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Net Insight
Quarterly Report • Nov 6, 2025
3180_10-q_2025-11-06_71883d4a-b4ff-4d5e-aa04-0faa4931c1cd.pdf
Quarterly Report
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Interim report
January – September 2025
July – September 2025
- Net sales decreased by 5.6% to SEK 147.1 (155.9) million. Adjusted for currency effects, sales were unchanged.
- EBITDA amounted to SEK 46.0 (46.6) million, corresponding to an EBITDA margin of 31.3% (29.9%).
- EBIT amounted to SEK 22.0 (24.7) million, corresponding to an EBIT margin of 14.9% (15.9%).
- Net profit/loss for the period amounted to SEK 21.2 (17.1) million.
- Earnings per share diluted were SEK 0.06 (0.05).
- Cash flow from operating activities amounted to SEK 21.7 (50.9) million.
January – September 2025
- Net sales decreased by 14.8% to SEK 404.3 (474.5) million. Adjusted for currency effects, the decrease was 10.6%.
- EBITDA amounted to SEK 74.3 (131.9) million, corresponding to an EBITDA-margin of 18.4% (27.8%). Adjusted for restructuring costs of SEK 10.0 (2.5) million, EBITDA amounted to SEK 84.3 (134.4) million.
- EBIT amounted to SEK 3.1 (73.7) million, corresponding to an EBIT margin of 0.8% (15.5%). Adjusted for restructuring costs of SEK 10.0 (2.5) million, EBIT amounted to SEK 13.1 (7.2) million.
- Net profit/loss for the period amounted to SEK -3.5 (61.7) million.
- Earnings per share diluted were SEK -0.01 (0.18).
- Cash flow from operating activities amounted to SEK -51.5 (92.7) million.
Q3 in brief
- Compared to the first half of the year – improved earnings and cash flow driven by increased sales, cost savings and seasonal effects
- The world's first 400G media platform was launched, which will lower customers' total costs while increasing their capacity
- Strengthened product portfolio in time synchronization with several important security features, including detecting attacks against GPS systems
Financial overview
| Jul-Sep | Jan-Sep | Oct 2024- | Jan-Dec | ||||||
|---|---|---|---|---|---|---|---|---|---|
| SEK millions | 2025 | 2024 | Change | 2025 | 2024 | Change | Sep 2025 | 2024 | Change |
| Net sales | 147.1 | 155.9 | -5.6% | 404.3 | 474.5 | -14.8% | 537.8 | 608.0 | -11.5% |
| Growth, FX adjusted | 0.1% | 12.1% | -10.6% | 20.7% | 9.1% | ||||
| Gross earnings | 77.7 | 91.2 | -14.8% | 212.9 | 291.3 | -26.9% | 294.4 | 372.8 | -21.0% |
| Gross margin | 52.8% | 58.5% | 52.7% | 61.4% | 54.7% | 61.3% | |||
| EBITDA | 46.0 | 46.6 | -1.3% | 74.3 | 131.9 | -43.7% | 102.2 | 159.8 | -36.0% |
| EBITDA margin | 31.3% | 29.9% | 18.4% | 27.8% | 19.0% | 26.3% | |||
| EBIT | 22.0 | 24.7 | -11.2% | 3.1 | 73.7 | -95.8% | 8.3 | 78.9 | -89.5% |
| EBIT margin | 14.9% | 15.9% | 0.8% | 15.5% | 1.5% | 13.0% | |||
| EBIT adjusted* | 22.0 | 24.7 | -11.2% | 13.1 | 76.2 | -82.8% | 18.3 | 81.3 | -77.5% |
| EBIT margin adjusted* | 14.9% | 15.9% | 3.2% | 16.1% | 3.4% | 13.4% | |||
| Net margin | 14.4% | 10.9% | -0.9% | 13.0% | 1.1% | 11.7% | |||
| Earnings per share | 0.06 | 0.05 | -0.01 | 0.18 | 0.02 | 0.21 | |||
| Cash flow from operating activities Cash flow excluding stock related |
21.7 | 50.9 | -51.5 | 92.7 | -15.9 | 128.2 | |||
| transactions | -0.5 | 27.7 | -125.4 | 9.8 | -121.3 | 13.9 |
*Adjusted for one-off restructuring costs
For definitions, see pages 17-19.
Net Insight AB (publ) org.nr. 556533–4397
CEO statement
Some market stabilization and improved earnings
After a challenging start to the year, we are now seeing stabilized demand, and net sales for the quarter, in comparable currencies, were in line with the same period last year. Increased sales, combined with the implemented cost-savings program and seasonal effects, resulted in a significant improvement in earnings compared with the first two quarters of the year.
Market stabilization and reduced costs
The beginning of the year was marked by geopolitical uncertainty and a cautious market, which led to several projects being postponed. During the second and third quarters, demand began to stabilize, resulting in net sales for the quarter being in line with the previous year in comparable currencies.
Earnings improved significantly compared with the negative results of the two preceding quarters. The EBIT margin amounted to 14.9 percent (15.9) and the EBITDAC margin to 19.8 percent (16.8). The improvement was mainly driven by the effects of the cost-savings program initiated before the summer, which is expected to generate annual savings of SEK 30 million from year-end. Operating expenses in the third quarter decreased by nearly 16 percent compared with the corresponding period last year. Calendar effects—as the third quarter is normally the strongest of the year—also contributed positively to the result.
Cash flow from operating activities before changes in working capital improved by SEK 13 million compared with the same period last year. Cash flow after changes in working capital also improved compared with the first half of 2025.
During the quarter, we took several important steps forward in both media and time synchronization. The launch of the world's first media-ready 400G solution and the continued development of our cloud-based media platform strengthen Net Insight's position as a leading player in efficient and flexible media production. At the same time, we continue to see strong interest in time synchronization from customers and the market.
Enhanced offering with expanded capacity
Our strategy is to be the partner that enables our customers to produce and distribute live content flexibly and cost-effectively. An important step in this strategy is the launch of our new media-ready 400G IP platform, which reduces customers' total cost of ownership (TCO) and, thanks to its increased capacity, enables them to deliver more and higher-value premium services over the same infrastructure. The platform — already in demand from several of our major customers — will be available for delivery around yearend.
During the quarter, we further strengthened our cloud-based media platform through the launch of several important new features. At the IBC show, this platform received the "Best of Show" award. The unique combination of high-capacity solutions and flexible, cloudbased alternatives broadens our customer offering and provides a strong foundation for continued growth.
Strengthened position in GPS-independent time synchronization
Our focus on time synchronization continues to develop positively. During the quarter, two additional mobile operators began evaluating our time synchronization solution, which is now being tested in close to 30 customer projects. Around half of these have progressed to commercial pilots or network installations.
The customer dialogs and pilot projects initiated since last year's launch are progressing well, and several operators are now moving toward the commercialization phase. As previously communicated, we expect some of these customers to begin rollouts at the end of this year or in early 2026.
During the quarter, we also strengthened our product portfolio with several important new features, including a solution for detecting attacks on GPS systems, which attracted considerable interest during Jammertest 2025 in Northern Norway—the world's largest test environment for equipment in realistic jamming scenarios.
Another key event during the quarter was the Turkish 5G license auction, which led our largest customer, Türk Telekom, to resume the expansion of its national time synchronization network. This reinforces market confidence in our technology and is expected to contribute to higher revenue over time.
