"Underlying profitability increases to 16.9 MSEK (7.4), corresponding to a margin of 2% (1), reflecting our disciplined tendering strategy, with new contracts won on improved terms, and successful mobilization and delivery in new contracts"
Second quarter 2025
- Revenue increased to 849.0 MSEK (755.8)
- EBITA decreased to -14.6 MSEK (5.4)
- Adjusted EBITA increased to 16.9 MSEK (7.4)
- Operating profit (EBIT) decreased to -17.2 MSEK (2.8)
- Profit for the quarter decreased to -19.1 MSEK (-3.5)
- Earnings per share amounted to -0.95 SEK (-0.17)
- Adjusted operating cash flow increased to 3.5 MSEK (-24.0)
First six months 2025
- Revenue increased to 1 585.0 MSEK (1 477.1)
- EBITA decreased to -6.9 MSEK (11.0)
- Adjusted EBITA increased to 29.1 MSEK (14.8)
- Operating profit (EBIT) decreased to -12.0 MSEK (5.8)
- Profit for the period decreased to -19.3 MSEK (-3.5)
- Earnings per share amounted to -0.97 SEK (-0.17)
- Adjusted operating cash flow increased to 92.1 MSEK (31.4)
| Apr-Jun | Jul-Jun | ||||
| Amounts in kSEK | 2025 | 2024 | % | 24/25 | 23/24 |
| Revenue | 848 969 | 755 795 | 12% | 3 254 849 | 2 968 172 |
| Revenue growth (%) | 12 | 17 | -5 p.p. | 10 | 18 |
| Items affecting comparability | 31 551 | 2 004 | 1 474% | 45 240 | 7 531 |
| Adjusted EBITA | 16 931 | 7 422 | 128% | 103 802 | 57 261 |
| Adjusted EBITA margin, % | 2% | 1% | 1 p.p. | 3% | 2% |
| Profit before tax | -21 523 | -791 | -2 620% | 27 791 | 24 198 |
| Earnings per share before and after dilution (SEK) | -0.95 | -0.17 | -499% | 2.31 | 1.66 |
| Adjusted operating cash flow | 3 548 | -23 959 | 155% | 209 142 | 223 981 |
| Net debt/LMT adj. EBITDA | -1.51x | -1.56x | 0.05x | - | - |
CEO review
Solid growth and improved underlying earnings
Terranor continues to grow and improve the underlying profitability. The second quarter showed increased activity with revenues at 849 MSEK (756) primarily driven by new contracts in Sweden and Finland that started in the second half of 2024. Underlying profitability increased to 16.9 MSEK from 7.4 MSEK previous year, corresponding to a margin of 2% (1), reflecting our disciplined tendering strategy, with new contracts won on improved terms, and successful mobilization and delivery in new contracts.
Continuous improvement and strengthened competitiveness
Operations continue to strengthen. With Sweden as the growth engine, where we see that specialization and streamlining of the business increases competitiveness and profitability. Through structured and patient work, Denmark has created the conditions for long-term profitable growth supported by new contract wins, and in Finland we are creating stability with new leadership and an increased focus on municipalities for a broader customer base. After a successful tender season in Sweden in the first quarter we followed up in the second quarter winning four state contracts in Denmark with a minimum volume of 790 MSEK for a period of four year. We were also successful in winning a municipality contract in Denmark, 57 MSEK, thanks to our readiness and willingness to act swiftly on our customer's needs.
Focused offering on a growing market
We see a growing demand from our clients for safe, smooth and green roads which is expected to support market growth through 2025 and in the years to come. This allows Terranor to leverage its position as specialized and focused on road operations and maintenance. Providing open and safe roads year-round, while at the same time managing the reinvestment needs, require new collaboration methods and an innovative approach. We will strengthen our efforts to provide complete solutions with high quality and responsiveness to customer needs.
Listed on the stock exchange
June 30 marked the beginning of a new era for Terranor Group when it was successfully listed on Nasdaq First North Growth Market. It was made possible by the efforts of all employees that everyday provide our services and strive for excellence in our operations. Market interest was strong and supportive of a company and a market that are critical for society and in need of a focused and specialized challenger.
Looking forward
Looking forward we will continue the work of specialization and focus on the core business in all three segments. State and municipal customers continue to be our most important partners. With 686 employees across Sweden, Finland, and Denmark, we combine local market knowledge with professionalism, safety, and operational excellence. Together with our competitiveness, entrepreneurial drive, and unique market position, these strengths ensure Terranor remains first in mind in the Nordic road operations and maintenance sector.
CEO Terranor Group
Michael Berglin
Investor presentation
Terranor Group will host a live investor presentation on 26 August at 11:00 CEST.
CEO Michael Berglin and CFO Inka Kontturi will present the company's Q2 2025 results.
Link for registration: https://qcnl.tv/p/hy-m4ZjXBB5L4IFcpGgbqw
For further information, please contact:
Inka Kontturi, CFO and Head of Investor Relations
Email: inka.kontturi@terranor.se
The information is such that Terranor Group is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, on 26 August 2025 at 08.00 (CEST).
About Terranor
Terranor is one of the leading players in road maintenance in the Nordic region. The Company's business concept is to offer a wide range of qualified services in road operation and maintenance to ensure that roads remain accessible and functional all year round. The business covers both winter road maintenance, with snow removal and anti-slip protection, and summer maintenance, such as repairs and asphalt work. In addition, Terranor offers services in green area management, road safety and light infrastructure projects. Through operational efficiency, Terranor has achieved a high and profitable growth.
