Interim report
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Interim Report 2025 1 January – 30 September 2025 THIRD QUARTER JULY – SEPTEMBER 2025 FIRST 9 MONTHS JANUARY – SEPTEMBER 2025 - Net sales amounted to SEK 263 million, which was down 30 percent compared with the previous year (378). - Net sales amounted to SEK 1,134 million, which was a decrease of 16 percent compared with the previous year (1,345). Commercial Sales decreased to SEK 165 million (264) and Retail Sales decreased to SEK 98 million (114) Commercial Sales amounted to SEK 706 million (883) and Retail Sales to SEK 427 million (462) - Organic growth amounted to -29 percent - Organic growth amounted to -14 percent - EBITA amounted to SEK -45 million (-66). EBITA before restructuring costs amounted to SEK -28 million (-7). - EBITA amounted to SEK -32 million (-35) - The EBITA margin was -17.1 percent (-17.3) - The EBITA margin was -2.8 percent (-2.6) - Operating cash flow amounted to SEK -43 million (-69) - Operating cash flow amounted to SEK -80 million (-81) - The order book at the end of the period amounted to SEK 358 million (508), of which Commercial Sales amounted to SEK 297 million (453) and Retail Sales SEK 61 million (55). - Earnings per share amounted to SEK -2.22 (-2.38) Significant events during the third quarter of 2025 • Net sales for the quarter decreased by SEK 115 million to SEK 263 million (-30 percent), driven by a weak start to the quarter. • The decrease is mainly due to a continued very weak North American market, where sales decreased by SEK 130 million to SEK 71 million (-65 percent). • Johan Inden assumed the position as the new CEO of Nimbus Group AB on 1 September 2025. • Decision to close production in Larsmo, Finland and move production of Aquador and Falcon to the same production site and partner that currently manufactures Nimbus' WTC series. • The Swedish Defence Materiel Administration approved the design of the workboat that Nimbus Group is developing for the Swedish Armed Forces together with Svekon. Significant events after the balance sheet date • Christina Evans took over as Executive Vice President and Commercial Sales Director. Third quarter First 9 months Last 12 months Full year 2025 2024 % 2025 2024 % 2025 2024 % 2024 Net sales, SEK million 263.4 378.3 -30.4 1,133.5 1,345.2 -15.7 1,407.7 1,705.7 -17.5 1,618.7 Operating profit, SEK million -45.1 -65.7 -31.4 -32.6 -35.3 -7.6 -57.8 -39.9 44.8 -60.7 EBITA, SEK million -45.0 -65.6 -31.4 -32.2 -34.9 -7.7 -57.4 -39.3 46.0 -60.1 EBITA margin, % -17.1% -17.3% 0.3 pp -2.8% -2.6% -0.2 pp -4.1% -2.3% -1.8 pp -3.7 % Profit for the period, SEK million -55.1 -74.1 -25.6 -94.5 -50.7 -86.5 -105.1 -72.8 44.4 -61.4 Operating cash flow, SEK million -43.1 -69.3 -37.8 -80.0 -81.0 -1.2 -106.3 -158.6 -33.0 -107.3 Earnings per share -1.29 -3.47 -62.7 -2.22 -2.38 -6.5 -3.27 -3.41 -4.2 -2.88
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2 Focus on areas for improvement in a continued weak market Weak development in the US but brightening in Europe The total market continued to be characterised by low volumes, which was reflected in Nimbus Group's sales, which amounted to SEK 263 million during the quarter, a decrease of 30 per cent compared with the corresponding quarter last year. The decline was mainly due to a continued weak US market, where our operations weighed on the quarter with low volumes. In addition to the volume decline, gross profit was impacted by continued campaigns to reduce inventories of finished boats. On the positive side, we saw increased sales in Europe in the quarter that exceeded the previous year. Cost cuts bite but are not enough The cost reductions that have been implemented so far have had an effect and, adjusted for restructuring items, the operating cost base in the quarter has been reduced by SEK 12 million (-21%) compared with the corresponding quarter last year. The reduced cost base reduced the loss in the quarter, but on the total the reductions were not enough to compensate for the lower volumes and the quarter's EBITA was SEK -45 million with restructuring costs and SEK -28 million before that. The restructuring costs are mainly related to the change in Finland. The full effect of cost reduction measures is not expected until the first quarter of 2026 and we are also reviewing the need for further cost reduction measures. Operating cash flow for the quarter amounted to SEK -43 million, which was an improvement, but even this was not enough to compensate for the lower sales. Overall impressions after the first period as CEO During my first weeks on the job, I carried out trips in the Nordic region, Europe and the US, participated in trade fairs and a dealer conference for the Nimbus brand. Through these activities, I have had the privilege of meeting large parts of the organization as well as customers, dealers and suppliers. There is a very strong foundation and a stable root system in the Nimbus Group, which dates all the way back to 1968 when Nimbus was founded. I look forward to further refining the business and growing it even stronger. Commercial capacity needs to be increased Nimbus Group operates in a global marine market where volumes are the lowest in over a decade. I see a need to strengthen our commercial capabilities in this challenging market, but also for the future. Part of this is continued expansion of the dealer network, but even more important is the work of educating, challenging and developing these. We also review our marketing and how we work with pricing. A step in strengthening our commercial capabilities is the recruitment of Christina Evans to the role of Executive Vice President and Commercial Sales Director. Christina is now in place in the organization. Effort to reverse the trend in the US As already noted, North America has weighed on us in the quarter. North America, and especially the United States, which is the world's single largest powerboat market with half the world volume, will be central to Nimbus Group's long-term success. Our sales there have fallen more than the market in general during the year, which means that we underperformed in relation to the market. To address this, we have initiated a review of our way of working with the goal of accelerating sales with increased efficiency. Focus and efficiency My short-term focus is to balance the company for efficiency on the low sales volumes we are seeing now, and at the same time ensure that our offering is focused and attractive for an upcoming, stronger