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BTS Group Interim / Quarterly Report 2026
3018_10-q_2026-05-21_1eec8764-b018-4416-91c2-983f373b13f2.pdf
Interim / Quarterly Report
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BTS GROUP AB (PUBL)
INTERIM REPORT
JANUARY – MARCH 2026
Q1
BTS back to profitable growth
January 1 – March 31, 2026
- Net sales amounted to MSEK 602 (647). Growth adjusted for currency effects was 5%, whereof 2% was organic.
- EBITA increased 5% to MSEK 62 (59).
- EBITA margin was 10.3 (9.1) %.
- Profit after tax increased 4% to MSEK 26 (25).
- Earnings per share increased 7% to SEK 1.42 (1.33).
"BTS is back to profitable growth, with our biggest unit, North America, returning to growth and 50 percent profit improvement. In North America, AI companies are increasingly turning to BTS as their partner of choice and our clients are recognizing that the key to applied AI advancement is a people and leadership issue – right in our sweet spot."
Jessica Skon, CEO of BTS Group AB
Outlook 2026
We estimate that the result (EBITA) for 2026 will be better than 2025.
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 | Apr–Mar 2025/2026 | Jan–Dec 2025 |
|---|---|---|---|---|
| Net sales | 602 | 647 | 2,658 | 2,703 |
| Growth adjusted for currency effects | 5% | 3% | 3% | 3% |
| EBITA | 62 | 59 | 278 | 274 |
| EBITA margin | 10.3% | 9.1% | 10.4% | 10.2% |
| EBIT | 45 | 41 | 204 | 200 |
| EBIT margin | 7.5% | 6.3% | 7.7% | 7.4% |
| Profit after tax | 26 | 25 | 133^{13} | 133^{13} |
| Cash flow from operating activities | -2 | -58 | 269 | 213 |
| Earnings per share, SEK^{2)} | 1.42 | 1.33 | 6.99 | 6.89 |
| Net debt (+) / net cash (-) | 1 | -53 | 1 | -46 |
| Number of employees (EOP) | 1,127^{2)} | 1,198 | 1,127^{2)} | 1,139 |
1) The changes in U.S. tax legislation in 2025 had a positive effect on reported income tax 2025 of MSEK 14 in BTS's operations in North America.
2) Before and after dilution of shares.
3) Acquisitions during the period have brought in 21 new employees.
bts
Strategy made personal
BTS back to profitable growth
BTS North America returned to growth during the first quarter with significantly improved earnings, compared to the same period last year, marking the completion of the turnaround initiated three quarters ago. In addition, BTS Europe continues to grow both net sales and margins, while net sales for BTS Other markets decreased by 4 percent, adjusted for currency effects. For the Group, net sales adjusted for currency effects increased by 5 percent, leading to an EBITA increase by 5 percent in SEK and by 19 percent, adjusted for currency effects. EBITA margins improved from 9.1 percent to 10.3 percent.
North America turnaround complete, back to profitable growth
The recovery in BTS North America has been driven by the turnaround measures implemented over the last three quarters: new leadership, an improved sales organization, a sharper focus on core services and AI innovation across our portfolio. These actions, combined with the efficiency gains from three waves of AI-driven workflow improvements, have delivered system-wide efficiencies, with the greatest impact on the North American operations. At the same time, client demand in North America is strengthening, particularly within the energy and healthcare sectors, as well as among AI companies. A powerful combination of an 8 percent revenue growth adjusted for currency effects and positive impact from efficiency programs lead to a 50 percent improvement in EBITA, adjusted for currency effects, and an increase in EBITA margin to 13.4 percent.
BTS Europe continues to show strong growth
BTS Europe continues to be our growth leader, driven by clients valuing our offering as leading-edge and our ability to serve them globally. Revenues grew by 17 percent, adjusted for currency effects, as we have been able to roll out existing large deals and in addition deliver new large deals. The strong revenue growth was the key driver to an improved EBITA margin to 13.4 percent, compared to 12.6 percent the same period in 2025.
Jessica Skon
BTS Other markets expected to recover during the year
BTS Other markets had a weak start to the year, with profitability impacted primarily by our Asia Pacific operations. Actions are in place to address this, including a revenue growth plan, cost optimization, an increase in partner-level leadership, sharpening our industry and portfolio focus across key markets.