Focus on profitability and future value creation
Despite the stabilization seen during the quarter, with higher sales as a result, geopolitical uncertainty continues to impact our market. Maintaining strict cost discipline therefore remains essential, even as we continue to invest for the future. We see strong drivers ahead: rising demand for major sporting events, remote production, the transition to IP and cloud-based services, and secure time synchronization for 5G and other critical networks. We are well positioned in these growth segments, helping customers deliver
more over the same infrastructure at lower cost and with new revenue opportunities. With a robust product portfolio, upcoming 400G deliveries, and anticipated customer decisions within time synchronization, we are well positioned to drive sustainable, value-creating growth.
Crister Fritzson, CEO Solna, Sweden, November 6, 2025
Net Insight in brief
Net Insight is a leading provider of solutions for live media transport and time synchronization in 5G networks and other critical infrastructures
Net Insight combines advanced technology with close customer relationships to deliver solutions that meet the need for reliability and precision in live media transport. The company also offers solutions for GNSS/GPS-independent time synchronization in 5G and other critical networks.
With over 25 years of experience and a proven track record in turning innovation into successful commercialization, Net Insight delivers end-to-end solutions to a global and growing customer base, with a strong focus on long-term relationships with customers and business partners.
The company's live media transport products enable high-quality, efficient, and reliable distribution—primarily of sports content—to large audiences around the world.
The network-based time synchronization solution provides costeffective and secure time synchronization for 5G and other critical networks. The solution has been developed from technology that has been part of the company's media products for over 15 years.
Business model
Net Insight focuses on long-term, sustainable growth by offering high-quality end-to-end solutions to a global and expanding customer base.
The company operates in EMEA, the Americas, and APAC, with sales conducted both directly to end customers and indirectly through business partners.
** Excluding one-off restructuring cost in connection with the cost savings program
Revenue is generated through hardware sales, software licensing, as well as subscriptions and support agreements for four main customer groups within media, as well as companies reliant on time synchronization (see "Customers" below).
Strong partnerships, long-term customer relationships, and research and development are key priorities to ensure market-leading technology solutions with high reliability and quality.
Customers
In Media, Net Insight serves service providers, broadcasters, production companies, and rights holders. In Time Synchronization, the primary customers are telecom operators and service providers of 5G networks and other critical infrastructure networks.
Strategy
Net Insight strives to deliver the highest quality and most reliable technology for live media transmission and GNSS/GPS-independent time synchronization through strong innovation capabilities.
Guided by its core values — innovation, collaboration, and trust the company's vision is to be a highly regarded partner and a global leader by 2028. Through technical expertise and close customer relationships, Net Insight works to strengthen its market position, with a primary focus on the rapidly growing sports segment within Media.
Strategic initiatives include growing alongside existing customers, securing new business, increasing the share of cloud-based software revenues, and ensuring efficient scalability of operations.
Net Insight in numbers, rolling 12 months 538 Net sales, SEK million 69% Gross margin before amortization of capitalized development expenditure 25% Innovation* as a percentage of net sales 18 EBIT one-off adjusted**, SEK million 0.02 Earnings per share, SEK (after dilution) 181 Available liquidity, SEK million * Total development expenditures
Financial information
July-September
Net sales
Net sales in the third quarter of 2025 amounted to SEK 147.1 (155.9) million, a decrease of 5.6% compared to the same quarter last year. The decrease is attributable to exchange rate changes; in comparable currencies, sales are on par with the previous year with growth of 0.1%.
Revenue from time synchronization for 5G and other critical networks in the quarter amounted to SEK 11.2 (10.2) million, corresponding to an increase of 9.8%. The orderbook for the time synchronization offer extends several years into the future and at the end of the quarter amounted to approximately SEK 135 million.
Gross profit
Gross profit for the third quarter amounted to SEK 77.7 (91.2) million, a decrease of 14.8%. The gross profit included amortization of capitalized development expenditure of SEK -19.8 (-17.8) million. Gross margin excluding and including amortization of capitalized development expenditure was 66.3% (69.9%) and 52.8% (58.5%) respectively. The lower gross margin is primarily driven by strong currency headwinds due to a strengthened SEK.
Operating expenses
Sales and marketing expenses amounted to SEK -34.2 (-40.4) million. Administration expenses were SEK -14.0 (-17.8). Development expenses were SEK -9.4 (-10.1) million and development expenditures before capitalization amounted to SEK -26.2 (-30.5) million.
Overall, operating expenses for the third quarter amounted to SEK -57.5 (-68.3) million, a decrease of 15.7% year-on-year. The decrease is due to implemented cost savings programs which will generate annual savins of approx. SEK 30 million with full effect from the turn of the year 25/26. Other operating income and expenses were SEK 1.8 (1.8) million, of which currency exchange rate differences account for SEK 1.8 (1.8) million.
Earnings
After two quarters with negative outcomes, EBIT for the third quarter increased significantly and amounted to SEK 22.0 (24.7) million, corresponding to an EBIT margin of 14.9% (15.9). The improved profit is primarily explained by the effects from the implemented cost savings program and from the seasonally lower cost. The positive contributions to the earnings are somewhat offset by lower net sales due to the strengthened SEK. For more information, see the table "Material profit and loss items" on page 16.
EBITDA and EBITDAC (EBITDA including reversal of capitalization of development expenditures) amounted to SEK 46.0 (46.6) million and SEK 29.1 (26.2) million respectively, corresponding to an EBITDA margin of 31.3% (29.9%) and an EBITDAC margin of 19.8% (16.8%).
In the third quarter, Net financial items amounted to SEK -0.7 (-3.1) million, whereof SEK -1.2 (-5.3) million is related to exchange rate differences, SEK 0.1 (0.2) million is related to the value of endowment insurance and SEK 0.4 (2.0) million to net interest income.
Profit/loss before tax in the third quarter amounted to SEK 21.3 (21.6) million and net profit/loss SEK 21.2 (17.1) million, corresponding to a net margin of 14.4% (10.9%).
Financial information
Financial position and cash flow Cash flow
Cash flow from operating activities in the third quarter amounted to SEK 21.7 (50.9) million. The decreased cash flow from operating activities is due to an increase in capital tied up in working capital. The increase in capital tied up is primarily attributable to longer payment terms on a few orders and partial payment of the larger purchase of programmable circuits (FPGAs) previously communicated. This purchase secures component availability for several years to come. Final payment will be made in the fourth quarter.
Cash flow from investment activities in the third quarter amounted to SEK -17.0 (-20.4) million and is primarily attributable to capitalized development expenditures.
Cash flow from financing activities in the third quarter amounted to SEK -5.2 (-25.5) million. No share repurchase was made during the quarter whilst repurchase of own share last year in the comparable period amounted to SEK 22.8 million.
The total cash flow for the third quarter amounted to SEK -0.5 (-4.9) million. Excluding the cash impact from share-related transactions (repurchase of own shares) the cash flow for the third quarter was SEK -0.5 (27.7) million. For additional information, see pages 11 and 13.
Investments
The investments in the third quarter were SEK 17.0 (20.4), of which SEK 16.8 (20.4) million were related to capitalization of expenditure for development.
Depreciation and amortization in the third quarter amounted to SEK -24.0 (-21.9) million, of which SEK -19.8 (-17.8) million related to amortization of capitalized expenditure for development.
Changes in capitalized development costs and depreciation are driven by the completion status of development projects combined with the timing of launches of fully developed products.
January-September
Net sales
Net sales in the period amounted to SEK 404.3 (474.5) million, a decrease of 14.8% compared to the same period last year and adjusted for currency effects, a decrease of 10.6%. The lower sales are attributable to a generally cautious market at the beginning of the year. Since the second quarter, demand has stabilized, but macroeconomic uncertainty remains.
