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Formpipe Software
Interim / Quarterly Report • Aug 19, 2025
3159_ir_2025-08-19_d60de53a-6010-44f6-a2e5-7acbba2d2203.pdf
Interim / Quarterly Report
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| 2025 | 2024 | Δ | |
|---|---|---|---|
| Net sales of SEK | 140 m | (132 m) | 5% |
| Recurring revenues of SEK | 112 m | (107 m) | 5% |
| which corresponds to % of net sales | 80 % | (81 %) | |
| EBITDA SEK | 29 m | (25 m) | 17% |
| EBITDA margin | 21 % | (19 %) | |
| EBIT-adj. | 12 m | (8 m) | 50% |
| EBIT-adj. marginal | 9 % | (6 %) | |
| EBIT | 2 m | (8 m) | -79% |
| EBIT margin | 1 % | (6 %) | |
| Net profit SEK | 0 m | (8 m) | -94% |
| Net profit margin | 0 % | (6 %) | |
| EPS before dilution SEK | 0,01 | (0.15) | -94% |
| Cash flow from operating activities SEK | 21 m | (26 m) | -18% |
| ACV SEK | 6 m | (12 m) | -49% |
| ARR SEK | 458 m | (434 m) | 6% |
ACV SEK 6 m (12 m) ARR SEK 458 m (434 m)
| 2025 | 2024 | Δ | |
|---|---|---|---|
| Net sales of SEK | 279 m | (257 m) | 8% |
| Recurring revenues of SEK | 223 m | (208 m) | 7% |
| which corresponds to % of net sales | 80 % | (81 %) | |
| EBITDA SEK | 60 Mkr | (46 m) | 28% |
| EBITDA margin | 21 % | (18 %) | |
| EBIT-adj. | 25 m | (12 m) | 99% |
| EBIT-adj. marginal | 9 % | (5%) | |
| EBIT | 6 Mkr | (12 Mkr) | -50% |
| EBIT margin | 2 % | (5 %) | |
| Net profit SEK | 6 Mkr | (10 Mkr) | -45%. |
| Net profit margin | 2 % | (4 %) | |
| EPS before dilution SEK | 0,10 | (0,19 kr) | -45%. |
| Cash flow from operating activities SEK | kr 50 Mkr |
(56 Mkr) | -11% |
| ACV SEK | 15 Mkr | (19 Mkr) | -18% |
| ARR SEK | 458 Mkr | (434 Mkr) | 6% |
"Continued positive profitability trend" Christian Sundin, "The divestment of Public is a significant milestone for Formpipe"
CEO Formpipe Magnus Svenningson, CEO Formpipe
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This is a translation of the original Swedish version. In the event of any discrepancies between
the two versions, the original Swedish version shall take precedence. The information was submitted for publication, at 08.15 CET 19 August 2025.
Divestment and Margin Improvement.
As recently announced, the board has decided to disinvest our Public business area to STG Partners for a total consideration of up to 850 MSEK. The transaction marks a significant milestone for Formpipe, and the details are communicated separately. The bid attests to the value that has been built in Formpipe. Public has taken several important steps in the last years. The bid confirms the value the has been created during the years and STG Partners is a well renowned, international investment fond with a long track record from the public sector which enables our engaged and competent team in Public to continue develop the business and take the next steps with a new owner in a larger context. Because of the transaction, we have accrued one-off costs of 10 MSEK in Q2 related to ordinary due diligence and transaction related activities. As the transaction closes, it allows us to fully focus on our Lasernet business and from the solid ARR continue to expand the business. Our ambition is growing internationally with profitability, more details on the expansion will be elaborated on a separate Capital Markets Day in November.
The Operations
We continue to improve our margins both year over year and quarter over quarter. The ongoing transformation efforts are delivering tangible results. From a sales perspective, the quarter developed positively—particularly the Lasernet division's Microsoft Dynamics business and in our Public division our Swedish operations stand out. On group level, the results improved across the board, despite headwinds from a strengthened Swedish krona, reducing revenue with 2.5 MSEK due to FX. Revenue increased by 5 % to 140 MSEK (132 MSEK), EBIT rose to 12 MSEK (8 MSEK) excluding non-recurring items, with an ARR of 458 MSEK (434 MSEK), an increase of 6 %.
Lasernet Division
We continue to see momentum in Lasernet, with revenue growing 9 % to 61 MSEK (56 MSEK) and EBIT increasing 63 % to 6 MSEK (4 MSEK). Margin improvement continues despite the negative currency impact we saw this quarter.
ARR rose to 217 MSEK (202 MSEK). Microsoft Dynamics continues to be the primary growth driver, while performance in the Bank & Finance segment remained weak.
We closed 12 new deals this quarter with increasing average deal size. Particularly noteworthy is Micheldever, the largest wholesaler of tyres in the
United Kingdom being our largest deal ever with a complete Enterprise solution. Again, attesting to Lasernet's ability to support complicated supply chains and play a vital role in the customer journey delivered by our customers.
Public Division
Building on last quarter's success, we continued to sell, deliver, and launch new add-ons across our existing customer base. A key development this quarter was the introduction and sale of our first AI module designed to support case managers and improve overall organizational efficiency. While still in the proof-ofconcept phase, the results confirm our ability to accelerate our software development, delivery, and goto-market capabilities.
Financially, we increased revenue by 3 % to 79 MSEK (76 MSEK), and margin improvements brought EBIT to 13 MSEK (11 MSEK). During the spring, SGAV (former Landbrugsstyrelsen), a long-standing customer, retendered our existing project, where we since the last tender in 2022 have not been content with neither growth nor profitability. We chose to bid at for us competitive yet acceptable levels and lost the tender. While this will mean a short-term draw-back on revenue, it opens the door for us to accelerate our strategic shift toward higher-margin SaaS revenues fully aligned with the transformation we initiated last year. We will re-allocate our resources as soon as the contractual implications of the hand-over is cleared out.
With that, I would like to thank the entire Formpipe team for your hard work and strong focus on developing our business and enabling a successful divestment of Public. Your efforts have delivered tangible improvements in the first half of 2025.
Magnus Svenningson, CEO Formpipe
April – June 2025
Net sales for the period increased by 5 % compared to previous year and totalled to SEK 140.0 million (132.0 million). Software revenue increased by 4 % from the previous year and totalled to SEK 114.2 million (110.3 million).
Total recurring revenue for the period increased by 5 % from the previous year and totalled to SEK 112.0 million (107.0 million), which is equivalent to 80 % of net sales (81 %). Exchange rate effects have affected net sales unfavourably by SEK 2.5 million in comparison with the previous year.
