Unlimited Travel Group UTG (UTG) Q2 2025 earnings summary

Executive summary

• Delivered a strong Q2 2025 with revenue of 200.0 mkr, up from 172.4 mkr year-over-year, and improved EBITA to 3.4 mkr from -2.2 mkr, driven by robust demand in private travel and corporate events.

• Booking levels as of July 31, 2025, are 9.5% higher than the same time last year, with continued strength in premium and ultra-luxury segments.

• Strategic acquisition of NEX Travel signed in June, effective September 1, 2025, to strengthen the business travel segment.

Financial highlights

• Q2 2025 revenue: 200.0 mkr (172.4 mkr Q2 2024); EBITA: 3.4 mkr (-2.2 mkr); gross margin: 24.2% (22.1%).

• H1 2025 revenue: 373.7 mkr (329.6 mkr H1 2024); EBITA: -2.7 mkr (-2.6 mkr); gross margin: 21.3% (21.2%).

• Adjusted for unrealized currency effects, Q2 EBITA was 4.6 mkr (1.0 mkr), and gross margin 25.4% (23.0%).

• Earnings per share Q2: 0.04 kr (-0.19 kr); H1: -0.65 kr (-0.48 kr).

• Cash flow from operations H1: 17.1 mkr (75.2 mkr FY 2024); net cash at period end: 64.4 mkr (62.7 mkr Dec 2024).

Outlook and guidance

• Booking levels for 2025 are up 9.5% year-over-year, with strong demand in private travel and events.

• Full sales effect from recent recruitment expected from next year.

• Ambitious acquisition agenda and ongoing analysis of strategic targets.