Revenue from time synchronization for 5G and other critical networks in the period amounted to SEK 26.1 (29.3) million, corresponding to a decrease of 11.0%. Deliveries related to the agreement with Türk Telekom account for most of the revenue.
Gross profit
Gross profit in the period amounted to SEK 212.9 (291.3) million, a decrease of 26.9%. The gross profit included amortization of capitalized development expenditure of SEK -58.5 (-45.9) million. Gross margin excluding and including amortization of capitalized development expenditure was 67.1% (71.1%) and 52.7% (61.4%) respectively. The lower gross profit and the lower gross margin were primarily attributable to the lower turnover, negative currency effects and that the previous year's margin was positively affected by the higher share of software because of a one-off software order of SEK 29.8 million in the second quarter.
* Excluding one-off restructuring cost.
* Excluding one-off restructuring cost.
Financial targets 2023-2027:
- Average annual organic Net sales growth exceeding 15 percent
- Operating margin (EBIT margin) to reach 20 percent in the same period
Operating expenses
Sales and marketing expenses amounted to SEK -123.4 (-129.6) million. Administration expenses were SEK -58.0 (-53.0) million and includes SEK -10.0 (2.5) million in one-off restructuring cost in connection with the cost savings program. Development expenses were SEK -33.8 (-36.3) million and development expenditures before capitalization amounted to SEK -97.4 (-109.1) million.
Overall, operating expenses for the period amounted to SEK -215.1 (-218.8) million, a decrease of 1.7% year-on-year. One-off restructuring cost totaling SEK -10.0 (2.5) million, in connection with the cost savings program, are included in the operating expenses.
Other operating income and expenses were SEK 5.3 (1.2) million, of which currency exchange rate differences account for SEK 5.3 (1.2) million.
Finansiell information
Earnings
EBIT for the period amounted to SEK 3.1 (73.7) million, corresponding to an EBIT margin of 0.8% (15.5%). Excluding one-off restructuring cost of SEK -10.0 (-2.5) million and exchange rate differences of SEK 5.3 (1.2) million, operating earnings amounted to SEK 7.8 (74.9) million, corresponding to an operating margin of 1.9% (15.8%). The lower profit is primarily due to the lower revenue, negative changes in exchange rates and the fact that last year's gross margin was positively impacted by the higher share of software due to a one-off software order of SEK 29.8 million during the second quarter. For more information, see the table "Material profit and loss items" on page 16.
EBITDA and EBITDAC (EBITDA including reversal of capitalization of development expenditures) amounted to SEK 74.3 (131.9) million and SEK 10.7 (59.0) million respectively, which corresponds to an EBITDA margin of 18.4% (27.8%) and an EBITDAC margin of 2.7% (12.4%). Adjusted for on-offs and exchange rate differences, EBITDA and EBITDAC amounted to SEK 79.0 (133.1) million and SEK 15.4 (60.3) million.
Net financial items for the period amounted to SEK -6.3 (4.6) million, of which SEK -8.8 (2.9) million is related to exchange rate differences, SEK -0.1 (1.2) is relating to the value of endowment insurance and SEK 2.6 (6.2) million to net interest income.
The profit before tax for the period amounted to SEK -3.2 million (78.3) and the profit for the period amounted to SEK -3.5 million (61.7), which corresponded to a net margin of -0.9% (13.0).
Financial position and cash flow
Cash flow
Cash flow from operating activities in the period amounted to SEK -51.5 (92.7) million. The decreased cash flow from operating activities is due to the lower profit and an increase in capital tied up in working capital. The increase in capital tied up is primarily attributable to longer payment terms on a few orders and increase of inventory due to the larger purchase of programmable circuits that were made in the second quarter and are paid off in the second half of the year.
Cash flow from investment activities in the period amounted to SEK -64.4 (-74.6) million and is primarily attributable to capitalized development expenditures.
Cash flow from financing activities in the period amounted to SEK -19.7 (-44.4) million and is primarily attributable to repurchase of own shares by SEK -10.2 (-36.1) million.
The total cash flow for the period amounted to SEK -135.6 (-26.3) million. Excluding the cash impact from share-related transactions (repurchase of own shares) the cash flow for the period was SEK -125.4 (9.8) million. For additional information, see pages 11 and 13.
Investments
The investments in the period were SEK 64.4 (74.6), of which SEK 63.6 (72.8) million were related to capitalization of expenditure for development.
Depreciation and amortization in the period amounted to SEK -71.2 (-58.2) million, of which SEK -58.5 (-45.9) million related to amortization of capitalized expenditure for development.
Changes in capitalized development costs and depreciation are driven by the completion status of development projects combined with the timing of launches of fully developed products.
At the end of the period, net value of capitalized expenditures for development amounted to SEK 275.8 (263.4) million.
Net cash
Cash and cash equivalents at the end of the period amounted to SEK 96.3 million, compared to SEK 240.2 million per September 30, 2024. The Group's total credit facility amounts to SEK 85.0 (50.0) million. This was unutilized at the end of the period (-). Available liquidity therefore amounted to SEK 181.38 (290.2) million.
Net cash, excluding effects of IFRS16 amounted to SEK 96.3 million, compared to SEK 240.2 million per September 30, 2024.
Equity
Equity at the end of the period amounted to SEK 630.4 million, compared to SEK 647.8 million per September 30, 2024. No repurchase of own shares was made in the quarter. The decrease in equity exceeds the result, driven by exchange rate differences.
Equity/asset ratio
Equity/asset ratio was 72.2% compared to 76.9% per September 30, 2024.
Employees
The average number of employees and consultants in the third quarter and for the period were 195 (200) and 203 (198) respectively.
During the quarter, Christer Bohm joined the CTO group and thereby leaves the management team and his position as VP Product Management
Parent company in summary
Net sales for the parent company in the third quarter amounted to SEK 147.1 (155.9) million and net profit to SEK 19.9 (16.3) million. During the third quarter the intra-group sales were SEK 0.0 (0.0) million while intra-group purchases were SEK -18.0 (-15.7) million.
Net sales for the parent company in the period amounted to SEK 404.3 (474.5) million and net loss to SEK -6.3 (59.1) million. During the period the intra-group sales were SEK 0.0 (0.0) million while intra-group purchases were SEK -59.2 (-61.3) million.
Development of the Parent Company for the year and its financial position essentially followed that of the Group as presented above (excluding intra-group transactions).
Other information
Events during the quarter
- At IBC2025, Net Insight unveiled a significantly enhanced version of its cloud-based platform Nimbra Edge, with new features for scalable live and remote production over IP. These innovations strengthen Nimbra Edge as a key component of future-proof, IP-based production workflows for media players globally.
- Net Insight has launched the world's first media-ready 400G IP solution, quadrupling media transport capacity and meeting the growing demand for cost-effective, scalable solutions. Expected to start shipping by the end of the year.
- Net Insight has launched a new IP-flexible upgrade to the Nimbra platform to meet the growing demands of sports production. The upgrade provides more efficient video compression, built-in network security and support for both traditional (SDI) and network-based (IP) technologies. It can handle up to 120 UHD streams per device, offering a secure and flexible solution for modern live productions in both existing and future systems.
Events after the reporting period
No significant events occurred after the reporting period.
Risk and sensitivity analysis
Net Insight's operations and results of operations are affected by a number of external and internal factors. There is a continuous process to identify risks, and to assess how each such risk should be mitigated.
