Slides
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Nimbus Group Q3 report 23 October 2025
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Today’s Presenters Johan Inden CEO Rasmus Alvemyr CFO
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Third Quarter in summary • Net sales amounted to 263 MSEK (378), primarily driven by soft market in North America • Gross profit amounted to 8 MSEK (47) corresponding to a margin of 2.9% (12.5%). • EBITA amounted to -45 MSEK* (-66) corresponding to a margin of -17.1% (-17.3) • Operating cash flow amounted to -43 MSEK (-69) whereof -5 MSEK is related to investments • Order book for Commercial Sales amounted to 297 (453) • Available cash amounted to 248 MSEK (33) 0 500 1000 1500 2000 2500 0 100 200 300 400 500 600 700 2023 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 NET SALES MSEK Q-sales Net sales LTM -6% -4% -2% 0% 2% 4% 6% 8% -80 -60 -40 -20 0 20 40 60 2023 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 EBITA MSEK, margin % EBITA EBITA margin LTM
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Orderbook and market environment • Market volumes at the lowest point in a decade • Softening market in North America • Retail pace remain low but stable • Dealer stock on low levels • Commercial order book 297 MSEK. Negatively affected by an adjustment of the North America order book • Retail Sales order book 61 MSEK 0 100 200 300 400 500 600 700 800 900 1000 2023 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 ORDER BOOK COMMERCIAL SALES, MSEK 0 20 40 60 80 100 120 140 160 180 2023 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 ORDER BOOK RETAIL SALES, MSEK
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Nimbus Group - Premium brand portfolio with global exposure on a market with long term growth potential. Opportunities within the work boat segment with the FMV project. Initial observations and improvement areas: • Turn the trend in North America • Secure brand and product portfolio performance • Improve commercial capability and price management • Cost control and cash management Improve performance
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• New dealers appointed in Switzerland, Turkey, Florida, Oslo • FMV ’Swedish Defense Material Administration’ has approved the design of the Alukin workboat • Launch of the Edgewater 250 CC to the North American market • Aquador 400HT nominated to Best of Boats in the category ’’Best for Family 2025’’ • Public launch of the Flagship 495Fly for North America at Fort Lauderdale International Boat Show mid October Market highlights
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Key financial items • Restructuring costs 17 MSEK in quarter (affecting GP -12 MSEK and operating costs -5 MSEK) • Restructuring costs in combination with campaigns to reduce inventory and cost under absorption effects from low sales / production has pushed down the GM to 2.9% (12.5) • OPEX down to 45 (57); -21% (excl Finland 2 MSEK) due to cost savings • Finance net amounted to -18 MSEK (-20); driven by: • Impairment of Stream Propulsion made by -6 MSEK • FX effects -7 MSEK (USD) 47 -14 -10 -12 -4 8 GP 2024Q3 Volume Price & Under absorption Closing production Finland FX USD GP 2025Q3 0 5 10 15 20 25 30 35 40 45 50 Gross Profit - Bridge 2024Q3 vs 2025Q3
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Commercial Sales – development Q3 • Sales drop by -38% (-99 MSEK) • Soft (net) order intake driven by NA re-valuation of order book • Sales up in Europe • The order from FMV not included, only the pre-series 207 37 100 19 363 201 21 33 8 264 71 10 74 10 165 0 50 100 150 200 250 300 350 400 North America Nordics Europe Other markets Total Net Sales Q3 (2023, 2024, 2025) 81 28 47 1 157 93 65 84 2 244 -26 23 72 12 81 -50 0 50 100 150 200 250 300 North America Nordics Europe Other markets TotalOrder Intake Q3 (2023, 2024, 2025) 910 703 665 473 453 483 470 381 297 0 200 400 600 800 1000 2023 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 Order book
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Retail Sales – development Q3 • Sales decreased by -14% to 98 MSEK • Order intake up by 11% to 61 (55) YoY • Increased sale and order intake of own brands YoY • Positive development of order book 42 52 20 114 43 57 15 114 45 38 16 98 0 20 40 60 80 100 120 Own brands Traded & used boats Service & accessories Total Net Sales Q3 (2023, 2024, 2025) 32 42 20 94 57 63 14 134 60 55 16 131 0 20 40 60 80 100 120 140 160 Own brands Traded & used boats Service & accessories Total Order Intake Q3 (2023, 2024, 2025) 36 56 124 35 55 90 154 28 61 0 20 40 60 80 100 120 140 160 180 2023 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 Order book
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Cash Flow & Net working capital • Operating CF in Q3 amounted to net -43 MSEK (-69) • Inventory down 29 MSEK (5) in the quarter • NWC is turning downwards YoY for the first time since Q4 2021 • Available cash amount to 248 MSEK (33) 527 571 671 614 662 670 741 664 661 26% 30% 35% 34% 39% 41% 47% 44% 47% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 100 200 300 400 500 600 700 800 2023 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 NWC NWC NWC / LTM sales -31 -7 29 78 -107 -5 -43 P&L Interest & taxes Inv. AR NWC other CAPEX OP. CF -60 -40 -20 0 20 40 60 80 Operating Cash Flow Q3
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Financial targets Growth >10% EBITA margin 10% Dividend policy 30% Capital structure - No Financial debt
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Q4 2025 Report, February 4th 2026 Q&A, Financial Calendar