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2025 05 09 Interim Report Nepa AB Q1 2025
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Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Tjänster |
| Industri | Allmänna tjänster |
2025-05-09 08:00:00
“The order intake grew for the second consecutive quarter, marking a turnaround from the previous decline. We have phased out two low-margin contracts and launched adequate cost-saving programs and strategic initiatives to return to a positive margin trajectory. We maintain positive cash flow for the quarter and are optimistic about the impact of these initiatives and the return to growth. With our current plan, we aim for an Adjusted EBITDA-Capex margin for FY 2025 that exceeds last year’s 4.3%.” – Anders Dahl, CEO
Q1 in summary
- ARR decreased by 18.8% to 135.8 (167.3) MSEK compared to the same period last year.
- Net sales decreased by 12.7%, or 12.7% organically, to 59.0 (67.5) MSEK.
- Subscription revenue declined by 13.1% to 36.6 (42.1) MSEK, ad hoc revenue from subscribers declined by 15.1% to 11.8 (13.9) MSEK, and ad hoc revenue from other clients declined by 7.3% to 10.7 (11.5) MSEK.
- The gross margin increased to 76.1% (75.1%).
- Adjusted EBITDA-Capex amounted to -6.6 (1.3) MSEK with a margin of -11.2% (1.9%).
- Items affecting comparability, mainly relating to the UK restructuring, amounted to 2.6 (1.3) MSEK.
- Net income amounted to -14.9 (-0.6) MSEK, or SEK -1.90 (-0.07) per share.
- Net cash flow amounted to 3.0 (5.3) MSEK.
Events during the quarter
- The order intake exceeded that of the same period last year, with a strong finish in March.
- Two separate low-margin ARR contracts totalling 22 MSEK were phased out during the quarter. The client behind one of the contracts was transitioned to an ad hoc model in a more modernized tech pipeline, ensuring that some revenue continues, although it will not be part of the ARR base. The low-margin ARR contract of 16.5 MSEK announced to churn in mid-Q1 was extended until May and remains part of the reported ARR base for the quarter.
- The UK restructuring was completed ahead of schedule and will generate annualized cost savings of 8 MSEK from Q2. Restructuring costs relating to the initiative amounted to 2 MSEK in Q1.
- A cost reduction program in the Swedish operation was initiated, with expected annualized savings of circa 11 MSEK, most of which effective from late Q2.
- Filip Tottie was appointed as new CFO.
Events after the quarter ended
- Continued positive trend for the order intake.
Financial summary
| MSEK if not stated | Q1 2025 | Q1 2024 | Δ | LTM | 2024 | Δ |
| ARR | 135.8 | 167.3 | -18.8% | 135.8 | 161.6 | -16.0% |
| Net sales | 59.0 | 67.5 | -12.7% | 259.9 | 268.5 | -3.2% |
| of which subscription revenue | 36.6 | 42.1 | -13.1% | 161.0 | 166.5 | -3.3% |
| Gross margin | 76.1% | 75.1% | 1.1 | 75.2% | 75.0% | 0.2 |
| Adjusted EBITDA-Capex | -6.6 | 1.3 | -7.9 | 3.7 | 11.6 | -7.9 |
| Adjusted EBITDA-Capex margin | -11.2% | 1.9% | -13.1 | 1.4% | 4.3% | -2.9 |
| Net income | -14.9 | -0.6 | -14.4 | -16.1 | -1.7 | -14.4 |
| Profit margin | -25.3% | -0.8% | -24.5 | -6.2% | -0.6% | -5.5 |
| Net cash flow | 3.0 | 5.3 | -2.3 | 0.4 | 2.7 | -2.3 |
| Net financial position | 44.1 | 43.7 | 0.4 | 44.1 | 41.1 | 3.0 |
| Earnings per share, SEK | -1.90 | -0.07 | -1.83 | -2.05 | -0.22 | -1.83 |