The main risks the company is primarily exposed to include marketrelated risks (including, but not limited to, competition, technological progress, and political risks), operational risks (including product liability, intellectual property, disputes, customer dependence and contract risks), as well as financial and sustainability-related risks.
International exposure
The current geopolitical tension causes hesitation in the market, and timing of business deals are harder to predict. In addition to the increased geopolitical instability, the risk of increased US tariffs brings further uncertainty. At the time of publication of the report,
Net Insight's products are exempt from the tariffs introduced in April, but this may change and affect the company's profitability negatively. Net Insight is taking countermeasures to mitigate the risk of increased tariffs, including a review of the value chain, and has a long-term expectation of a gradual reduction in exposure to this risk through an increased share of software sales.
In recent years, currency fluctuations have been high. The company is exposed to changes primarily in USD and EUR, where a strengthened Swedish krona negatively impacts reported revenue, partly offset by hedging.
Inventory obsolescence
The product life cycle of programmable circuits (FPGA) has been shortened, which has led to an increased need to secure supply of components. As a result, a decision was made in 2024 to temporarily increase inventory levels of these FPGAs, with purchases commencing in the second half of 2025. The consequence is an increased risk of inventory obsolescence due to incorrectly estimated future sales. The company is actively working to monitor inventory levels and sell any surplus on the spot market.
Except for this, no significant risks and uncertainties have changed compared to those described in the 2024 annual report.
The risks and uncertainties are essentially the same for the parent company and the Group as a whole. For a comprehensive review of the company's risk and sensitivity analysis, and its risk management process, see pages 55–57, 58–59 and 73–74 of the 2024 Annual Report.
Transactions with related parties
In 2025, the parent company hired a member of the management team's related party company for consulting services. Charged fees during the year amounted to SEK 0.1 (0.1) million.
This report has not been reviewed by the company's auditors.
Solna, Sweden, November 6, 2025
Crister Fritzson CEO
This information is information that Net Insight AB is obliged to make public pursuant to the EU Market Abuse Regulation. The report has been prepared in a Swedish and an English version. In case of discrepancies between the two, the Swedish version shall prevail. The information was submitted for publication, through the agency of the contact persons set out above, at 7:30 CET on November 6, 2025.
Consolidated income statement, in summary
| Jul-Sep | Jan-Sep | Oct 2024- | Jan-Dec | |||
|---|---|---|---|---|---|---|
| SEK thousands | 2025 | 2024 | 2025 | 2024 | Sep 2025 | 2024 |
| Net sales | 147,080 | 155,871 | 404,259 | 474,468 | 537,802 | 608,011 |
| Cost of sales | -69,388 | -64,693 | -191,356 | -183,169 | -243,413 | -235,226 |
| Gross earnings | 77,692 | 91,178 | 212,903 | 291,299 | 294,389 | 372,785 |
| Sales and marketing expenses | -34,214 | -40,428 | -123,358 | -129,586 | -165,766 | -171,994 |
| Administration expenses | -13,967 | -17,801 | -57,962 | -52,987 | -76,515 | -71,540 |
| Development expenses | -9,367 | -10,050 | -33,816 | -36,275 | -47,107 | -49,566 |
| Other operating income and expenses | 1,828 | 1,838 | 5,336 | 1,233 | 3,279 | -824 |
| EBIT | 21,972 | 24,737 | 3,103 | 73,684 | 8,280 | 78,861 |
| Net financial items | -689 | -3,093 | -6,339 | 4,570 | -273 | 10,636 |
| Profit/loss before tax | 21,283 | 21,644 | -3,236 | 78,254 | 8,007 | 89,497 |
| Tax | -106 | -4,577 | -280 | -16,594 | -2,137 | -18,451 |
| Net Income | 21,177 | 17,067 | -3,516 | 61,660 | 5,870 | 71,046 |
| Net income for the period attributable to the | ||||||
| shareholders of the parent company | 21,177 | 17,067 | -3,516 | 61,660 | 5,870 | 71,046 |
| Earnings per share, based on net income attributable to the parent company's shareholders |
Jul-Sep | Jan-Sep | Oct 2024- | Jan-Dec | ||
|---|---|---|---|---|---|---|
| during the period | 2025 | 2024 | 2025 | 2024 | Sep 2025 | 2024 |
| Earnings per share | ||||||
| -Basic, SEK | 0.06 | 0.05 | -0.01 | 0.18 | 0.02 | 0.21 |
| -Diluted, SEK | 0.06 | 0.05 | -0.01 | 0.18 | 0.02 | 0.20 |
| Average number of outstanding shares in thousands | ||||||
| -Basic | 340,376 | 345,907 | 340,805 | 347,520 | 341,443 | 346,480 |
| -Diluted | 340,376 | 347,687 | 341,256 | 349,288 | 342,165 | 348,255 |
Consolidated statement of comprehensive income
| Jul-Sep | Jan-Sep | Jan-Dec | ||||
|---|---|---|---|---|---|---|
| SEK thousands | 2025 | 2024 | 2025 | 2024 | Sep 2025 | 2024 |
| Net income | 21,177 | 17,067 | -3,516 | 61,660 | 5,870 | 71,046 |
| Other comprehensive income | ||||||
| Translation differences | -229 | -580 | -2,419 | 105 | -1,268 | 1,256 |
| Total other comprehensive income, after tax | -229 | -580 | -2,419 | 105 | -1,268 | 1,256 |
| Total other comprehensive income for the period | 20,948 | 16,487 | -5,935 | 61,765 | 4,602 | 72,302 |
| attributable to the shareholders of the parent | ||||||
| company | 20,948 | 16,487 | -5,935 | 61,765 | 4,602 | 72,302 |
Consolidated balance sheet, in summary
| SEK thousands | 30 Sep 2025 | 30 Sep 2024 | 31 Dec 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Capitalized expenditure for development | 275,786 | 263,385 | 270,700 |
| Goodwill | 38,751 | 38,751 | 38,751 |
| Other intangible assets | 173 | 619 | 473 |
| Right-of-use assets | 44,335 | 17,028 | 14,466 |
| Equipment | 8,719 | 10,460 | 11,922 |