market. A broad portfolio of brands is not an end in itself. Each unit must perform individually, contribute to synergies in the business and have long-term potential. As part of this, we have decided together with the other owners of Stream Propulsion to initiate a divestment process. Stream Propulsion supplies electric outboards for small boats and Nimbus Group already owns 50% of the company. Nimbus Group does not have the ambition to become a supplier of outboard engines and the owner group as a whole is therefore seeking to divest the business. In parallel with the analysis of products, we are continuing our consolidation of Nimbus Group's production into fewer factories with greater flexibility. Among other things, the production of Aquador and Falcon is now being moved to the same production site and partner that currently manufactures Nimbus' WTC series. This contributes to increased efficiency in the business. Full speed ahead! In conclusion, I can state that it has been a challenging quarter for Nimbus Group. At the same time, it has been an intense and very rewarding first month for me as the new CEO. Nimbus Group is facing an exciting future. We operate in a long-term growing market with global exposure. We work in premium segments with strong brands and grow by expanding our model range upwards in size. We have also strengthened our position in the workboat market with the Alukin brand through an exciting order to the Swedish Armed Forces. I also clearly see the challenges we need to address and we act on these. All in all, this will give us a solid foundation for the future and I am filled with energy to build the Nimbus Group of the future together with our strong team. Johan Inden President and CEO
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3 Nimbus Group's performance Third quarter 2025 The Group's net sales amounted to SEK 263 million, a decrease of 30 percent from the previous year (378). Organic growth amounted to -29 percent (-19). Commercial Sales – Sales and Marketing Commercial Sales refers to the sale of boats and aftermarket products to external dealers. Sales are divided into North America, the Nordic region, Europe and Other markets. Sales in Commercial Sales amounted to SEK 165 million (264). Order intake amounted to SEK 81 million (244). The decrease is driven by lower order intake in North America. Development by region North America North American sales decreased sharply compared with the previous year and amounted to SEK 71 million (201). The change is attributable to reduced demand and a delay among retailers to place orders despite low average inventory levels. Net order intake amounted to SEK -26 million (93), which is due to a cautious calibration of the order book where parts of the order book have been revalued with regard to the current market situation. Developments in the North American market remain difficult to assess as a result of increased uncertainty about the development of the US economy. Nordic region Sales in the Nordic region decreased and amounted to SEK 10 million (21). Order intake amounted to SEK 23 million (65). Europe European sales increased to SEK 74 million (33). Order intake amounted to SEK 72 million (84). Despite increasing sales, the market in general is still affected by retailers holding off on placing orders due to the difficult economic situation, which had a negative impact on order intake in the quarter. Other markets Sales in other markets amounted to SEK 10 million (8). Order intake amounted to SEK 12 million (2). Inventory levels at retailers have normalized from previously being partly high. Order book The order book for Commercial Sales amounted to SEK 297 million (453). Sequentially, the order book in the third quarter decreased by SEK 84 million (20) compared with the second quarter, which follows the expected seasonal pattern. In the order book, ordered boats from the Swedish Defence Materiel Administration have been included with SEK 23 million out of the total framework agreement of SEK 400 million. Deliveries will begin in 2026. Prepayments from Commercial Sales' customers amounted to SEK 55 million (69). The share of the order backlog that was prepaid was 19 percent (15). The order book is limited to only include confirmed orders that were production planned at the balance sheet date and had been prepaid in accordance with the company's invoicing model. In accordance with North American industry standards, EdgeWater has chosen not to apply prepayments to ordered boats, instead full payment is paid upon delivery of the boat. Retail Sales – Sales and Marketing Sales in Retail Sales are conducted in Sweden (six marketplaces), Norway (two marketplaces) and England. Sales are mainly made to private individuals and include both the Group's own brands as well as merchandise, used products, aftermarket products and services. The business is strongly affected by seasonal variations, with the second quarter dominating sales on an annual basis. Sales in Retail Sales amounted to SEK 98 million (114). Sales of new own brand boats increased to SEK 45 million (43), while sales of other brands and used boats decreased to SEK 38 million (57). Sales of service and aftermarket products amounted to SEK 16 million (15). North America 43% (76%) Nordics 6% (8%) Other markets 6% (3%) Europe 45% (13%) Sales by region 0 200 400 600 800 1 000 1 200 dec-19 mar-20 jun-20 sep-20 dec-20 mar-21 jun-21 sep-21 dec-21 mar-22 jun-22 sep-22 dec-22 mar-23 jun-23 sep-23 dec-23 mar-24 jun-24 sep-24 dec-24 mar-25 jun-25 sep-25 Order book Commercial, MSEK
