Skandia GreenPower (SKAND) Q3 2025 earnings summary

Executive summary

• Achieved EBITDA of 4.7 MNOK and net result of 0.3 MNOK in Q3 2025, impacted by one-time costs from the introduction of Norgespris.

• EBITDA was slightly lower than Q3 2024, and net profit declined from 0.6 MNOK in Q3 2024.

• Customer base at quarter-end was 55,565, a decrease from 56,064 in Q2 2025, with churn spiking after Norgespris launch but normalizing by November.

• Sales and digital marketing outperformed forecasts, generating more new customers than expected.

• Initiated first-ever shareholder distributions, including a share buyback and a dividend of NOK 0.02 per share.

Financial highlights

• Gross revenue for Q3 2025 was 71.5 MNOK, up from 27.3 MNOK in Q3 2024; net revenue was 11 MNOK, up 2.1 MNOK year-over-year.

• EBITDA for Q3 2025 was 4.7 MNOK, down 1.2 MNOK from guidance and slightly below Q3 2024.

• Net result for Q3 2025 was 0.3 MNOK, a decrease of 0.3 MNOK from Q3 2024.

• Dividend of NOK 0.02 per share declared, payable around November 3, 2025.

• Share buyback program executed during the quarter.

Outlook and guidance

• Churn rate expected to normalize in November after initial spike from Norgespris introduction.

• Targeting 100,000 customers by end of 2026, maintaining focus on profitable growth over volume.

• Anticipates cost reductions from renegotiated supplier agreements and app harmonization, with full effect from Q1 2026.

• Monitoring market impact of Norgespris and preparing for potential increased demand for bundled billing (gjennomfakturering).

• Customer acquisition has increased and operations remain stable despite recent changes.