Sweden’s Nimbus Group has reported net sales of SEK 263m ($28.93m) for the third quarter of 2025, a decrease of 30 per cent compared with the same period in 2024.
For the first nine months, net sales amounted to SEK 1.13bn ($124.74m), down 16 per cent year-on-year. The firm says this decline was primarily due to a continued weak North American market, where sales fell 65 per cent to SEK 71m ($7.81m).
EBITA for the quarter was SEK -45m ($4.95m), or SEK -28m ($3.08m) before restructuring costs, compared with SEK -66m ($7.26m) a year earlier.
Operating cash flow for the quarter totalled SEK -43m ($4.73m), an improvement on SEK -69m ($7.59m) in the same period last year. The order book at the end of September was SEK 358m ($39.38m), down from SEK 508m ($55.88m), with commercial sales accounting for SEK 297m ($32.67m) and retail sales SEK 61m ($6.71m).
President and CEO Johan Inden — who took the reins in May 2025 — says, “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 organisation 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.”
Cost reduction measures lowered the operating cost base by SEK 12m ($1.32m) compared with the previous year but did not offset reduced volumes.
Restructuring costs were mainly related to the closure of production in Larsmo, Finland, with production of Aquador and Falcon models moved to the partner facility that manufactures Nimbus’ WTC series in Poland. The full effects of cost-cutting measures are expected in early 2026.
Inden notes that sales in North America have fallen more sharply than the market overall. “To address this, we have initiated a review of our way of working with the goal of accelerating sales with increased efficiency,” he says.
Sales in Europe increased to SEK 74m ($8.14m) from SEK 33m ($3.63m) in the same quarter last year, while Nordic sales declined to SEK 10m ($1.1m) from SEK 21m ($2.31m). Sales in other markets rose to SEK 10m ($1.1m) from SEK 8m ($0.88m).
The company says it continues to consolidate production into fewer, more flexible sites. In addition to relocating Aquador and Falcon manufacturing, the firm is pursuing efficiency improvements across operations. Nimbus has also initiated a divestment process for its 50 per cent holding in Stream Propulsion, which produces electric outboards for small boats.
Inden says, “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. 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.”
During the quarter, the Swedish Defence Materiel Administration approved the design of the workboat being developed by Nimbus and Svekon for the Swedish Armed Forces. After the balance sheet date, Christina Evans assumed the role of executive vice president and commercial sales director.
Inden says, “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.”
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