| Deferred tax asset | 3,080 | 2,754 | 3,653 |
| Deposits | 5,008 | 5,131 | 5,142 |
| Total non-current assets | 375,852 | 338,128 | 345,107 |
| Current assets | |||
| Inventories | 141,975 | 66,763 | 87,986 |
| Accounts receivable | 216,739 | 166,244 | 137,520 |
| Other receivables | 42,365 | 31,598 | 31,225 |
| Cash and cash equivalents | 96,271 | 240,204 | 232,941 |
| Total current assets | 497,350 | 504,809 | 489,672 |
| TOTAL ASSETS | 873,202 | 842,937 | 834,779 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to parent company's shareholders | |||
| Share capital | 13,930 | 13,930 | 13,930 |
| Other paid-in capital | 1,200,443 | 1,200,443 | 1,200,443 |
| Translation reserve | -153 | 1,115 | 2,266 |
| Accumulated deficit | -583,851 | -567,649 | -570,274 |
| Total shareholders' equity | 630,369 | 647,839 | 646,365 |
| Non-current liabilities | |||
| Lease liabilities | 33,084 | 4,150 | 1,555 |
| Other liabilities | 9,534 | 33,964 | 16,146 |
| Total non-current liabilities | 42,618 | 38,114 | 17,701 |
| Current liabilities | |||
| Lease liabilities | 8,702 | 11,892 | 11,738 |
| Accounts payable | 99,677 | 30,874 | 35,496 |
| Other liabilities | 91,836 | 114,218 | 123,479 |
| Total current liabilities | 200,215 | 156,984 | 170,713 |
| TOTAL EQUITY AND LIABILITIES | 873,202 | 842,937 | 834,779 |
Changes in consolidated equity, in summary
| Attributable to parent company's shareholders | |||||
|---|---|---|---|---|---|
| SEK thousands | Share capital |
Other paid-in capital |
Translation reserve |
Accumulated deficit |
Total shareholders' equity |
| January 1, 2024 | 14,362 | 1,200,443 | 1,010 | -593,656 | 622,159 |
| Transfer of quota value upon cancellation of repurchased shares | -432 | - | - | 432 | - |
| Repurchase of own shares | - | - | - | -36,085 | -36,085 |
| Share-based payment reserve | - | - | - | - | - |
| Total comprehensive income | - | - | 105 | 61,660 | 61,765 |
| September 30, 2024 | 13,930 | 1,200,443 | 1,115 | -567,649 | 647,839 |
| January 1, 2025 | 13,930 | 1,200,443 | 2,266 | -570,273 | 646,365 |
| Transfer of quota value upon cancellation of repurchased shares | - | - | - | - | - |
| Repurchase of own shares | - | - | - | -10,207 | -10,207 |
| Share-based payment reserve | - | - | - | 146 | 146 |
| Total comprehensive income | - | - | -2,419 | -3,516 | -5,935 |
| September 30, 2025 | 13,930 | 1,200,443 | -153 | -583,850 | 630,369 |
Consolidated statement of cash flows
| Jul-Sep | Jan-Sep | Oct 2024- | Jan-Dec | |||
|---|---|---|---|---|---|---|
| SEK thousands | 2025 | 2024 | 2025 | 2024 | Sep 2025 | 2024 |
| Operating activities | ||||||
| EBIT | 21,972 | 24,737 | 3,103 | 73,684 | 8,280 | 78,861 |
| Depreciation, amortization & impairment | 24,015 | 21,869 | 71,198 | 58,178 | 93,936 | 80,916 |
| Other items not affecting liquidity | 2,949 | 447 | -264 | 2,018 | -1,594 | 688 |
| Sub-total | 48,936 | 47,053 | 74,037 | 133,880 | 100,622 | 160,465 |
| Interest received | 539 | 2,201 | 2,891 | 6,812 | 4,322 | 8,243 |
| Interest paid | -155 | -181 | -340 | -608 | -495 | -763 |
| Other financial income and expenses | -1,075 | -5,113 | -8,892 | -1,634 | -4,103 | 3,155 |
| Income tax paid | 4,209 | -4,449 | -7,889 | -18,853 | -12,245 | -23,209 |
| Cash flow from operating activities | ||||||
| before changes in working capital | 52,454 | 39,511 | 59,807 | 119,597 | 88,101 | 147,891 |
| Changes in working capital | ||||||
| Increase-/decrease+ in inventories | 11,392 | 13,535 | -54,490 | 18,910 | -75,059 | -1,659 |
| Increase-/decrease+ in receivables | -766 | 30,633 | -89,991 | -35,468 | -60,816 | -6,293 |
| Increase+/decrease- in liabilities | -41,386 | -32,799 | 33,172 | -10,379 | 31,851 | -11,700 |
| Total changes in working capital | -30,760 | 11,369 | -111,309 | -26,937 | -104,024 | -19,652 |
| Cash flow from operating activities | 21,694 | 50,880 | -51,502 | 92,660 | -15,923 | 128,239 |
| Investment activities | ||||||
| Capitalized expenditure | -16,847 | -20,440 | -63,565 | -72,830 | -89,160 | -98,425 |
| Investment in intangible assets | - | - | - | -3 | - | -3 |
| Investment in tangible assets | -197 | - | -791 | -1,742 | -3,930 | -4,881 |
| Cash flow from investment activities | -17,044 | -20,440 | -64,356 | -74,575 | -93,090 | -103,309 |
| Financing activities | ||||||
| Amortization leasing | -5,171 | -2,778 | -9,519 | -8,281 | -12,268 | -11,030 |
| Repurchase of own shares | - | -22,763 | -10,207 | -36,085 | -22,218 | -48,096 |
| Cash flow from financing activities | -5,171 | -25,541 | -19,726 | -44,366 | -34,486 | -59,126 |
| Net change in cash and cash equivalents | -521 | 4,899 | -135,584 | -26,281 | -143,499 | -34,196 |
| Exchange differences in cash and cash equivalents | -972 | -297 | -1,086 | 81 | -434 | 733 |
| Cash and cash equivalents at the beginning of the | ||||||
| period | 97,764 | 235,602 | 232,941 | 266,404 | 240,204 | 266,404 |
| Cash and cash equivalents at the end of the period | 96,271 | 240,204 | 96,271 | 240,204 | 96,271 | 232,941 |
Disaggregation of revenue
| Jul-Sep | Jan-Sep | Oct 2024- | Jan-Dec | |||
|---|---|---|---|---|---|---|
| SEK thousands | 2025 | 2024 | 2025 | 2024 | Sep 2025 | 2024 |
| Net sales by product group | ||||||
| Hardware | 66,707 | 60,941 | 168,746 | 171,672 | 221,651 | 224,577 |
| Software | 41,129 | 55,584 | 123,291 | 189,159 | 161,525 | 227,393 |
| Support & Services | 39,244 | 39,346 | 112,222 | 113,637 | 154,626 | 156,041 |
| Total | 147,080 | 155,871 | 404,259 | 474,468 | 537,802 | 608,011 |
| Net sales by region | ||||||
| EMEA | 88,797 | 64,815 | 209,531 | 209,385 | 302,034 | 301,888 |
| AM | 44,960 | 81,189 | 159,756 | 198,483 | 189,231 | 227,958 |
| APAC | 13,323 | 9,867 | 34,972 | 66,600 | 46,537 | 78,165 |
| Total | 147,080 | 155,871 | 404,259 | 474,468 | 537,802 | 608,011 |
