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Arribatec Group ASA
Quarterly Report • May 28, 2025
3541_rns_2025-05-28_3af2ed40-fac4-43fb-8b72-665573a8030b.pdf
Quarterly Report
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Contents | Highlights Events & operations Financial review Financial statements & notes Terms and abbreviations
Quarterly report Q1 2025 ^
| Contents ^ | Highlights | 3 |
|---|---|---|
| Corporate events & operations | 4 | |
| Financial review | 6 | |
| Financial statements | 8 | |
| Terms and abbreviations | 30 |
Highlights ^
Arribatec Group delivered a total revenue of NOK 146.4m for the first quarter of 2025, 15.4% above last year. The Group reports an EBITDA for the first quarter of NOK 11.9m, an increase of NOK 15m compared to the same period in 2024. This positive development reflects the effects of the strategic turnaround initiated in 2024, which included divestments, operational improvements, and a sharpened focus on core business areas.
Recurring Revenue (RR) increased by NOK 11m compared to Q1 last year, to NOK 65.9m for Q1 2025.
The cash balance at the end of the quarter was NOK 65.3m. There was no net interest bearing debt at end of Q1.
Arribatec Group concluded the divestment of Marine and Hospitality during Q1, numbers are re-presented to reflect continuing operations.
| Arribatec Group ASA Quarterly report Q1 2025 | 3 | |
|---|---|---|
| Key consolidated figures & ratios | Q1 2025 |
Q4 2024 |
Q3 2024 |
Q2 2024 |
Q1 2024 |
YTD 2025 |
Full year 2024 |
|
|---|---|---|---|---|---|---|---|---|
| Revenue, continuing operations | TNOK | 146 373 | 134 133 | 114 172 | 125 342 | 126 786 | 146 373 | 500 434 |
| EBITDA, continuing operations | TNOK | 11 852 | (10 779) | (6 350) | (2 887) | (3 108) | 11 852 | (23 124) |
| Operating profit/(loss), EBIT, continuing operations |
TNOK | 3 010 | (19 829) | (15 197) | (11 946) | (12 244) | 3 010 | (59 216) |
| Net profit/(loss), continuing operations | TNOK | 2 554 | (19 659) | (14 229) | (11 828) | (10 337) | 2 554 | (56 053) |
| Revenue growth y/y for the quarter/full year, continuing operations |
% | 15.4 % | 8.1% | (2.6%) | (6.0%) | (9.3%) | 15.4 % | (2.7 %) |
| EBITDA margin, continuing operations | % | 8.1% | (8.0%) | (5.6%) | (2.3%) | (2.5%) | 8.1% | (4.6%) |
| Earnings per share, continuing operations | NOK | 0.01 | (0.28) | (0.20) | (0.17) | (0.15) | 0.01 | (0.81) |
| Cash at end of period | TNOK | 65 254 | 23 119 | 18 008 | 30 062 | 39 626 | 65 254 | 23 119 |
| Equity | TNOK | 257 244 | 189 153 | 232 576 | 246 038 | 255 832 | 257 244 | 189 153 |
| Equity ratio | % | 56.2 % | 42.8 % | 48.6 % | 48.1 % | 48.7 % | 56.2 % | 42.8 % |
| Price per share at end of reporting period | NOK | 0.380 | 0.345 | 1.390 | 4.400 | 4.077 | 0.380 | 0.345 |
| FTEs, employed, continuing operations | Number | 249 | 267 | 277 | 291 | 286 | 249 | 267 |
| No. of outstanding shares, beg. of period | Number | 69 572 206 69 572 206 69 572 206 69 572 206 69 572 206 | 69 572 206 69 572 206 | |||||
| New shares issued | Number | 412 316 429 | 0 | 0 | 0 | 0 | 412 316 429 | 0 |
| No. of outstanding shares, end of period | Number | 481 888 635 69 572 206 69 572 206 69 572 206 69 572 206 481 888 635 69 572 206 | ||||||
| Average number of shares, year to date | Number | 306 795 690 69 572 206 69 572 206 69 572 206 69 572 206 306 795 690 69 572 206 |
Corporate events & operations ^
Arribatec delivered its highest revenue ever in Q1, 15.4% up from Q1 last year.
The revenue for the first quarter of 2025 was NOK 146.4m. The corresponding numbers for Q1 2024 were NOK 126.8m, a growth of 15.4% compared to the same period last year.
BA Business Services experienced strong revenue growth of 19% in the quarter compared to the same quarter last year. The large 4-year Unit4 ERP improvement and support project for the European External Action Service (EEAS) is now well underway and various other Unit4 ERP Cloud migration as well as new implementations projects are ongoing and will continue throughout 2025 and beyond. In addition, we expect growth in our other practices around products like Rambase, Hypergene and Prophix as well as our proprietary solutions such as Instipro (research management) and Olkweb (apprentice management).
BA EA&BPM revenue in the quarter grew by 4.5% compared to the same quarter last year. We see increasing demand for consultancy and advisory within our Areas of Expertise as well as a need for services and solutions connected to AI. EA&BPM continues to have a strategic focus on mature EA markets in the UK and emerging EA markets in the Nordics, as well as a strong presence in the BMS market in Norway. As the geo-political environment is changing EA&BPM also expects growth in the public sector.
Revenue mix Q1 compared to last year, per Business Area
BA Cloud had solid growth in revenue in the quarter, up 11.6% compared to the same quarter last year. The growth is mainly driven by increased sales of Broadcom licenses, though at a lower margin. In order to continue growth and improve margins Cloud plans to launch two new public cloud availability zones to enhance regional coverage and resilience in 2025. Cloud is also integrating AI seeding infrastructure to strengthen its capabilities in automation and intelligent services.
Business development
474 new sales contracts were signed in Q1 at a total value of NOK 129.6m, including scope extensions and new agreements. An increase of 21% compared to the same period last year. The five largest contracts account for 23% of the new contracted volume. The total value of contracts signed for the last 4 quarters amounts to NOK 668m. The Nordics remained the largest region, with 61% of the new contract volume in Q1 (NOK 79.5m). The top five industries are Energy, Public sector, Banking, Industrial and Technology.
In terms of value, the distribution is as follows for our three business areas:
Business Services 72%, Cloud 15% and EA & BPM 13%.
