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Cint Group Interim / Quarterly Report 2026
2902_10-q_2026-04-27_af90c218-5371-402e-82d0-82d75225da48.pdf
Interim / Quarterly Report
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Interim Report, January – March 2026
Q1
A quarter that verifies the Cint 2.0 strategy
First quarter 2026
- Net sales amounted to EUR 34.0m (35.9), corresponding to a decrease of 5.3 percent, or an increase of 2.6 percent on a constant currency basis.
- Gross profit totaled EUR 29.4m (31.4), corresponding to a gross margin of 86.4 percent (87.5).
- EBITA increased to EUR 4.6m (3.7) with an EBITA margin of 13.4 percent (10.3).
- EBIT increased to EUR 0.8m (-3.6) with an EBIT margin of 2.3 percent (-10.1)
- EPS, before dilution was EUR 0.00 (-0.01)
- Adjusted EPS, before dilution was EUR 0.01 (0.01)
- Cash flow from operating activities reached EUR 7.8m (10.4).
Significant events during and after the period
- In February 2026, Jeremy Fletcher joined Cint as Interim CFO.
- On 27 April 2026, a bid consortium consisting of Triton Fund VI ("Triton"), Bolero Holdings SARL ("Bolero"), Patrick Comer and Brett Schnittlich, acting through TriCarbs BidCo AB (the "Bidder"), announced a public offer to the shareholders in Cint to transfer all their shares in the company to the Bidder at a price of SEK 5.60 in cash per share (the "Offer"). Cint's board of directors unanimously recommends the shareholders to accept the Offer. The Bidder expects to publish an offer document regarding the Offer on or around 13 May 2026. The acceptance period in the Offer is expected to commence on or around 14 May 2026 and end on or around 12 June 2026. Further information about the Offer, including its terms and conditions, is set out in the Bidder's press release announcing the Offer which is available on the Bidder's website, www.data-driven-future.com. The board of directors' recommendation is available on Cint's website, https://investors.cint.com.
Key financial ratios for the Group
| KEUR | 2026 Jan-Mar | 2025 Jan-Mar | 2025 Jan-Dec |
|---|---|---|---|
| Net sales | 34,001 | 35,918 | 150,442 |
| Net sales growth | -5.3% | -1.4% | -9.5% |
| Gross profit | 29,381 | 31,424 | 132,100 |
| Gross margin | 86.4% | 87.5% | 87.8% |
| Operating profit/loss before amortization (EBITA) | 4,569 | 3,717 | 28,981 |
| Operating profit/loss before amortization (EBITA) margin | 13.4% | 10.3% | 19.3% |
| FX gain/loss on operating items | 42 | -992 | -1,698 |
| EPS, before dilution | 0.00 | -0.01 | -0.50 |
| Adjusted EPS, before dilution | 0.01 | 0.01 | 0.07 |
| Net debt (+) / net cash position (-) | -10,170 | 12,450 | -7,783 |
Cint
Comments by the CEO
A quarter that verifies the Cint 2.0 strategy
Sales and profitability
Sales grew 2.6 percent in constant currency, returning us to growth for the first time in two years. Reported net sales were EUR 34.0m, a 5.3 percent decrease due to the weaker USD. The first quarter is seasonally lighter, but the underlying demand is supportive of the Cint 2.0 strategy.
Cint Exchange sales amounted to -5.1 percent in constant currency (reported -11.7 percent), a meaningful step up from the third and the fourth quarter of 2025. This as a consequence of having moved past the earlier stages of migration. Customers are engaging more deeply on the platform, and our quality improvements are impacting their commercial decisions. Demand for AI-driven research is accelerating, and we are building features and go-to-market strategies to capture this opportunity. AI-Moderated interviews (AIMI) are the first example: globally scalable focus groups delivered over voice or video, powered by Cint's panel and quality controls.