At the same time, there are several bright spots within BTS Other markets. Our Middle East operations continued
BTS Interim report January 1–March 31, 2026
to deliver double-digit growth, supported by a diversified client base and strong adoption of AI. Southern Europe¹⁾ and Australia are also showing healthy growth. Overall, bookings increased across BTS Other markets in the first quarter. We expect that these actions will enable BTS Other markets to return to profitable growth during the second half of the year.
AI initiatives drive growth and increase productivity
As our clients' applied AI partner, we generated MUSD 11.5 in direct AI net bookings, annualized, during the first quarter, a 35 percent increase compared to the same quarter 2025. AI product bookings reached MUSD 5.9 during the first quarter, equal to a threefold increase compared to the same quarter 2025. Beyond revenue, our AI innovations are keeping us ahead of the competition while driving significant productivity gains, particularly through increased speed in our simulation services. These services are primarily used in client events, an area where companies continue to invest. At the same time, BTS is winning new AI clients and supporting them in scaling their operations.
Market sentiment and priorities for the remainder of 2026
Overall, the market sentiment is fairly positive as we enter the remainder of 2026. Client demand is growing in the energy and healthcare sectors, and AI companies are
increasingly turning to BTS as their partner of choice. Although geopolitical uncertainty increased towards the end of the quarter, and we noticed some caution among customers in the quarter, we did not see any project cancellations or delays as a result of the increase in energy prices. In the Middle East, we did see double-digit growth, but the war in the region resulted in some client delays. Additionally, some software clients delayed projects due to competitive pressures from AI. Looking ahead, we will continue to streamline and simplify our global operations in 2026, and continue to accelerate our clients' adoption of applied AI, so that they can realize the innovation and productivity gains that BTS is already seeing. We will also bring our differentiated simulation and AI capabilities, along with new innovations, to clients to drive learning, change, and performance improvements.
Outlook
We estimate that the result (EBITA) for 2026 will be better than in 2025.
Stockholm, May 21, 2026
Jessica Skon
CEO of BTS Group AB (publ)
BTS Interim report January 1–March 31, 2026
¹⁾ "BTS Other markets" includes Italy and Spain. Complete unit affiliation on page 5.
BTS Interim report January 1–March 31, 2026 | 4
OPERATIONS
Sales
BTS's net sales for the first quarter amounted to MSEK 602 (647). Sales adjusted for currency effects increased 5 percent, of which 2 percent organic. Growth varied between the units: BTS Europe 17 percent, BTS North America 8 percent, BTS Other markets –4 percent, and APG –31 percent.
Earnings
EBITA increased 5 percent in the first quarter to MSEK 62 (59). The EBITA margin was 10.3 (9.1) percent. EBITA growth adjusted for currency effects amounted to 19 percent. The foreign exchange rate effects continue to be substantial, and amounted to MSEK –75 on revenue and MSEK –8 on EBITA.
EBIT increased 11 percent in the first quarter to MSEK 45 (41). EBIT margin was 7.5 (6.3) percent. EBIT for the first quarter was charged with MSEK –17 (–18) for amortization of intangible assets attributable to acquisitions and digital investments.
Profit before tax increased 4 percent and amounted to MSEK 36 (35) for the first quarter.
The outcome was affected positively by improved profit in BTS North America and BTS Europe and negatively by lower profit in BTS Other markets and APG, compared to previous year.
NET SALES BY QUARTER
EBITA BY QUARTER
NET SALES AND EBITA ROLLING 12 MONTHS
1) Excluding forgiven PPP loan.
EARNINGS AND DIVIDEND PER SHARE
1) Excluding forgiven PPP loan.
2) Excluding reversed provision of earn-out.
3) Proposed dividend.
BTS Interim report January 1–March 31, 2026 | 5
SEGMENT REPORTING
The effects of IFRS 16 are reported as Group adjustments, and do not affect the reporting of the BTS Operating units.
Operating units
BTS North America consists of BTS's operations in the US (excluding APG), Canada, and Switzerland.
BTS Europe consists of operations in France, Germany, the Netherlands, Sweden, and the UK.