The total current pipeline:
- Sum gross pipeline: NOK 1 327m
- Sum weighted pipeline: NOK 463m
Business Development - signed contracts NOK mill
Financial review ^
Profit & loss, continuing operations
Arribatec Group's Q1 YoY revenue growth was 15.4% (NOK 19.6m) and was reported at NOK 146.4m. Recurring revenue accounted for NOK 65.9m in Q1, or 45% of total revenue, an increase of NOK 11m (20%) from Q1 2024. Region Norway delivered almost 82% of the total recurring revenue. Consulting revenue in Q1 2025 was NOK 75.5m, an increase in all regions from the same period last year of 16%, where region Norway had NOK 48.3m, Continental Europe NOK 14.1m, the UK NOK 12.3m and Americas NOK 0.7m.
Material, software, and services in Q1 amounted to NOK 36.2m compared to 33.6m in the same period last year.
Total operating expenses for Q1 were NOK 98.3m compared to NOK 96.3m in the same period last year. The main expenses in Operating expenses are salary and personnel costs, equal to appr. 88% of total operating expenses.
The main cost increase stems from salary cost (NOK 4.7m), of which a one-time severance pay represents NOK 4.6m, in addition to lower capitalised personnel cost in Q1 2025 of NOK 1.8m compared to the same quarter last year.
EBITDA for Q1 amounted to NOK 11.9m compared to NOK -3.1m same period last year. EBITDA margin for Q1 was 8.1%.
Depreciation and amortisation (D&A) amounted to NOK 8.8 million in Q1, compared to NOK 9.1 million in the same period last year. The D&A consist of amortisation of excess values on customer relations from acquisitions (NOK 2.6m), internally developed and technical software (NOK 1.3m), licenses (NOK 0.4m), depreciation of fixed assets (NOK 0.6m), and depreciation of right-of-use assets (NOK 4.0m).
Finance, tax & net result
Net financial items for Q1 were NOK 0.1m, and calculated tax income for the same period was NOK 0.6m, leaving a net profit after tax of NOK 2.6m for Q1 2025 on continuing operations.
The balance sheet
The total assets of the Group at the end of Q1 2025 were NOK 457.6m compared to NOK 442.3m at the end of last year. Non-current intangible assets at the end of the period accounted for NOK 211.5m. Intangible assets consist of goodwill of NOK 178.5, which stems from the acquisitions done by Arribatec since Q4 2020. Additionally, at the end of the period, NOK 10.9m of the purchase price paid for the companies was allocated as the value of the customer relations in those same companies. Finally, technical and custom-made software accounts for NOK 18.6m of the intangible assets. Total non-current assets at the end of Q1 were NOK 262.9m.
Current assets of NOK 194.7m consist of accounts receivable of NOK 79.1m and a cash balance at the end of the quarter of NOK 65.3m. Other receivables, inventory and contract assets add up to NOK 50.4m.
Non-current liabilities at the end of Q1 were NOK 14.5m, of which lease liabilities related to office and equipment with a remaining lease period above twelve months accounted for NOK 8.6m, while deferred tax totalled NOK 3.3m. Total non-current liabilities at the end of last year were NOK 40.7m.
Current liabilities amounted to NOK 185.9m at end of Q1. Shortterm lease liabilities (NOK 12m), accounts payable (NOK 26.9m) and contract liabilities (NOK 62.5m) amounted to NOK 101m. Other current liabilities accounted for 84.1m. This item mainly includes accruals for holiday pay, employee tax and VAT. The amount of total liabilities at the end of Q1 was NOK 200.4m.
At the end of Q1, total equity was NOK 257.2m, giving an equity ratio of 56.2%.
Arribatec had a total of 481 888 635 shares outstanding per 31.03.2025.
Cash flow and liquidity, total operations
Arribatec's cash flow from operating activities in Q1 was positive with NOK 10.7m, where the gain on sale of BA Marine and BA Hospitality was NOK 30.0m. The net change in accounts receivables and payables had a negative impact of NOK 46.7m in Q1. Furthermore, a change in contract assets/liabilities had a positive impact of NOK 43m in Q1. The value of the contract liabilities (deferred revenue) will decrease along with the revenue recognition in the profit and loss statement over the year. Other current accounts increased cash from operations by NOK 1.4m in Q1. The main factors are changes in accrued holiday pay and payments related to employee taxes.
Net cash flow from investing activities was NOK 29.9m in Q1, mainly related to the divestment of BA Hospitality and BA Marine. The capitalised assets are mainly capitalised development costs and purchased software. Net cash flow from financing was positive at NOK 2.4m in the same period.
Arribatec had NOK 65.3m in cash and cash equivalents at the end of Q1.
Other events
On the 25 February the Company announced that the CEO Geir Johansen stepped down from his role effective from 1 March 2025. The Board has appointed Ole Jakob Kjølvik as interim CEO.
On 14 March, Arribatec announced the completion of the divestment of Arribatec Hospitality to Convene AS for an equity valuation of NOK 12.5 million.
On 18 March, Arribatec announced the completion of the divestment of Arribatec Marine to Star Information Systems AS for an equity valuation of approximately NOK 25 million.
On 18 March, Arribatec announced that the new share capital was registered. Following the exercise of 2 316 429 of the 210 214 592 warrants issued on 2 December 2024, the Company's new share capital is NOK 48 188 864 divided into 481 888 635 shares, each with a nominal value of NOK 0.10.
Events after the reporting date
No events have occurred after the balance sheet date that require adjustments or additional disclosures.
