The first quarter shows stable cash flow and strategic progress, even though the start of the year brought negative growth partly explained by more difficult installation conditions during the winter period. Compared with Q1 last year, the company recorded -25% growth, which can also be attributed to an exceptionally strong first quarter in 2024 and delayed project starts in 2025. The early-year holiday period and seasonality also impacted EBITA, which came in at 6% for the quarter—low relative to our financial targets and MastIT Group’s historical profitability (yet still significantly above the industry average). Despite lower revenue, MastIT Group demonstrates strong financial resilience: cash flow from operating activities amounted to SEK 22 million (SEK 6 million), confirming continued cost control, effective project management, and a solid operational foundation.

During the period, the Group’s workforce reached up to 78 FTEs, including various specialists and installers, consisting of both employees and external resources (contracted through subcontractors). The average number of directly employed staff at the Group’s head office was 33 during Q1 2025.

In the first quarter, MastIT Group completed the first phase of indoor coverage for all Swedish mobile operators at Avicii Arena, in collaboration with Stockholm Live and Tre (3). During the quarter, an agreement for installation and maintenance for a Swedish government agency was also signed, adding a new segment to the company’s operations. The negative growth trend in Q1 2025 can partly be explained by an ongoing shift in which projects are executed via infrastructure companies rather than telecom operators; this transition has pushed projects forward due to delays in building permits and site acquisition processes that must be in place before project start. Order intake increased in Q1, but project execution has been postponed to the latter part of the year.

We enter the second quarter with a healthy project pipeline, newly established channels into adjacent business segments, rising demand for indoor coverage, and very strong customer relationships. Our focus is on realizing deferred projects, further developing the newly established public-sector segment, and ensuring the organization is equipped for growth. We expect our customers’ mobile infrastructure installation projects to resume at full capacity in the coming quarters.

MastIT Group assesses that the market for mobile infrastructure offers strong long-term growth opportunities, where the Group has the potential to gain market share both within its core areas and in new business lines. Rapid technological development and growing needs for high availability, capacity, and reliability in communication networks—driven by an increasing number of connected products and services (e.g., IoT and autonomous/self-driving vehicles)—are fueling industry growth. The mobile infrastructure market is expected to continue expanding in the coming years, driven by the rollout of 5G and the need for network densification to provide higher bandwidth and data throughput.

For further information or to discuss potential future collaborations, please contact Michael Alex, CEO of MastIT Group.