TCECUR Sweden (TCC) Q1 2025 earnings summary

Executive summary

• EBITA increased to 5.0 MSEK (3.3), margin 3.7% (2.1%), despite lower net sales of 136.3 MSEK (157.6), driven by efficiency measures and cost reductions.

• Order backlog strengthened to 194.5 MSEK (184.2), with recurring revenues rising to 69.1 MSEK (64.7), now 12.6% (10.9%) of total.

• Workforce reduced to 211 (231), supporting improved resource utilization and stable delivery capacity.

• Major new contracts: 575 MSEK framework with Kammarkollegiet, 7 MSEK order for Stockholm subway, and 12 MSEK security agreements.

Financial highlights

• Net sales for Q1 2025: 136.3 MSEK (157.6), organic growth -13.5% (6.2%).

• EBITA: 5.0 MSEK (3.3), EBITA margin 3.7% (2.1%).

• EBITDA: 10.6 MSEK (8.9), EBITDA margin 7.8% (5.7%).

• Net income: 1.0 MSEK (-0.5).

• Operating cash flow: 3.9 MSEK (2.4).

Outlook and guidance

• Underlying demand remains strong from public and private sectors, driven by investments in safer environments and critical infrastructure.

• Focus remains on profitability, cash flow, and operational efficiency to reach sustainable target margins.

• Recurring revenues expected to continue increasing, supporting a more predictable revenue base.