BTS Other markets consists of operations in Argentina, Australia, Brazil, China, Costa Rica, India, Indonesia, Italy, Japan, Malaysia, Mexico, Singapore, South Africa, South Korea, Spain, Taiwan, Thailand, and the United Arab Emirates.
APG consists of operations in Advantage Performance Group in the US.
NET SALES
JANUARY 1 – MARCH 31, 2026 (2025)
By source of revenue
Per operating unit
AVERAGE GROWTH PER YEAR, 2001–2025 (CAGR)
12%
Net sales growth per year²¹
13%
EBITA growth per year
¹ Growth adjusted for currency effects
FINANCIAL GOALS
BTS's financial goals over time are:
- A net sales growth¹⁾ of 20 percent, primarily organic.
- An EBITA margin of 17 percent.
- An equity ratio above 50 percent.
- An ambition to distribute 40–65 percent of profit after tax.
¹⁾ Growth adjusted for currency effects
OUTCOME PER OPERATING UNIT
Net sales
| MSEK | Jan-Mar 2026 | Jan-Mar 2025 | Apr-Mar 2025/2026 | Jan-Dec 2025 |
|---|---|---|---|---|
| BTS North America | 309 | 335 | 1,271 | 1,297 |
| BTS Europe | 126 | 113 | 513 | 500 |
| BTS Other markets | 146 | 164 | 777 | 795 |
| APG | 20 | 34 | 97 | 111 |
| Total | 602 | 647 | 2,658 | 2,703 |
EBITA
| MSEK | Jan-Mar 2026 | Jan-Mar 2025 | Apr-Mar 2025/2026 | Jan-Dec 2025 |
|---|---|---|---|---|
| BTS North America | 41.4 | 32.7 | 114.4 | 105.7 |
| BTS Europe | 16.9 | 14.3 | 68.3 | 65.7 |
| BTS Other markets | 2.7 | 11.6 | 90.8 | 99.7 |
| APG | -1.8 | -2.0 | -3.4 | -3.6 |
| EBITA, excluding Group adjustments | 59.2 | 56.6 | 270.1 | 267.5 |
| Effects of IFRS 16 | 2.6 | 2.0 | 7.5 | 6.9 |
| EBITA | 61.8 | 58.6 | 277.6 | 274.4 |
EBITA margin
| % | Jan-Mar 2026 | Jan-Mar 2025 | Apr-Mar 2025/2026 | Jan-Dec 2025 |
|---|---|---|---|---|
| BTS North America | 13.4 | 9.8 | 9.0 | 8.2 |
| BTS Europe | 13.4 | 12.6 | 13.3 | 13.1 |
| BTS Other markets | 1.8 | 7.0 | 11.7 | 12.5 |
| APG | -8.7 | -5.7 | -3.5 | -3.3 |
| EBITA margin | 10.3 | 9.1 | 10.4 | 10.2 |
BTS Interim report January 1-March 31, 2026
Market development
In North America, client demand is increasing in the energy and healthcare sectors, as well as among AI companies. Traditional software companies are shifting priorities, resulting in a more prudent pace. In Europe, companies are becoming more cautious, partly driven by oil prices; however, all projects have continued without delays during the first quarter. Geopolitical and macro-economic uncertainty negatively impacted the sentiment in BTS Other markets, including Southeast Asia but also China, Japan, and Korea. In addition, the war in the Middle East has caused some client delays, but the region still delivered double-digit growth.
BTS North America
Net sales for the first quarter amounted to MSEK 309 (335). Revenue adjusted for currency effects increased by 8 percent, of which 4 percent was organic. EBITA amounted to MSEK 41.4 (32.7), and the EBITA margin to 13.4 (9.8) percent.
Much of the strong EBITA improvement for the first quarter can be attributed to positive effects of MSEK 15 from our 2025 efficiency programs. EBITA growth adjusted for currency effects amounted to 50 percent, and the EBITA margin growth amounted to 3.6 percentage points. EBITA was negatively impacted by USD exchange rate effects of MSEK -8.
BTS Europe
Net sales for the first quarter amounted to MSEK 126 (113). Revenue adjusted for currency effects increased by 17 percent, all of which was organic. EBITA amounted to MSEK 16.9 (14.3), and the EBITA margin to 13.4 (12.6) percent.
