Qben Infra (QBEN) Q3 2025 earnings summary

Executive summary

• Major strategic divestments, including the sale of Rail and Kvalitetsbygg, have resulted in a focused portfolio centered on Power, Inspection, and Team Bygg/Norwegian residential development, significantly strengthening the financial position.

• Proforma LTM revenue for remaining operations is about SEK 1.3 billion, with adjusted EBITA of SEK 73 million.

• Net financial position has shifted from net debt to a net cash position of SEK 390 million, strengthening the balance sheet.

• Q3 2025 saw continued operational progress and new contracts, but financial results were negatively impacted by write-downs and PPA adjustments.

• Leadership changes included the appointment of a new interim CEO and CFO transitions.

Financial highlights

• Q3 2025 net sales from continuing operations: 253 MSEK; EBITA: -49 MSEK; adjusted EBITA: -48 MSEK; net result: -69 MSEK.

• Order book after divestments stands at SEK 837 million, providing good visibility for coming quarters.

• Power segment shows strong profitability and new framework agreements; Inspection delivers 54% organic growth year-over-year in Sweden; Team Bygg improves margins and delivery reliability.

• Cash flow from operations in Q3: -80 MSEK; net debt: 681 MSEK; equity: 563 MSEK; equity ratio: 23%.

• Net asset value for remaining platforms is SEK 1,180 million, with total NAV including net cash at SEK 1,570 million.

Outlook and guidance

• The three platforms are guiding for SEK 1.6 billion in revenue and SEK 153 million in EBITA (10% margin) for 2026.

• Long-term financial targets include organic growth above 15% annually, EBITA margin above 10%, net debt/EBITDA below 2.0x, dividend up to 30% of net profit, and active M&A.

• 2026 outlook is positive across all platforms, with a strong project pipeline and focus on securing the order book for H1 2026.