Revenue split, Jan - Jun 2025
January – June 2025
Net sales for the period increased by 8 % compared to previous year and totalled to SEK 279.0 million (257.0 million). Software revenue increased by 6 % from the previous year and totalled to SEK 227.1 million (213.4 million).
Total recurring revenue for the period increased by 7 % from the previous year and totalled to SEK 223.0 million (208.0 million), which is equivalent to 80 % of net sales (81 %). Exchange rate effects have affected net sales positively by SEK 0.4 million in comparison with the previous year.
Recurring revenue, rolling 12 m, mSEK
Annual recurring revenue (ARR), mSEK
April – June 2025
The operating costs for the period totalled to SEK 128.6 million (124.8 million). Personnel costs totalled to SEK 71.9 million (72.5 million). Selling expenses totalled to SEK 18.8 million (15.7 million). Other costs
Financial information
totalled to SEK 31.7 million (33.0 million). Items affecting comparability amounted to 10.2 million (0.0 million). Exchange rate effects have decreased expenses by SEK 3.1 million in comparison with the previous year.
January – June 2025
The operating costs for the period totalled to SEK 255.6 million 245.7 million). Personnel costs totalled to SEK 145.5 million (146.7 million). Selling expenses totalled to SEK 37.2 million (29.3 million). Other costs totalled to SEK 62.1 million (62.8 million). Items affecting amounted to 18.5 million (0.0 million). Exchange rate effects have decreased expenses by SEK 0.9 million in comparison with the previous year.
Recurring revenues in relation to fixed operating costs, rolling 12 m, mSEK
April – June 2025
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 29.5 million (25.1 million) with an EBITDA margin of 21.0 % (18.9 %). Operating profit excluding items affecting comparability (EBIT-adj.) totalled to SEK11.9 million (7.9 million) with an adjusted operating margin of 8.5 % (6.0 %). Operating profit (EBIT) totalled to SEK 1.6 million (7.9 million) with an operating margin of 1.2 % (6.0 %). Net profit totalled to SEK 0.0 million (8.0 million). Exchange rate effects
have affected EBIT unfavourably by SEK 0.1 million in comparison with the previous year.
January – June 2025
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 59.6 million (46.4 million) with an EBITDA margin of 21.3 % (18.0 %). Operating profit excluding items affecting comparability (EBIT-adj.) totalled to SEK 24.6 million (12.4 million) with an adjusted operating margin of 8.8 % (4.8 %). Operating profit (EBIT) totalled to SEK 6.1 million (12.4 million) with an operating margin of 2.2 % (4.8 %). Net profit totalled to SEK 5.6 million (10.1 million). Exchange rate effects have affected EBIT unfavourably by SEK 0.5 million in comparison with the previous year.
Sales and EBITDA margin, mSEK
Cash equivalents
Cash and cash equivalents at the end of the period amounted to SEK 36.3 million (42.3 million). The company's total bank overdraft facility amounts to SEK 75.0 million. At the end of the period, it was not utilized (- million). The total accessible funds therefore amount to SEK 111.3 million (92.3 million).
The group had interest-bearing debt at the end of the period totalling to SEK 8.4 million (25.5 million), whereof SEK 8.4 million (15.5 million) refers to lease debts according to IFRS 16.
The group's net cash position thereby totalled to SEK 27.9 million (9.3 million), which corresponds to a net
Financial information
cash position of SEK 36.3 million (24.8 million) excluding IFRS 16-related debt.
During the year, dividends of SEK 13.6 million (13.6 million) has been paid out.
Deferred tax asset
By the end of the period the group's deferred tax assets attributable to accumulated losses amounted to SEK 2.9 million (SEK 3.4 million).
Equity
Equity at the end of the period amounted to SEK 467.1 million (487.1 million), which was equivalent to SEK 8.61 (8.99) per outstanding share at the end of the period. Changes in the value of the Swedish krona compared to other currencies have changed the value of the group's net assets in foreign currencies by SEK -11.8 million (10.5 million) from the end of the year.
Equity ratio
The equity ratio at the end of the period was 59 % (59 %).
Cash flow from operating activities
Cash flow from operating activities for the period January - June totalled to SEK 50.1 million (56.2 million).
Investments and acquisitions
Total investments for the period January - June amounted to SEK 25.4 million (34.3 million).
- Investments in intangible assets totalled to SEK 25.2 million (29.2 million) and refer to capitalized product development costs.
- Investments in tangible and financial assets totalled to SEK 0.3 million (2.3 million).
- Acquisitions of subsidiaries amounted to SEK million (2.8 million).
Financing
During the period, dividends were paid to the company's shareholders amounting to SEK 13.6 million (13.6 million).
During the period January – June the company amortized SEK 12.5 million (10.0 million).
The existing bank overdraft facility totalling to SEK 75.0 million was not utilized at the end of the period ( million). Leasing related liabilities amounted to SEK 8.4 million (15.5 million) at the end of the period. The group's interest-bearing debt at the end of the period was thereby SEK 8.4 million (25.5 million).
Market
Data and information are becoming more and more important for the financial development: they are the foundation for many new products and services, leading to productivity and efficiency gains in all sectors of the economy. Being able to harness the opportunities of digitalization has become one of the most important issues of our time. The benefits of being able to collect, verify, process, and present data are extensive.
Formpipe has a strong market position with stable, recurring, and profitable revenues, which enables growth through investments in new and existing markets as well as the development of new offerings.
Lasernet
Customer Communication Management (CCM) are tools and methods that companies use to manage communication processes with customers and suppliers. Lasernet operates within this market and helps organizations deliver relevant, timely, and accurate communication, leading to increased customer satisfaction.
Lasernet produces, customizes, formats, and distributes content from various systems and data sources to the format that best suits the company in its communication with customers or other business partners. Lasernet complements ERP systems and enables business documents to be delivered in exactly the format and layout desired. The ERP market is growing rapidly, driven by digital transformation, cloud-based solutions, and advanced technologies such as AI and IoT.
The Lasernet business area has two focus areas: ERP and Banking. In ERP, growth is largely driven by Microsoft's success with Dynamics and its clear focus on cloud solutions, where Lasernet is the leading solution for configuring business documents from the ERP system.
In 2024, Lasernet launched Essentials for Dynamics, a new product packaging where a freemium version is now offered to Dynamics customers to easily try Lasernet and then gradually increase their consumption towards a full Enterprise solution. In addition to Dynamics, Lasernet has customers in
several other ERP systems, such as Infor, IFS, and SAP.
