Qben Infra Q2 2025 slides: Revenue growth continues with record Rail activity

Introduction & Market Context

Qben Infra AB (QBEN) presented its Q2 2025 results on August 29, 2025, highlighting continued revenue growth and improved profitability across its business divisions. The company’s shares have shown positive momentum, with the stock price increasing 4.81% to 10.9 SEK in the most recent trading session, though still below its 52-week high of 18.6 SEK.

The infrastructure services provider reported strong operating development during the quarter, supported by high activity levels in its Rail and Power divisions, while its Inspection division achieved a positive EBITA margin for the first time.

Quarterly Performance Highlights

Qben Infra reported Q2 2025 revenue of 835 million SEK, representing a 9.9% increase from Q1 2025 (760 million SEK). The company’s adjusted EBITA reached 72 million SEK for the quarter, up from 67 million SEK in Q1 2025, continuing the positive trend observed in recent quarters.

As shown in the following quarterly performance summary:

On a last twelve months (LTM) basis, Qben Infra’s revenue reached 2,913 million SEK in Q2 2025, while adjusted EBITA improved to 176 million SEK, representing a significant improvement from previous periods. The revenue distribution across divisions shows Rail as the largest contributor at 39%, followed by Power (28%), Construction (27%), and Inspection (6%).

Divisional Performance

Rail Division

The Rail division delivered record activity in May with stable development continuing in June. The division reported Q2 2025 revenue of 386.7 million SEK and adjusted EBITA of 37.0 million SEK, resulting in a 9.6% margin. This represents a substantial revenue increase compared to Q2 2024 (210.6 million SEK), though the margin declined from the 15.4% achieved in the same period last year.

The following chart illustrates the Rail division’s performance:

The company also noted progress on the potential sale of the Rail division, which could significantly impact Qben’s future structure and financial position.

Power Division

Qben’s Power division maintained stable profitability with effective delivery during Q2 2025. The division reported revenue of 173.2 million SEK and adjusted EBITA of 4.3 million SEK, resulting in a 2.5% margin. This represents a decline from Q2 2024 (233.7 million SEK revenue, 7.5% margin), though the company noted that project reporting impacted Q2 results with improvements expected in Q3/Q4.

Construction Division

The Construction division showed stepwise improvement with a clear delivery focus. Q2 2025 revenue was 106.3 million SEK with adjusted EBITA of 37.0 million SEK, resulting in a remarkable 34.8% margin. This represents a significant margin improvement compared to Q2 2024 (8.7%), though revenue declined from 226.3 million SEK in the same period last year.

Inspection Division

The Inspection division achieved continued growth and expanded capacity, reporting its first quarter with a positive EBITA margin. Q2 2025 revenue reached 50.8 million SEK with adjusted EBITA of 2.0 million SEK, resulting in a 4.0% margin. This represents significant improvement from Q2 2024, when the division reported 41.1 million SEK revenue and a slightly negative margin (-0.1%).

As illustrated in the division’s performance chart:

The growth trend is driven by testing and inspection services, with acquisitions expanding capacity. The company noted a positive outlook due to increasing regulatory requirements in the sector.

Order Book and Financial Position

Qben Infra reported a robust order book of 2.4 billion SEK, providing a strong foundation for continued growth. The order book has shown consistent growth from 1,039 million SEK in June 2024 to 2,390 million SEK in June 2025, representing a 130% increase year-over-year.

The following chart demonstrates this substantial order book growth:

The company maintains a balanced mix of standard contracts and framework agreements, with active bidding supporting future growth. This strong order book underpins Qben’s confidence in achieving its revenue targets.

Regarding financial position, Qben reported net debt of 733.7 million SEK (excluding property-related debt) with a debt ratio of 4.14x, which the company states is in compliance with loan agreement covenants.

Strategic Initiatives and Outlook

Qben Infra’s management highlighted that the company’s substance values indicate significant upside potential, with a multiple of invested capital of approximately 2.3x. The total net asset value after debt is estimated at 1,385 million SEK, with the Rail division valued at 650 million SEK and other holdings at 1,235 million SEK.

As illustrated in the following asset value breakdown:

The company is progressing toward its financial goal of 3.1 billion SEK in turnover with a 10% adjusted EBITDA margin. Current performance shows the company at 2.9 billion SEK revenue with 10% EBITDA margin in Q2 2025, with guidance suggesting the 3.1 billion SEK target will be reached by Q3 2025.

The progress toward these financial targets is shown in the following chart:

After the end of the quarter, Qben Power acquired Jan Erik Hagelund AS, further strengthening its market position and capacity. With its strong order book, improving profitability across divisions, and strategic acquisitions, Qben Infra appears well-positioned to deliver on its growth targets and create long-term shareholder value, though investors should note the company’s relatively high debt ratio of 4.14x.

Full presentation:

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