Tellusgruppen (TELLUS) Q1 2025 earnings summary

Executive summary

• Revenue increased by 8.7% to 131.6 MSEK compared to the same quarter last year, with 4.3% organic growth and 4.4% from acquisitions.

• Adjusted EBITDA improved to 3.2 MSEK (margin 2.4%), up from -3.6 MSEK (-3.0%) year-over-year.

• Net result was -5.2 MSEK, a significant improvement from -13.9 MSEK in Q1 2024.

• Strategic focus on cost control and efficiency continues amid challenging market conditions, with a long-term EBITDA margin target of 7%.

• Leverage (net debt/adjusted EBITDA) reduced to 1.1x from 8.5x year-over-year.

Financial highlights

• Adjusted EBITDA excluding vacation pay liabilities was 12.9 MSEK (5.7 MSEK), reflecting underlying profitability.

• Cash flow for the period was 10.3 MSEK (1.6 MSEK), with cash at period end of 11.4 MSEK (2.7 MSEK).

• Net investments totaled 3.5 MSEK (0.4 MSEK), mainly for maintenance.

• Earnings per share (EPS) before and after dilution was -0.3 SEK (-1.0 SEK year-over-year).

• Equity ratio improved to -4.6% from -10.3% year-over-year.

Outlook and guidance

• Management remains cautious due to declining birth rates and tight municipal budgets, but sees continued improvement in profitability and financial position.

• No formal forecasts are provided.