The acquisition of Dictymatec in 2024 gives Lasernet an increased presence in the French, Spanish, and Latin American markets. Dictymatec also has experience with ERP systems such as SAP, which gives Formpipe the opportunity to better evaluate the possibilities within this ERP system.
In Banking, Lasernet has well-established partnerships with Temenos and is today a highly appreciated third-party solution for document management. In addition to Temenos, other system providers in Banking have shown interest in including Lasernet in their offerings, and Formpipe now also has cooperation agreements with Thought Machine and Mambu.
Q2 2025 (Lasernet)
Lasernet continues to grow strongly, with recurring revenue increasing by 7% to SEK 53 million (SEK 50 million), of which SaaS increased by 18% to SEK 36 million (SEK 31 million) for the quarter. SaaS growth continues and the graph below shows the development during Q2 over the past 5 years.
Total revenue amounted to SEK 61 million (SEK 56 million) and the result (EBITDA) to SEK 11 million (SEK 9 million), with an EBITDA margin of 18% (16%).
Market
Public
The Public business area provides mission-critical software for document and case management to the public sector in Sweden and Denmark with products such as Platina, W3D3, and Adoxa in Sweden, as well as Acadre, Adoxa, and TAS in Denmark.
Main trends in the public sector include increasing demands for efficiency and regulatory requirements such as NIS2 and GDPR, as well as an increased threat from cyberattacks and Sweden's accession to NATO. This drives the need for digitalization and automation to counteract cost increases.
The market is growing with increased needs for effective regulatory compliance and information security. Formpipe has a leading market position in Sweden and Denmark and is investing in new functions within digitalization, such as automation and AI.
The Swedish government promotes digitalization in the public sector to increase efficiency and improve accessibility. A report from the AI company Tendium shows that public organizations in Sweden have increased their IT expenditures by 25 percent over four years. The government has received proposals from Digg to improve the governance and coordination of digitalization efforts.
At the beginning of 2024, the business areas for the Danish and Swedish public sectors were merged into a common business area, Public. The merger provides increased clarity, focus, and synergies across national borders.
This allows Formpipe to better meet our customers' growing needs and focus on developing attractive offerings for the public sector, with a focus on efficiency, legislation, and data sovereignty. Thanks to a common organization, resources are freed up for customer dialogue, innovation, and product development.
The work continues to move Public from developing and selling a number of products to a product platform with more common functions. This provides advantages in the form of increased resources for the development of new functionality and the application of modern product development technologies.
Q2 2025 (Public)
During the second quarter, recurring revenues grew by 2% to SEK 57 million (SEK 56 million), of which SaaS grew by 13% to SEK 12 million (SEK 11 million). Below is the SaaS growth for Public during Q2 over the past 5 years.
The business area's total revenues amounted to SEK 78 million (SEK 76 million) and its result (EBITDA) amounted to SEK 25 million (SEK 22 million), with a margin of 32% (29%).
Significant events
Profit Warning for fourth quarter 2024
Formpipe issued a profit warning on January 20, 2025, announcing that the results for the fourth quarter for 2024 were expected to be lower than anticipated. The quarter was burdened by a one-time cost due to the cyber incident that occurred in the Danish operations during the fall. Together with costs for ongoing change projects, the quarter's results were negatively impacted. Formpipe simultaneously announced measures in the cost structure, primarily focused on the Lasernet business area.
CPO Departure
CPO Lina Elo will leave at the end of Q1 2025 and will be replaced by interim CPO Jesper Bruksner.
Nothing to report.
Divestment of the Public Division
Formpipe announced the divestment of the Public operations called Public on August 18, 2025. Formpipe has entered into an agreement with STG Partners to divest the Public business area for up to 850 MSEK. The Transaction comprises all assets in the Public business unit (collectively, "Formpipe Public") and is carried out through a divestment of the newly established subsidiary Formpipe Sverige AB, to which Formpipe Public will be transferred prior to the completion of the Transaction.
Employees
The number of employees at the end of the reporting period totalled to 258 persons (270 persons).
Risks and uncertainty factors
The significant risk and uncertainty factors for the group and the parent company, which include business and financial risks, are described in the annual report for the last financial year. During the period there have been no other changes in the risk and uncertainty factors for the group and the parent company.
Transactions with related parties
No related party transactions have occurred during the period.
Accounting policies
The group's financial reports are prepared in accordance with International Financial Reporting Standards (IFRS) in the way in which they have been adopted by the European Union, the Swedish Annual Accounts Act, RFR 1 Additional Accounting Regulations for Groups issued by the Swedish Financial Reporting Board and in accordance with the regulations that the Stockholm Stock Exchange stipulates for companies listed on Nasdaq Stockholm. Preparing financial reports in accordance with IFRS requires that the company management makes accounting evaluations and estimates and makes assumptions that affect the application of the accounting policies and the reported values of assets, liabilities, income and costs. The actual result can differ from these estimates and evaluations. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The interim report covers pages 1-20 and the interim report on pages 1-9 is thus an integral part of this financial report. The most important accounting policies according to IFRS, which constitute the accounting standard for the preparation of this interim report, are stated in the company's most recently published annual report.
The financial reports of the parent company have been pre-pared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities issued by the Swedish Financial Reporting Board. The same accounting policies and methods of calculation have been applied in the interim report and in the most recent annual report.
About Formpipe
Formpipe Software AB (publ) is a Swedish software company in the field of Content Services (previously Enterprise Content Management, ECM). Several thousand customers in more than 60 countries currently entrust us and our services. Our marketleading position gives us clear competitive advantages in the development and sale of software for effective and valuable information services. The Company focuses on products for document and records management, automation of information-intensive business processes, e-archives, data quality and smart management of customer communication.
Formpipe was founded in 2004 and has offices in Sweden, Denmark, United Kingdom, USA, Germany and France. The Formpipe share is listed on Nasdaq Stockholm.
Calendar for financial information
November 19, 2025 Interim report Jan-Sep
This interim report has not been subject to review by the company´s auditors.
The annual report will be available on Formpipe´s website, www.formpipe.com, during week 14.
Financial information
Can be ordered from the below contact details. All financial information is published on www.formpipe.com immediately after being made public.