Media Measurement sales grew with 22.8 percent in constant currency (11.0 percent reported), up from 17.4 percent in the fourth quarter of 2025. Following the Affinity Solutions partnership, we pulled our 2027+ Outcomes Measurement capabilities forward into 2026 and launched closed beta in early April. Outcomes represent the 'holy grail' for advertisers: by linking brand lift KPIs to actual point-of-sale transactions, customers move from measuring 'what people say' to 'what people do.' Early beta reception from major streaming, publisher, and ad-tech partners has been constructive.
EBITA was EUR 4.6m versus 3.7m a year ago, despite lower sales. EBITA margin rose to 13.4 percent (10.3) on lower operating expenses. Cash flow from operating activities was EUR 7.8m (10.4), reflecting tight cost control and stable working capital. Net cash flow was EUR -1.2m, including EUR 4.5m in loan amortization. We ended the quarter with a net cash position of EUR 10.2m, up EUR 2.4m since year-end.
Accounts receivable fell to EUR 74.8m, our lowest level since the Lucid acquisition, a reduction of EUR 7.0m since year-end 2025. This is solid progress, but optimizing collections remains a top operational priority, and we expect further gains throughout the year.
Consolidation
The new Cint Exchange reached feature and capability parity with the legacy Cint platform in the first quarter. Closing these final gaps clears the path for the remaining legacy customers to advance to the Cint Exchange. We are through last year's migration trough and delivering on the commitments we made to customers and the market.
For our legacy Lucid customers, the move to the new Cint Exchange is an upgrade. We are starting this upgrade gradually during 2026 and will prioritize revenue retention over speed.
Quality
Reversal rates on the Cint Exchange improved circa 24 percent from the fourth quarter to the first quarter. A growing number of customers cite our data quality as the decisive factor in awarding RFPs. We continued investing in the quarter by launching an advanced respondent-vetting layer to screen for AI and bot respondents, introducing real-time automated health-check notifications, and rolling out respondent exclusions to eliminate duplications.
Looking ahead
We are executing the Cint 2.0 according to plan. We still have work to do, but Cint Exchange sequential improvement and Measurement acceleration demonstrate that the strategy is sound. With the Cint 2.0 foundations in place, our focus turns to innovation and delivering the product roadmap. The path from the first quarter's growth rate to our medium-term targets runs through continued strong Measurement performance and Exchange return to growth. We reaffirm our medium-term targets: organic growth above 10 percent, EBITA margin of 25 percent, and net debt-to-EBITDA below 2.5x.
Patrick Comer
CEO
Cint Interim Report | January – March 2026
Group Financial Overview
Net Sales
Net sales in the quarter amounted to EUR 34.0m (35.9), corresponding to a decrease of 5.3 percent, or an increase of 2.6 percent on constant currency basis. Growth was driven by strong sales in Media Measurement partly offset by lower sales in Cint Exchange.
Gross Profit
Gross profit in the quarter totaled EUR 29.4m (31.4) corresponding to a margin of 86.4 percent (87.5) reflecting lower sales.
EBITA
EBITA in the quarter increased to EUR 4.6m (3.7) and the EBITA margin was 13.4 percent (10.3). This was the result of lower operating expenses.
Total cost for LTIP programs, in accordance with IFRS 2, was EUR 0.8m (0.2) in the first quarter. The impact from the IFRS valuation is included in the personnel costs under General and Administrative expenses.
Due to the global nature of the business, the company is exposed to currency fluctuations with most of the net sales in USD and EUR and a large part of the operating expenses in SEK and USD. During the quarter, net sales were impacted by EUR - 2.8m (0.8) from currency fluctuations. The revaluation of balance sheet items had a positive impact on the result of EUR 0.0m (-1.0) during the quarter. This impact is included in EBITA.
LTM net sales and growth by quarter
LTM Operating profit/loss before amortization (EBITA)
Cint Interim Report | January – March 2026
Items affecting comparability
To enable a more accurate tracking of the underlying performance, items affecting comparability, or non-recurring items, are included below the EBITA line. Please refer to note 10 Alternative Performance Measures for details of the non-recurring items split by category.