The revenue growth of 17 percent was driven by the continued rollout of existing and new large client projects, as well as several smaller deals from the fourth quarter 2025 being recognized during the first quarter. EBITA growth adjusted for currency effects amounted to 24 percent, with the key driver being the revenue growth.
BTS Other markets
Net sales for the first quarter amounted to MSEK 146 (164). Revenue adjusted for currency effects decreased by 4 percent, and decreased by 7 percent organically. EBITA amounted to MSEK 2.7 (11.6), and the EBITA margin to 1.8 (7.0) percent.
Performance in the region reflects a mix of market-specific challenges and internal transformation needs. The EBITA decline of MSEK 8.9 was primarily driven by lower revenues, along with an increase in personnel costs from the acquisition of Nexo.
The 4 percent decrease in revenue, as well as the EBITA decline, was primarily driven by some markets in Southeast Asia. We are addressing the development in Southeast Asia through focused actions, including refining our go-to-market approach, reducing contractor costs, strengthening leadership presence, and sharpening our industry and portfolio focus across key markets.
APG
Net sales for the first quarter amounted to MSEK 20 (34). Revenue adjusted for currency effects decreased by 31 percent, all of which was organic. EBITA amounted to MSEK -1.8 (-2.0), and the EBITA margin to -8.7 (-5.7) percent. EBITA growth adjusted for currency effects amounted to 4 percent, and the EBITA margin growth amounted to -3 percentage points.
The share of BTS services in APG's pipeline has increased from 20 percent of our total pipeline at the beginning of the year, to 35 percent at the end of the quarter, indicating that the closer integration with BTS North America is moving in the right direction with an improved sales potential.
NET SALES PER INDUSTRY
JANUARY 1 - MARCH 31, 2026 (2025)
BTS Interim report January 1–March 31, 2026
BTS Interim report January 1–March 31, 2026 | 8
CASH FLOW
January 1 – March 31, 2026
BTS's cash flow from operating activities for the first quarter amounted to MSEK -2 (-58), whereof the cash flow from changes in working capital amounted to MSEK -66 (-105). A weaker cash flow in the first quarter matches BTS's normal seasonal fluctuations, with a weaker first half of the year and a stronger second half.
The cash flow from investing activities for the first quarter amounted to MSEK -35 (-103). Investments in tangible and intangible non-current assets, excluding acquisitions, amounted to MSEK -7 (-11) for the first quarter. Investments in acquisitions of businesses amounted to MSEK -27 (-92).
Cash flow from financing activities for the first quarter amounted to MSEK 1 (-26).
Total cash flow in the first quarter amounted to MSEK -36 (-186).
FINANCIAL POSITION
Available cash and cash equivalents amounted to MSEK 596 (463) at the end of the period.
Interest-bearing loans amounted to MSEK 597 (409) at the end of the period. The company had no conversion loans outstanding at the balance sheet date.
Net debt, that is interest-bearing liabilities reduced by liquid funds, amounted to MSEK 1 (-53) at the end of the period, and the net debt ratio for the 12 months period April 2025 to March 2026 was 0 (-4) percent.
BTS's equity ratio was 49 (52) percent at the end of the period.
DEPRECIATIONS AND AMORTIZATIONS
January 1 – March 31, 2026
Depreciation of property, plant and equipment amounted to MSEK -16 (-18) for the first quarter, of which depreciation of right-of-use assets in accordance with IFRS 16 were MSEK -13 (-15).
Amortization of intangible assets amounted to MSEK -17 (-18) for the first quarter, of which amortizations related to acquisitions were MSEK -10 (-10).
OTHER INFORMATION
Employees
As of March 31, 2026, the number of employees at BTS was 1,127 (1,198). Acquisitions during the period have brought in 21 new employees. The average number of employees for the quarter was 1,136 (1,181).
Parent company
The Parent company's net sales during the first quarter amounted to MSEK 2.2 (1.8) and profit before tax totaled MSEK 3.0 (-10.7). Cash and cash equivalents amounted to MSEK 50.0 (3.7).
Transactions with related parties
A limited number of transactions with related parties, with the exception of transactions between Group companies, have taken place and in that case under prevailing market conditions.