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4 Order intake amounted to SEK 131 million (134). Order book The order book amounted to SEK 61 million (SEK 55 million). The order book follows a traditional seasonal pattern, which means that it is low in the third quarter and with a gradual build-up during the fourth and first quarters. Group's Result EBITA amounted to SEK -45 million (-66). The EBITA margin was -17.1 percent compared to -17.3 percent last year. Adjusted EBITA before restructuring costs amounted to SEK -28 million (-7). Compared with the previous year, the result was mainly affected by lower sales and production volumes, which overall resulted in undercovered costs at a consolidated level. The shutdown of small boat production in Finland has continued, but the completion date has been delayed compared to the original plan, which means that the final outcome of the restructuring costs is expected to be presented in the fourth quarter of 2025. During the quarter, it was also decided to move the remaining production in Larsmo and coordinate this with other outsourced production. In connection with this, an overall policy decision was made to postpone the production of a few selected boat models that had mainly previously been produced in Finland. As a consequence, capitalized development costs and inventories of related production material have been fully written down for precautionary reasons, with an effect on earnings of SEK -7 million in the quarter. In addition, EBITA was charged with additional costs and restructuring costs of SEK -10 million for the closure of the factories in Larsmo and Kuopio. In total, EBITA was charged to the result in the quarter by restructuring costs of SEK -17 million. The gross margin was 2.9 percent, which was 9.6 percentage points lower compared to the previous year (12.5). The margin on premium boats has been maintained at a good level, but overall the consolidated gross margin is impacted by cost shortfalls due to low production volumes and campaigns to reduce inventories of finished boats. The weakening of the USD had a negative impact on gross profit of SEK 4 million in the quarter compared to the previous year. Net operating expenses excluding restructuring costs amounted to SEK 45 million (57) and have decreased as a result of implemented cost reductions. Net financial items for the period amounted to SEK -18 million (-20) and mainly consist of net interest income and currency translation effects on receivables in foreign currency. During the period, the holding in the associated company Stream Propulsion AB was written down by SEK -6 million. Group’s Financial Position Cash flow Operating cash flow amounted to SEK -43 million (-69), of which SEK -38 million (-62) comes from operating activities and SEK -5 million (-7) from investing activities. The investment business consists mainly of product development. Net cash flow from financing activities amounted to SEK -8 million (68). Liquidity and Financial Position At the end of the period, the Group had available liquidity of SEK 248 million, divided into available cash of SEK 48 million and unutilized overdraft facilities of SEK 200 million. The equity/assets ratio was 57 percent (40). Financing of External Dealers When boats are sold primarily to the United States, this is done with the help of financing solutions such as factoring and floorplanning. The financing solutions mean that the Group is paid in full upon delivery of the boat, but that the boat is associated with a repossession clause which means that the Group retains an accounting receivable and a liability during the entire time that the financing is ongoing between the dealer and the finance company. The maturity varies from case to case and is affected by whether the boat is sold to customers. Funding usually lasts between six and eighteen months. When the financing has expired, both the receivable (Leveraged trade receivables) and the associated debt (Liabilities attributable to leveraged trade receivables) disappear from the company's balance sheet. Leveraged trade receivables amounted to SEK 269 million (294) as of the balance sheet date. The change compared to the previous year is due to the fact that retailers have reduced their inventories. Leveraged trade receivables are further described in Note 2. 0 100 200 300 400 500 dec-19 mar-20 jun-20 sep-20 dec-20 mar-21 jun-21 sep-21 dec-21 mar-22 jun-22 sep-22 dec-22 mar-23 jun-23 sep-23 dec-23 mar-24 jun-24 sep-24 dec-24 mar-25 jun-25 sep-25 Order book Retail, MSEK
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5 Nimbus Group's performance First nine months 2025 The Group's net sales amounted to SEK 1,134 million, which was a decrease of 16 percent from the previous year (1,345). Organic growth amounted to -14 (-12) percent. Commercial Sales – Sales and Marketing Sales in Commercial Sales amounted to SEK 706 million (883). Order intake amounted to SEK 520 million (633). Development by region North America North American sales amounted to SEK 312 million (455) and decreased as a result of weak sales in the third quarter. Order intake in North America amounted to SEK 200 million (287). Nordic Nordic sales amounted to SEK 105 million (132). Order intake in the Nordic region decreased and amounted to SEK 91 million (137). Europe European sales amounted to SEK 274 million (232). Order intake improved and amounted to SEK 199 million (182). Other markets Sales in other markets amounted to SEK 15 million (64). Order intake amounted to SEK 29 million (28). Retail Sales – Sales and Marketing Sales in Retail Sales during the period amounted to SEK 427 million (462). Sales of new own brand boats increased marginally to SEK 201 million (199). Sales of other brands and used boats decreased to SEK 175 million (208). Sales of service and aftermarket products amounted to SEK 52 million (55). Group's Result EBITA amounted to SEK -32 million (-35). The EBITA margin was -2.8 percent compared to -2.6 percent last year. Earnings were affected by weaker sales and cost shortfalls from reduced production. EBITA was charged net of SEK -23 million from Finnish production. Net operating expenses amounted to SEK 144 million (222) and have decreased net as a result of cost savings and restructuring. Financial position of the Group Cash flow Net operating cash flow amounted to SEK -80 million (-81), of which SEK -54 million (-53) comes from operating activities and SEK -26 million (-28) from investing activities. The investment activities consist mainly of product development. Net cash flow from financing activities amounted to SEK 120 million (79). Financing activities were mainly affected by the rights issue proceeds of SEK 295 million after repayment of shareholder loans of SEK 50 million. Liquidity and Financial Position At the end of the period, the Group had available liquidity of SEK 248 million, divided into available cash of SEK 48 million and unutilized overdraft facilities of SEK 200 million. North America 44% (51%) Nordics 15% (15%) Other markets 2% (7%) Europe 39% (26%) Sales by region