Items affecting comparability for the quarter amounted to EUR 0.0m (-0.05).
Profit and Earnings Per Share
The operating profit (EBIT) for the quarter increased to EUR 0.8m (-3.6) with an operating margin of 2.3 percent (-10.1). Loss for the quarter amounted to EUR -0.2m (-1.8) and EPS (basic and diluted) was EUR 0.00 (-0.01). Adjusted EPS (basic and diluted) was EUR 0.01 (0.01).
Cint Interim Report | January – March 2026
Cash flow and investments
Operating cash flow before changes in working capital for the quarter was EUR 7.6m (7.3). Interest paid in the quarter decreased by EUR 1.3m compared to the same quarter last year due to loan repayments.
Cash flow from changes in working capital was EUR 0.2m (3.1) in the quarter. For further information regarding working capital, refer to the net working capital section.
Cash flow from investing activities for the quarter was EUR -4.1m (3.0), consisting of investments in intangible fixed assets amounting to -4.1m (-4.1), attributable to capitalized development costs for the platform, investments in new features and functions to support future growth.
For details on depreciation and amortization, please refer to note 7.
Cash flow from financing activities amounted to EUR -4.9m (53.6) during the quarter, mainly attributable to the scheduled loan amortization of EUR -4.5m. Previous year was positively affected by the proceeds from the rights issue of EUR 54.4m and divestment of a minority investment of EUR 7.1m.
The net cash flow in the quarter was EUR -1.2m (67.0).
Net working capital
Net working capital totaled EUR 36.0m at the end of the period, compared to EUR 36.8m as of December 2025. Accounts receivable decreased by EUR 7.0m compared to year-end 2025. The reduction of accounts receivable stems from structural operational enhancements. The optimization of working capital, with a particular focus on reducing accounts receivable, remains a strategic priority.
Net debt and financing activities
The Group ended the first quarter with a total cash position of EUR 61.9m (93.8) and a total debt of EUR 51.7m (106.2), consisting of total borrowings and lease liabilities. The net debt / EBITDA at the end of the quarter was -0.2x.
Since December 2021, Cint has a credit facility agreement with two Nordic banks. The facility had an initial USD 120m term loan with an original tenor of three years. In 2025, the credit facility was extended to March 2027 following the successful rights issue. As per the end of the first quarter, the outstanding loan amount was USD 56.5m equivalent to EUR 49.3m.
Personnel
At the end of the period, the total number of FTEs was 759 (756), comprising employees and consultants. The average number of FTEs in the quarter was 766 (760). The total number of employees was 720 (711) at the end of the period. The average number of employees during the quarter was 728 (714).
Financial targets and dividend policy
In January 2025, Cint adopted a new three-year strategy plan to enhance efficiency of the organization following the completion of the platform consolidation during 2025 and to shift focus to profitable growth. The objectives of the new strategy are: win with the Exchange, accelerate new avenues for growth and streamline operations. Cint also adopted new financial targets:
- Sales growth target: Cint aims to achieve a medium-term annual organic sales growth of >10 percent
- Profitability target: Cint aims to achieve a medium-term EBITA margin of 25 percent
- Leverage target: Target net debt / EBITDA below 2.5x (This ratio may temporarily be exceeded, for example as a result of acquisitions)
- Dividend policy: Cint aims to reinvest cash flows into growth initiatives and as such, will not pay annual dividends in the short term
- Sustainability target: Cint aims to achieve net-zero greenhouse gas (GHG) emissions across its operations by 2045, aligning with Sweden's national climate targets and global best practices
Parent Company
The parent company's activities are focused on direct or indirect holding of shares in the operational subsidiaries. In addition, the parent company provides management services to the Group. The parent company has no external business activities, and the risks are mainly related to the operations of the subsidiaries.