Events after the end of the period
No significant events occurred after the close of the period.
BTS AROUND THE WORLD
BTS is a global professional services firm headquartered in Stockholm, Sweden, with about 1,100 professionals in 36 offices located on six continents.
BTS Interim report January 1–March 31, 2026 | 9
Risks and uncertainties
The Group's material risks and uncertainties include market and business risks, operational risks, and financial risks. Business risks include significant exposure to individual customers or markets, as well as the negative influence of changes in the economy. Operational risks include dependence on key individuals, insufficient skills supply, and an inability to take advantage of intellectual property, as well as if BTS does not meet the stringent quality requirements of its clients. Financial risks mainly relate to foreign exchange rates and credit risks. Political instability, armed conflicts, protectionism, and geopolitical tensions have increased in recent years. The Global Leadership Team and the Board continuously assess macro-economic trends and geopolitical risks affecting BTS's operations, and develop appropriate action plans accordingly. The management of risks and uncertainties is further described in the 2025 Annual report.
Critical accounting estimates and assumptions
In order to prepare the financial statements in conformity with IFRS accounting standards, Corporate management is required to make estimates and assumptions that affect the application of accounting principles and the recognized amounts of assets, liabilities, revenues, and costs. Estimates and assumptions are based on historical experience, and a number of other factors that are regarded as reasonable under prevailing conditions. Actual outcomes can deviate from these estimates and assumptions. Estimates and assumptions are reviewed regularly.
Accounting policies
The same accounting policies and calculation bases have been applied as in the most recent Annual Report. The interim report for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act, which complies with the stipulations of RFR2. The same accounting policies and calculation bases have been applied as in the most recent Annual Report.
Financial calendar
Interim report Jan–Jun 2026 August 14, 2026
Interim report Jan–Sep 2026 November 6, 2026
Year-end report Jan–Dec 2026 February 19, 2027
Stockholm, May 21, 2026
Jessica Skon
CEO
This report has not been reviewed by BTS's auditors.
Contact information
Jessica Skon, CEO +46 8 587 070 00
Stefan Brown, CFO +46 8 587 070 62
Michael Wallin, Investor Relations +46 70 878 80 19
BTS Group AB (publ)
Grevgatan 34
SE-114 53 Stockholm, Sweden
Phone: +46 8 587 070 00
Company registration number: 556566-7119
For further information, visit www.bts.com
FINANCIAL INFORMATION
GROUP INCOME STATEMENT, SUMMARY
| KSEK | Jan-Mar 2026 | Jan-Mar 2025 | Apr-Mar 2025/2026 | Jan-Dec 2025 |
|---|---|---|---|---|
| Net sales | 601,975 | 647,143 | 2,657,932 | 2,703,100 |
| Operating expenses | -523,987 | -570,203 | -2,313,711 | -2,359,927 |
| Depreciation of property, plant, and equipment | -16,231 | -18,364 | -66,603 | -68,736 |
| EBITA | 61,758 | 58,577 | 277,618 | 274,437 |
| Amortization of intangible assets | -16,657 | -17,814 | -73,318 | -74,475 |
| EBIT | 45,101 | 40,763 | 204,300 | 199,962 |
| Net financial items | -8,881 | -5,998 | -39,002 | -36,119 |
| Associated companies, profit after tax | -32 | 133 | 959 | 1,124 |
| EBT | 36,188 | 34,898 | 166,257 | 164,967 |
| Income tax | -10,134 | -9,771 | -32,819¹) | -32,457¹) |
| Net profit | 26,054 | 25,127 | 133,438 | 132,510 |
| attributable to the shareholders of the parent company | 27,608 | 25,731 | 135,518 | 133,649 |
| Earnings per share, SEK | 1.42 | 1.33 | 6.99 | 6.89 |
| Number of shares at end of the period ²) | 19,396,819 | 19,396,819 | 19,396,819 | 19,396,819 |
| Average number of shares ²) | 19,396,819 | 19,396,819 | 19,396,819 | 19,396,819 |
| Dividend per share, SEK | 4.40³) |
¹) Following changes in US tax legislation during 2025, BTS's North American operations have gained expanded and partially retroactive tax deduction possibilities. These changes had a significant positive impact on the reported income tax 2025 which decreased by approximately MSEK 1/4, with full impact in the fourth quarter.
