“The fact that we can still report a positive result for the quarter, despite the headwinds, is proof of our ability to handle and fend off even challenging market development[s],” says Jan-Erik Lindström, Nimbus’ current CEO. He’s being replaced by Johan Inden as the new CEO of Nimbus Group AB, effective 1 September, 2025.
Lindström’s comments come as the group announced its Q2 2025 results. In these, net sales amounted to SEK 571 million (circa £44m), which were down eight per cent compared with the previous year. The first six months of this year shows a net sales decrease of ten per cent.
In Q2, commercial sales decreased to SEK 297 million (circa £23m) and retail sales decreased to SEK 274 million (circa £21m). The order book at the end of the period amounted to SEK 409 million (circa £31m), of which commercial sales amounted to SEK 381 million (circa £29m) and retail sales SEK 28 million (circa £2m).
EBITA amounted to SEK 25 million (circa £1.9m). The EBITA margin was 4.5 per cent, compared to 7.2 per cent in the previous year.
Increased customs duties and negative currency fluctuations
The margin on premium boats has been maintained at a good level, but overall, it continues to be burdened by cost shortfalls from low production volumes and campaigns to reduce inventories of finished boats. In addition, the gross margin was impacted net, after measures taken, by both increased customs duties to the US of SEK 1 million (circa £77k) and negative currency fluctuations of SEK 10 million (circa £765k), primarily against the USD. Adjusted for these effects, the gross margin was 13.9 per cent. The published results can be found in the company’s interim report online.
General economic uncertainty with geopolitical situation leaves mark
The group says that uncertainty continues to characterise markets and customers.
“Customers continued to show the same cautious behaviour that we saw in the first quarter of this year,” says Lindström.
“This was due to continued uncertainty about tariffs and general economic uncertainty in the wake of the continued uncertain geopolitical situation. Nimbus Group has managed the situation by influencing the parts we can influence, which has meant that we have successfully reduced our inventories while reviewing our costs and continuing to invest in expanding our dealer network.
“The inventory reductions have improved our cash flow and, in combination with good cost discipline, have contributed to a relatively stable financial position under the current circumstances. The weak development in key markets has had a broad impact on our entire industry.”
Weaker sales in North America and Europe, and the uncertainty surrounding the development of the local economies, has affected both Nimbus’ dealers and end customers. They’re waiting on purchasing a boat until the picture becomes clearer, Lindström posits. In Europe, sales decreased by 8 per cent to SEK 109 million (circa £8m) and in North America by 9 per cent to SEK 125 million (circa £10m).
While the size of the commercial sales order book has been stable since the second quarter of 2024, to handle the weaker market, commercial sales is focusing on expanding and densifying existing dealer networks.
“During the quarter we were able to announce that we had signed agreements with new dealers in several key markets, including North America, Asia and Southern Europe,” Lindström says. “New retailers provide a broader exposure to our products and thus improved opportunities for increased sales.
“By expanding our dealer network, we can also establish more brands in more markets and during the quarter we established our first dealers of boats of the Alukin brand in the US and the Aquador brand in Japan.
Nimbus Group’s retail sales decrease eight per cent
“In our retail sales business area, which includes all self-owned retailers, sales amounted to SEK 274 million (circa £21m), which is a decrease of eight per cent. Most of our business within our own dealers is located in Sweden and Norway. Sweden was the first to enter the current recession and our previous assessment that Sweden should be first out of the recession continues to hold its own, although there is some way to go to historically more normal levels.”
Lindström points out that anyone who has been in the industry for a few years knows that fluctuations in the economy are part of it, but also that it can change quickly and that it is difficult to assess how long they last.
“For Nimbus, this means that we must adapt our costs to the current economy, and this is something we have continued to do during the quarter. The cutbacks have improved our cost situation going forward and we expect lower running costs to have a positive financial impact already from the third quarter. Of course, cutbacks alone will not be enough, but we also need the help of a better economy, and here we continue to have some hope that a turnaround is in sight in Europe and North America as well.”
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