Nimbus FY2025 results: Losses widen amid weak demand in North America
Sweden’s Nimbus Group manufactures boats under brands including Aquador, Nimbus and Paragon
Swedish leisure motorboat manufacturer Nimbus Group reported lower sales and earnings for the fourth quarter and full year 2025, reflecting weaker demand in several markets and the impact of restructuring measures.
For the fourth quarter, covering October to December 2025, net sales amounted to SEK 233m (US$25.63m), a decrease of 15 per cent compared with the same period the previous year. Commercial sales declined to SEK 156m ($17.16m), while retail sales increased slightly to SEK 77m ($8.47m).
Organic growth for the quarter was minus 11 per cent. EBITA amounted to SEK -52m ($-5.72m), compared with SEK -25m ($-2.75m) a year earlier, and EBITA before closure costs related to Finland was SEK -35m ($-3.85m).
The EBITA margin for the quarter was minus 22.4 per cent. Operating cash flow amounted to SEK -7m ($-0.77m). Earnings per share were SEK -1.72. The order book at the end of the period totalled SEK 441m ($48.51m), of which SEK 357m ($39.27m) related to commercial sales and SEK 84m ($9.24m) to retail sales.
For the full year January to December 2025, net sales amounted to SEK 1,367m ($150.37m), a decrease of 16 per cent compared with the previous year. Commercial sales for the year were SEK 862m ($94.82m) and retail sales SEK 505m ($55.55m). Organic growth for the full year was minus 14 per cent.
EBITA amounted to SEK -84m ($-9.24m), compared with SEK -60m ($-6.60m) in 2024, while EBITA before closure costs related to Finland was SEK -41m ($-4.51m). The EBITA margin for the year was minus 6.2 per cent. Operating cash flow for the full year amounted to SEK -87m ($-9.57m). Earnings per share were SEK -3.94 ($-0.43). The board proposes that no dividend be distributed for 2025.
The order book at year end stood at SEK 441m ($48.51m), compared with SEK 574m a year earlier. Of this, commercial sales accounted for SEK 357m ($39.27m) and retail sales for SEK 84m ($9.24m). Nimbus Group reports that the decline in the order book is attributable to developments in North America, while Europe and retail were broadly in line with the previous year.
Challenging market conditions
It has been a challenging couple of years for Nimbus Group, which reported net sales of SEK 263m ($28.93m) during a “challenging” third quarter of 2025, a decrease of 30 per cent compared with the same period in 2024.
In December 2025, chief financial officer Rasmus Alvemyr confirmed his plans to leave the company after seven years in the position. He will continue in the role during the recruitment process for his successor. The firm has since consolidated commercial leadership, retail leadership, aftermarket and marketing into a single function.
In his statement, president and CEO Johan Inden acknowledges the impact of market conditions on the firm’s results. “The global marine market remains characterised by caution, but we are seeing improvement in certain markets, he says, also noting that: “In North America, sales remain weak.” European sales have, however, remained stable.
Inden adds that the Swedish Defence Materiel Administration has completed approved sea trials of a workboat developed by Nimbus Group together with Svekon, stating that “Serial deliveries are planned to begin in 2026 for this important contract for Nimbus Group.”
Nimbus launched the WTC 12 series, positioned as an updated successor to the WTC 11 series, with the premiere taking place at boot Düsseldorf in January 2026. The company’s CFO, Rasmus Alvemyr, announced that he will leave the company after seven years in the role, remaining during a transition period while a successor is recruited.
Events after the balance sheet date include measures within the North American operations aimed at strengthening commercial capabilities and reducing costs. At the boat show in Düsseldorf, Nimbus Group presented further details of the Nimbus 495 Coupé, with production scheduled to begin in 2026 and deliveries planned for 2027.
The Swedish Defence Materiel Administration also conducted approved sea trials of the workboat being developed by Nimbus Group together with Svekon for the Swedish Armed Forces, with serial deliveries expected to start in 2026.
Leave a Reply