FIRST QUARTER 2025

• Net sales amounted to EUR 37,039 thousand (32,926), an increase of 12.5% compared with the corresponding period last year. Organic growth amounted to 15.1%.
• Operating earnings (EBIT) amounted to EUR 448 thousand (-1,359), corresponding to an EBIT margin of 1.2% (-4.1).
• EBITA amounted to EUR 478 thousand (-1,359), corresponding to an EBITA margin of 1.3% (-4.1).
• Operating earnings before depreciation (EBITDA) amounted to EUR 2,324 thousand (373), corresponding to an EBITDA margin of 6.3% (1.1).
• Underlying earnings before depreciation (underlying EBITDA) amounted to EUR 3,028 thousand (865), corresponding to an underlying EBITDA margin of 8.2% (2.6).
• Order intake amounted to EUR 38,939 thousand (38,222), a decrease of 1.9% compared with the same period last year. Organic growth amounted to 3.9%.
• Earnings per share amounted to EUR -63.56 (-115.15).

COMMENTS FROM THE CEO

Across Europe, increased investments in infrastructure are being announced for the coming years, and ViaCon is very well positioned to participate in these initiatives. Infrastructure investments often have a long time horizon, which means we do not expect to see the full effect of these investments in ViaCon’s part of the market in 2025.

Sales for the quarter amounted to EUR 37,039 thousand (32,926), an increase of 12.5% compared to the previous year. Organic growth was 15.1%, adjusted for exchange rate effects, hyper-inflation adjustments, divestments and acquisitions.

Operating earnings (EBIT) amounted to EUR 448 thousand (-1,359), corresponding to an EBIT margin of 1.2% (-4.1). Items affecting comparability in the quarter amounted to 704 (492). The adjusted operating earnings amounted to EUR 1,152 thousand (-867), corresponding to an adjusted EBIT margin of 3.1%
(-2.6).

Operating earnings has been affected by higher volumes in the business unit Bridges & Culverts Solutions, where the majority of the business unit’s key geographies have developed positively. Additionally, we have increased our export volumes to markets outside Europe.

At the end of 2024, we implemented significant efficiency measures, which have contributed to a lower cost level in the first quarter of 2025 compared to the previous year. These measures are sustainable, which means we expect continued good cost control in the coming quarter

The quarter’s cash flow from operating activities was lower compared to the corresponding period last year, mainly driven by an increased working capital due to high sales volumes. This, combined with lower cash generation in 2024, means that the group’s available liquid funds are lower compared to the corresponding period last year. During the quarter, we continued to implement measures that will significantly strengthen liquidity in the short term, including the divestment of the property in France.

In March, ViaCon extended the credit facility (which includes revolving credits and guarantees) totaling 24 MEUR, which was due to expire on May 8, 2025, to September 30, 2025. There is also active work ongoing to secure financing when the group’s bond of 100 MEUR matures in November 2025.

Order intake during the quarter amounted to EUR 38,939 thousand (38,222), an increase of 1.9% compared to last year. Organic growth amounted to 3.9%.

The ongoing tariff discussions initiated by the US have very little impact on ViaCon. However, the increased geopolitical uncertainty may in the short term affect planned infrastructure investments in favour of increased defence investments, but these will also create a need for enhanced infrastructure. Overall, we see a short-term uncertainty in the recovery rate in our markets, but the trend compared to the previous year is positive.

We leave the first quarter with a high order book, a stronger income statement, and markets that are, after all, moving in the right direction. We are therefore still hopeful for the rest of 2025 and the years thereafter.

Stefan Nordström,
President and CEO

Presentation of the report

A live presentation of the financial results and development for the period followed by a Q&A session will be held as follows:

Date: May 26, 2025
Time: 13:00-13:45 CET
Presenters: CEO Stefan Nordström and CFO Philip Delborn
Link to webcast: https://www.finwire.tv/webcast/viacon-group/q1-2025/

The session will be recorded and available to watch on-demand via the link above.

The full report is published at www.viacongroup.com.