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6 Other Material risks and uncertainties Through its operations, the Group is exposed to risks of both a financial and operational nature, which the Group can influence to a greater or lesser extent. Within the Group, continuous processes are underway to identify existing risks and assess how these should be managed. Among operational risks, it can be mentioned that the company is exposed to business risks in connection with economic and demand fluctuations, as well as customer preferences and relationship with the company. Furthermore, there are risks related to production capacity, capacity and occupancy rates in the company and at the company's external manufacturers, as well as availability and price of raw materials. The company is also dependent on continued trust from staff and the ability to recruit competent employees. With regard to financial risks, it can be mentioned that the Group is exposed to currency risk, in particular in the relationships between USD, EUR, PLN and SEK, through translation exposure of accounts receivable and accounts payable as well as reported assets, liabilities and net investments in the business. The Group is also exposed to other risks such as interest rate risk, credit risk and liquidity risk. Russia's full-scale invasion of Ukraine has so far had no significant direct financial impact, while the extent of the indirect effects is difficult to assess. We are also monitoring developments in the Middle East, but do not currently assess that they have any material impact on the Group. The company's operations are naturally exposed to international trade barriers and closely monitor developments in the area linked primarily to the EU, the US and China, and evaluate and take ongoing measures. We see that this has so far mainly affected the company by creating uncertainty and wait-and-see behaviour in consumers' purchasing decisions. For a further description of the company's risks and uncertainties, reference is made to Nimbus Group AB's Annual Report for the financial year 2024, pages 39–41. Events during the financial year First quarter - Nimbus Group announced the final outcome of the company's fully guaranteed rights issue, which provided the company with approximately SEK 356 million before costs. - World premiere of the Aquador 400HT at the 2025 Boat Show in Düsseldorf. - Nimbus 495 was named European Powerboat of the Year 2025. - An agreement was signed to sell existing stock and production equipment for Bella and Flipper to the Swedish Intaga Group. In addition, a license agreement was signed that enables the buyer to acquire the Bella and Flipper brands after the end of the license period. - Nimbus Group's CEO, Jan-Erik Lindström, announced that he intends to retire in 2025. - Four new dealers for the Nimbus brand were appointed in France. - The first U.S.-ordered Nimbus 495 Flybridge was delivered to a customer in Seattle, USA. Second quarter - A new dealer agreement was signed with the Spanish dealer A&P Marine regarding the sale of boats of the Nimbus brand. - Retail Sales strengthened its presence in the Stockholm area through its establishment at Biskopsudden on Djurgården. - TBS Boats and Morgan Marine were appointed as new dealers for the Nimbus brand in the UK. - Enoshima Marina, Inc. was named the first dealer for the Aquador brand in Japan. - The Board of Directors has appointed Johan Inden as the new CEO of Nimbus Group AB, effective September 1. Johan Inden succeeds Jan-Erik Lindström, who earlier this year informed the Board his intention to retire when a new CEO is in place. - The dealer network in North America is strengthened through cooperation with Modern Yachts, which operates in the New York area. - The Nimbus brand is launched in Slovenia through cooperation with the company's Croatian dealer Nava Boats. - Christina Evans has been appointed Commercial Sales Director. Christina will take up her position in early 2026 at the latest. - The first two dealers in the United States for the Alukin brand were appointed. The appointment follows the brand's investment in workboats, which led to last year's record order for workboats for the Armed Forces. Third quarter - Net sales for the quarter decreased by SEK 115 million to SEK 263 million (-30 percent), driven by a weak start to the quarter. - The decrease is mainly due to a continued very weak North American market, where sales decreased by SEK 130 million to SEK 71 million (-65 percent). - Johan Inden took over as the new CEO of Nimbus Group AB on 1 September 2025. Johan Inden succeeded Jan-Erik Lindström, who announced earlier this year that he intended to retire. - Decision to close production in Larsmo, Finland and move production of Aquador and Falcon to the same production site and partner that currently manufactures Nimbus' WTC series in Poland. - The Swedish Defence Materiel Administration approved the design for the workboat that Nimbus Group is developing for the Swedish Armed Forces together with Svekon. - The Aquador 400 HT was nominated for the prestigious European Best of Boats award in the category "Best for Family 2025". - EdgeWater launched the boat model EdgeWater 250CCt. The launch means the largest product renewal within EdgeWater since 2020 and the first since Nimbus Group acquired the company in 2023.
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7 - Nimbus Group signed a dealer agreement with The Boat Cave in Mexico for the sale of boats of the EdgeWater and Nimbus brands on the Yucatán Peninsula. - Nimbus Group signed a dealer agreement with Nautical Ventures for boats of the Nimbus brand. - Nimbus Group updated its dealer agreement with Nautic Norway AS, which thereby also becomes a dealer of boats of the Nimbus brand in the Oslo region. - Nimbus Group appointed SoleMarin Yachting as a new and exclusive dealer for Aquador branded boats in Turkey. Events after the balance sheet date - Christina Evans took over as Executive Vice President and Commercial Sales Director. Personnel and organization The average number of employees in the Group during the period was 343 (444) employees in Sweden, Finland, the USA, Norway, Poland and the UK. Parent company Net sales amounted to SEK 534 million (669). Profit after financial items amounted to SEK 6 million (47). Share data As of September 30, 2025, Nimbus Group held 42,631,182 shares. The share capital amounted to SEK 2,368 thousand with a quota value of 0.0556. At the Annual General Meeting on May 16, 2025, it was resolved to approve the Board of Directors' proposal to offer a share- based incentive program to senior executives and key employees in the organization comprising a maximum of 580,665 warrants. The program has a duration of 3 years. In addition, there are two active incentive programs that were resolved at the 2023 and 2024 Annual General Meetings.