²) Before and after dilution of shares.
³) Proposed dividend.
GROUP STATEMENT OF COMPREHENSIVE INCOME
| KSEK | Jan-Mar 2026 | Jan-Mar 2025 | Apr-Mar 2025/2026 | Jan-Dec 2025 |
|---|---|---|---|---|
| Profit for the period | 26,054 | 25,127 | 133,438 | 132,510 |
| Items that will not be reclassified to profit or loss | - | - | - | - |
| Items that may be reclassified to profit or loss | ||||
| Translation differences in equity | 45,261 | -118,920 | -54,635 | -218,817 |
| Translation difference related to net investment in Group foreign operations | 2,177 | -13,705 | -2,187 | -18,069 |
| Other comprehensive income for the period, net of tax | 47,438 | -132,625 | -56,822 | -236,885 |
| Total comprehensive income for the period | 73,492 | -107,499 | 76,616 | -104,375 |
| attributable to the shareholders of the parent company | 75,046 | -106,984 | 78,696 | -103,236 |
BTS Interim report January 1–March 31, 2026
GROUP BALANCE SHEET, SUMMARY
| KSEK | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 1,305,458 | 1,308,032 | 1,275,823 |
| Other intangible assets | 163,044 | 189,494 | 165,587 |
| Tangible assets | 173,445 | 173,041 | 149,834 |
| Financial assets | 40,994 | 30,016 | 37,152 |
| Total non-current assets | 1,682,941 | 1,700,584 | 1,628,395 |
| Trade receivables | 425,611 | 484,303 | 647,590 |
| Other current assets | 404,104 | 324,838 | 269,976 |
| Cash and cash equivalents | 596,382 | 462,582 | 625,939 |
| Total current assets | 1,426,098 | 1,271,723 | 1,543,505 |
| TOTAL ASSETS | 3,109,038 | 2,972,307 | 3,171,900 |
| EQUITY AND LIABILITIES | |||
| --- | --- | --- | --- |
| EQUITY | 1,519,776 | 1,558,101 | 1,445,439 |
| LIABILITIES | |||
| Acquisition-related non-current liabilities 1) | 109,636 | 203,049 | 132,216 |
| Interest-bearing non-current liabilities | 502,650 | 302,719 | 502,656 |
| Other non-current liabilities | 203,641 | 217,586 | 185,603 |
| Non-current liabilities | 815,926 | 723,355 | 820,476 |
| Acquisition-related current liabilities 1) | 90,868 | 23,674 | 86,974 |
| Interest-bearing current liabilities | 94,642 | 106,406 | 77,141 |
| Other current liabilities | 587,826 | 560,771 | 741,870 |
| Current liabilities | 773,336 | 690,851 | 905,985 |
| TOTAL LIABILITIES | 1,589,262 | 1,414,206 | 1,726,461 |
| TOTAL EQUITY AND LIABILITIES | 3,109,038 | 2,972,307 | 3,171,900 |
1) Refers to provisions for conditional purchase price.
BTS Interim report January 1–March 31, 2026
GROUP CASH FLOW STATEMENT, SUMMARY
| KSEK | Jan–Mar 2026 | Jan–Mar 2025 | Apr–Mar 2025/2026 | Jan–Dec 2025 |
|---|---|---|---|---|
| Earnings before tax | 36,188 | 34,898 | 166,257 | 164,967 |
| Adjustments for non-cash items | 36,501 | 35,626 | 159,749 | 158,874 |
| Paid taxes | -8,536 | -23,059 | -53,269 | -67,792 |
| Cash flow from operating activities | 64,152 | 47,464 | 272,738 | 256,050 |
| Operating receivables | 103,345 | 119,835 | -62,143 | -45,653 |
| Operating liabilities | -169,602 | -225,129 | 57,930 | 2,403 |
| Cash flow from changes in working capital | -66,257 | -105,294 | -4,213 | -43,250 |
| Cash flow from operating activities | -2,105 | -57,830 | 268,524 | 212,799 |
| Acquisition of business combinations | -27,402 | -91,677 | -63,990 | -128,265 |
| Acquisition of assets | -7,425 | -11,160 | -54,611 | -58,346 |
| Cash flow from investing activities | -34,827 | -102,837 | -118,601 | -186,611 |
| Dividend | - | - | -118,321 | -118,321 |
| Net change, interest-bearing liabilities | 16,348 | -11,828 | 188,167 | 159,991 |
| Other 1) | -15,314 | -13,781 | -62,749 | -61,216 |
| Cash flow from financing activities | 1,035 | -25,609 | 7,097 | -19,546 |
| Cash flow for the period | -35,897 | -186,275 | 157,020 | 6,642 |
| Cash and cash equivalents, opening balance | 625,939 | 703,332 | 462,582 | 703,332 |
| Translation differences in cash and cash equivalents | 6,342 | -54,475 | -23,220 | -84,036 |
| Cash and cash equivalents, closing balance | 596,382 | 462,582 | 596,382 | 625,939 |
1) Amortization of lease liabilities, according to IFRS 16.