Contact information
Magnus Svenningson, Managing Director Telephone: +46 739 639 700 E-mail: [email protected]
Stockholm August 19, 2025
Formpipe Software AB The Board of Directors and the Managing Director
Formpipe Software AB (publ) Swedish company reg. no.: 556668-6605 Sveavägen 168 | Box 231 31 | 104 35 Stockholm T: +46 8 555 290 60 | F: +46 8 555 290 99 [email protected] | www.formpipe.se
Consolidated income statement summary
| Apr-Jun | Jan-Jun | |||
|---|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2025 | 2024 |
| Net Sales | 139 590 | 132 340 | 278 667 | 257 230 |
| Other opertaing income | 912 | 406 | 1 551 | 816 |
| Total income | 140 501 | 132 746 | 280 218 | 258 046 |
| Sales expenses | -18 765 | -15 709 | -37 156 | -29 258 |
| Other costs | -31 703 | -32 975 | -62 111 | -62 755 |
| Personnel costs | -71 861 | -72 469 | -145 538 | -146 673 |
| Capitalized work for own account | 11 298 | 13 517 | 24 210 | 27 068 |
| Operating profit/loss before depreciation/amortization | ||||
| and non-comparative items (EBITDA) | 29 471 | 25 110 | 59 623 | 46 429 |
| Items affecting comparability | -10 249 | -18 499 | ||
| Depreciation/amortization | -17 584 | -17 189 | -34 975 | -34 054 |
| Operating profit/loss (EBIT) | 1 638 | 7 921 | 6 149 | 12 375 |
| Financial income and expenses | -549 | -396 | -787 | -634 |
| Exchange rate differences | -997 | 1 148 | 1 728 | -1 541 |
| Tax | 398 | -351 | -1 513 | -108 |
| Net profit for the period | 490 | 8 322 | 5 577 | 10 092 |
| Of which the following relates to: | ||||
| Parent company shareholders | 490 | 8 322 | 5 577 | 10 092 |
| Other comprehensive income | ||||
| Translation differences | 10 330 | -6 369 | -11 759 | 10 515 |
| Other comprehensive income for the period, net after tax | 10 330 | -6 369 | -11 759 | 10 515 |
| Total comprehensive income for the period | 10 820 | 1 953 | -6 182 | 20 607 |
| Of which the following relates to: | ||||
| Parent company shareholders | 10 820 | 1 953 | -6 182 | 20 607 |
| EBITDA margin, % | 21,0% | 18,9% | 21,3% | 18,0% |
| EBIT margin, % | 1,2% | 6,0% | 2,2% | 4,8% |
| Profit margin, % | 0,3% | 6,3% | 2,0% | 3,9% |
| Earnings per share attributable to the parent company's shareholders during the period (SEK per share) |
||||
| - before dilution | 0,01 | 0,15 | 0,10 | 0,19 |
| - after dilution | 0,01 | 0,15 | 0,10 | 0,19 |
| Average no. of shares before dilution, in 000 | 54 258 | 54 218 | 54 258 | 54 218 |
| Average no. of shares after dilution, in 000 | 54 258 | 54 218 | 54 258 | 54 218 |
Consolidated balance sheet
| 30 Jun | |||
|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2024 |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | |||
| Capitalized expenditure | 167 567 | 170 852 | 172 571 |
| Goodwill | 446 657 | 453 446 | 458 206 |
| Other intangibel assets | 2 976 | 7 056 | 5 052 |
| Intangible assets | 617 200 | 631 354 | 635 829 |
| Tangible assets | |||
| Other equipment & furnitures | 14 514 | 23 603 | 20 191 |
| Tangibel assets | 14 514 | 23 603 | 20 191 |
| Financial assets | |||
| Other financial assets | 1 873 | 1 829 | 1 846 |
| Other non-current receivables | 835 | 209 | |
| Financial assets | 1 873 | 2 664 | 2 055 |
| Non-current receivables | |||
| Deferred tax assets | 2 718 | 3 375 | 1 080 |
| Non-current receivables | 2 718 | 3 375 | 1 080 |
| Non-current assets | 636 304 | 660 996 | 659 155 |
| Current assets (excl. cash equivalents) | |||
| Current receivables | |||
| Trade receivables | 74 404 | 71 942 | 110 517 |
| Current tax assets | 8 415 | 7 996 | 7 311 |
| Other receivables | प | 3 | |
| Prepaid costs and accrued income | 31 917 | 41 164 | 30 760 |
| 114 736 | 121 107 | 148 590 | |
| Cash equivalents | 36 301 | 42 293 | 46 523 |
| TOTAL ASSETS | 787 341 | 824 395 | 854 269 |
Consolidated balance sheet - continued
| 30 Jun | 31 dec | |||
|---|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2024 | |
| EQUITY | ||||
| Share capital | 5 426 | 5 426 | 5 426 | |
| Other paid-in capital | 230 325 | 230 325 | 230 325 | |
| Revaluation reserves | 53 543 | 60 505 | 65 302 | |
| Retained earnings including profit for the year | 177 761 | 191 391 | 185 117 | |
| Equity | 467 054 | 487 647 | 486 170 | |
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Liabilities to credit institutions | 7 500 | 2 500 | ||
| Deferred tax liabilities | 39 050 | 41 308 | 40 566 | |
| Non-current leasing liabilities | 2 913 | 8 357 | 6 315 | |
| Non-current liabilities | 41 964 | 57 165 | 49 381 | |
| Current liabilities | ||||
| Liabilities to credit institutions | 10 000 | 10 000 | ||
| Current leasing liabilities | 5 467 | 7 183 | 6 149 | |
| Trade liabilities | 33 351 | 29 954 | 35 630 | |
| Current tax liabilities | 1 424 | 1 | 0 | |
| Other liabilities | 8 411 | 8 815 | 14 576 | |
| Accrued expenses and deferred income | 229 671 | 223 630 | 252 362 | |
| Current liabilities | 278 323 | 279 583 | 318 718 | |
| Liabilities | 320 287 | 336 748 | 368 099 | |
| TOTAL EQUITY AND LIABILITIES | 787 341 | 824 395 | 854 269 | |
| Net interest-bearing debt (-) / cash (+) | 27 921 | 9 252 | 21 559 |
Changes in consolidated equity
| Equity attributable to the parent company's shareholders | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (SEK 000) | Share capital |
Other contributed capital |
Other reserves |
Profit/loss brought forward |
Total | ||||
| Balance at January 1, 2024 | 5 422 | 229 178 | 49 989 | 194 854 | 479 443 | ||||
| Comprehensive income | |||||||||
| Net profit for the period | 10 092 | 10 092 | |||||||
| Other comprehensive income items | 10 515 | 10 515 | |||||||
