"Terranor continues to grow in line with plan. During the third quarter, revenues increased to 794 MSEK (723), mainly driven by new state contracts in Sweden. Adjusted EBITA amounted to 21 MSEK (29), corresponding to a margin of 3% (4%). The result reflects seasonal effects, ongoing restructuring in certain subsidiaries and the successful ramp-up of new contracts."
Third quarter 2025
- Revenue increased to 794.4 MSEK (722.7)
- EBITA decreased to -6.5 MSEK (26.2)
- Adjusted EBITA decreased to 20.7 MSEK (28.8)
- Operating profit (EBIT) decreased to -9.0 MSEK (23.6)
- Profit for the quarter decreased to -11.4 MSEK (20.8)
- Earnings per share amounted to -0,57 SEK (-1,04)
- Adjusted operating cash flow increased to 1.8 MSEK (-7.2)
First nine months 2025
- Revenue increased to 2 379.4 MSEK (2 199.7)
- EBITA decreased to -13.4 MSEK (37.3)
- Adjusted EBITA increased to 49.8 MSEK (43.6)
- Operating profit (EBIT) decreased to -21.1 MSEK (29.3)
- Profit for the period decreased to -30.7 MSEK (17.3)
- Earnings per share amounted to -1,54 SEK (0,87)
- Adjusted operating cash flow increased to 93.9 MSEK (24.1)
| July-Sep | Oct-Sep | ||||
| Belopp i tkr | 2025 | 2024 | Δ | 24/25 | 23/24 |
| Revenue | 794 425 | 722 689 | 10% | 3 326 585 | 3 069 970 |
| Revenue growth (%) | 10% | 16% | -6 p.p. | 8% | 16% |
| Items affecting comparability | 27 188 | 2 549 | 967% | 69 879 | 7 437 |
| Adjusted EBITA | 20 696 | 28 755 | -28% | 95 743 | 79 330 |
| Adjusted EBITA margin, % | 3% | 4% | -1 p.p. | 3% | 3% |
| Profit before tax | -14 223 | 18 668 | -176% | -5 100 | 45 770 |
| Earnings per share before and after dilution (SEK) | -0.57 | 1.04 | -155% | 0.70 | 2.59 |
| Adjusted operating cash flow | 1 793 | -7 225 | 125% | 218 160 | 200 446 |
| Net debt/LMT adj. EBITDA | -1.86x | -1.88x | 0.02x | - | - |
CEO comment
Continued growth and solid operational foundation
Terranor continues to grow in line with plan. During the third quarter, revenues increased to 794 MSEK (723), mainly driven by new state contracts in Sweden. Adjusted EBITA amounted to 21 MSEK (29), corresponding to a margin of 3% (4). The result reflects seasonal effects, ongoing restructuring in certain subsidiaries and the successful ramp-up of new contracts.
Sweden remains the core growth engine
Terranor's core business is to keep roads open and our Swedish core operations continue to perform strongly, driven by stable execution and good profitability in both state and municipal contracts. Sweden remains the backbone of the group, providing the financial and operational strength for continued development across the Nordics.
During the quarter, we initiated a restructuring of our transport subsidiary, Norvia. The business has been significantly downsized and together with adjustments in our smaller infrastructure operations, these measures will improve focus and efficiency across the Swedish business with full effect from January 2026. Excluding the subsidiaries, Norvia and Infra, the Swedish segment demonstrates strong profitability and performance well in line and above plan.
We also started new contracts, including five new sites, where mobilization and ramp-up have proceeded according to or better than plan. In addition, newly signed contracts in Norrköping totaling 59 MSEK further strengthen our order backlog and position in the Swedish market.
Stabilization in Finland to improve long-term
In Finland, work continues to stabilize operations and strengthen the organization. The business is affected by a majority of contracts taken in 2022 and 2023 where costs have been affected by the war in Ukraine. Mitigating internal and external measures have already been initiated and the company is carefully analysing the development of these. The short-term outlook remains challenging and Group Management is working closely with the local management team to ensure the impact of ongoing measures in order to create stability and conditions for long-term profitability.
Denmark entering a new phase of growth
Our Danish business is in transition between closing down all expiring state contracts by year end and then restarting four out of five contracts on new terms in January 2026. Additionally, in October we won a municipal contract with a total value of 270 MSEK over four years, which further strengthens our presence and momentum. Even though some uncertainty remains for the closing phase in fourth quarter we are confident that a more balanced contract portfolio and a well-prepared organization create a solid foundation for Denmark, to be a positive contributor in the coming year.
Looking ahead
As we enter the most intense and concluding quarter of the year, our full focus is on execution, safety and efficiency. Supported by a strong order backlog and stable financial position we continue to develop according to plan. Cash flow for the quarter was affected by remaining IPO-related costs, which are now largely completed and expected to have minimal impact going forward. We see continued demand for safe, smooth, and sustainable roads, which supports long-term growth in our markets. Our focus remains on specialization, quality, and operational discipline in everything we do.
None of this would be possible without the dedication of our employees across Sweden, Finland, and Denmark. I would like to thank all our employees for their commitment and professionalism. Their daily efforts ensure safe and open roads year-round across the Nordic region and form the foundation for Terranor's continued success.
CEO Terranor Group
Michael Berglin
Investor presentation
Terranor Group will host a live investor presentation on 11 November at 09:30 CET.
CEO Michael Berglin and CFO Inka Kontturi will present the company's Q3 2025 results.
Link for registration: https://qcnl.tv/p/uqPxXdf7CWGzlRuwBGhMdw
For further information, please contact:
Inka Kontturi, CFO and Head of Investor Relations
Email: ir@terranor.se
The information is such that Terranor Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 11 November 2025 at 08.00 (CET).
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. Terranor AB's share is traded on Nasdaq First North Growth Market in Stockholm (ticker TERNOR). The Company's Certified Adviser is DNB Carnegie Investment Bank AB.