Interim condensed consolidated financial statements & notes ^
Interim condensed consolidated statements of profit and loss (re-presented) ^
| For the quarter end | |||||
|---|---|---|---|---|---|
| NOK thousand | Note | 31 Mar 2025 | 31 Mar 2024 | Full year 2024 | |
| Revenue | 3 | 146 373 | 126 786 | 500 434 | |
| Materials, software and services | (36 202) | (33 572) | (132 372) | ||
| Gross profit | 110 171 | 93 215 | 368 062 | ||
| Salary and personnel costs | (86 646) | (81 960) | (327 962) | ||
| Other operating expenses | (11 673) | (14 362) | (63 224) | ||
| Total operating expenses | (98 319) | (96 322) | (391 186) | ||
| EBITDA | 11 852 | (3 108) | (23 124) | ||
| Depreciation, amortisation and impairment | 4,5 | (8 842) | (9 137) | (36 092) | |
| EBIT | 3 010 | (12 244) | (59 216) | ||
| Financial income | 6 | 1 264 | 343 | 2 117 | |
| Financial expense | 6 | (1 153) | (716) | (6 869) | |
| Profit/(loss) before tax | 3 121 | (12 617) | (63 968) | ||
| Tax expense | (567) | 2 280 | 7 915 | ||
| Profit/(loss) after tax from re-presented continuing operations1 | 2 554 | (10 337) | (56 053) | ||
| Profit/(loss) on re-presented discontinued operations, net of tax1 | 10 | 29 804 | 980 | (26 660) | |
| Profit/(loss) after tax, total operations | 32 358 | (9 357) | (82 713) | ||
| Attributable to: | |||||
| Equity holders of the parent company | 32 358 | (9 357) | (82 713) | ||
| Earnings per share, continuing operations: basic | 7 | 0.01 | (0.15) | (0.81) | |
| Earnings per share, continuing operations: diluted | 7 | 0.01 | (0.15) | (0.81) |
¹ Figures have been re-presented for discontinued operations, see note 10.
Interim condensed consolidated statements of comprehensive income ^
| For the quarter end | |||
|---|---|---|---|
| NOK thousand | 31 Mar 2025 | 31 Mar 2024 | Full year 2024 |
| Profit/(loss) after tax, total operations | 32 358 | (9 357) | (82 713) |
| Items that are or may be re-classified subsequently to profit or loss | |||
| Foreign currency translation differences - foreign operations | (2 273) | 1 893 | 3 531 |
| Reclassification of foreign currency translation differences of discontinued operations, included in gain/loss on sale of operations |
(354) | 0 | 0 |
| Other comprehensive income/(loss) for the period | (2 627) | 1 893 | 3 531 |
| Total comprehensive income/(loss) for the period | 29 731 | (7 464) | (79 182) |
| Attributable to: | |||
| Equity holders of the parent company | 29 371 | (7 464) | (79 182) |
Interim condensed consolidated statement of financial position ^
| NOK thousand | Note | 31 Mar 2025 | 31 Dec 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Property, Plant and equipment | 3 799 | 4 944 | |
| Right-of-use assets | 4 | 19 715 | 26 563 |
| Goodwill | 5 | 178 454 | 184 258 |
| Customer relations | 5 | 10 853 | 13 829 |
| Other Intangible assets | 5 | 22 212 | 39 167 |
| Other non-current assets | 3 148 | 4 602 | |
| Deferred tax assets | 24 686 | 25 388 | |
| Total non-current assets | 262 867 | 298 750 | |
| Current assets | |||
| Accounts receivable | 79 090 | 76 705 | |
| Contract assets | 33 950 | 25 434 | |
| Inventory | 6 368 | 7 817 | |
| Other current assets | 10 070 | 10 426 | |
| Cash and cash equivalents | 65 254 | 23 119 | |
| Total current assets | 194 731 | 143 500 | |
| TOTAL ASSETS | 457 598 | 442 251 |
| Note | 31 Mar 2025 | 31 Dec 2024 |
|---|---|---|
| 8 | 48 189 | 194 802 |
| 8 | 405 550 | 220 577 |
| 4 670 | 7 297 | |
| (201 165) | (233 524) | |
| 257 244 | 189 153 | |
| 7 435 | ||
| 4 | 8 564 | 13 317 |
| 2 575 | 2 575 | |
| 3 317 | 5 623 | |
| 2 | 11 710 | |
| 14 459 | 40 661 | |
| 9 | 0 | 37 819 |
| 4 | 12 069 | 14 373 |
| 26 854 | 52 432 | |
| 62 493 | 25 824 | |
| 412 | 83 | |
| 84 066 | 81 906 | |
| 185 895 | 212 437 | |
| 200 354 | 253 098 | |
| 457 598 | 442 251 | |
| 9 | 0 |
Interim condensed consolidated statement of changes in equity ^
| Equity related to the shareholders of the parent company | ||||||
|---|---|---|---|---|---|---|
| Restricted | ||||||
| NOK thousand | Note | Share capital | Other paid in capital |
Exchange differences |
Other equity | Total Equity |
| For the quarter end 31 Mar 2025 | ||||||
| Balance on 1 January 2025 | 194 802 | 220 577 | 7 297 | (233 524) | 189 153 | |
| Profit (loss) after tax, total operations | 32 358 | 32 358 | ||||
| Other comprehensive income for the period | (2 627) | (2 627) | ||||
| Total comprehensive profit (loss) after tax, total operations | 0 | 0 | (2 627) | 32 358 | 29 731 | |
| Capital decrease, Jan | 8 | (187 845) | 187 845 | 0 | ||
| Share issue, Feb | 8 | 41 000 | 41 000 | |||
| Share issue, March | 8 | 232 | 232 | |||
| Share issue cost | (2 278) | (2 278) | ||||
| Share option cost | (594) | (594) | ||||
| Closing balance 31 Mar 2025 | 48 189 | 405 550 | 4 670 | (201 165) | 257 244 | |
| For the quarter end 31 Mar 2024 | ||||||
| Balance on 1 January 2024 | 194 802 | 214 085 | 3 767 | (150 191) | 262 463 | |
| Profit (loss) after tax | (9 357) | (9 357) | ||||
| Other comprehensive income for the period | 1 893 | 1 893 | ||||
| Total comprehensive profit (loss) after tax, total operations | 0 | 0 | 1 893 | (9 357) | (7 464) | |
| Share issue cost | (43) | (43) | ||||
| Share option cost | 875 | 875 | ||||
| Closing balance 31 Mar 2024 | 194 802 | 214 043 | 5 660 | (158 673) | 255 832 |
Interim condensed cash flow statement ^
| For the quarter end | ||||
|---|---|---|---|---|
| NOK thousand | Note | 31 Mar 2025 | 31 Mar 2024 | Full year 2024 |
| Operating activities | ||||
| Profit/(Loss) before tax, continuing operations | 3 121 | (12 617) | (63 968) | |
| Profit/(Loss) before tax, discontinued operations | 10 | 29 562 | 743 | (27 361) |
