Unibap (UNIBAP) Q2 2025 earnings summary

Executive summary

• Achieved 18% year-over-year revenue growth, but Q2 2025 saw lower revenue and order intake due to timing of deliveries and a weak quarter for new orders.

• EBIT was negatively impacted by lower revenue and a 4.5 MSEK write-down of capitalized work for iX5-200.

• Positive operational cash flow driven by lower accounts receivables, though Q2 2025 cash flow from operations was negative.

• Market activity remained high in Europe, the US, and Asia, with significant new contracts signed after the quarter's end.

• Two major framework agreements were secured in early Q3, totaling approximately 43 MSEK in new orders.

Financial highlights

• Net revenue increased 18% year-over-year, but Q2 2025 net sales were 13,009 KSEK (down from 24,732 KSEK in Q2 2024); H1 2025 net sales: 49,193 KSEK.

• EBIT for the period was -18.5 MSEK, mainly due to lower revenue and write-downs.

• EBITDAC decreased, driven by lower revenue.

• Q2 2025 EPS: -0.30 SEK; H1 2025 EPS: -0.18 SEK.

• Cash and equivalents at period end: 45,361 KSEK; no interest-bearing debt as of June 30, 2025.

Outlook and guidance

• 30–50% average annual mid-term revenue growth targeted, with over 30% revenue growth expected in 2025 but increased risk due to potential order delays.

• More than 30 launches planned for 2025, with 13 already completed.

• Short delivery times could help achieve growth targets despite Q2 weakness.

• Market outlook remains positive, with strong activity and a growing pipeline, especially in Europe.