 tkr, up from 439 tkr in Q3 2024.

• EPS for Jan–Sep 2025 was 0.081 kr, up from 0.032 kr year-over-year.

• Cash and cash equivalents at period end were 3,926 tkr, with available liquidity including credit at 5,426 tkr.

Outlook and guidance

• Continued strong interest from military sector, though procurement processes remain lengthy.

• Civil market also developing positively, with new orders and positive feedback from key customers.

• Recruitment underway to support anticipated growth.