Sentia Q2 2025 presentation: Order backlog hits record high following successful IPO

Introduction & Market Context

Sentia ASA (OB:SNTIA) presented its second quarter and first half 2025 results on August 26, 2025, showcasing strong performance following its successful initial public offering in June. The Norwegian construction and infrastructure company, which specializes in large-scale complex building projects, reported significant growth in order intake and backlog while maintaining solid financial metrics.

Shares in Sentia rose 1.88% to 65.20 NOK during the presentation day, continuing the positive momentum that has seen the stock gain 27.5% since its IPO price of 50.00 NOK per share.

Executive Summary

Sentia’s Q2 2025 results revealed an 8.4% year-over-year revenue increase to 2,929 million NOK, while earnings before tax (EBT) rose to 202 million NOK from 169 million NOK in the same period last year. The company highlighted its successful listing on the Oslo Stock Exchange on June 13, which was 15 times oversubscribed and attracted 6,000 new shareholders.

As shown in the following chart of quarterly highlights, the company demonstrated strong operational and financial performance:

Perhaps most notable was the company’s record order intake of 6,018 million NOK in Q2 2025, more than double the 2,685 million NOK recorded in Q2 2024. This contributed to an all-time high order backlog of 21,341 million NOK, positioning the company well for future growth.

Quarterly Performance Highlights

Sentia’s order intake and backlog have shown impressive growth trajectories, as illustrated in the following chart:

The company’s financial position remains strong with a net financial position of 3,037 million NOK, up from 2,586 million NOK in the comparable period. Cash flow from operations reached 206 million NOK in Q2 2025, compared to 177 million NOK in Q2 2024.

Health and safety metrics also showed improvement, with the Lost Time Injury (LTI) rate decreasing to 1.8 from 2.4 in Q4 2024, while the sick leave rate remained relatively stable at 4.8%.

Detailed Financial Analysis

Sentia’s consolidated financial results show revenue growth across its operations, with particularly strong performance in its Swedish segment, which saw a 49.3% increase in revenue to 563 million NOK compared to 377 million NOK in Q2 2024.

The company’s revenue breakdown reveals a diverse project portfolio with a significant public sector focus:

The company’s financial position has been substantially strengthened following the IPO, as demonstrated in this chart:

Sentia reported an impressive return on capital employed of 28.4%, highlighting the company’s efficient use of capital and strong operational performance:

Strategic Initiatives

Sentia secured several significant new projects during the quarter, including the Bodø Airport project in Norway with a contract value of 1,900 million NOK. This major infrastructure project, scheduled for completion in 2028, will include a new passenger terminal with capacity for 2.3 million passengers annually.

The company provided details about this strategic project:

Other notable new contracts include The Whale museum in Andøya (345 million NOK), Aker Hospital structural work in Oslo (188 million NOK), and several major projects in Sweden including Kaj 16 in Gothenburg (647 million SEK).

Forward-Looking Statements

Following its successful IPO, Sentia appears well-positioned for continued growth with its record-high order backlog and strong financial foundation. The company’s diversified portfolio across both public and private sectors, with particular strength in education (29%), commercial (31%), and public administration (24%) segments, provides stability and growth opportunities.

Management highlighted the company’s substantial employee ownership as a positive factor for long-term alignment and emphasized their focus on operational excellence and selective bidding to maintain profitability. With cash reserves of 3,263 million NOK against interest-bearing debt of just 226 million NOK, Sentia has significant financial flexibility to pursue strategic opportunities.

The share price development since the IPO reflects investor confidence in Sentia’s business model and growth prospects:

With continued strong order intake and a solid balance sheet, Sentia appears well-positioned to capitalize on infrastructure and building opportunities across the Nordic region while delivering value to its new public shareholders.

Full presentation:

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