| Profit/(Loss) before tax, total operations | 32 684 | (11 875) | (91 329) | |
| Taxes paid | (268) | (693) | (2 547) | |
| Adjustments for: | ||||
| - Finance income and expense | 6 | 84 | 515 | 6 079 |
| - (Increase)/decrease in accounts receivables | (23 586) | (11 694) | 14 193 | |
| - (Decrease)/increase in accounts payables | (23 070) | (7 981) | 12 616 | |
| - Depreciation and amortisation | 4, 5 | 11 024 | 11 126 | 45 609 |
| - Impairment losses on intangible assets | 5 | 0 | 0 | 24 416 |
| - Gain on sale of Discontinued operations | 10 | (29 999) | 0 | 0 |
| Calculated cost of employee share option program | (594) | 875 | 3 154 | |
| Share consideration benefit | 0 | 0 | 3 069 | |
| Change in contract assets/liabilities | 43 018 | 30 611 | 316 | |
| Change in other current accounts | 1 394 | 12 917 | 857 | |
| Net cash flows operating activities | 10 687 | 23 801 | 16 432 | |
| Investing activities | ||||
| Disposal of discontinued operations, net of cash disposed of | 10 | 30 788 | 0 | 0 |
| Cash consideration earn-out payment | 8 | 0 | (7 531) | (7 531) |
| Purchase of property, plant and equipment | 0 | (591) | (1 581) | |
| Purchase and development of intangible assets | 5 | (985) | (2 353) | (8 108) |
| Interest received | 93 | 79 | 458 | |
| Net cash flows investing activities | 29 896 | (10 397) | (16 763) |
Interim condensed cash flow statement, continued ^
| NOK thousand | Note | 31 Mar 2025 | 31 Mar 2024 | Full year 2024 |
|---|---|---|---|---|
| Financing activities | ||||
| Change in Revolving Credit Facility | 9 | (31 625) | (6 795) | 12 167 |
| Repayment of debt | 9 | 0 | (1 817) | (7 372) |
| Interest paid | 6 | (195) | (266) | (1 556) |
| Received Gov.grants (SkatteFUNN) | 0 | 0 | 695 | |
| Instalments lease liabilities | (4 703) | (4 777) | (19 306) | |
| Proceeds from shares issued | 8 | 41 232 | 0 | 0 |
| Share issue cost | (2 278) | (43) | (352) | |
| Net cash flows financing activities | 2 431 | (13 697) | (15 725) | |
| Net change in cash and cash equivalents | 43 014 | (294) | (16 056) | |
| Cash and cash equivalents at beginning of period | 23 119 | 39 371 | 39 371 | |
| Currency translation | (879) | 548 | (197) | |
| Cash and cash equivalents at end of period, incl. restricted cash | 65 254 | 39 626 | 23 119 | |
| Whereof restricted cash | 8 519 | 9 878 | 11 673 |
Notes to the interim condensed consolidated financial statements ^
Note 01 Basis for the preparation
The parent company Arribatec Group ASA (Company) is domiciled in Norway. These condensed consolidated interim financial statements ("interim financial statements") comprise the Company and its subsidiaries (together referred to as "the Group"). These interim financial statements are unaudited and prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the EU. The accounting policies adopted are consistent with those used in the annual financial statements for the year ended 31 December 2024. Changes to IFRSs which have been effective from 1 January 2025 have had no material impact on the Group's financial statements. Numbers presented in tables in these interim financial statements have been presented in NOK, rounded to nearest thousand NOK and consequently, the sum of individual figures can deviate from the presented total figure.
Note 02 Risk and uncertainties
In preparing these interim financial statements, management has made judgments and estimates that affect the application and accounting policies and the reported amounts of assets and liabilities, income, and expenses. Actual results may differ from these estimates. Critical Accounting estimates and judgments in terms of accounting policies are more comprehensively discussed in the Company's Annual report for the Financial Year 2024, available on Arribatec's website www.arribatec.com.
Note 03 Revenue per geography and segment
Segment
The management of the Group follows up on the revenue by Business Area and geography.
The segment reporting has been re-presented to show only continuing operations. The previous reporting segments Hospitality and Marine were sold in March 2025 and are re-presented as discontinued operations and not included in the presented segments.
The amounts for "Eliminations" have also been re-presented as it previously included eliminations of some Group internal operating expenses, primarily in the segment Hospitality.
Business services deliver transformation projects around ERP, FP&A, CPM (Corporate Performance Management), Research Management and Apprentice Management solutions. This includes the implementation of new business solutions as well as iterative improvements to and support for existing ones. The team drive the process from requirements definition and analysis to deployment and ongoing support, guiding the customer at every step along the way.
EA&BPM empower organisations to work smarter through Enterprise Architecture and Business Process Management solutions.
The software and services support robust corporate governance and enable organisations to operate more efficiently and effectively - delivering long-term value across both public and private sectors.
Cloud deliver flexible and secure cloud services tailored to both private and public sector needs. Cloud provides infrastructure hosting across hybrid environments. The offering includes consulting, outsourcing, and end-to-end cloud services. In addition to market-leading cloud solutions from Microsoft, Arribatec Cloud operates its own public cloud, hosted in Norwegian data centres, to support the use cases where compliance and local sovereignty and control is a key requirement.
