OXE Marine has achieved record propulsion sales for a second quarter in a row, amounting to SEK 48.6m, 43% up relative to the same quarter of the previous year.
Sales of parts and accessories (P&A) amounted to SEK 12.6m (SEK 11.3m), representing a 12% increase compared to the same quarter of the previous year, with total sales amounting to SEK 61.2m (SEK 45.4m), a growth of 35% quarter on quarter.
Gross margin also strengthened in the quarter ending June 2025, amounting to 37%, with the highest ever gross profit for a quarter.
EBITDA was SEK -0.7m (SEK –11.3m) for the quarter. The improvement is being put down to a growth in sales, stronger gross margin and keeping operating costs within the targeted level.
We have consistently improved on an operating profit level and will continue focus on achieving profitability.
Paul Frick
Consolidated net turnover was SEK 61.2m (SEK 45.4 m), with consolidated gross profit amounted to SEK 22.4 m (SEK 14.4 m) with a gross margin of 37% (32%).
The consolidated result for the quarter amounted to SEK -9.6m (SEK -20m).
For the whole first six months of 2025, OXE Marine had a consolidated net turnover of SEK 112.4m, up from SEK 84.5m compared to the same period in 2024.
Consolidated gross profit amounted to SEK 39.3m (SEK 25.1m) with a gross margin of 35% (30%) and consolidated EBITDA was SEK -6m (SEK –30.2 m).
“We have consistently improved on an operating profit level and will continue focus on achieving profitability all the way down to the bottom line,” said CEO Paul Frick.
“It was a solid quarter for OXE Marine, with strong demand for OXE’s products coming both from new customers as well as repeat orders from fleet customers.
Margin improvement
He added: “We are therefore pleased to see the consistent margin improvement in the underlying business.
“The improvement in margin is driven by a greater proportion of direct to OEM sales, a reduction in warranty costs and were negatively impacted by the USD/EUR forex exchange rate.”
And Paul continued that US tariffs may have an impact on the business with management attempting to mitigate the risks as much as possible.
He warned that in the short term, the tariff uncertainty may affect deliveries to the US. The company is not shipping product internally to its US subsidiary until there is more certainty around tariff levels.
In the long term, final tariff levels will be factored into the pricing of US sold products.
Looking ahead, the main focus areas will be to achieve profitability and growing sales.
The company is also due to expand its facility in Ängelholm, Sweden, including warehouse capacity and a new training facility to host the OXE Academy.
