Wetteri (WETTERI) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was EUR 115.5 million, down 9% year-over-year, with adjusted EBITDA at EUR 2.3 million and adjusted operating profit at EUR -1.4 million.

• Profit for the period was EUR 10.9 million, driven by the divestment of Wetteri Power Oy; excluding this, profitability was negative.

• The Passenger Cars segment saw a 15% revenue decline, while Heavy Equipment revenue rose 235% due to acquisitions.

• Wetteri is focusing on improving profitability, expanding brand representation, and executing a new strategy post-divestment.

Financial highlights

• Revenue: EUR 115.5 million (down 9% year-over-year); adjusted EBITDA: EUR 2.3 million (down 43%); adjusted operating profit: EUR -1.4 million.

• Operating profit: EUR -2.1 million; profit for the period: EUR 10.9 million (includes EUR 14.3 million capital gain from divestment).

• Earnings per share: EUR 0.07 (basic, total); EUR -0.02 (basic, continuing operations).

• Equity ratio: 22%; net debt: EUR 107.8 million; gearing: 248%.

• Cash flow from operating activities: EUR 3.4 million; total cash flow: EUR -0.9 million.

Outlook and guidance

• Used car sales and new car registrations were weaker than expected in early 2025; market predictability is challenged by tariff uncertainties.

• Wetteri expects 2025 results to improve over 2024 due to the divestment gain but has withdrawn guidance due to increased market uncertainty.

• Profitability improvement program targets EUR 8 million annual improvement, with full effects expected in 2026.