The parent company's operating profit (EBIT) was SEK -20.8m (94.2) in the first quarter. The parent company's net result was SEK -29.7m (62.7) in the quarter. The parent company's financial position by the end of the first quarter, measured in terms of total equity in relation to total assets ratio, was 74.4 percent (74.7) and it had a cash balance of SEK 86.7m (597.8), compared to a ratio of 73.8 percent and a cash balance of SEK 99.3m by the end of December 2025.
Cint Interim Report | January – March 2026
Cint Interim Report | January – March 2026
Net sales development
Business segments
Cint Exchange gives customers instant programmatic connections to millions of global respondents to conduct cost-effective digital market research at speed and scale, delivered through automated matching of survey criteria and deep profiling data.
Net sales in the Cint Exchange segment decreased by 11.7 percent to EUR 22.8m (25.9) in the quarter, or 5.1 percent on a constant currency basis. This is an improvement from earlier quarters and we are seeing growth from existing and new customers. Demand for AI-driven research is accelerating and we have also introduced AI-moderated interviews during the quarter which have a positive impact on sales.
Media Measurement delivers proprietary brand lift metrics and daily survey results to help customers measure digital campaign effectiveness and optimize their media performance in real-time.
Net sales in the Media Measurement segment increased by 11.0 percent to EUR 11.2m (10.1) in the quarter and by 22.8 percent on a constant currency basis.
Regional development
Net sales in the Americas region decreased by 4.0 percent to EUR 23.3m (24.3) in the quarter but increased by 5.0 percent on a constant currency basis. This was the result of strong growth in Media Measurement, partly offset by lower sales in Cint Exchange.
Net sales in EMEA decreased by 8.1 percent to EUR 8.9m (9.6) in the quarter, or 4.2 percent on a constant currency basis as a result of lower sales in Cint Exchange partly offset by higher sales in Media Measurement.
Net sales in APAC decreased by 8.2 percent to EUR 1.8m (2.0) in the quarter but increased by 7.3 percent on a constant currency basis as a result of higher sales in Cint Exchange, partly offset by lower sales in Media Measurement.
Completed surveys
Completed surveys fell to 137 million over the last year, representing a 26.3 percent reduction in volume. This result is driven by several key factors:
- Platform transition: Direct comparisons to previous years are challenging due to our ongoing initiative to integrate new platforms and decommission legacy systems.
- Strategic shift: We are deliberately focusing on higher-value surveys. By implementing stricter quality criteria, we are enhancing the integrity of our platform and improving the profitability of each survey.
Net sales by business segment, (KEUR)
Net sales by region (Q1-2026)
Net sales by region, (KEUR)
Completed surveys LTM, million
Other information
Significant events during and after the quarter
In February 2026, Jeremy Fletcher joined Cint as Interim CFO.
On 27 April 2026, a bid consortium consisting of Triton Fund VI ("Triton"), Bolero Holdings SARL ("Bolero"), Patrick Comer and Brett Schnittlich, acting through TriCarbs BidCo AB (the "Bidder"), announced a public offer to the shareholders in Cint to transfer all their shares in the company to the Bidder at a price of SEK 5.60 in cash per share (the "Offer"). Cint's board of directors unanimously recommends the shareholders to accept the Offer. The Bidder expects to publish an offer document regarding the Offer on or around 13 May 2026. The acceptance period in the Offer is expected to commence on or around 14 May 2026 and end on or around 14 May 2026. Further information about the Offer, including its terms and conditions, is set out in the Bidder's press release announcing the Offer which is available on the Bidder's website, www.data-drivenfuture.com. The board of directors' recommendation is available on Cint's website, https://investors.cint.com.
Share capital and shareholders
As of 31 March 2026, the share capital of Cint amounted to SEK 35,497,638, apportioned among 354,976,383 shares. The company's five largest shareholders on 31 March 2026 were Bolero Holdings (29.6 percent), DNB Asset Management AS (9.3 percent), Fourth Swedish National Pension Fund (6.0 percent), Janus Henderson Investors (5.5 percent) and DNB Asset Management SA (4.2 percent). For more information about Cint's ownership structure, see investors.cint.com.