| Timing of revenue recognition | ||||||
| Products and services transferred at a point in time | 107,836 | 115,133 | 289,988 | 354,328 | 376,855 | 441,195 |
| Products and services transferred over time | 39,244 | 40,738 | 114,271 | 120,140 | 160,947 | 166,816 |
| Total | 147,080 | 155,871 | 404,259 | 474,468 | 537,802 | 608,011 |
Parent company income statement, in summary
| Jul-Sep | Jan-Sep | Oct 2024- | Jan-Dec | |||
|---|---|---|---|---|---|---|
| SEK thousands | 2025 | 2024 | 2025 | 2024 | Sep 2025 | 2024 |
| Net sales | 147,056 | 155,871 | 404,259 | 474,468 | 537,802 | 608,011 |
| Cost of sales | -69,517 | -62,371 | -192,064 | -181,098 | -244,030 | -233,064 |
| Gross earnings | 77,539 | 93,500 | 212,195 | 293,370 | 293,772 | 374,947 |
| Sales and marketing expenses | -36,630 | -41,804 | -128,436 | -132,271 | -171,033 | -174,868 |
| Administration expenses | -13,143 | -20,298 | -56,204 | -55,248 | -74,567 | -73,611 |
| Development expenses | -9,833 | -10,294 | -34,403 | -37,134 | -47,601 | -50,332 |
| Other income expenses | 2,372 | 2,411 | 6,436 | 1,131 | 2,930 | -2,375 |
| EBIT | 20,305 | 23,515 | -412 | 69,848 | 3,501 | 73,761 |
| Net financial items | -561 | -2,936 | -6,047 | 5,116 | 155 | 11,318 |
| Profit/loss before tax | 19,744 | 20,579 | -6,459 | 74,964 | 3,656 | 85,079 |
| Tax | 111 | -4,316 | 118 | -15,867 | -1,476 | -17,461 |
| Net income | 19,855 | 16,263 | -6,341 | 59,097 | 2,180 | 67,618 |
Parent company balance sheet, in summary
| SEK thousands | 30 Sep 2025 | 30 Sep 2024 | 31 Dec 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Capitalized expenditure for development | 275,786 | 263,385 | 270,700 |
| Other intangible assets | 173 | 619 | 473 |
| Equipment | 8,408 | 9,722 | 11,397 |
| Participations in group companies | 3,198 | 3,198 | 3,198 |
| Deferred tax asset | 1,920 | 1,590 | 1,705 |
| Deposits | 4,752 | 4,855 | 4,855 |
| Total non-current assets | 294,237 | 283,369 | 292,328 |
| Current assets | |||
| Inventories | 141,975 | 66,763 | 87,986 |
| Accounts receivable | 217,914 | 167,131 | 138,318 |
| Receivables from group companies | 362 | 395 | 346 |
| Other receivables | 46,656 | 33,766 | 33,767 |
| Cash and cash equivalents | 89,892 | 228,762 | 221,894 |
| Total current assets | 496,799 | 496,817 | 482,311 |
| TOTAL ASSETS | 791,036 | 780,186 | 774,639 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Restricted equity | 366,369 | 354,466 | 361,282 |
| Non-restricted equity | 213,723 | 245,518 | 235,213 |
| Total equity | 580,092 | 599,984 | 596,495 |
| Non-current liabilities | |||
| Other liabilities | 9,534 | 32,230 | 14,271 |
| Total non-current liabilities | 9,534 | 32,230 | 14,271 |
| Current liabilities | |||
| Accounts payable | 99,630 | 30,759 | 35,372 |
| Liabilities to group companies | 15,656 | 9,563 | 13,279 |
| Other liabilities | 86,124 | 107,650 | 115,222 |
| Total current liabilities | 201,410 | 147,972 | 163,873 |
| TOTAL EQUITY AND LIABILITIES | 791,036 | 780,186 | 774,639 |
| 30 Sep, 2025 | 31 Dec, 2024 |
|---|---|
| The division of shares | A-shares | B-shares | Total | A-shares | B-shares | Total |
|---|---|---|---|---|---|---|
| Outstanding shares | 1,000,000 | 339,376,009 | 340,376,009 | 1,000,000 | 341,233,009 | 342,233,009 |
| Repurchased own shares | - | 1,028,430 | 1,028,430 | - | 6,010,000 | 6,010,000 |
| Issued shares | 1,000,000 | 340,404,439 | 341,404,439 | 1,000,000 | 347,243,009 | 348,243,009 |
Financial information
| Jul-Sep | Jan-Sep | Oct 2024- | Jan-Dec | |||
|---|---|---|---|---|---|---|
| SEK millions (if not defined differently) | 2025 | 2024 | 2025 | 2024 | Sep 2025 | 2024 |
| Earnings | ||||||
| Net sales | 147.1 | 155.9 | 404.3 | 474.5 | 537.8 | 608.0 |
| Gross earnings | 77.7 | 91.2 | 212.9 | 291.3 | 294.4 | 372.8 |
| Operating expenses | 57.5 | 68.3 | 215.1 | 218.8 | 289.4 | 293.1 |
| Total development expenditure | 26.2 | 30.5 | 97.4 | 109.1 | 136.3 | 148.0 |
| EBITDA | 46.0 | 46.6 | 74.3 | 131.9 | 102.2 | 159.8 |
| EBITDAC | 29.1 | 26.2 | 10.7 | 59.0 | 13.1 | 61.4 |
| EBIT | 22.0 | 24.7 | 3.1 | 73.7 | 8.3 | 78.9 |
| Profit before tax | 21.3 | 21.6 | -3.2 | 78.3 | 8.0 | 89.5 |
| Net income | 21.2 | 17.1 | -3.5 | 61.7 | 5.9 | 71.0 |
| Balance sheet and cash flow | ||||||
| Cash and cash equivalents | 96.3 | 240.2 | 96.3 | 240.2 | 96.3 | 232.9 |
| Working capital | 198.2 | 133.2 | 159.3 | 123.1 | 151.4 | 118.1 |
| Total cash flow | -0.5 | 4.9 | -135.6 | -26.3 | -143.5 | -34.2 |
| The share | ||||||
| Dividend per share, SEK | - | - | - | - | - | - |
| Earnings per share, diluted, SEK | 0.06 | 0.05 | -0.01 | 0.18 | 0.02 | 0.20 |
| Cash flow per share, diluted, SEK | -0.00 | 0.01 | -0.40 | -0.08 | -0.42 | -0.10 |
| Average number of outstanding shares diluted, thousands |
340,376 | 347,687 | 341,256 | 349,288 | 342,165 | 348,255 |
| Number of outstanding shares at the end of the period, | ||||||
| diluted, thousands | 340,376 | 345,708 | 340,376 | 345,708 | 340,376 | 344,038 |
| Share price at end of period, SEK | 4.32 | 7.67 | 4.32 | 7.67 | 4.32 | 7.53 |
| Employees and consultants | ||||||
| Average number of employees and consultants | 195 | 200 | 203 | 198 | 204 | 200 |
| KPI | ||||||
| Net sales YoY, change in % | -5.6% | 8.3% | -14.8% | 19.5% | -15.6% | 8.7% |
| Gross margin | 52.8% | 58.5% | 52.7% | 61.4% | 54.7% | 61.3% |
| Total development expenditure/Net sales | 17.8% | 19.6% | 24.1% | 23.0% | 25.3% | 24.3% |
| EBIT margin | 14.9% | 15.9% | 0.8% | 15.5% | 1.5% | 13.0% |
| EBITDA margin | 31.3% | 29.9% | 18.4% | 27.8% | 19.0% | 26.3% |
| EBITDAC margin | 19.8% | 16.8% | 2.7% | 12.4% | 2.4% | 10.1% |
| Net margin | 14.4% | 10.9% | -0.9% | 13.0% | 1.1% | 11.7% |
| Return on capital employed | 1.9% | 16.8% | 1.9% | 17.0% | 1.9% | 13.2% |
| Equity/asset ratio | 72.2% | 76.9% | 72.2% | 76.9% | 72.2% | 77.4% |
