Kebni Q3 report 2025

Financial development Jul-Sep 2025 (KSEK)
Net sales, 30 422 (28 295), 8% growth year-on-year
EBITDA, 3 479 (-1 154), 11% (-4%)
Net profit/loss for the period, 938 (-3 347), 3% (-12%)
Net cash flow for the period, -9 562 (-1 696)
Operating cash flow for the period, -10 543 (356)
Earnings per share before and after dilution, 0,00 (-0,01)
 
Financial development Jan-Sep 2025 (KSEK)
Net sales, 99 061 (90 176), 10% growth year-on-year
EBITDA, 11 781 (5 109), 12% (6%)
Net profit for the period, 4 203 (390), 4% (0%)
Net cash flow for the period, -7 885 (-10 892)
Operating cash flow for the period, -2 682 (-2 268)
Earnings per share before and after dilution, 0,02 (0,00)
 
Significant events Jul-Sep 2025

• Salénia AB, through its subsidiary 3S Invest, acquired 27 million B-shares in Kebni, corresponding to just under 10% of outstanding shares, becoming Kebni’s largest shareholder.
• The first exercise period in Kebni’s Incentive Program 2022/2025 resulted in 2.38 million stock options being exercised, corresponding to 2.47 million new B-shares and raising SEK 4.3 million for the company.
• Notice of Extraordinary General Meeting published to propose an expanded Board and a new incentive program. The Nomination Committee proposes Olof Rudbeck, CEO of Salénia AB, as a new Board member.

Significant events after the period
No significant events after the period.

Comments from the CEO

This quarter reflects continued progress on Kebni’s path toward long-term growth, with an EBITDA margin of 11% and revenue of 30,4 MSEK – up 8% year-on-year.

Solid margins and continued progress
We reported stable financial performance in the third quarter, with EBITDA margin of 11% and net sales increasing by 8%. For the first nine months of the year we reached a EBITDA margin of 12% and net sales increase of 10% year-to-date.
I am encouraged that we continue to combine solid profitability with steady growth. We remain focused on sales growth, cost efficiency, and building the capabilities needed for continued expansion.

Continued progress within SensAItion
Within our SensAItion product family, we continue to see solid interest from the drone segment, where demand for high-performance IMUs is expected to be strong. In support of this demand we are currently developing an ArduPilot interface planned for release in October. With a standard interface like ArduPilot it will be much easier and faster for different drone manufacturers to select and integrate the SensAItion IMU in their products.

The global IMU market is developing steadily, driven by growth in autonomous systems and defense applications. We are maintaining close dialogue with customers and partners, while continuously refining the SensAItion platform to strengthen our competitiveness and capture new business opportunities.

We continued our collaboration with Aimpoint, a global leader in electro-optical sight technology, with deliveries made during the quarter. Under the technical collaboration framework, the companies are exploring the potential integration of Kebni’s SensAItion IMU into a future Aimpoint application. The project is progressing positively and illustrates that SensAItion is a competitive product, not only for the drone segment but also for other applications within the defence sector.

In Korea, the previously announced future soldier project with ACE Antenna, is progressing well and is under user evaluation, all according to plan.

Continued partnership with Saab
Our partnership with Saab continues to develop positively. Deliveries are ongoing for the tailored NLAW IMU, and we maintain a close and constructive dialogue.

Sales activities and project progress
During the quarter, we continued to drive our sales and project activities forward. At the DSEI exhibition in London, one of the world’s largest defense and security events, Kebni met with numerous international stakeholders, including potential customers and partners. The event confirmed strong and growing market interest in our technologies and provided valuable opportunities to strengthen relationships within the global defense industry.

Our Satcom Gimbal continues to be a strong and proven product, recognized for its robust performance and reliability in demanding environments. Customer engagement remains active, although the sales cycles in this market are typically long. To further strengthen our offering and meet emerging customer requirements, we are also developing a dual-band solution that enables simultaneous transmission across two frequency bands. This enhancement builds on our existing platform and will provide additional flexibility and capability for future applications.

Scaffsense – Joint Venture Company
To secure the highest operational performance and customer value, supplementary testing is being conducted through the third and fourth quarters.

Enhanced governance and employee engagement
After the quarter, Olof Rudbeck, Salénia, was elected as a new member of the Board, further strengthening our strategic capacity and governance.

The employee option holders exercised the first tranche of our employee stock option program during the quarter. The program had a strong participation across the organisation – a clear sign of engagement and confidence in Kebni’s future.

Positioned for sustained performance
Looking back at the third quarter, we have maintained good momentum across our key programs. We are advancing in ongoing customer projects, while our product development strengthens Kebni’s long-term competitiveness.
 
Torbjörn Saxmo, CEO
 
The full report is available on Kebni’s website: https://www.kebni.com/reports-and-documents/