Nimbus Q1 2025: ‘Bright spots’ amid ongoing downturn
Nimbus Group, the Swedish leisure motorboat manufacturer, has reported a 13 per cent decline in net sales for the first quarter of 2025, amounting to SEK 300m (£23.4m), compared to SEK 344m (£26.8m) during the same period in 2024. Organic growth was also negative at -13 per cent.
EBITA improved slightly in absolute terms, rising from SEK -14m (£1.1m) in Q1 2024 to SEK -13m (£1m) in Q1 2025, resulting in an EBITA margin of -4.2 per cent (-4 per cent).
Sales are distributed across North America, the Nordics, Europe and “other markets.” Sales in the commercial sales segment totalled SEK 244m (£19m), a year-on-year decline of 17 per cent. The downturn was mainly driven by reduced sales in “other markets”, where activity remains subdued.
North America was stable overall, but within the region, EdgeWater sales more than doubled to SEK 71m (£5.5m) (compared to SEK 34m/£2.7m in Q1 2024), while Nimbus-branded boat sales dropped from SEK 82m (£6.4m) to SEK 45m (£3.5m). This decrease is attributed to a softer US market. The Nordic region also saw a contraction, with sales falling to SEK 32m (£2.5m) from SEK 48m (£3.7m), while sales in Europe rose by 15 per cent to SEK 91m (£7.1m) (SEK 80m/£6.2m). Sales in other markets decreased sharply to SEK 5m (£0.4m) (vs SEK 51m/£4m in the same period of 2024).
Retail sales grew 15 per cent year-on-year, reaching SEK 56m (£4.4m) compared to SEK 49m (£3.8m) in the first quarter of 2024. This segment, which comprises company-owned dealerships, showed growth, particularly through sales at boat shows in Gothenburg and Stockholm. Sales of new boats from Nimbus Group’s own brands rose by 32 per cent, and sales of external and used boats remained steady.
The commercial sales order book stood at SEK 470m (£36.7m) at the end of the quarter, down from SEK 665m (£51.9m) the previous year. Retail sales order book rose 24 per cent to SEK 154m (£12m) (vs SEK 124m/£9.7m in 2024). Advance payments from customers amounted to SEK 105m (£8.2m), representing 22 per cent of the commercial sales order book.
Operating cash flow for the quarter was SEK -127m (£9.9m) (vs SEK -90m/£7m), influenced primarily by changes in inventory and receivables. Total operating expenses declined to SEK 50m (£3.9m) (SEK 56m/£4.4m) due to cost-saving measures. The financial net for the period was SEK -36m (£2.8m), down from SEK 3m/£0.2m in Q1 2024, largely due to currency translation losses.
Commenting on market conditions, CEO Jan-Erik Lindström says, “Despite the year being only a quarter old, considerable turbulence has already unfolded within the global economy and the increased uncertainty is clearly reflected in our figures for the first quarter of 2025.
“Nonetheless, there were some bright spots, including strong sales through our own retail sales and our structured efforts to expand the number of resellers within commercial sales. Increasing and densifying our reseller network in key markets remains a central strategy for driving sales.
He adds: “Our focus in recent years on the premium segment also continues to yield positive results. In Europe, our sales are once again growing – exclusively within the premium segment.”
Looking ahead, Lindström states, “We can confirm that the market situation remains unusually difficult to assess, and that the uncertainty is likely to persist for some time. However, for Nimbus Group, uncertainty is not a new phenomenon but one that an experienced boat manufacturer must continuously adapt to.”
Other significant developments during the quarter included the delivery of the first Nimbus 495 Flybridge in the US, the world premiere of the Aquador 400HT at the Düsseldorf Boat Show and a restructuring agreement involving the Bella and Flipper brands.
Lindström has announced his intention to retire from his role as CEO in 2025.
Following the reporting period, Nimbus Group signed a dealer agreement with A&P Marine for distribution on Spain’s Costa Blanca and opened a new Stockholm location at Biskopsudden, expanding the company’s presence in the capital to three dealership sites.