For the quarter end 31 Mar 2025
| NOK thousand | Business services | EA & BPM | Cloud | Corporate | Eliminations and IC vs Discont.op |
Total continuing operations |
|---|---|---|---|---|---|---|
| External revenue | 81 427 | 28 765 | 36 179 | 1 | 0 | 146 373 |
| Internal revenue | 1 518 | 96 | 3 216 | 62 | (4 893) | 0 |
| Total Revenue | 82 945 | 28 862 | 39 395 | 63 | (4 893) | 146 373 |
| Materials, software and services | (13 564) | (7 114) | (18 954) | (566) | 3 997 | (36 202) |
| Gross margin | 69 381 | 21 748 | 20 441 | (503) | (896) | 110 171 |
| Salary and personnel costs | (49 057) | (15 809) | (14 361) | (10 758) | 0 | (89 985) |
| Other operating expenses | (9 077) | (2 343) | (3 403) | 6 406 | 83 | (8 334) |
| Total operating expenses | (58 133) | (18 152) | (17 764) | (4 352) | 83 | (98 319) |
| EBITDA | 11 248 | 3 595 | 2 676 | (4 855) | (812) | 11 852 |
| Depreciation, amortisation and impairment | (4 047) | (1 915) | (2 418) | (461) | 0 | (8 842) |
| EBIT | 7 201 | 1 680 | 258 | (5 316) | (812) | 3 010 |
| Gross margin % | 83.6% | 75.4% | 51.9% | na | na | 75.3% |
| EBITDA % | 13.6% | 12.5% | 6.8% | na | na | 8.1% |
| EBIT % | 8.7% | 5.8% | 0.7% | na | na | 2.1% |
For the quarter end 31 Mar 2024
| NOK thousand | Business services | EA & BPM | Cloud | Corporate | Eliminations and IC vs Discont.op |
Total continuing operations |
|---|---|---|---|---|---|---|
| External revenue | 66 754 | 27 168 | 32 766 | 98 | 0 | 126 786 |
| Internal revenue | 2 953 | 445 | 2 542 | 0 | (5 940) | 0 |
| Total Revenue | 69 707 | 27 614 | 35 308 | 98 | (5 940) | 126 786 |
| Materials, software and services | (11 030) | (7 779) | (17 768) | (534) | 3 539 | (33 572) |
| Gross margin | 58 677 | 19 835 | 17 540 | (436) | (2 402) | 93 215 |
| Salary and personnel costs | (46 179) | (17 275) | (12 219) | (6 286) | 0 | (81 960) |
| Other operating expenses | (4 340) | (1 861) | (2 069) | (6 108) | 17 | (14 362) |
| Total operating expenses | (50 519) | (19 137) | (14 289) | (12 394) | 17 | (96 322) |
| EBITDA | 8 158 | 698 | 3 251 | (12 830) | (2 385) | (3 108) |
| Depreciation, amortisation and impairment | (3 817) | (1 743) | (3 043) | (534) | 0 | (9 137) |
| EBIT | 4 341 | (1 044) | 207 | (13 364) | (2 385) | (12 244) |
| Gross margin % | 84.2% | 71.8% | 49.7% | na | na | 73.5% |
| EBITDA % | 11.7% | 2.5% | 9.2% | na | na | (2.5%) |
| EBIT % | 6.2% | (3.8%) | 0.6% | na | na | (9.7%) |
Full year 2024
| NOK thousand | Business services | EA & BPM | Cloud | Corporate | Eliminations and IC vs Discont.op |
Total continuing operations |
|---|---|---|---|---|---|---|
| External revenue | 264 768 | 104 147 | 131 277 | 242 | 0 | 500 434 |
| Internal revenue | 8 724 | 2 199 | 11 032 | 210 | (22 165) | 0 |
| Total Revenue | 273 492 | 106 346 | 142 308 | 453 | (22 165) | 500 434 |
| Materials, software and services | (43 149) | (28 293) | (73 572) | (2 080) | 14 723 | (132 372) |
| Gross margin | 230 343 | 78 052 | 68 736 | (1 628) | (7 442) | 368 062 |
| Salary and personnel costs | (186 829) | (63 697) | (50 468) | (26 967) | (0) | (327 962) |
| Other operating expenses | (20 938) | (7 158) | (8 972) | (26 136) | (20) | (63 224) |
| Total operating expenses | (207 768) | (70 855) | (59 439) | (53 103) | (20) | (391 186) |
| EBITDA | 22 575 | 7 197 | 9 297 | (54 730) | (7 462) | (23 124) |
| Depreciation, amortisation and impairment | (15 533) | (7 240) | (11 078) | (2 241) | 0 | (36 092) |
| EBIT | 7 042 | (43) | (1 781) | (56 971) | (7 462) | (59 216) |
| Gross margin % | 84.2% | 73.4% | 48.3% | na | na | 73.5% |
| EBITDA % | 8.3% | 6.8% | 6.5% | na | na | (4.6%) |
| EBIT % | 2.6% | (0.0%) | (1.3%) | na | na | (11.8%) |
Disaggregation of revenue
In the following table, revenue is disaggregated by primary service line, geography and recurrence. In presenting the geographic information, revenue is based on the geographic location of the legal entities.
For the quarter end 31 Mar 2025
| NOK thousand | Consulting services |
Recurring Revenue |
One-time revenue |
Total |
|---|---|---|---|---|
| Norway | 48 340 | 53 850 | 3 027 | 105 217 |
| Continental Europe | 14 123 | 3 288 | 443 | 17 855 |
| UK | 12 318 | 7 434 | 1 298 | 21 050 |
| Americas | 677 | 1 278 | 296 | 2 251 |
| Total revenue, continuing operations | 75 459 | 65 851 | 5 063 | 146 373 |
For the quarter end 31 Mar 2024
| NOK thousand | Consulting services |
Recurring Revenue |
One-time revenue |
Total |
|---|---|---|---|---|
| Norway | 40 722 | 46 135 | 6 952 | 93 809 |
| Continental Europe | 9 370 | 1 877 | (11) | 11 235 |
| UK | 10 783 | 5 220 | 182 | 16 185 |
| Americas | 3 945 | 1 612 | 0 | 5 557 |
| Total revenue, continuing operations | 64 820 | 54 844 | 7 123 | 126 786 |
Full year 2024
| NOK thousand | Consulting services |
Recurring Revenue |
One-time revenue |
Total |
|---|---|---|---|---|
| Norway | 153 646 | 193 072 | 23 154 | 369 872 |
| Continental Europe | 36 524 | 6 620 | 614 | 43 758 |
| UK | 43 371 | 23 105 | 1 780 | 68 255 |
| Americas | 11 971 | 6 578 | 0 | 18 549 |
| Total revenue, continuing operations | 245 512 | 229 375 | 25 548 | 500 434 |
Note 04 Leasing
Right-of-use assets
Year to date
| NOK thousand | Buildings | Vehicles | Hardware | Other | Total |
|---|---|---|---|---|---|
| Right-of-use assets per 1 Jan 2024 | 32 773 | 89 | 1 814 | 7 043 | 41 719 |
| Addition of right-of-use assets | 5 108 | 1 142 | 7 348 | 5 048 | 18 646 |