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8 Declaration by the Board of Directors and the CEO The Board of Directors and the President and CEO assure that the interim report gives a true and fair view of the development of the Group's and the Parent Company's operations, position and results and describes the significant risks and uncertainties faced by the Parent Company and the companies in the Group. This report has not been reviewed by the company's auditors. Gothenburg, October 23, 2025 Mats Engblom Per Hesselmark Chairman Board member Eva Nilsagård Lars Hygrell Board member Board member Johanna Lundberg Gustav Lindner Board member Board member Henrik Patek Johan Inden Board member President and CEO
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9 Financial calendar The year-end report for the period 1 January – 31 December 2025 will be published on 4 February 2026 The interim report for the period 1 January – 31 March 2026 will be published on 28 April 2026 The Annual General Meeting will be held on 19 May 2026 The company's reports will be available on the company's website www.nimbusgroup.se Teleconference: Nimbus Group will publish the interim report for the third quarter 2025 on Thursday 23 October at 07:30 CET. A webcasted telephone conference will be held at 10.00 a.m. CET on the same day, where President and CEO Johan Inden will present the report together with CFO Rasmus Alvemyr. The presentation will be followed by a Q&A session. The presentation will be held in English. Those who wish to participate in the conference call in connection with the presentation can register via the following link https://events.inderes.com/nimbus/q3-report-2025/dial-in After registration, you will receive a telephone number and a conference ID to log in to the conference. Via the telephone conference, it will be possible to ask oral questions. It is also possible to follow and listen to the presentation and the conference on the following web link: https://nimbus.events.inderes.com/q3-report-2025 For further information, please contact: Johan Inden, CEO +46 707 94 05 65 Rasmus Alvemyr, CFO +46 738 53 45 05 This information is information that Nimbus Group AB (publ) 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, at 07:30 CEST on October 23, 2025. Om Nimbus Group Nimbus Group manufactures and sells recreational motorboats under the brands Alukin, Aquador, EdgeWater, Falcon, Flipper, Nimbus and Paragon. Sales are made through dealer networks and the largest markets are the Nordic region, Europe and the USA. In 2024, the Group had sales of SEK 1,619 million and 377 employees. Operations are conducted in Sweden, Finland, Poland, England, Norway and the United States. For more information, see www.nimbusgroup.se Nimbus Group AB (publ) Corporate Identity No. 556903–6568 Talattagatan 10 426 76 Västra Frölunda The company’s Certified Adviser is DNB Carnegie Investment Bank AB Telephone: +46 (0)73 856 42 65 E-mail: certifiedadviser@carnegie.se
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10 The result for the year and total comprehensive income are, in their entirety, attributable to Parent Company shareholders. CONSOLIDATED INCOME STATEMENT Quarter 3 Quarter 3 First 9 months First 9 months 2024-10-01 2024-01-01 TSEK 2025 2024 2025 2024 2025-09-30 2024-12-31 Net sales 263,383 378,301 1,133,529 1,345,164 1,407,718 1,618,741 Costs of goods and services sold -255,866 -330,962 -1,021,685 -1,158,569 -1,267,574 -1,404,042 Gross profit 7,517 47,339 111,844 186,595 140,144 214,699 Selling expenses -34,155 -41,591 -104,571 -124,770 -144,377 -164,573 Administrative costs -12,568 -15,705 -39,884 -46,745 -53,817 -61,223 Other operating income 1,820 2,112 6,347 7,101 9,264 10,018 Other operating expenses (see Note 3) -7,719 -57,876 -6,369 -57,514 -9,044 -59,642 Total operating expenses -52,622 -113,060 -144,477 -221,928 -197,974 -275,420 Operating result -45,105 -65,721 -32,633 -35,333 -57,830 -60,721 Profit from financial items, net -17,798 -20,422 -81,419 -25,808 -75,363 -19,752 Profit after financial items -62,903 -86,143 -114,052 -61,141 -133,193 -80,473 Tax on profit for the period 7,798 12,083 19,571 10,491 28,123 19,044 PROFIT FOR THE PERIOD -55,105 -74,060 -94,481 -50,650 -105,070 -61,429 Other total income: -55,105 -74,060 -94,481 -50,650 -105,070 -61,429 Items that may be transferred to result for the year: Exchange rate differences in foreign operations -1,182 -2,753 749 6,088 2,712 8,051 Market valuation of futures contracts -129 - -166 - -166 - Total comprehensive income for the period -56,158 -76,813 -93,898 -44,562 -102,524 -53,378 Basic earnings per share -1.29 -3.47 -2.22 -2.38 -3.27 -2.88 Diluted earnings per share -1.29 -3.47 -2.22 -2.38 -3.27 -2.88