Seasonality
There are certain seasonal variations whereby net sales and profits are somewhat tilted towards the second half of the year, driven by variations in demand. The fourth quarter is usually the strongest quarter in terms of net sales and profit as it coincides with the needs of our customers for insight during major holidays, sales discount days and budget discussions.
AGM
The Annual General Meeting of Cint Group AB will be held on 29 April at 11.00 a.m. CEST at the offices of Gernandt & Danielsson Advokatbyrå KB at Birger Jarlsgatan 5 in Stockholm, Sweden.
The notice and other related information are available at https://investors.cint.com/en/governance/general-meetings.
ESG
Cint's sustainability impact is represented in the company's sustainability strategy through the three focus areas: 1) We are fair and equal, 2) We create business value, and 3) We reduce our environmental impact. These constitute the core of Cint's sustainability work, and thanks to close integration with the company business model, they play a natural part in all Cint's operations. Continuous work on KPIs and measurement entails refining existing metrics while also integrating new requirements. Further to this, the company is on track to be fully compliant with CSRD reporting requirements.
Cint Interim Report | January – March 2026
Financial statements
Condensed consolidated income statement
| KEUR | Note | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| --- | --- | --- | --- | --- |
| Net Sales | 4 | 34,001 | 35,918 | 150,442 |
| Cost of services sold | | -4,620 | -4,493 | -18,341 |
| Gross profit | | 29,381 | 31,424 | 132,100 |
| Sales and Marketing Expenses | 9 | -7,375 | -7,531 | -30,451 |
| Research and Development Expenses | 9 | -8,176 | -7,975 | -29,469 |
| General and Administrative Expenses | 9 | -9,306 | -11,140 | -41,684 |
| Other operating income | | 45 | -68 | 183 |
| Other operating expenses | | - | -992 | -1,698 |
| Operating profit/loss before amortization (EBITA) | | 4,569 | 3,717 | 28,981 |
| Amortization and impairment on acquisition related assets | 7 | -3,783 | -7,403 | -221,282 |
| Items affecting comparability | | - | 54 | 650 |
| Operating profit/loss (EBIT) | | 786 | -3,631 | -191,652 |
| Net financial income/expenses | 8 | -271 | 4,561 | 2,074 |
| Earnings before tax | | 515 | 929 | -189,577 |
| Income tax expense | | -706 | -2,754 | 12,337 |
| Profit/loss for the period | | -191 | -1,825 | -177,240 |
| Profit/loss for the period attributable to: | | | | |
| Parent Company shareholders | | -191 | -1,825 | -177,240 |
Condensed consolidated statement of other comprehensive income
| | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| --- | --- | --- | --- |
| Profit/loss for the period | -191 | -1,825 | -177,240 |
| Other comprehensive income | | | |
| Items that may be transferred to income | | | |
| Exchange differences on translation of foreign operations | 3,172 | -14,123 | -44,334 |
| Hedge accounting of net investments | -687 | 7,906 | 13,381 |
| Tax effect from items in OCI | 101 | -1,603 | -2,637 |
| Other comprehensive income for the period | 2,586 | -7,820 | -33,590 |
| Total comprehensive income for the period | 2,395 | -9,645 | -210,830 |
Cint Interim Report | January – March 2026
Condensed consolidated statement of financial position
| KEUR | 2026
31 Mar | 2025
31 Mar | 2025
31 Dec |
| --- | --- | --- | --- |
| ASSETS | | | |
| Non-current assets | | | |
| Goodwill | - | 159,191 | - |