| Depreciation in period, continuing operations | (10 233) | (304) | (3 385) | (2 311) | (16 233) |
| Depreciation in period, discontinued operations | (1 310) | (249) | (86) | (90) | (1 735) |
| Disposals | (109) | 0 | (107) | (2 586) | (2 802) |
| Translation difference | 207 | 39 | 0 | 0 | 246 |
| Right-of-use assets per 1 Jan 2025 | 16 328 | 1 248 | 5 070 | 3 917 | 26 563 |
| Addition of right-of-use assets | 552 | 1 | 0 | 0 | 553 |
| Depreciation in period, continuing operations | (2 853) | (63) | (669) | (404) | (3 989) |
| Depreciation in period, discontinued operations | (292) | (68) | (11) | (14) | (385) |
| Discontinued operations, disposal | (2 069) | (766) | 0 | 0 | (2 835) |
| Disposals | 0 | (35) | (64) | (1) | (99) |
| Translation difference | (71) | (21) | 0 | 0 | (92) |
| Carrying amount of right-of-use assets per 31 Mar 2025 | 11 595 | 297 | 4 326 | 3 498 | 19 715 |
| Remaining lease term | 1-5 years | 1-4 years | 1-3 years | 1-3 years | |
| Depreciation method | Linear | Linear | Linear | Linear |
Lease liabilities
| NOK thousand | 31 Mar 2025 | 31 Dec 2024 |
|---|---|---|
| Undiscounted lease liabilities and maturity of cash outflow | ||
| < 1 year | 12 678 | 15 180 |
| 1-2 years | 5 273 | 7 966 |
| 2-3 years | 2 129 | 3 639 |
| 3-4 years | 1 298 | 1 748 |
| 4-5 years | 332 | 620 |
| Total undiscounted lease liabilities, end of period | 21 710 | 29 153 |
| Discount element | (1 077) | (1 463) |
| Total discounted lease liabilities, end of period | 20 633 | 27 690 |
| NOK thousand | 31 Mar 2025 | 31 Dec 2024 |
|---|---|---|
| Total lease liabilities, end of period | 20 633 | 27 690 |
Note 05 Intangible assets
Year to date 31 Mar 2025
| NOK Thousand | Goodwill | Customer relations | Other intangible assets; Custom software |
Other intangible assets; Technical software |
Other intangible assets; Licenses |
Total |
|---|---|---|---|---|---|---|
| Cost at 1 Jan 2025 | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 539 |
| Additions - internally developed | 0 | 0 | 766 | 0 | 0 | 766 |
| Discontinued operations, disposal | (4 611) | 0 | (32 014) | (12 300) | 0 | (48 926) |
| Translation difference | (1 193) | (1 044) | (483) | (318) | 11 | (3 026) |
| Cost, end of period | 178 454 | 52 216 | 31 999 | 2 350 | 11 335 | 276 353 |
| Accumulated amortisations at 1 Jan 2025 | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 284) |
| Amortisation, continuing operations | 0 | (2 639) | (1 246) | (3) | (414) | (4 302) |
| Amortisation, discontinued operations | 0 | 0 | (1 107) | (620) | 0 | (1 727) |
| Discontinued operations, disposal | 0 | 0 | 19 913 | 10 250 | 0 | 30 163 |
| Translation difference | 0 | 706 | 367 | 254 | (11) | 1 317 |
| Accumulated amortisation and impairment, end of period | 0 | (41 363) | (13 454) | (2 313) | (7 703) | (64 834) |
| Carrying amount at 31 Mar 2025 | 178 454 | 10 853 | 18 544 | 37 | 3 631 | 211 519 |
| Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
Full year 2024
| NOK Thousand | Goodwill | Customer relations | Other intangible assets; Custom software |
Other intangible assets; Technical software |
Other intangible assets; Licenses |
Total |
|---|---|---|---|---|---|---|
| Cost at 1 Jan 2024 | 206 457 | 58 340 | 57 439 | 16 839 | 11 304 | 350 378 |
| Additions | 0 | 0 | 716 | 0 | 0 | 716 |
| Additions - internally developed | 0 | 0 | 7 392 | 0 | 0 | 7 392 |
| Impairment, discontinued operations | (24 416) | 0 | 0 | 0 | 0 | (24 416) |
| Disposals | 0 | (7 000) | (2 727) | (2 541) | 0 | (12 268) |
| Translation difference | 2 217 | 1 920 | 909 | 669 | 20 | 5 736 |
| Cost, end of period | 184 258 | 53 260 | 63 729 | 14 968 | 11 324 | 327 539 |
| Accumulated amortisations at 1 Jan 2024 | 0 | (34 215) | (24 845) | (11 446) | (5 518) | (76 024) |
| Amortisation, continuing operations | 0 | (11 197) | (3 698) | (365) | (1 741) | (17 001) |
| Amortisation, discontinued operations | 0 | 0 | (4 958) | (2 477) | 0 | (7 435) |
| Disposals | 0 | 7 000 | 2 727 | 2 541 | 0 | 12 268 |
| Translation difference | 0 | (1 019) | (607) | (447) | (18) | (2 092) |
| Accumulated amortisation and impairment, end of period | 0 | (39 431) | (31 381) | (12 194) | (7 278) | (90 284) |
| Carrying amount at 31 Dec 2024 | 184 258 | 13 829 | 32 348 | 2 773 | 4 046 | 237 254 |
| Useful life | Infinite | 5 yrs | 5-10 yrs | 5 yrs | 3-10 yrs |
Note 06 Financial items
| For the quarter end | ||||
|---|---|---|---|---|
| NOK thousand | 31 Mar 2025 | 31 Mar 2024 | Full year 2024 | |
| Finance income | ||||
| Interest income | 93 | 78 | 265 | |
| Realized foreign exchange gains | 431 | 201 | 1 740 | |
| Net unrealized foreign exchange gains | 740 | 61 | 0 | |
| Other financial income | 0 | 2 | 112 | |
| Total financial income | 1 264 | 343 | 2 117 | |
| Finance expenses | ||||
| Interest on debts and borrowings | (66) | (246) | (641) | |
| Interest expense on lease liabilities | (229) | (283) | (1 026) | |
| Realized foreign exchange losses | (513) | (185) | (1 129) | |
| Net unrealized foreign exchange losses | 0 | 0 | (1 567) | |
| Other financial expenses | (345) | (2) | (2 506) | |
| Total financial expenses | (1 153) | (716) | (6 869) | |
| Net financial items, continuing operations | 111 | (373) | (4 752) |
Note 07 Earnings per share
| For the quarter end | |||
|---|---|---|---|
| NOK | 31 Mar 2025 | 31 Mar 2024 | Full year 2024 |