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11 CONSOLIDATED BALANCE SHEET TSEK Sep 30, 2025 Dec 31, 2024 Sep 30, 2024 ASSETS Fixed assets Intangible fixed assets Goodwill 248,704 250,510 249,893 Capitalized development expenditure and similar rights 135,651 134,189 137,606 Concessions, patents, licenses, brands and similar rights 3,871 4,336 4,485 Development projects in progress 29,093 38,528 30,858 Total intangible fixed assets 417,319 427,563 422,842 Property, plant and equipment Land and buildings 48,241 57,596 56,107 Construction in progress and advance payments for Property, plant and equipment 125 - - Plant and machinery 17,841 17,036 16,275 Total property, plant and equipment 66,207 74,632 72,382 Right-of-use assets Right-of-use assets 115,128 132,445 136,079 Total right-of-use assets 115,128 132,445 136,079 Financial fixed assets Holdings accounted for using the equity method - 9,859 15,308 Other long-term securities holdings 155 161 159 Other long-term receivables 3 360 4,964 Deferred tax asset 63,522 47,736 28,051 Total financial assets 63,680 58,116 48,482 Total non-current assets 662,334 692,756 679,785 Current assets Inventories 672,283 813,522 751,293 Accounts receivable 140,531 104,770 188,874 Pledged accounts receivable (see Note 2) 269,266 357,598 293,743 Advance payments to suppliers 3,691 13,151 6,077 Other receivables 40,046 41,352 70,927 Prepaid expenses 31,375 20,684 22,347 Subscribed unpaid rights issue - 346,312 - Cash and cash equivalents 48,165 5,320 14,984 Total current assets 1,205,357 1,702,709 1,348,245 TOTAL ASSETS 1,867,691 2,395,465 2,028,030
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12 CONSOLIDATED BALANCE SHEET TSEK Sep 30, 2025 Dec 31, 2024 Sep 30, 2024 EQUITY AND LIABILITIES Equity attributable to Parent Company shareholders Share capital 2,368 1,184 1,184 Other contributed capital 538,241 193,827 193,827 Ongoing rights issue - 346,312 - Reserves 21,400 20,817 18,854 Retained earnings including result for the period 499,983 593,610 605,319 Total equity attributable to Parent Company shareholders 1 061,992 1,155,750 819,184 Non-controlling interests - - - Total equity 1 061,992 1,155,750 819,184 Non-current liabilities Liabilities to credit institutions - 739 727 Provisions 10,891 13,972 9,734 Provision for restructuring costs (see Note 3) 9,220 27,364 55,000 Deferred tax liability 17,947 20,865 199 Lease liabilities 127,456 143,503 148,775 Total non-current liabilities 165,514 206,443 214,435 Current liabilities Advance payments from customers 72,347 84,673 88,781 Liabilities to credit institutions 22,376 176,038 190,421 Loan from shareholder - 50,701 - Accounts payable 74,284 156,781 164,538 Current tax liabilities 885 971 9,440 Lease liabilities 29,896 34,217 33,685 Liabilities attributable to pledged accounts receivable (see Note 2) 269,266 357,598 293,743 Other current financial liabilities for Demo boats 91,759 91,523 99,530 Other liabilities 9,348 4,143 47,760 Accrued expenses and deferred income 70,024 76,627 66,513 Total current liabilities 640,185 1,033,272 994,411 Total liabilities 805,699 1,239,715 1,208,846 TOTAL EQUITY AND LIABILITIES 1,867,691 2,395,465 2,028,030
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13 CONSOLIDATED REPORT ON CHANGES IN EQUITY TSEK Share capital Other contributed capital Ongoing rights issue Reserves Retained earnings including result for the period Total equity OPENING BALANCE AS OF JAN 1, 2024 1,184 - 193,827 12,766 655,214 862,991 Result for the year - - - - -61,429 -61,429 Other comprehensive income for the year - - - 8,051 - 8,051 Total comprehensive income 1,184 - 193,827 20,817 593,785 809,613 Transactions with shareholders in their role as owners New share issue - 1,184 345,128 - - 346,312 Share-based payments - - - - -175 -175 CLOSING BALANCE AS OF DEC 31, 2024 1,184 1,184 538,955 20,817 593,610 1,155,750 OPENING BALANCE AS OF JAN 1, 2025 1,184 1,184 538,955 20,817 593,610 1,155,750 Profit for the year - - - - -94,481 -94,481 Other comprehensive income for the year - - - 583 - 583 Total comprehensive income 1,184 1,184 538,955 21,400 499,129 1,061,852 Transactions with shareholders in their role as owners Rights issue 1,184 -1,184 -714 - - -714 Share-based payments - - - - 854 854 CLOSING BALANCE AS OF SEP 30, 2025 2,368 - 538,241 21,400 499,983 1,061,992, The number of shares as of the balance sheet date amounts to 42,631,182.
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14 CONSOLIDATED STATEMENT OF CASH FLOWS Quarter 3 Quarter 3 First 9 months First 9 months 2024-10-01 2024-01-01 TSEK 2025 2024 2025 2024 2025-09-30 2024-12-31 OPERATING ACTIVITIES Operating result before financial items -45,105 -65,721 -32,633 -35,333 -57,830 -60,721 Depreciation/amortization/impairment 22,199 17,407 58,063 52,008 75,935 69,879 Other items not affecting liquidity -8,312 44,131 -29,423 53,261 -25,720 56,956 -31,218 -4,183 -3,993 69,936 -7,615 66,114 Interest received, etc. 443 390 2,136 519 2,859 1,242 Interest paid, etc. -4,731 -10,436 -18,257 -27,741 -27,808 -37,292 Income tax paid -2,393 -4,520 -19,432 -21,555 -20,281 -22,390 -37,899 -18,749 -39,546 21,159 -52,845 7,674 Increase/decrease in inventories 28,933 4,686 110,901 -28,475 60,211 -79,227 Increase/decrease in accounts receivable 77,653 21,336 -44,856 -43,671 43,511 44,696 Increase/decrease in other current receivables -8,710 -9,562 6,426 37,132 -11,548 18,868 Increase/decrease in accounts payable -47,618 -12,987 -78,522 52,482 -89,579 41,719 Increase/decrease in other current operating liabilities -50,127 -46,643 -8,181 -91,338 -18,682 -101,591 Cash flow from operating activities -37,768 -61,919 -53,778 -52,711 -68,932 -67,861 INVESTING ACTIVITIES Investments in intangible assets -4,643 -6,061 -17,562 -25,728 -26,933 -35,099 Investments in property, plant and equipment -682 -1,750 -9,604 -3,766 -12,936 -7,098 Divestment of property, plant and equipment - 689 587 1,385 2,089 2,887 Divestment of/investments in other financial assets - -257 351 -137 397 -91 Cash flow from investing activities -5,325 -7,379 -26,228 -28,246 -37,383 -39,401 FINANCING ACTIVITIES New share issue - - 345,598 - 345,598 - Borrowings from credit institutions - - - -3,972 - - Loan from shareholder - - - - 50,000 50,000 Repayment loan from shareholder - - -51,701 - -51,701 - Repayment of liabilities (leases) -8,961 -9,330 -26,822 -29,323 -35,922 -38,426 Change in interest-bearing liabilities - -735 299 -1,003 1,000 -4,975 Change in current liabilities 1,071 34,746 2,166 45,956 -6,694 37,097 Change in bank overdraft facility -217 43,294 -149,795 67,534 -164,772 53,258 Cash flow from financing activities -8,107 67,975 119,745 79,192 137,509 96,954 Cash flow for the period -51,200 -1,323 39,740 -1,765 31,194 -10,308 Opening cash and cash equivalents 98,750 16,986 5,320 8,141 14,984 8,141 Exchange rate differential in cash and cash equivalents 615 -679 3,105 8,608 1,987 7,487 Closing cash and cash equivalents 48,165 14,984 48,165 14,984 48,165 5,320
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15 PARENT COMPANY'S INCOME STATEMENT Quarter 3 Quarter 3 First 9 months First 9 months 2024-10-01 2024-01-01 TSEK 2025 2024 2025 2024 2025-09-30 2024-12-31 Net sales 140,105 149,009 533,832 668,895 694,098 829,161 Cost of goods sold -116,891 -131,397 -451,990 -558,934 -591,887 -698,831 Gross profit 23,214 17,612 81,842 109,961 102,211 130,330 Selling expenses -3,794 -12,527 -21,641 -36,740 -30,882 -45,981 Administration costs -7,274 -6,731 -25,018 -25,032 -88,139 -88,153 Other operating income 769 1,405 3,639 3,784 4,752 4,898 Other operating costs -473 - -446 - -446 - Total operating expenses -10,772 -17,853 -43,466 -57,988 -114,715 -129,236 Operating result 12,442 -241 38,376 51,973 -12,504 1,094 Result from financial items, net -15,088 -5,616 -32,043 -4,862 119,788 146,969 Result after financial items -2,646 -5,857 6,333 47,111 107,284 148,063 Group contributions received - - - - 12,410 12,410 Group contributions paid - - -10,000 - -10,000 - Appropriations - - - - -245 -245 Result before tax -2,646 -5,857 -3,667 47,111 109,449 160,228 Tax on the result for the period -2,233 1,157 -2,303 -9,916 5,951 -1,662 RESULT FOR THE PERIOD -4,879 -4,700 -5,970 37,195 115,400 158,566 Result for the period correspond with total comprehensive income
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16 PARENT COMPANY'S BALANCE SHEET TSEK Sep 30, 2025 Dec 31, 2024 Sep 30, 2024 ASSETS Intangible assets 99,983 136,011 121,973 Property, plant and equipment 996 18,954 19,329 Holdings in associated companies 349,731 349,731 18,441 Participations in Group companies - 13,441 349,731 Long term receivables from Group companies 95,963 106,771 96,398 Deferred tax assets 251 252 - Total non-current assets 546,924 625,160 605,872 Current assets Inventories 76,248 234,704 194,470 Accounts receivable 23,899 40,635 63,294 Pledged accounts receivable (see Note 2) 34,952 26,708 22,737 Receivables from Group companies 483,355 241,942 193,827 Tax receivables 12,213 859 - Advance payments to suppliers 602 3,653 2,538 Other receivables 14,481 378,668 77,190 Prepaid expences 4,888 11,883 10,702 Cash and cash equivalents 86,461 6,322 4,354 Total current assets 737,099 945,373 569,112 TOTAL ASSETS 1,284,023 1,570,533 1,174,984 EQUITY AND LIABILITIES Equity Restricted equity Share capital 2,368 1,184 1,184 Non-registered share capital - 1,184 - Fund for development expenditure 94,341 128,793 114,464 96,709 131,161 115,648 Non-restricted equity Share premium reserve 53,917 53,917 53,917 Ongoing rights issue - 345,128 - Retained earnings 954,171 416,046 431,307 Profit for the year -5,970 158,566 37,195 1,002,118 973,657 522,419 Total equity 1,098,827 1,104,818 638,067 Untaxed reserves 31,304 31,304 31,059 Provisions 1,000 3,000 3,100 Long-term liabilities Other long-term liabilities - 8 8 Current liabilities Advances from customers 32,800 42,342 42,012 Liabilities to credit institutions - 145,656 233,632 Loan from shareholder - 50,701 - Liabilities to Group companies 48,211 21,624 36,656 Accounts payable 15,748 105,601 71,307 Tax liabilities - - 9,335 Liabilities attributable to pledged accounts receivable (see Note 2)) 34,952 26,708 22,737 Other liabilities 1,388 1,982 55,210 Accrued expenses and deferred income 19,793 36,789 31,861 Total current liabilities 152,892 431,403 502,751 Total liabilities 185,196 465,715 536,917 TOTAL EQUITY AND LIABILITIES 1,284,023 1,570,533 1,174,984
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17 PARENT COMPANY STATEMENT OF CHANGES IN EQUITY Share capital Non- registered share capital Fund for development expenditure Share premium reserve Non- restricted equity excl. result for the year Result for the year Total equity EQUITY JAN 1, 2024 1,184 - 105,629 53,917 408,511 30,875 600,116 Transfer of development fund - - 23,164 - -23,164 - - Transfer of last year’s result - - - - 30,875 -30,875 - Ongoing rights issue - 1,184 - 345,128 - - 346,312 Share-based payments - - - - -176 - -176 Result for the year - - - - - 158,566 158,566 EQUITY DEC 31, 2024 1,184 1,184 128,793 399,045 416,046 158,566 1,104,818 EQUITY JAN 1, 2025 1,184 1,184 128,793 399,045 416,046 158,566 1,104,818 Transfer of development fund - - -34,452 34,452 - - Transfer of last year’s result - - - - 158,566 -158,566 - Rights issue 1,184 -1,184 - -345,128 344,414 - -714 Share-based payments - - - - 854 - 854 Fair value adjustment - - - - -161 - -161 Result for the year - - - - - -5,970 -5,970 EQUITY SEP 30, 2025 2,368 - 94,341 53,917 954,171 -5,970 1,098,827 The number of shares as of the balance sheet date amounted to 42,631,182.
