Seafire (SEAF) Q2 2025 earnings summary

Executive summary

• Net sales grew 1% year-over-year in Q2 2025 to SEK 266 million, marking the first quarter of organic growth since Q1 2023.

• Adjusted EBITA rose to SEK 19 million (7% margin), while EBITA declined to SEK 15 million due to non-recurring items.

• Gross margin improved to 46% from 44% in Q2 2024, driven by pricing and procurement initiatives.

• Cash flow from operating activities was strong at SEK 30 million, supporting financial flexibility.

• Management changes and a fully subscribed long-term incentive program were implemented.

Financial highlights

• Q2 net sales: SEK 266 million (+1% YoY); H1 net sales: SEK 473 million (-2% YoY).

• Adjusted EBITA: SEK 19 million in Q2 (7% margin); SEK 25 million in H1 (5% margin).

• EBITA: SEK 15 million in Q2 (6% margin), down from SEK 25 million in Q2 2024.

• Operating profit (EBIT): SEK 9 million in Q2, up from -16 million YoY.

• Basic EPS: SEK 0.04 in Q2, -0.13 for H1.

• Cash flow from operations: SEK 30 million in Q2, SEK 9 million in H1.

Outlook and guidance

• Market uncertainty persists, but customer activity increased in June, suggesting cautious optimism.

• Focus remains on profitability, margin improvement, and potential acquisitions.

• Management expects continued improvement in business volumes if positive trends persist.