| Return on equity | 0.9% | 13.3% | 0.9% | 13.3% | 0.9% | 11.1% |
| KPI Income Statement | Jul-Sep | Jan-Sep | Oct 2024- | Jan-Dec 2024 |
||
|---|---|---|---|---|---|---|
| SEK millions (if not defined differently) | 2025 | 2024 | 2025 | 2024 | Sep 2025 | |
| Net sales | 147.1 | 155.9 | 404.3 | 474.5 | 537.8 | 608.0 |
| Net sales YoY, change in % | -5.6% | 8.3% | -14.8% | 19.5% | -15.6% | 8.7% |
| Cost of sales ex. amortization of capitalized development |
-49.6 | -46.9 | -132.9 | -137.3 | -166.7 | -171.0 |
| Gross earnings ex. amortization of capitalized development |
97.5 | 109.0 | 271.4 | 337.2 | 371.1 | 437.0 |
| Gross margin ex. amortization of capitalized development |
66.3% | 69.9% | 67.1% | 71.1% | 69.0% | 71.9% |
| Cost of sales amortization of capitalized development | -19.8 | -17.8 | -58.5 | -45.9 | -76.8 | -64.2 |
| Gross earnings | 77.7 | 91.2 | 212.9 | 291.3 | 294.4 | 372.8 |
| Gross margin | 52.8% | 58.5% | 52.7% | 61.4% | 54.7% | 61.3% |
| Sales and marketing expenses | -34.2 | -40.4 | -123.4 | -129.6 | -165.8 | -172.0 |
| Administration expenses | -14.0 | -17.8 | -58.0 | -53.0 | -76.5 | -71.5 |
| Development expenses | -9.4 | -10.1 | -33.8 | -36.3 | -47.1 | -49.6 |
| Operating expenses | -57.5 | -68.3 | -215.1 | -218.8 | -289.4 | -293.1 |
| Operating expenses/net sales | 39.1% | 43.8% | 53.2% | 46.1% | -53.8% | 48.2% |
| Other operating income and expenses | 1.8 | 1.8 | 5.3 | 1.2 | 3.3 | -0.8 |
| EBIT | 22.0 | 24.7 | 3.1 | 73.7 | 8.3 | 78.9 |
| EBIT margin | 14.9% | 15.9% | 0.8% | 15.5% | 1.5% | 13.0% |
| Net financial items | -0.7 | -3.1 | -6.3 | 4.6 | -0.3 | 10.6 |
| Profit before tax | 21.3 | 21.6 | -3.2 | 78.3 | 8.0 | 89.5 |
| Tax | -0.1 | -4.6 | -0.3 | -16.6 | -2.1 | -18.5 |
| Net Income | 21.2 | 17.1 | -3.5 | 61.7 | 5.9 | 71.0 |
| Net margin | 14.4% | 10.9% | -0.9% | 13.0% | 1.1% | 11.7% |
| EBITDA margin | Jul-Sep | Jan-Sep | Oct 2024- | Jan-Dec | ||
|---|---|---|---|---|---|---|
| SEK millions (if not defined differently) | 2025 | 2024 | 2025 | 2024 | Sep 2025 | 2024 |
| Net sales | 147.1 | 155.9 | 404.3 | 474.5 | 537.8 | 608.0 |
| EBIT | 22.0 | 24.7 | 3.1 | 73.7 | 8.3 | 78.9 |
| Amortization of capitalized development expenditure | 19.8 | 17.8 | 58.5 | 45.9 | 76.8 | 64.2 |
| Other depreciation & amortization | 4.2 | 4.0 | 12.7 | 12.3 | 17.2 | 16.7 |
| EBITDA | 46.0 | 46.6 | 74.3 | 131.9 | 102.2 | 159.8 |
| EBITDA margin | 31.3% | 29.9% | 18.4% | 27.8% | 19.0% | 26.3% |
| Capitalization of development expenditure | -16.8 | -20.4 | -63.6 | -72.8 | -89.2 | -98.4 |
| EBITDAC | 29.1 | 26.2 | 10.7 | 59.0 | 13.1 | 61.4 |
| EBITDAC margin | 19.8% | 16.8% | 2.7% | 12.4% | 2.4% | 10.1% |
| Change in net sales in comparable currencies | Jul-Sep | Jan-Sep | Jan-Dec | ||
|---|---|---|---|---|---|
| SEK millions (if not defined differently) | 2025 | 2024 | 2025 | 2024 | 2024 |
| Net sales | 147.1 | 155.9 | 404.3 | 474.5 | 608.0 |
| Net sales in comparable currencies | 156.1 | 424.1 | 610.1 | ||
| Change in net sales in comparable currencies | 0.1% | -10.6% | 9.1% |
| Development expenditure | Jul-Sep | Jan-Sep | Oct 2024- | Jan-Dec | ||
|---|---|---|---|---|---|---|
| SEK millions (if not defined differently) | 2025 | 2024 | 2025 | 2024 | Sep 2025 | 2024 |
| Development expenses | 9.4 | 10.1 | 33.8 | 36.3 | 47.1 | 49.6 |
| Capitalization of development expenditure | 16.8 | 20.4 | 63.6 | 72.8 | 89.2 | 98.4 |
| Total development expenditure | 26.2 | 30.5 | 97.4 | 109.1 | 136.3 | 148.0 |
| Capitalization rate | 64.3% | 67.0% | 65.3% | 66.8% | 65.4% | 66.5% |
| Net Sales | 147.1 | 155.9 | 404.3 | 474.5 | 537.8 | 608.0 |
| Total development expenditure/net sales | 17.8% | 19.6% | 24.1% | 23.0% | 25.3% | 24.3% |
Material profit and loss items
The Group has identified a number of items which are material due to the significance of their nature and/or amount. These are listed separately here to provide a better understanding of the financial performance of the Group:
| Material profit and loss items | Jul-Sep | Jan-Sep | Jan-Dec | |||
|---|---|---|---|---|---|---|
| SEK millions | Note 2025 |
2024 | 2025 | 2024 | Sep 2025 | 2024 |
| Exchange rate differences | ||||||
| Part of Other operating income & expenses | 1.8 | 1.8 | 5.3 | 1.2 | 3.3 | -0.8 |
| Part of Net Financial Items | -1.1 | -5.3 | -8.9 | -2.9 | -4.3 | 1.8 |
| Total Exchange rate differences | 0.8 | -3.5 | -3.6 | -1.7 | -1.0 | 0.9 |
| Other operating income | - | - | 0.2 | - | 0.2 | - |
| Total | - | - | 0.2 | - | 0.2 | - |
| Items affecting comparability | ||||||
| Restructuring | (a) - |
- | -10.0 | -2.5 | -10.0 | -2.5 |
| Total | - | - | -10.0 | -2.5 | -10.0 | -2.5 |
| EBIT excluding items affecting comparability | ||||||
| EBIT | 22.0 | 24.7 | 3.1 | 73.7 | 8.3 | 78.9 |
| Items affecting comparability, as per above | - | - | 10.0 | 2.5 | 10.0 | 2.5 |
| Total | 22.0 | 24.7 | 13.1 | 76.2 | 18.3 | 81.3 |
| EBIT excluding exchange rate differences | ||||||
| EBIT | 22.0 | 24.7 | 3.1 | 73.7 | 8.3 | 78.9 |
| Exchange rate differences, as per above | -1.8 | -1.8 | -5.3 | -1.2 | -3.3 | 0.8 |
| Total | 20.1 | 22.9 | -2.2 | 72.5 | 5.0 | 79.7 |
| EBIT excluding exchange rate differences & items affecting comparability |
||||||
| EBIT | 22.0 | 24.7 | 3.1 | 73.7 | 8.3 | 78.9 |
| Exchange rate differences, as per above | -1.8 | -1.8 | -5.3 | -1.2 | -3.3 | 0.8 |
| Items affecting comparability, as per above | - | - | 10.0 | 2.5 | 10.0 | 2.5 |
| Total | 20.1 | 22.9 | 7.8 | 74.9 | 15.0 | 82.2 |
| Cash flow excluding share-base transactions |
(b) | |||||
| Net change in cash and cash equivalents | -0.5 | 4.9 | -135.6 | -26.3 | -143.5 | -34.2 |
| Repurchase of own shares | - | 22.8 | 10.2 | 36.1 | 22.2 | 48.1 |
| Total | -0.5 | 27.7 | -125.4 | 9.8 | -121.3 | 13.9 |
All items in the table above effects operating earnings, except for (b) that affects cash flow.