| Other intangible assets | 172,995 | 250,844 | 171,779 |
| Right-of-use assets | 2,392 | 3,199 | 2,862 |
| Equipment, tools and installations | 244 | 563 | 303 |
| Other financial assets | 937 | 937 | 879 |
| Deferred tax assets | 26,134 | 27,713 | 25,736 |
| Total non-current assets | 202,703 | 442,446 | 201,560 |
| Current assets | | | |
| Accounts receivable | 74,782 | 97,023 | 81,778 |
| Other receivables | 5,982 | 5,378 | 5,469 |
| Prepaid expenses and accrued income | 17,443 | 22,233 | 15,623 |
| Cash and cash equivalents | 61,880 | 93,752 | 62,942 |
| Total current assets | 160,087 | 218,386 | 165,812 |
| TOTAL ASSETS | 362,790 | 660,832 | 367,372 |
| KEUR | 2026
31 Mar | 2025
31 Mar | 2025
31 Dec |
| EQUITY | | | |
| Total equity attributable to the shareholders of the parent company | 216,843 | 415,423 | 213,734 |
| LIABILITIES | | | |
| Non-current liabilities | | | |
| Borrowings | - | 84,581 | 35,283 |
| Other provisions | 267 | 233 | 236 |
| Lease liabilities | 938 | 1,798 | 1,278 |
| Deferred tax liabilities | 32,660 | 52,127 | 33,061 |
| Total non-current liabilities | 33,865 | 138,739 | 69,859 |
| Current liabilities | | | |
| Borrowings | 49,320 | 18,500 | 17,023 |
| Lease liabilities | 1,453 | 1,324 | 1,575 |
| Accounts payable | 35,641 | 48,468 | 37,375 |
| Current tax liabilities | 1,740 | 2,184 | 1,273 |
| Other current liabilities | 2,312 | 3,495 | 3,743 |
| Accrued expenses and deferred income | 21,616 | 32,700 | 22,790 |
| Total current liabilities | 112,082 | 106,671 | 83,779 |
| TOTAL EQUITY AND LIABILITIES | 362,789 | 660,833 | 367,372 |
Cint Interim Report | January – March 2026
Condensed consolidated statement of changes in equity
Equity attributable to the equity holders of the parent company
| KEUR | Share capital | Additional paid in capital | Hedging reserve | Reserves | Retained earnings, including profit/loss for the period | Total equity |
|---|---|---|---|---|---|---|
| Opening balance, 1 Jan 2025 | 2,165 | 1,164,609 | -13,547 | 29,818 | -812,330 | 370,715 |
| Profit/loss for the period Jan-Mar | - | - | - | - | -1,825 | -1,825 |
| Other comprehensive income | - | - | 6,303 | -14,123 | - | -7,820 |
| Total comprehensive income | - | - | 6,303 | -14,123 | -1,825 | -9,645 |
| New share issue | 1,295 | 53,081 | - | - | - | 54,376 |
| Transaction cost net of tax | - | -261 | - | - | - | -261 |
| Share-based incentive program (IFRS 2) | - | 238 | - | - | - | 238 |
| Total transactions with shareholders | 1,295 | 53,058 | - | - | - | 54,353 |
| Closing balance, 31 Mar 2025 | 3,460 | 1,217,667 | -7,244 | 15,695 | -814,155 | 415,424 |
| Profit/loss for the period Apr-Dec | - | - | - | - | -175,415 | -175,415 |
| Other comprehensive income | - | - | 4,442 | -30,211 | - | -25,769 |
| Total comprehensive income | - | - | 4,442 | -30,211 | -175,415 | -201,184 |
| New share issue | - | - | - | - | - | - |
| Transaction cost net of tax | - | -1,603 | - | - | - | -1,603 |
| Share-based incentive program (IFRS 2) | - | 1,099 | - | - | - | 1,099 |
| Total transactions with shareholders | - | -504 | - | - | - | -504 |
| Closing balance, 31 Dec 2025 | 3,460 | 1,217,163 | -2,802 | -14,516 | -989,570 | 213,736 |
| Profit/loss for the period Jan-Mar | - | - | - | - | -191 | -191 |
| Other comprehensive income | - | - | -587 | 3,172 | - | 2,585 |
| Total comprehensive income | - | - | -587 | 3,172 | -191 | 2,393 |
| Share-based incentive program (IFRS 2) | - | 714 | - | - | - | 714 |