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18 PARENT COMPANY'S CASH FLOW STATEMENT Quarter 3 Quarter 3 First 9 months First 9 months 2024-10-01 2024-01-01 TSEK 2025 2024 2025 2024 2025-09-30 2024-12-31 OPERATING ACTIVITIES Operating result before financial items 12,442 -242 38,376 51,973 -12,504 1,093 Depreciation/amortization 3,826 4,353 13,277 12,774 18,503 18,000 Other items not affecting liquidity -3,076 -5,695 -19,932 -1,964 -13,329 4,638 13,192 -1,584 31,721 62,783 -7,330 23,731 Interest received, etc. 1,558 1,851 4,779 5,089 8,824 9,134 Interest paid, etc. -737 -3,496 -3,471 -11,201 -7,681 -15,411 Income tax paid -2,771 -2,191 -13,657 -8,966 -15,848 -11,157 11,242 -5,420 19,372 47,705 -22,035 6,297 Increase/decrease in inventories 3,458 -34,143 161,507 -28,970 120,159 -70,318 Increase/decrease in accounts receivable 49,293 21,505 16,362 -21,462 38,489 667 Increase/decrease in other current receivables -48,266 -54,230 -221,605 -80,718 -276,721 -135,834 Increase/decrease in accounts payable -13,761 2,773 -89,853 -22,760 -55,559 11,534 Increase/decrease in other current operating liabilities -13,325 7,088 -483 -29,236 -10,341 -39,095 Cash flow from operating activities -11,359 -62,427 -114,700 -135,441 -206,008 -226,749 INVESTING ACTIVITIES Investments in intangible assets -4,513 -5,530 40,950 -20,696 22,062 -39,584 Investments in property, plant and equipment - -70 -241 -816 -241 -816 Divestment of property, plant and equipment - - - 685 - 685 Investments in subsidiaries - 685 - -25 - -25 Divestment/amortization of other financial fixed assets -616 3,318 10,801 -5,032 427 -15,408 Cash flow from investing activities -5,129 -1,597 51,510 -25,884 22,248 -55,148 FINANCING ACTIVITIES New share issue - - 345,598 - 345,598 - Dividend - - - - - 149,188 Loans from shareholder - - - - 50,701 50,000 Repayment loan from shareholder - - -50,701 - -50,701 - Bank overdraft facility - 60,698 -145,656 163,862 -233,632 76,587 Group contribution - - -10,000 - 151,598 12,411 Cash flow from financing activities - 60,698 139,241 163,862 263,564 288,186 Cash flow for the period -16,488 -3,326 76,051 2,537 79,804 6,289 Opening cash and cash equivalents 102,273 6,881 6,322 1,561 4,354 1,561 Exchange rate difference in cash and cash equivalents 676 799 4,088 256 2,303 -1,528 Closing cash and cash equivalents 86,461 4,354 86,461 4,354 86,461 6,322
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19 Note 1 General information Nimbus Group AB (”Nimbus”), Corp. Reg. No. 556903-6568, is a parent company registered in Sweden with its registered office in Gothenburg Municipality at Talattagatan 10. Unless otherwise specifically stated, all amounts are recognized in thousands of kronor (SEK thousand). Figures in parentheses refer to comparative periods. Note 2 Pledged accounts receivables Nimbus Group offers dealers the opportunity to use financing solutions for demonstration boats and boat inventory. Invoices approved by the finance companies are paid by the finance company in close connection with the invoices being issued. In accordance with the agreements that exist between the finance companies and the company, the company is committed to repurchase the boats from the finance company if retailers themselves do not fulfill their obligations to repay the debt to the finance company. Payment of the invoice means that ownership of the product passes to the finance company. But since the financial risk remains with the company during the entire period that the financial contract runs between the retailer and the finance company, the company has made an assessment that the financial repurchase risk must be reported as a financial liability in the balance sheet (Liabilities attributable to pledged accounts receivable) together with a claim (Pledged accounts receivable). The maturity of the claim and the debt are the same. Historically, the company has not reported any credit losses as a result of this financing solution. Note 3 Provision for restructuring costs In the third quarter of 2024, Nimbus Group AB (publ) decided to initiate negotiations with interested parties to reduce production capacity in Finland. As a consequence of the decision, a provision was made for feared restructuring costs totalling SEK 55 million in the third quarter of 2024. The reserve has been reduced against costs taken and updated assessments during the first three quarters of 2025 and amounts to SEK 9 million at the end of the period. Not 4 Basis of preparation This Interim Report has been prepared in accordance with the Swedish Annual Accounts Act and IAS 34 Interim Financial Reporting. The consolidated accounts were prepared pursuant to the Swedish Annual Accounts Act and the International Financial Reporting Standards (IFRS) as approved by the EU as well as the Swedish Financial Reporting Board (RFR 1 Supplementary Financial Reporting Rules for Corporate Groups). The Parent Company accounts were prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board (RFR 2 Accounting for Legal Entities). These policies have been consistently applied to all the periods presented, unless otherwise stated. For more detailed information about the Group’s accounting policies, refer to the 2024 Annual Report, which is available on the company’s website www.nimbusgroup.se. Definition of key ratios Operating cash flow: Cash flow from operating activities and investing activities Gross profit margin: Gross profit as a percentage of net sales EBITA: Profit before tax, interest and amortization of goodwill and brands EBITA margin: EBITA/Net sales Equity/assets ratio: Adjusted equity/Balance sheet total Earnings per share: Consolidated profit for the year before recognition of deferred tax assets attributable to loss carryforwards/number of shares in the Parent Company Organic growth: Change in net sales compared with the preceding period excluding currency fluctuations and acquisitions (with the exception of dealers)