BTS Interim report January 1–March 31, 2026
GROUP CHANGES IN CONSOLIDATED EQUITY
| KSEK | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|
| Opening balance | 1,445,439 | 1,664,755 | 1,664,755 |
| Dividend to shareholders | – | – | –118,321 |
| Other | 845 | 845 | 3,380 |
| Total comprehensive income for the period | 73,492 | –107,499 | –104,375 |
| Closing balance | 1,519,776 | 1,558,101 | 1,445,439 |
PARENT COMPANY'S INCOME STATEMENT, SUMMARY
| KSEK | Jan–Mar 2026 | Jan–Mar 2025 | Apr–Mar 2025/2026 | Jan–Dec 2025 |
|---|---|---|---|---|
| Net sales | 2,235 | 1,805 | 5,655 | 5,225 |
| Operating expenses | 297 | –8,448 | –15,436 | –24,181 |
| EBIT | 2,532 | –6,643 | –9,781 | –18,956 |
| Net financial items | 435 | –4,071 | 134,879 | 130,374 |
| EBT | 2,967 | –10,714 | 125,098 | 111,418 |
| Tax | – | – | –5,380 | –5,380 |
| Net profit | 2,967 | –10,714 | 119,718 | 106,038 |
PARENT COMPANY'S BALANCE SHEET, SUMMARY
| KSEK | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|
| ASSETS | |||
| Financial assets | 573,627 | 442,487 | 561,852 |
| Other current assets | 109,032 | 122,854 | 110,963 |
| Cash and cash equivalents | 50,000 | 3,740 | 47,888 |
| TOTAL ASSETS | 732,658 | 569,082 | 720,703 |
| EQUITY AND LIABILITIES | |||
| EQUITY | 159,378 | 157,980 | 156,411 |
| LIABILITIES | |||
| Interest-bearing non-current liabilities | 502,500 | 302,500 | 502,500 |
| Non-current liabilities | 502,500 | 302,500 | 502,500 |
| Interest-bearing current liabilities | 67,647 | 106,406 | 59,454 |
| Other current liabilities | 3,134 | 2,196 | 2,338 |
| Current liabilities | 70,781 | 108,602 | 61,792 |
| TOTAL LIABILITIES | 573,281 | 411,102 | 564,292 |
| TOTAL EQUITY AND LIABILITIES | 732,658 | 569,082 | 720,703 |
BTS Interim report January 1–March 31, 2026
GROUP CONSOLIDATED KEY RATIOS
| KSEK | Jan-Mar 2026 | Jan-Mar 2025 | Apr-Mar 2025/2026 | Jan-Dec 2025 |
|---|---|---|---|---|
| Net sales | 601,975 | 647,143 | 2,657,932 | 2,703,100 |
| EBITA | 61,758 | 58,577 | 277,618 | 274,437 |
| EBITA margin | 10.3% | 9.1% | 10.4% | 10.2% |
| EBIT | 45,101 | 40,763 | 204,300 | 199,962 |
| EBIT margin | 7.5% | 6.3% | 7.7% | 7.4% |
| Net profit | 26,054 | 25,127 | 133,438 | 132,510 |
| Net profit margin | 4.3% | 3.9% | 5.0% | 4.9% |
| Operating capital 1) | 1,520,686 | 1,504,644 | 1,520,686 | 1,399,298 |
| Return on operating capital | 13% | 13% | ||
| Return on equity | 9% | 9% | ||
| Equity ratio | 49% | 52% | 49% | 46% |
| Cash flow for the period | -35,897 | -186,275 | 157,020 | 6,642 |
| Cash flow from operating activities | -2,105 | -57,830 | 268,524 | 212,799 |
| Cash and cash equivalents, at end of the period | 596,382 | 462,582 | 596,382 | 625,939 |
| Net debt (+) / net cash (-) | 910 | -53,457 | 910 | -46,141 |
| Net debt ratio | 0% | -4% | 0% | -3% |
| Net debt/EBITA | 0.00 | -0.17 | ||
| Average number of employees | 1,136 | 1,181 | 1,170 | 1,179 |
| Number of employees at the end of the period | 1,1272) | 1,198 | 1,1272) | 1,139 |
| Annual revenue per employee | 2,272 | 2,293 |
1) The calculation includes the item of non-interest-bearing liabilities as of March 31, 2026, amounting to KSEK 991,970 (1,005,081).