| Total comprehensive income | - | 10 515 | 10 092 | 20 607 | |||||
| Balance at June 30, 2024 | 5 426 | 230 325 | 60 505 | 191 391 | 487 647 | ||||
| Balance at January 1, 2025 | 5 426 | 230 325 | 65 302 | 185 117 | 486 170 | ||||
| Comprehensive income | |||||||||
| Net profit for the period | 5 577 | 5 577 | |||||||
| Other comprehensive income items | -11 759 | -11 759 | |||||||
| Total comprehensive income | -11 759 | 5 577 | -6 182 | ||||||
| Transaction with owners | |||||||||
| Incentive program regulated by equity instruments | 631 | 631 | |||||||
| Total transaction with owners | -12 934 | -12 934 | |||||||
| Balance at June 30, 2025 | 5 426 | 230 325 | 53 543 | 177 761 | 467 054 |
Cash flow statement summary
| Apr-Jun | Jan-Jun | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2025 | 2024 | |
| Cash flow from operating activities | |||||
| Operating profit/loss (EBIT) | 1 638 | 7 921 | 6 149 | 12 375 | |
| ltems not affecting cash flow | |||||
| - Depreciation | 17 584 | 17 189 | 34 975 | 34 054 | |
| - Other items | 348 | 1 177 | 713 | 1 258 | |
| Other items affecting liquidity | |||||
| Interest revenue | 148 | 199 | 416 | 625 | |
| Interest expense | -585 | -607 | -954 | -1 315 | |
| Realized currency effects | -315 | 831 | 3 370 | -2 045 | |
| Income tax paid (-) / reimbursed (+) | -1 066 | -928 | -2 678 | 1 739 | |
| Cash flow from operating activities | 17 752 | 25 782 | 41 992 | 46 691 | |
| before working capital changes | |||||
| Increase (-) / decrease (+) work in progress | 326 | -120 | -1 568 | -1 249 | |
| Increase (-) / decrease (+) trade receivables | 16 303 | 8 852 | 32 883 | 34 695 | |
| Increase (-) / decrease (+) other current receivables | 993 | 2 487 | -1 020 | -1 025 | |
| Increase (+) / decrease (-) trade payables | 9 552 | 211 | -1 182 | -7 665 | |
| Increase (+) / decrease (-) current liabillities | -23 475 | -10 975 | -21 034 | -15 270 | |
| Cash flow from changes in working capital | 3 699 | 456 | 8 080 | 9 486 | |
| Cash flow from operating activities | 21 451 | 26 238 | 50 072 | 56 178 | |
| Cash flow from investing activities | |||||
| Investment in intangible assets | -11 935 | -14 994 | -25 198 | -29 171 | |
| Investment in tangible assets | -187 | -2 196 | -371 | -2 832 | |
| Investment in financial assets | -88 | 312 | 121 | 533 | |
| Investment in subsidiaries | -2 821 | -2 821 | |||
| Cash flow from investing activities | -12 210 | -19 699 | -25 449 | -34 291 | |
| Cash flow from financing activities | |||||
| New share issue | 4 | 4 | |||
| Repayment of loans | -10 000 | -2 500 | -12 500 | -5 000 | |
| Repayment of leasing liabillities | -2 708 | -1 689 | -4 889 | -3 453 | |
| Dividend paid | -13 565 | -13 554 | -13 565 | -13 554 | |
| Cash flow from financing activities | -26 272 | -17 740 | -30 953 | -22 003 | |
| Chas flow for the period | -17 031 | -11 200 | -6 329 | -116 | |
| Currency translation differences for cash | 2 161 | -1 076 | -3 893 | 2 669 | |
| Cash and cash equivalent at the beginning of the period | 51 170 | 54 569 | 46 523 | 39 740 | |
| Cash and cash equivalent at the end of the period | 36 301 | 42 293 | 36 301 | 42 293 |
8 quarters in summary
| (SEK 000) | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 |
|---|---|---|---|---|---|---|---|---|
| SaaS | 33 679 | 36 062 | 38 373 | 41 673 | 43 879 | 45 950 | 48 106 | 48 640 |
| Support and maintenance | 65 454 | 64 743 | 63 463 | 64 966 | 65 068 | 64 638 | 63 552 | 62 970 |
| Recurring revenue | 99 133 | 100 805 | 101 836 | 106 639 | 108 946 | 110 588 | 111 658 | 111 610 |
| License | 1 928 | 6 070 | 1 318 | 3 628 | 850 | 2 716 | 1 269 | 2 556 |
| Software revenues | 101 062 | 106 875 | 103 154 | 110 267 | 109 797 | 113 304 | 112 928 | 114 166 |
| Deliveries | 22 292 | 28 764 | 21 735 | 22 073 | 19 777 | 27 204 | 26 150 | 25 423 |
| Other income | 462 | 582 | 410 | 406 | 423 | 396 | 639 | 912 |
| Total income | 123 816 | 136 221 | 125 299 | 132 746 | 129 997 | 140 903 | 139 717 | 140 501 |
| Sales expenses | -14 241 | -15 413 | -13 549 | -15 709 | -14 977 | -17 015 | -18 391 | -18 765 |
| Other costs | -28 500 | -32 569 | -29 779 | -32 975 | -31 456 | -34 328 | -30 409 | -31 703 |
| Personnel costs | -65 304 | -72 319 | -74 203 | -72 469 | -65 456 | -77 718 | -73 677 | -71 861 |
| Capitalized development costs | 13 434 | 17 052 | 13 551 | 13 517 | 14 821 | 13 137 | 12 912 | 11 298 |
| Total operating expenses | -94 610 | -103 249 | -103 981 | -107 636 | -97 068 | -115 924 | -109 564 | -111 030 |
| EBITDA | 29 206 | 32 973 | 21 319 | 25 110 | 32 929 | 24 979 | 30 152 | 29 471 |
| % | 23,6% | 24.2% | 17,0% | 18.9% | 25,3% | 17.7% | 21.6% | 21.0% |
| Items affecting comparability | -1 465 | -6 061 | -4 703 | -8 250 | -10 249 | |||
| Depreciation/amortization | -16 153 | -15 722 | -16 865 | -17 189 | -17 259 | -17 699 | -17 391 | -17 584 |
| EBIT | 11 588 | 17 251 | 4 454 | 7 921 | 9 610 | 2 577 | 4 511 | 1 638 |
| % | 9,4% | 12.7% | 3,6% | 6,0% | 7,4% | 1,8% | 3,2% | 1,2% |
Sales analysis by quarter
The Group's segments are divided according to which customer groups they target. The segments are divided into SE Public, DK Public, Private and Other and reflect the Group's internal reporting and follow-up of Group management.
The SE Public and DK Public segments find their customers in Sweden's and Denmark's public sectors. Segment Private collects the Group's offers that are aimed at customers outside the public sector and are not bound to any particular geographic market. Segment Other includes the Group's older products that are not included in any of the other segments and the Group's overhead costs.