(a) Severance pay in due to structural changes.
(b) Presenting the cash flow without effects from the repurchase program of own shares and exercised warrants provides a better understanding and comparison of the underlying operations' cash flow.
Alternative performance measures and other definitions
Non-IFRS financial measures are presented to enhance investors and management possibility to evaluate the ongoing operating results, to aid in forecasting future periods and to facilitate meaningful comparison of results between periods. The APMs in this report may differ from similar-titled measures used by other companies. The section has also been supplemented with some other definitions.
Any key figures in text, diagrams or tables that include periods earlier than 1 April 2021, refer to continued operations, i.e. excluding the effect from divested operations. For more information, see interim reports and the 2024 annual report.
Calculation of performance measures not included in IFRS framework, and some other definitions.
| Performance measures | Various types of performance measures and margin measures as a percentage of sales. | |
|---|---|---|
| Non-IFRS performance measures |
Description | Reason for the use of the measure |
| Gross margin | Gross earnings as a percentage of net sales. | The gross margin is of major importance, showing the |
| Gross margin excl. amortization of capitalized development |
Gross earnings excl. amortization of capitalized development as a percentage of net sales. |
margin for covering the operating expenses, supplemented by the margin to cover the operating expenses as well as the cost of amortization of capitalized development expenditures. |
| Operating expenses | Sales and marketing expenses, administration expenses and development expenses. |
Shows the company's total operating expenses. Putting them in relation to net sales shows the company's cost efficiency. |
| Operating expenses/ net sales |
Operating expenses as a percentage of net sales. | |
| Operating earnings (EBIT) | Calculated as operating earnings before financial items and tax. |
Operating earnings provides an overall picture of earnings generated in the operating activities. |
| Operating margin (EBIT%) | Operating earnings as a percentage of net sales. | The operating margin is a key measure together with sales growth and capital employed for monitoring value creation. |
| Net sales YoY, change in % | The relation between net sales for the period and the corresponding sales for the comparative period in the previous year. |
The sales growth is a key measure together with operating margin and capital employed for monitoring value creation. |
| Change in Net sales in comparable currencies |
The relation between the net sales for the period, recalculated using the foreign currency exchange rates from the comparative period, and the corresponding sales for the comparative period in the previous year. Only sales from business combinations that have been part of the Group for the whole comparative period are recalculated. |
This measure is of major importance for management in its monitoring of the underlying sales growth driven by changes in volume, price and product mix for comparable exchange rates between different periods. |
| Net margin | Net Income as a percentage of net sales. | The net margin shows the remaining share of net sales after all the company's costs have been deducted. |
| Total development (R&D) expenditure |
Development expenses and capitalized expenditures for development. |
The measure is a good complement to development expenses, as it shows the company's total |
| Capitalization rate | Capitalized development expenditures as a percentage of total development expenditures. |
development expenditures. The development expenditures effect on income, financial position, and presentation in the statement of |
| Total development (R&D) expenditure/net sales |
Total development expenditure as percentage of net sales. |
cash flow is affected by the periods level of capitalized development expenditures. |
Financial definitions
| Performance measures | Various types of performance measures and margin measures as a percentage of sales. | ||||
|---|---|---|---|---|---|
| Non-IFRS performance measures |
Description | Reason for the use of the measure | |||
| Regions | Definition of regions for designation of revenue: | Definition of regions for designation of revenue. | |||
| • EMEA – Europe, the Middle East and Africa • Americas (AM) - North and South America • APAC – Asia and Pacific |
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| Working capital | Current assets minus cash and cash equivalents, accounts payable and other interest-free current liabilities. The Company has no interest-bearing liabilities, excluding lease liabilities. |
This measure shows how much working capital is tied up in the operations and can be put in relation to sales to understand how effectively tied up working capital is used. |
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| Changes in working capital in the cash flow statement also includes adjustments for items not affecting liquidity and changes in non-current operating assets and liabilities. |
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| Capital employed | The Company capital employed is calculated as an average of total assets, less total liabilities, excluding interest-bearing liabilities. The Company has no interest-bearing liabilities, excluding lease liabilities. |
Return on capital employed is the central ratio for measuring the return on the capital tied up in operations. |
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| Return on capital employed | Operating earnings plus interest income, in relation to average capital employed, rolling four quarters (R4Q). |
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| Equity/asset ratio | Shareholders' equity divided by the balance sheet total. |
A traditional measure for showing financial risk, expressing the ratio of the assets that are financed by the owners. |
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| Return on equity | Net income as a percentage of average shareholders' equity, rolling four quarters (R4Q). |
Return on equity shows the total return on shareholders' capital and reflects the effect of the company's profitability as well as the financial leverage. The measure is primarily used to analyze owner profitability over time. |
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| Investments | Investments in intangible and tangible assets. | Definitions to rows in the cash flow statement. | |||
| Total cash flow/cash flow | Change in cash and cash equivalents during the period, excluding exchange differences in cash and cash equivalents. |
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| Shareholders' information | Measures related to the share | ||||
| Non-IFRS performance measure |
Description | Reason for the use of the measure | |||
| Average number of outstanding shares |
Total number of shares in the Parent company, less the number of group companies' holdings of shares in the Parent company (own/treasury shares). |
Definitions of IFRS performance measures. Measures showing the return of the business to the owners, per share. |
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| Dividend per share | Dividend divided by the average number of outstanding shares during the period. |
Financial definitions
| Shareholders' information | Measures related to the share | |||
|---|---|---|---|---|
| Non-IFRS performance measure |
Description | Reason for the use of the measure | ||
| Earnings per share (EPS) | Net income divided by the average number of outstanding shares during the period. |
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| Cash flow per share | Total cash flow, divided by average number of outstanding shares during the period. |
Measures showing the return of the business to the owners, per share. |
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| Equity per share | Shareholders' equity divided by number of outstanding shares at the end of the period. |
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| Employees | Measures related to employees | |||
| Non-IFRS performance measure |
Description | Reason for the use of the measure | ||
| Average number of employees and consultants/co-workers |
The average number of employees and consultants for non-temporary positions (longer than nine months) and who do not replace absent employees, in FTE (Full time equivalent). |
To supplement the number of employees with consultants gives a better measure of the Company's cost. |
Financial calendar
Year-end report Q4 2025 11 February 2026
Annual Report 2025 22 April 2026
Interim report Q1 2026 29 April 2026
Annual general meeting 12 May 2026
Interim report Q2 2026 15 July 2026
Interim report Q3 2026 29 October 2026
Invitation to presentation
On 6 November 2025 at 09:00 CET, CEO Crister Fritzson together with CFO Cecilia Höjgård Höök will present the quarterly report in a live‑streamed web conference.
Link to the live presentation, which will also be available for replay: Net Insight Q3 2025
For further information
Crister Fritzson, CEO, Net Insight AB (publ) Net Insight AB (publ), corp.id.no 556533-4397
Telephone: +46 (0)8-685 04 00 Box 1200, 171 23 Solna
E-mail: [email protected] Telephone: +46 (0)8 – 685 04 00
Cecilia Höjgård Höök, CFO, Net Insight AB (publ)
Telephone: +46 (0) 700 92 24 84
E-mail: [email protected]
