Earnings release
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Q3 TRADING STATEMENT 1 July – 30 September 2025 GomSpace Group AB | Ulls Väg 29A | SE-756 51 Uppsala | Sweden EBITDA (adj.)* INCREASED TO 15.0 M.SEK (Q3 2024 AT -1.3 M.SEK) REVENUE INCREASED BY 94% TO 111.7 M.SEK (Q3 2024 AT 57.7 M.SEK) FREE CASH FLOW -38.0 M.SEK (Q3 2024 AT 12.0 M.SEK)
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Dear Reader, Strong performance, strong team, strong investor I am very pleased with the GomSpace team’s performance. The results we’re delivering — and the momentum we’re building — are a direct reflection of the team’s dedication, resilience, and focused execution across the business. It’s encouraging to see how much progress we’ve made in such a short time. I’d also like to acknowledge the tremendous support from our largest investor, Peter Hargreaves. His commitment brings strong internal con fidence and reinforces our credibility externally. Upgraded outlook confirms trajectory Following strong results in the first half of 2025, the positive trend continued in the third quarter. As a result, we have, on October 15 upgraded our full-year outlook to revenue of 420 to 450 M.SEK (previously 320 to 380 M.SEK) and an EBITDA margin of 6% to 12% (previously -2% to +10%). This confirms that the momentum we communicated in previous quarters is not just holding — it’s accelerating. Free cash flow timing shifts to Q4 Our free cash flow for the quarter came in negative, driven by deferred milestone payments for work already completed. This was not anticipated, but we expect the situation to correct in the fourth quarter. Accordingly, we maintain our full-year outlook of positive free cash flow. Positioned to scale with ambition We are now entering a new phase — delivering strong positive EBITDA and backed by a strengthened balance sheet. On July 3, we announced the completion of a capital expansion with our main shareholder, securing EUR 18 million in equity. On July 16, we accessed a further EUR 6 million through our credit facility. Together, this gives us the financial stability and flexibility to execute on our operational and development roadmap — and pursue larger opportunities in 2026 and beyond. Public investment in space is accelerating Over the past months, I was speaking at several European conferences on “Resilience from Space,” and the momentum is real. Germany recently announced EUR 35 billion for space procurement over the next four years, and the EU has committed EUR 800 billion for defense and space initiatives. Notably, Denmark will increase its contribution to the European Space Agency by a factor of three over the same period, reinforcing our country’s growing commitment to space as a strategic capability. We are, of course, optimistic that the Danish Government and Armed Forces will follow suit with concrete procurement from Denmark’s strong and competitive space industry. We also see potential for a joint Nordic initiative, where shared capabilities can serve both civil and national security interests. GomSpace and the rest of the Danish space industry is ready to support and serve our country. Looking ahead Our strategy is working. The transformation we’ve led over the past 24 months is delivering results — financially, commercially, and operationally. As we close the third quarter and look to the final stretch of 2025, we are focused on securing milestone completions and payments, delivering on our commitments, and preparing GomSpace for the next phase of scalable, sustainable and profitable growth. With warm regards, Carsten Drachmann CEO, GomSpace TRADING STATEMENT FOR Q3 2025 Words from the CEO Accelerating with confidence
