Slides
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1 Nimbus Group Q1 report 29 April 2025
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2 Today’s Presenters Jan-Erik Lindström CEO Rasmus Alvemyr CFO
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3 Business update first quarter 2025 Sales amounted to 300 mSEK (344), down by -13% EBITA -13 mSEK (-14) Order intake 334 mSEK (360) Weakening market in relation to estimate from YE affecting Commercial Sales with steep decline in Other markets (but only representing 4 % of our total business during 2024) The tariff situation fuels uncertainty and hesitancy among customers Positive development in Retail Sales (but small quarter) Current sales levels do not fully leverage our investments in business set-up Actions to sell value brand equipment as part of Kuopio closing according to plan Rights issue of 345 MSEK (after transaction costs) successfully completed in Jan 2025. Establishing new marketplaces globally Retail Sales new establishment at Biskopsudden, Stockholm CEO Jan-Erik has decided to retire during 2025 – will continue to support and remain as shareholder
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4 This is Nimbus Group Founded in 1968 Long history of international trade True house of well-known brands 2022, June - Own establishment in North America 2023, May – Acquisition of EdgeWater Power Boats (enabling local US production) 2024, first US produced Nimbus boat in Q2 2024, sept – Nimbus 495 launched at Cannes 2024, oct – Alukin entering governmental segment with order from Swedish armed forces
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5 Commercial Sales – development Q1 Sales drop by -17% (-51 MSEK) driven by ROW Stronger order intake in Europe but North America softening Only confirmed orders in the order book with pre-payment The order from FMV not included, only the pre-series 0 200 400 600 800 1 000 1 200 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 Orderbook 125 24 55 12 216 117 43 77 20 257 95 44 82 9 230 0 50 100 150 200 250 300 North America Nordics Europe Other markets Total Order Intake Q1 (2023, 2024, 2025) 45 91 82 20 238 116 48 80 51 295 116 32 91 5 244 0 50 100 150 200 250 300 350 North America Nordics Europe Other markets Total Net Sales Q1 (2023, 2024, 2025)
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6 Retail Sales – development Q1 Seasonally small Quarter Sales increased by +15% driven by own brands Continued increase in order intake since Q2-24 Orderbook on highest level since Q1 -23 0 100 200 300 400 500 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 Orderbook 40 57 12 109 63 40 15 118 51 53 16 120 0 20 40 60 80 100 120 140 Own brands Traded & used boats Service & accessories TotalOrder Intake Q1 (2023, 2024, 2025) 34 19 13 66 20 13 16 49 27 14 16 57 0 10 20 30 40 50 60 70 Own brands Traded & used boats Service & accessories Total Net Sales Q1 (2023, 2024, 2025)
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7 927 1 455 1 751 1 898 1 619 1 576 344 300 2020 2021 2022 2023 2024 2025Q1 LTM Q1 ISO 2024 Q1 ISO 2025 Group Sales Continued cost underabsorption effects from low sales and production volumes Focus on reducing finished goods had a negative impact on gross margin Improvement in EdgeWater Y/Y by +16 MSEK (EBITA) OPEX cost reduced to 50 MSEK (56), despite increased investments in sales organization Finance net -36 MSEK (3) – heavily impacted by IC currency effects (USD) (reversed effect from Q4-24) P&L development 63 166 193 100 -60 -59 6,8% 11,4% 11,0% 5,2% -3,7% -3,7% -10% -5% 0% 5% 10% 15% -100 -50 0 50 100 150 200 250 2020 2021 2022 2023 2024 2025Q1 EBITA LTM EBITA EBITA-margin Incl. restructuring costs of 55
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8 520 513 534 571 626 548 563 620 710 30% 25% 27% 30% 32% 30% 33% 38% 45% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 NWC NWC NWC / LTM sales CF & Working Capital Q1 is normally the peak in NWC due to strong seasonal effects in Retail Sales (Nordics) with high inventory levels Operating CF in Q1 amounted to net -127 mSEK (-90) mostly driven by higher levels of receivables due to timing effects in deliveries (-91) from previously low levels in Q4 Unexpected sales drop, driven by tariffs and economic uncertainty in Q1 has pushed the anticipated Inventory release in Commercial Sales forward, resulting in continued high levels of inventory Measures implemented to adapt production to demand is ongoing but has not achieved intended effect due to the above -7 -19 -48 -91 50 -12 -127 P&L Finance, net Inventory Receivables NWC other CAPEX Operating CF 0 -20 -40 -60 -80 -100 -120 -140 -160 -180 Operating Cash Flow Q1
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9 Financial Targets Growth >10% EBITA margin 10% Dividend policy 30% Capital structure - No Financial debt
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10 Q & A Financial calendar: Annual General Meeting 16 May Q2 report 2025 17 July