| Net profit/(loss) to equity holders, continuing operations | 2 554 095 | (10 336 816) | (56 052 940) |
| Net profit/(loss) to equity holders, discontinued operations | 29 804 313 | 979 732 | (26 660 016) |
| Net profit/(loss) to equity holders, total operations | 32 358 408 | (9 357 084) | (82 712 957) |
| Number of shares | |||
| Weighted average number of ordinary shares | 306 795 690 | 69 057 322 | 69 572 206 |
| Effects of dilution, weighted average | 5 966 199 | 382 629 | 3 400 584 |
| Weighted average number of shares, adjusted for effects of dilution | 312 761 889 | 69 439 951 | 72 972 790 |
| Basic earnings per share, total operations | 0.11 | (0.14) | (1.19) |
| Diluted earnings per share, total operations | 0.11 | (0.14) | (1.19) |
| Basic earnings per share, continuing operations, basic and diluted | 0.01 | (0.15) | (0.81) |
| Basic earnings per share, discontinued operations, basic and diluted | 0.10 | 0.01 | (0.38) |
Note 08 Issued shares, share capital and shareholder information
Issued shares and share capital
| Number of shares | Share Capital (NOK) | |
|---|---|---|
| 31 December 2024 | 69 572 206 | 194 802 177 |
| Capital decrease, January1 | (187 844 956) | |
| Capital issue, February | 410 000 000 | 41 000 000 |
| Capital issue, March | 2 316 429 | 231 643 |
| 31 March 2025 | 481 888 635 | 48 188 864 |
1 Nominal value reduced from NOK 2.80 per share, to NOK 0.10 per share
In addition to the issued shares, there were 207 898 163 warrants outstanding per 31 March 2025.
Shares held by related parties
| Holding | Stake | ||
|---|---|---|---|
| COMPANY ONE AS | 33 609 136 | 7.0% | Related to Håkon Reistad Fure, Chairman of the Board in Arribatec Group ASA |
| TERJE MJØS HOLDING AS | 23 585 534 | 4.9% | Related to Terje Mjøs, Member of the Board in Arribatec Group ASA |
| AUGUST INDUSTRIER AS | 12 500 000 | 2.6% | Related to Henrik A. Christensen, Member of the Board in Arribatec Group ASA |
| KJØLVIK INVEST AS | 228 776 | 0.0% | Related to Ole-Jakob Kjølvik, Interim CEO of Arribatec Group ASA |
| HELLEBUST, KRISTIN | 22 728 | 0.0% | Related to Kristin Hellebust, Member of the Board in Arribatec Group ASA |
20 largest shareholders at 31 Mar 2025
| Holding | Stake | |
|---|---|---|
| FERNCLIFF LISTED DAI AS | 120 998 793 | 25.1% |
| TITAN VENTURE AS | 50 000 000 | 10.4% |
| COMPANY ONE AS | 33 609 136 | 7.0% |
| TERJE MJØS HOLDING AS | 23 585 534 | 4.9% |
| DALLAS ASSET MANAGEMENT AS | 17 923 809 | 3.7% |
| AUGUST INDUSTRIER AS | 12 500 000 | 2.6% |
| ERIK SKAAR OPDAL | 11 906 271 | 2.5% |
| JOAR AARENES | 11 668 473 | 2.4% |
| SRK CONSULTING AS | 9 117 581 | 1.9% |
| HANEKAMB INVEST AS | 7 200 000 | 1.5% |
| EXCESSION AS | 7 000 000 | 1.5% |
| Nordnet Bank AB | 5 924 402 | 1.2% |
| KRISTIAN FALNES AS | 5 442 029 | 1.1% |
| MIDDELBOE AS | 5 424 169 | 1.1% |
| DATUM AS | 4 800 000 | 1.0% |
| LARS HUGO BRAADLAND OLSEN | 4 206 463 | 0.9% |
| BORGUND INVEST AS | 4 000 000 | 0.8% |
| NEVROKIRO INVEST AS | 3 843 255 | 0.8% |
| NILS GABRIEL ANDRESEN | 3 489 310 | 0.7% |
| NORDLYS TRADING AS | 3 269 181 | 0.7% |
| Total 20 largest shareholders | 345 908 406 | 71.8% |
| Other shareholders | 135 980 229 | 28.2% |
| Total | 481 888 635 | 100.0% |
Note 09 Interest bearing debt
NOK thousand
| Debt financial institutions | Type | Currency | Facility limit | Interest rate | Year of maturity | 31 Mar 2025 | 31 Dec 2024 |
|---|---|---|---|---|---|---|---|
| Danske Bank | Revolving credit facility | NOK | 20 000 | NIBOR+2.75% | 2025, Dec | 0 | 20 000 |
| Danske Bank | Revolving credit facility | NOK | 15 000 | NIBOR+2.75% | 2025, Jan | 0 | 11 625 |
| Bank Intesa, Italy | Unsecured bank facilities | EUR | EURIBOR+1.95%-2.40% | 2027 | 0 | 5 984 | |
| Bank Progetto, Italy | Unsecured bank loan | EUR | EURIBOR+5% | 2025 | 0 | 1 322 | |
| Bank Carige, Italy | Unsecured bank loan | EUR | 1.3% | 2027 | 0 | 4 218 | |
| Bank Passadore, Italy | Unsecured bank loan | EUR | EURIBOR+1.5% | 2028 | 0 | 2 105 | |
| Total | 0 | 45 254 |
| Credit facilities | Other borrowings | Total | |
|---|---|---|---|
| Balance at 1 Jan 2024 | 19 458 | 19 930 | 39 388 |
| Proceeds from loans and borrowings | 12 167 | 0 | 12 167 |
| Repayment of loans and borrowings | 0 | (7 372) | (7 372) |
| Total changes in financial cashflow | 12 167 | (7 372) | 4 795 |
| Translation difference | 0 | 1 072 | 1 072 |
| Total interest bearing debt at 31 Dec 2024 | 31 625 | 13 629 | 45 254 |
| Disposal discontinued operations | 0 | (12 995) | (12 995) |
| Translation difference | 0 | (635) | (635) |
| Total changes in borrowings, non-cash | 0 | (13 629) | (13 629) |
| Proceeds from loans and borrowings | 0 | 0 | 0 |
| Repayment of loans and borrowings | (31 625) | 0 | (31 625) |
| Total changes in financial cash flow | (31 625) | 0 | (31 625) |
| Total interest bearing debt, end of period | 0 | 0 | 0 |
Note 10 Discontinued operations
Accounting policies discontinued operations
A disposal group qualifies as discontinued operation if it is a cash generating unit that has either been disposed of, or is classified as held for sale, and represent a separate major line of business or geographical area of operations.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statements of profit and loss. All consolidation procedures are still applicable, and only external revenues and expenses are shown as discontinued operations.