In the Group's follow-up on the segments, the intercompany invoicing (revenues and costs) is presented as a net because of the substantial invoicing within the segments related to royalties to IP owning entities. The line Intercompany net includes de intercompany revenues and costs netted out to reflect a more accurate view of the segments.
| Apr-Jun 2025 | Jan-Jun 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (SEK 000) | Public | Lasernet | Other | Group | Public | Lasernet | Other | Group | ||
| SaaS | 12 166 | 36 474 | 48 640 | 24 140 | 72 607 | 96 746 | ||||
| Support & Maintenance | 44 987 | 16 913 | 1 069 | 62 970 | 90 273 | 34 448 | 1 801 | 126 522 | ||
| Recurring revenue | 57 154 | 53 387 | 1 069 | 111 610 | 114 413 | 107 054 | 1 801 | 223 268 | ||
| License | 1 925 | 632 | 2 556 | 2 178 | 1 648 | 3 826 | ||||
| Sofware revenue | 59 079 | 54 019 | 1 069 | 114 166 | 116 591 | 108 702 | 1 801 | 227 094 | ||
| Delivery | 18 772 | 6 651 | 0 | 25 423 | 38 782 | 12 789 | 1 | 51 573 | ||
| Other income | 686 | 218 | 8 | 912 | 782 | 574 | 195 | 1 551 | ||
| Total income | 78 536 | 60 888 | 1 078 | 140 501 | 156 155 | 122 065 | 1 998 | 280 218 | ||
| Sales expenses | -4 538 | -14 227 | -18 765 | -8 825 | -28 330 | -37 156 | ||||
| Other costs | -14 663 | -13 266 | -3 774 | -31 703 | -30 595 | -24 839 | -6 677 | -62 111 | ||
| Personnel costs | -42 942 | -25 110 | -3 809 | -71 861 | -86 368 | -51 335 | -7 834 | -145 538 | ||
| Capitalized work for own account | 8 378 | 2 914 | 6 | 11 298 | 17 800 | 6 398 | 13 | 24 210 | ||
| EBITDA | 24 771 | 11 199 | -6 500 | 29 471 | 48 165 | 23 959 | -12 501 | 59 623 | ||
| % | 31,5% | 18.4% | -603,2% | 21,0% | 30.8% | 19.6% | -625.8% | 21,3% | ||
| Items affecting comparability | 22 | ୧୫ | -10 339 | -10 249 | -2 484 | -4 268 | -11 747 | -18 499 | ||
| Depreciation/amortization | -12 119 | -5 042 | -423 | -17 584 | -23 946 | -10 171 | -859 | -34 975 | ||
| EBIT | 12 674 | 6 225 | -17 261 | 1 638 | 21 736 | 9 521 | -25 107 | 6 149 | ||
| % | 16.1% | 10.2% | -1 601.9% | 1.2% | 13.9% | 7.8% | -1 256.9% | 2.2% |
| apr-jun 2024 | jan-jun 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| (SEK 000) | Public | Lasernet | Other | Koncern | Public | Lasernet | Other | Koncern | |
| SaaS | 10 773 | 30 900 | 41 673 | 20 930 | 59 116 | 80 046 | |||
| Support & Maintenance | 45 185 | 19 128 | 653 | 64 966 | 90 033 | 37 054 | 1 342 | 128 429 | |
| Recurring revenue | 55 958 | 50 028 | 653 | 106 639 | 110 963 | 96 170 | 1 342 | 208 475 | |
| License | 2 404 | 1 225 | 3 628 | 2 879 | 2 068 | 4 946 | |||
| Sofware revenue | 58 361 | 51 253 | 653 | 110 267 | 113 841 | 98 238 | 1 342 | 213 421 | |
| Delivery | 17 763 | 4 308 | 2 | 22 073 | 34 757 | 9 048 | 3 | 43 808 | |
| Other income | 272 | 127 | 6 | 406 | 451 | 357 | 8 | 816 | |
| Net sales | 76 397 | 55 688 | 661 | 132 746 | 149 050 | 107 643 | 1 352 | 258 046 | |
| Sales expenses | -4 093 | -11 616 | -15 709 | -7 834 | -21 424 | -29 258 | |||
| Other costs | -16 521 | -12 366 | -4 088 | -32 975 | -33 624 | -21 409 | -7 722 | -62 755 | |
| Personnel costs | -43 456 | -26 386 | -2 627 | -72 469 | -88 815 | -52 064 | -5 793 | -146 673 | |
| Capitalized work for own account | 9 920 | 3 596 | 13 517 | 20 098 | 6 970 | 27 068 | |||
| EBITDA | 22 247 | 8 916 | -6 054 | 25 110 | 38 875 | 19 715 | -12 162 | 46 429 | |
| % | 29.1% | 16.0% | -915.4% | 18.9% | 26.1% | 18.3% | -899.2% | 18.0% | |
| Items affecting comparability | |||||||||
| Depreciation/amortization | -11 510 | -5 136 | -543 | -17 189 | -22 696 | -10 221 | -1 136 | -34 054 | |
| EBIT | 10 737 | 3 781 | -6 597 | 7 921 | 16 179 | 9 494 | -13 298 | 12 375 | |
| 0% | 14.1% | 6.8% | -997.6% | 6.0% | 10.9% | 8.8% | -983.3% | 4.8% |
ARR and ACV
ARR In - FX
ARR In
ACV - SaaS
ACV - Net
ARR Out
ARR Out - SaaS
ARR - Acq. SaaS
ARR In - Acquired
ARR - Acq. Support & Maint.
