Refine Group AB (publ) (STO:REFINE)

Refine Group AB Income Statement

Financials in millions SEK. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Revenue	152.7	244.94	261.6	232.64
Revenue Growth (YoY)	-41.68%	-6.37%	12.45%	-
Cost of Revenue	120.75	187.79	203.3	185.44
Gross Profit	31.96	57.16	58.3	47.21
Selling, General & Admin	40.63	60.5	70.49	31.9
Other Operating Expenses	-0.57	-0.4	-12.26	-0.75
Operating Expenses	108.93	104.89	109.48	58.69
Operating Income	-76.97	-47.73	-51.18	-11.48
Interest Expense	-7.46	-13.71	-12.17	-6.23
Interest & Investment Income	1.21	1.3	3.38	0.03
Earnings From Equity Investments	58.65	-	-	3.47
EBT Excluding Unusual Items	-24.63	-60.14	-59.96	-14.21
Impairment of Goodwill	-71.08	-71.08	-239.2	-
Gain (Loss) on Sale of Investments	-33.28	-33.28	-16.01	-
Pretax Income	-128.98	-164.5	-315.17	-14.21
Income Tax Expense	0.07	0.07	-3.31	3.4
Earnings From Continuing Operations	-129.05	-164.57	-311.86	-17.6
Minority Interest in Earnings	0.09	0.08	-1.14	0.64
Net Income	-128.96	-164.48	-313	-16.96
Net Income to Common	-128.96	-164.48	-313	-16.96
Shares Outstanding (Basic)	129	68	30	-
Shares Outstanding (Diluted)	129	68	30	-
Shares Change (YoY)	173.42%	123.21%	-	-
EPS (Basic)	-1.00	-2.44	-10.35	-
EPS (Diluted)	-1.00	-2.44	-10.35	-
Free Cash Flow	-11.11	-12.3	26.27	-4.12
Free Cash Flow Per Share	-0.09	-0.18	0.87	-
Gross Margin	20.93%	23.33%	22.29%	20.29%
Operating Margin	-50.40%	-19.49%	-19.56%	-4.93%
Profit Margin	-84.45%	-67.15%	-119.65%	-7.29%
Free Cash Flow Margin	-7.27%	-5.02%	10.04%	-1.77%
EBITDA	-8.1	-2.94	0.02	16.05
EBITDA Margin	-5.30%	-1.20%	0.01%	6.90%
D&A For EBITDA	68.87	44.79	51.19	27.53
EBIT	-76.97	-47.73	-51.18	-11.48
EBIT Margin	-50.40%	-19.49%	-19.56%	-4.93%
Revenue as Reported	153.72	245.71	275.46	233.59

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.