Details of discontinued operations
Mid March 2025, the reporting segments Hospitality and Marine were sold, and have consequently been re-presented as discontinued operations in the consolidated statements of profit and loss. Only external revenues and expenses from these operations are included as discontinued operations in the consolidated statements of profit and loss, as well as the net gain on sale.
Segment Hospitality was sold to Convene AS for an equity valuation of NOK 12.5 million segment Marine was sold to Star Information Systems AS for an equity valuation of approximately NOK 25 million.
| NOK thousand | Note | 31 Mar 2025 | 31 Mar 2024 | Full year 2024 | |
|---|---|---|---|---|---|
| Discontinued operations | |||||
| Revenue | 12 433 | 17 830 | 74 299 | ||
| Materials, software and services | (1 281) | (1 097) | (14 312) | ||
| Gross profit | 11 151 | 16 732 | 59 987 | ||
| Salary and personnel costs | (9 017) | (11 314) | (41 310) | ||
| Other operating expenses | (193) | (2 299) | (10 778) | ||
| Total operating expenses | (9 210) | (13 613) | (52 088) | ||
| EBITDA | 1 941 | 3 119 | 7 899 | ||
| Depreciation, amortisation and impairment | 4,5 | (2 182) | (1 989) | (33 932) | |
| EBIT | (241) | 1 130 | (26 033) | ||
| Financial income | 54 | 93 | 382 | ||
| Financial expense | (250) | (480) | (1 709) | ||
| Profit/(loss) before tax | (437) | 743 | (27 361) | ||
| Tax expense | 242 | 237 | 701 | ||
| Profit/(loss) from discontinued operations, excluding gain on sale | (195) | 980 | (26 660) | ||
| Gain on sale of discontinued operations (net tax of zero) | 29 999 | 0 | 0 | ||
| Profit/(loss) from discontinued operations | 29 804 | 980 | (26 660) | ||
| Attributable to: | |||||
| Equity holders of the parent company | 29 804 | 980 | (26 660) | ||
| Earnings per share, discontinued operations: basic and diluted | 7 | 0.10 | 0.01 | (0.38) |
Cash flow from discontinued operations
The cash flow for discontinued operations includes both internal and external cash flows for Hospitality and Marine. The net cash received on sale of the discontinued operations are also included in a separate line.
| For the quarter end | |||
|---|---|---|---|
| NOK thousand | 31 Mar 2025 | 31 Mar 2024 | Full year 2024 |
| Operating activities | (7 365) | (3 455) | (15 307) |
| -Investing activities from operations | 185 | (581) | (2 736) |
| -Investing activities from sale of operations1 | 30 788 | 0 | 0 |
| Net Investing activities | 30 973 | (581) | (2 736) |
| Financing activities | (682) | (1 028) | (12 591) |
| Net cash from discontinued operations | 22 926 | (5 064) | (30 634) |
1 Sales price minus cash in sold entities
Assets and liabilities at the time of sale of discontinued operations (Hospitality and Marine)
Arribatec Group assets and liabilities related to the reporting segments Hospitality and Marine at the time of sale mid March 2025 were as follows:
| NOK thousand | As per date of sale |
|---|---|
| Assets | |
| Right-of-use assets | 2 835 |
| Goodwill | 4 611 |
| Intangible assets | 14 151 |
| Other non-current assets | 5 771 |
| Current assets, excl cash and cash equivalents | 27 592 |
| Cash and cash equivalents | 6 312 |
| Liabilities | |
| Interest bearing loans | 12 995 |
| Lease liabilities | 3 100 |
| Provisions | 11 960 |
| Accounts payable | 7 595 |
| Contract liabilities | 17 499 |
| Other liabilities | 5 709 |
Terms and abbreviations ^
KPI/APM definition
| KPI/APM | Definition |
|---|---|
| Gross profit | Operating revenue less materials, software and services |
| EBITDA | Earnings before Interest, Tax, Depreciation and Amortisation |
| EBITDA margin | EBITDA as a percentage of Total income |
| Equity ratio | Equity as a percentage of total assets |
| Current pipeline | Sales prospects in purchasing process. Value equals estimated contract value |
| Signed contracts | Contracts signed with customers, measured in estimated value of contract |
Terms and abbreviations
| BA | Business Area |
|---|---|
| BizS | BA Business Services |
| BoD | Board of Directors |
| BPM | Business Process Management |
| Cloud | BA Cloud |
| EA&BPM | BA Enterprise Architecture & Business Process Management |
| EBIT | Operating profit, Earning before Interest and Tax |
| EBITDA | Earnings Before Interest, Tax, Depreciation and Amortisation |
| EPS | Earnings Per Share |
| FTE | Full Time Equivalent |
| Hspt | BA Hospitality |
|---|---|
| IFRS | International Financial Reporting Standards |
| Marine | BA Marine |
| NOK | Norwegian Krone |
| Opex | Operating expenses |
| RR | Recurring revenue, derived from sale of services and solutions through subscription models |
| Saas | Software as a service |
| Solaas | Solution as a service |
Next events
21 August 2025 Half-yearly Report
30 October 2025 Q3 report
Arribatec is a global supplier of digital business solutions that help our customers achieve competitive advantage through innovative use of IT.
+47 40 00 33 55 [email protected]
Arribatec Group ASA Lørenfaret 1D, N-0585 Oslo