ACV - Support & Maintenance
ARR Out - Support & Maint.
| Apr-Jun 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (Mkr) | Public | Public Lasernet | Other | Group | Public | Lasernet | Other | Group | |
| ARR In - SaaS | 54,3 | 145,1 | 199,4 | 55,2 | 146,9 | - | 202,1 | ||
| ARR In - Support & Maint. | 178,7 | 66,8 | 3.7 | 249,1 | 181,1 | 72,6 | 3.1 | 256,8 | |
| ARR In - FX | 2,8 | 0,4 | 3,2 | -3,2 | -12,9 | - | -16,1 | ||
| ARR In* | 235,7 | - | 212,3 | 3,7 | 451,8 | 233,1 | 206,6 | 3,1 | 442,8 |
| ACV - SaaS | 0,9 | 5,4 | - | 6,3 | 1,6 | 12,6 | - | 14,3 | |
| ACV - Support & Maintenance | 0,5 | -0,9 | 0,3 | -0,2 | 2.4 | -2,5 | 0,9 | 0,9 | |
| ACV - Net | 1,4 | 4,4 | 0,3 | 6.2 | 4,1 | 10,2 | 0.9 | 15,2 | |
| ARR Out - SaaS | 56,0 | - | 151,1 | 207,1 | 56,0 | 151,1 | 207,1 | ||
| ARR Out - Support & Maint. | 181,2 | - | 65,7 | 4,0 | 250,9 | 181,2 | 65.7 | 4,0 | 250,9 |
| ARR Out | 237,1 | 216,8 | 4,0 | 457,9 | 237,1 | 216,8 | 4,0 | 457,9 | |
| apr-jun 2024 | jan-jun 2024 | ||||||||
| (Mkr) | Public | Public Lasernet | Other | Koncern | Public Lasernet | Other | Koncern | ||
| ARR In - SaaS | 51,9 | 120,7 | 172,6 | 50,3 | 109,4 | - | 159,6 | ||
| ARR In - Support & Maint. | 177,0 | 74,2 | 2,2 | 253,4 | 171,9 | 71.4 | 2,3 | 245,6 |
-3,9
1,2
0,7
2,0
8,8
-0,1
4,6
128,3
73,4
201,7
-
193,0
-
.
.
.
2,2
-0,1
-0,1
-
2.1
2,1
-6,3
1,2
0,7
2.0
421,6
10,1
2,1
12,2
181,1
252,7
433,8
2,4
-
224,6
1,9
3,6
5,5
52,8
177.3
230,0
5,6
1,2
0,7
2,0
188,4
14,4
-1,0
13,3
128,3
73,4
201,7
.
.
-
2,3
-0,2
-0,2
-
2.1
2,1
.
8,0
1,2
0,7
2.0
415,2
16,3
2,3
18,6
181,0
252,8
433,8
-2,5
.
.
226,5
1,3
2,3
1,9
52,8
177,3
230,0
| Apr-Jun 2025 | Jan-Jun 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| (Mkr) | Public Lasernet | Other | Group | Public Lasernet | Other | Group | ||
| ARR In - SaaS | 54.3 | 145.1 | 199.4 | 55.2 | 146.9 | - | 202.1 | |
| ARR In - Support & Maint. | 178,7 | 66.8 | 3.7 | 249.1 | 181.1 | 72.6 | 3,1 | 256.8 |
| ARR In - FX | 2.8 | 0,4 | - | 3,2 | -3,2 | -12,9 | -16,1 | |
| ARR In* | 235,7 | 212,3 | 3.7 | 451,8 | 233.1 | 206.6 | 3.1 | 442,8 |
| ACV - SaaS | 0.9 | 5.4 | 6,3 | 1,6 | 12.6 | 14,3 | ||
| ACV - Support & Maintenance | 0.5 | -0.9 | 0.3 | -0.2 | 2.4 | -2.5 | 0.9 | 0,9 |
| ACV - Net | 1,4 | 4.4 | 0,3 | 6,2 | 4,1 | 10,2 | 0,9 | 15,2 |
| ARR Out - SaaS | 56.0 | 151.1 | 207,1 | 56.0 | 151.1 | 207,1 | ||
| ARR Out - Support & Maint. | 181,2 | 65.7 | 4.0 | 250.9 | 181,2 | 65.7 | 4.0 | 250.9 |
| ARR Out | 237,1 | 216,8 | 4,0 | 457,9 | 237,1 | 216,8 | 4,0 | 457,9 |
| api "Jull ZVZ4 | jall"]ull 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| (Mkr) | Public Lasernet | Other | Koncern | Public Lasernet | Other | Koncern | ||
| ARR In - SaaS | 51,9 | 120.7 | 172,6 | 50,3 | 109.4 | - | 159,6 | |
| ARR In - Support & Maint. | 177,0 | 74.2 | 2.2 | 253.4 | 171,9 | 71,4 | 2,3 | 245,6 |
| ARR In - FX | -2,5 | -3,9 | -6,3 | 2,4 | 5,6 | - | 8,0 | |
| ARR - Acq. SaaS | 1,2 | - | 1,2 | 1.2 | - | 1,2 | ||
| ARR - Acq. Support & Maint. | 0,7 | - | 0,7 | 0.7 | - | 0,7 | ||
| ARR In - Acquired | 2,0 | - | 2,0 | 2,0 | - | 2,0 | ||
| ARR In | 226,5 | 193,0 | 2,2 | 421,6 | 224,6 | 188.4 | 2,3 | 415,2 |
| ACV - SaaS | 1,3 | 8,8 | 10,1 | 1,9 | 14.4 | 16,3 | ||
| ACV - Support & Maintenance | 2,3 | -0,1 | -0.1 | 2.1 | 3,6 | -1.0 | -0.2 | 2,3 |
| ACV - Net | 1,9 | 4,6 | -0,1 | 12,2 | 5,5 | 13,3 | -0,2 | 18,6 |
| ARR Out - SaaS | 52,8 | 128,3 | 181,1 | 52,8 | 128,3 | 181,0 | ||
| ARR Out - Support & Maint. | 177,3 | 73,4 | 2.1 | 252,7 | 177,3 | 73.4 | 2.1 | 252,8 |
| ARR Out | 230,0 | 201,7 | 2,1 | 433.8 | 230,0 | 201,7 | 2,1 | 433,8 |
Number of shares
| 2021-01-01 | 2022-01-01 | 2023-01-01 | 2024-01-01 | 2025-01-01 | |
|---|---|---|---|---|---|
| 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-06-30 | |
| Shares outstanding beginning of the period | 53 463 907 | 53 726 057 | 54 217 825 | 54 217 825 | 54 258 121 |
| Share issue | O | O | 40 296 | O | |
| Share issue from warrant programme | 262 150 | 252 800 | 0 | O | 0 |
| 238 968 | O | O | |||
| Shares outstanding at the end of the period | 53 726 057 | 54 217 825 | 54 217 825 | 54 258 121 | 54 258 121 |
Key ratios for the group
| Jan-Jun | ||
|---|---|---|
| 2025 | 2024 | |
| Employees at end of period | 258 | 270 |
| Total income, SEK 000 | 280 218 | 258 046 |
| EBITDA, SEK 000 | 59 623 | 46 429 |
| EBIT, SEK 000 | 6 149 | 12 375 |
| Net profit for the period, SEK 000 | 5 577 | 10 092 |
| EBITDA margin, % | 21,3% | 18,0% |
| EBIT margin, % | 2,2% | 4,8% |
| Profit margin, % | 2,0% | 3,9% |
| Return on equity, %* | 2,6% | 7,8% |
| Return on working capital, %* | 4,1% | 8,4% |
| Equity ratio, % | 59% | 59% |
| Equity per outstanding share at the end of the period, SEK | 8,61 | 8,99 |
| Earnings per share - before dilution, SEK | 0,10 | 0,19 |
| Earnings per share - after dilution, SEK | 0,10 | 0,19 |
| Share price at the end of the period, SEK | 27,40 | 25,00 |
| * Ratios including P&I measures are hased on the most recent 12-month period |
Parent company income statement summary
| Apr-Jun | Jan-Jun | |||||
|---|---|---|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2025 | 2024 | ||
| Net sales | 47 132 | 41 951 | 88 556 | 80 765 | ||
| Other opertaing income | 694 | 322 | 977 | 611 | ||
| Total income | 47 826 | 42 273 | 89 533 | 81 376 | ||
| Operating expenses | ||||||
| Sales expenses | -2 206 | -2 055 | -3 817 | -3 422 | ||
| Other costs | -4 850 | -18 732 | -22 685 | -35 054 | ||
| Personnel costs | -21 052 | -17 268 | -44 490 | -39 116 | ||
| Items affecting comparability | -10 339 | -12 796 | ||||
| Depreciation/amortization | -2 388 | -2 449 | -4 772 | -4 958 | ||