2) Acquisitions during the period have brought in 21 new employees.
NET SALES ACCORDING TO BUSINESS MODEL
| MSEK | Jan-Mar 2026 | Jan-Mar 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BTS North America | BTS Europe | BTS Other markets | APG | Total | Share of total revenue | BTS North America | BTS Europe | BTS Other markets | APG | Total | Share of total revenue | |
| Programs | 188 | 88 | 88 | 18 | 382 | 64% | 184 | 76 | 115 | 31 | 406 | 63% |
| Development | 89 | 25 | 44 | 0 | 158 | 26% | 92 | 23 | 41 | - | 156 | 24% |
| Licenses | 24 | 7 | 8 | 3 | 42 | 7% | 50 | 10 | 4 | 3 | 67 | 10% |
| Other revenue | 8 | 5 | 6 | 0 | 19 | 3% | 9 | 4 | 5 | 0 | 18 | 3% |
| TOTAL | 309 | 126 | 146 | 20 | 602 | 100% | 335 | 113 | 164 | 34 | 647 | 100% |
BTS Interim report January 1–March 31, 2026
DEFINITIONS
Earnings per share
Earnings attributable to the parent company's shareholders divided by number of shares before dilution.
EBITA
Operating profit before amortization of intangible assets, financial items, and tax.
EBITA margin
EBITA as a percentage of net sales.
EBIT
Operating profit before financial items and tax.
EBIT margin
EBIT as a percentage of net sales.
EBITA/EBIT/EBT/Net profit growth
Percentage change in EBITA/EBIT/EBT/Net profit, in SEK, between two periods.
Equity ratio
Equity as a percentage of the total balance sheet.
Net debt
Interest-bearing liabilities to credit institutes reduced by liquid funds.
Net debt/EBITA
Net debt in relation to EBITA (rolling 12 months).
Net debt ratio
Net debt as a percentage of average equity.
Net profit margin
Net profit as a percentage of net sales.
Net sales growth/growth
Percentage change in net sales between two periods, adjusted for changes in foreign exchange rates.
Operating capital
Total balance sheet reduced by liquid funds and other interest-bearing assets and reduced by non-interest-bearing liabilities.
Return on equity
Net profit (rolling 12 months) as a percentage of average equity.
Return on operating capital
EBIT (rolling 12 months) as a percentage of average operating capital.
ABOUT BTS GROUP AB
BTS is a global professional services firm headquartered in Stockholm, Sweden. BTS has about 1,100 professionals in 36 offices located on six continents. BTS competes in both talent and HR consulting as well as the traditional consulting markets. BTS's services support a broad range of client challenges including top-to-bottom and on-demand leadership development, talent selection and readiness, strategy creation and strategy implementation, as well as culture and broad-scale change. For 40 years, BTS has been focused on the people-side of change and on powering better performance using proprietary simulation, learning, coaching, and assessment methodologies. We partner with nearly 1,200 organizations, including over 40 of the world's 100 largest global corporations.
BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B.
For more information, please visit www.bts.com.
BTS Interim report January 1–March 31, 2026 | 15
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