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TRADING STATEMENT FOR Q3 2025 * Adjusted EBITDA for sharebased payment and other adjustments. ** A reassessment of inventory positively impacted EBITDA. Q3 YTD T.SEK 2025 2024 ▲% 2025 2024 ▲% Order intake 58,538 68,666 -14.7% 373,726 325,011 15% Revenue 111,697 57,698 94% 296,400 173,795 71% EBITDA (adjusted)* 15,006 -1,329 35,430 -17,470 EBITDA (adjusted)* as percentage of revenue 13% -2% 12% -10% Share-based employee cost and other adjustments -3,899 -2,930 -8,580 -4,846 EBITDA 11,107 -4,259 26,850 -22,316 EBITDA as percentage of revenue 10% -7% 9% -13% EBIT 3,337 -13,292 3,450 -43,848 EBIT as percentage of revenue 3% -23% 1% -25% Fair value adjustment of credit facility 17,054 0 -16,445 0 Profit (loss) for the period 12,749 -22,831 -22,090 -57,355 Earnings per share, basic 0.08 -0.16 -0.14 -0.41 Earnings per share, diluted 0.08 -0.16 -0.13 -0.41 Free cash flow -37,974 12,007 -78,357 6,518 Net cash and cash equivalents 255,158 62,251 310% 255,158 62,251 310% Revenue breakdown Programs 84,499 32,701 158% 194,186 96,248 102% Products 21,899 21,353 3% 85,454 62,977 36% North America 5,299 3,644 45% 16,760 14,570 15% Total revenue 111,697 57,698 94% 296,400 173,795 71% EBITDA (adjusted) breakdown Programs 7,913 57 21,624 -1,850 Products** 8,252 1,422 15,601 -16,242 North America -1,159 -2,807 -1,795 623 Total EBITDA (adjusted)* 15,006 -1,329 35,430 -17,470 FINANCIAL SUMMARY Revenue M.SEK EBITDA (adjusted) M.SEK Revenue end of quarter EBITDA (adj.) end of quarterRevenue LTM EBITDA (adj.) LTM Q3Q3 Q4Q4 Q1 Q1 Q2Q3 Q2 Q3 83.3 57.7 88.8 120 100 80 60 40 20 0 120 100 80 60 40 20 0 111.7 95.9 15 10 5 0 -5 -10 15 10 5 0 -5 -10 11.3 0.8 15.0 9.1 -1.3
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TRADING STATEMENT FOR Q3 2025 Order intake per business unit Q3 % of orders 48% 4% 48% Programs Products North America Order intake M.SEK Q3 Q4 Q1 Q2 Q3 300 250 200 150 100 50 0 257.8 58.557.4 149.8 68.6 Business units T.SEK Programs Products North America Total Order backlog 1 January 2025 302,935 53,034 6,722 362,691 Currency adjustment -6,717 -2,221 -712 -9,650 Order intake 233,849 66,759 14,575 315,183 Cancelled orders -19,883 0 0 -19,883 Converted to revenue -109,687 -63,494 -11,461 -184,642 Order backlog 30 June 2025 400,497 54,078 9,124 463,699 Order backlog 1 July 2025 400,497 54,078 9,124 463,699 Currency adjustment 702 -309 -277 116 Order intake 28,109 27,923 2,506 58,538 Cancelled orders 0 0 0 0 Converted to revenue -84,531 -21,880 -5,286 -111,697 Order backlog 30 September 2025 344,777 59,812 6,067 410,656 Operating profit (EBIT) M.SEK EBIT end of quarter EBIT LTM Q3 Q4 Q1 Q2 -13.3 -21.0 5 0 -5 -10 -15 -20 -25 5 0 -5 -10 -15 -20 -25 0.8 -0.7 Q3 3.3 Free cash flow M.SEK Free cash flow end of quarter Free cash flow LTM Q3 Q3Q4 Q1 Q2 40 20 0 -20 -40 -60 40 20 0 -20 -40 -60 36.1 12.0 -45.1 -38.0 4.7
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• Revenue 420 to 450 M.SEK (320 to 380 M.SEK) • EBITDA margin: 6% to 12% (-2% to +10%) (EBITDA (adjusted) margin: 7% to 13% (-1% to +11%)) • Free cash flow: Positive for the full year of 2025 (unchanged) Numbers in ( ) are previous outlook. Following a strong performance highlighted in our half- year interim report, where we delivered results at the up- per end of our previous guidance, the expected positive trend continued in the third quarter. The revenue outlook has therefore increased by more than 100 M.SEK for the whole year, and as a result, EBITDA margin and EBITDA (adjusted) margin are expected to be positive for the full year 2025. This positive revision reflects the recent organizational expansion undertaken to deliver on the substantial order secured in the second quarter, as well as the sustained, higher-than-anticipated operational activity across the business. All three Business Units delivered double-digit revenue growth for the first nine months; however, for Business Unit North America, the expected growth for 2025 is lower than earlier expected. Our outlook for achieving positive free cash flow for the whole year remains unchanged. It should be noted that the ongoing operational ramp-up and later-than-antic- ipated customer payments have resulted in increased working capital for the quarter. Consequently, we have revised our projections for the recovery of operational cash flow, which we now anticipate will take place towards the end of the fourth quarter. Our guidance assumes that key achieved milestone payments will be received by year-end. 2025 EXPECTATIONS AND ASSUMPTIONS Following the strong performance during the first nine months an upgraded outlook for 2025 was issued on October 15, reflecting substantial revenue growth and a strong EBITDA margin. GomSpace Group AB | Ulls Väg 29A | SE-756 51 Uppsala | Sweden TRADING STATEMENT FOR Q3 2025