| Total operating expenses | -40 834 | -40 505 | -88 561 | -82 550 | ||
| Operating profit/loss | 6 992 | 1 768 | 972 | -1 173 | ||
| Result from participations in group companies | 18 212 | 18 212 | ||||
| Other financial items | 3 239 | 1 171 | 11 691 | -4 492 | ||
| Tax | -645 | -302 | -1 110 | -605 | ||
| Net profit for the period | 9 586 | 20 849 | 11 552 | 11 942 |
Parent company balance sheet summary
| 30 Jun | 31 dec | ||
|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2024 |
| Intangible assets | 20 452 | 27 579 | 23 702 |
| Tangible assets | 2 183 | 2 154 | 2 558 |
| Financial assets | 345 213 | 346 078 | 345 422 |
| Deferred tax asset | 2 215 | ||
| Current assets (excl. cash equivalents) | 77 210 | 50 768 | 78 942 |
| Cash and bank balances | 28 045 | 36 712 | 41 913 |
| TOTAL ASSETS | 473 104 | 465 506 | 492 537 |
| Restricted equity | 23 117 | 23 116 | 23 117 |
| Non-restricted equity | 217 318 | 227 708 | 219 331 |
| Total equity | 240 435 | 250 824 | 242 448 |
| Long-term liabilities | 352 | 8 244 | 2 922 |
| Current liabilities | 232 316 | 206 438 | 247 167 |
| TOTAL EQUITY AND LIABILITIES | 473 104 | 465 506 | 492 537 |
Pledged assets and contingent liabilities
Pledged assets referred to shares in subsidiaries as security for loans. The pledged assets in the Group were the same as disclosed for the Parent Company.
| 30 Jun | 31 dec | ||
|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2024 |
| Pledged assets | |||
| Contingent liabilities | |||
Definitions
Formpipe uses alternative key figures, also called APM (Alternative Performance Measures). Formpipe's APM's are calculated from the financial reports, which are prepared in accordance with applicable rules for financial reporting, where prepared figures are altered by adding or subtracting amounts from the presented numbers. Below the alternative performance measures, that Formpipe uses in published reports, are defined and described
Software revenue
The total of license revenue, revenue from SAAS and revenue from support and maintenance contracts.
Recurring revenue
Revenue of an annually recurring nature such as support and maintenance revenue and revenue from SAAS services regarding license agreements.
Annual recurring revenue (ARR)
Annual recurring revenue from all contracted agreements at the end of the period. Won contracts not yet generating revenue is included. Churned contracts still generating revenue is not included.
ARR IN
Initial value for the period's Annual recurring revenue. ARR won during the period is included in ARR IN.
Annual Contract Value (ACV)
Annual recurring revenue of the period's won (ACV +) and lost (ACV -) contracts (net).
ARR OUT
Closing value of the period's Annual recurring revenue, provided that all new/lost contracts (ACV) of the period have begun/ceased to be recognized.
FX effect
Revaluation of ARR IN to the closing balance exchange rates.
Other costs and personnel costs.
Fixed operating expenses
Operating expenses
Sales costs, other costs, personnel costs, capitalized development and depreciation.
EBITDA
Earnings before depreciation, amortization, acquisition-related costs and other items affecting comparability.
EBITDA-adj.
EBITDA exclusive capitalized work for own account.
Items affecting comparability
The item must be of a material nature to be reported separately and considered undesirable from the regular core operations and complicate the comparison. For example, acquisition-related items, restructuring-related items and writedowns.
EBIT
Operating profit/loss.
EBIT-adj.
Operating profit/loss excluding items affecting comparability.
Operating margin before depreciation and amortization (EBITDA margin)
Earnings before depreciation, amortization, acquisition-related costs and other items affecting comparability as a percentage of net sales.
Operating margin before depreciation and amortization (EBITDA-adj. margin)
Earnings before capitalized work for own account, depreciation, amortization, acquisition-related costs and other items affecting comparability as a percentage of net sales.
Operating margin (EBIT margin)
Operating profit/loss as a percentage of net sales.
Adjusted operating margin (EBIT-adj. margin)
Operating profit/loss excluding items affecting comparability, as a percentage of net sales.
Profit margin
Net profit/loss after tax as a percentage of sales at the end of the period.
Earnings per share - before dilution
Net profit/loss after tax divided by the average number of shares during the period.
Earnings per share - after dilution
Net proft/loss after tax adjusted for dilution effects divided by the average number of shares after dilution during the period.
Equity per share
Equity at the end of the period divided by the number of shares at the end of the period.
Return on equity
Profit/loss after tax as a percentage of average equity.
Return on working capital
Operating profit/loss as a percentage of average working capital (balance sheet total less non-interest bearing liabilities and cash and bank balances).
Free cash flow
Cash flow from operating activities minus cash flow from investing activities excluding acquisitions.
Net interest-bearing debt
Interest bearing debts minus cash and cash equivalents.
Equity ratio
Equity as a percentage of the balance sheet total.
Ordering financial information
Financial information and other related corporate information is published on www.formpipe.se Information may also be ordered from: Formpipe, Box 23131, SE-104 35 Stockholm and on [email protected]
Contact person for investor relations CFO Joakim Alfredson [email protected]