| Total transactions with shareholders | - | 714 | - | - | - | 714 |
| Closing balance, 31 Mar 2026 | 3,460 | 1,217,877 | -3,389 | -11,344 | -989,761 | 216,844 |
Cint Interim Report | January – March 2026
Condensed consolidated statement of cash flows
| KEUR | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| --- | --- | --- | --- |
| Cash flow from operating activities | | | |
| Operating profit/loss | 786 | -3,631 | -191,652 |
| Adjustments for non-cash items | 9,293 | 14,191 | 240,722 |
| Interest received | 246 | 17 | 889 |
| Interest paid | -875 | -2,208 | -5,615 |
| Income tax paid | -1,831 | -1,048 | -2,237 |
| Cash flow from operating activities before changes in working capital | 7,619 | 7,320 | 42,106 |
| Change in accounts receivable | 7,532 | 19,780 | 26,953 |
| Change in other current receivables | -1,653 | 4,022 | 9,492 |
| Change in accounts payable | -2,283 | -12,651 | -20,844 |
| Change in other current liabilities | -3,426 | -8,090 | -14,441 |
| Cash flow from changes in working capital | 170 | 3,061 | 1,161 |
| Cash flow from operating activities | 7,789 | 10,381 | 43,267 |
| Cash flow from investing activities | | | |
| Acquisitions of intangible assets | -4,075 | -4,086 | -17,347 |
| Acquisitions of tangible assets | -14 | - | -19 |
| Change in other financial assets | -53 | 7,064 | 7,191 |
| Cash flow from investing activities | -4,142 | 2,978 | -10,176 |
| Cash flow from financing activities | | | |
| Repayment of loans | -4,475 | - | -44,928 |
| Repayment of lease liabilities | -388 | -470 | -1,752 |
| New shares issue | - | 54,375 | 54,375 |
| Transaction cost new share issue | - | -261 | -2,347 |
| Cash flow from financing activities | -4,863 | 53,644 | 5,348 |
| Net cash flow | -1,216 | 67,003 | 38,440 |
| Decrease/increase of cash and cash equivalents | | | |
| Cash and cash equivalents at the beginning of the period | 62,942 | 26,408 | 26,408 |
| Currency translation difference in cash and cash equivalents | 155 | 340 | -1,906 |
| Cash and cash equivalents at the end of the period | 61,880 | 93,752 | 62,942 |
Cint Interim Report | January – March 2026
Condensed parent company income statement
| KSEK | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| --- | --- | --- | --- |
| Net sales | 3,915 | 6,224 | 37,670 |
| General and Administrative Expenses | -4,747 | -21,713 | -40,172 |
| Other operating income/expenses | -19,925 | 109,706 | 171,372 |
| Operating profit/loss | -20,756 | 94,217 | 168,869 |
| Write-down of shares in subsidiaries | - | - | -1,997,686 |
| Interest expenses and similar profit/loss items | -9,849 | -7,757 | -29,362 |
| Total net financial items | -9,849 | -7,757 | -2,027,048 |
| Earnings before tax | -30,605 | 86,460 | -1,858,179 |
| Taxes for the period | 939 | -23,763 | -36,565 |
| Net loss/profit for the period | -29,666 | 62,697 | -1,894,744 |
Condensed parent company balance sheet
| KSEK | 2026
31 Mar | 2025
31 Mar | 2025
31 Dec |
| --- | --- | --- | --- |
| ASSETS | | | |
| Non-current assets | | | |
| Shares in subsidiary | 2,204,446 | 4,202,132 | 2,204,446 |
| Deferred tax assets | 69,842 | 76,404 | 68,903 |
| Intercompany non-current assets | 27,924 | 26,406 | 26,294 |
| Total non-current assets | 2,302,212 | 4,304,942 | 2,299,643 |
| Current assets | | | |
| Intercompany receivables | 267,953 | 386,719 | 309,301 |
| Other current receivables | 3,377 | 14,684 | 3,376 |
| Prepaid expenses and accrued income | 2,793 | 6,652 | 1,765 |
| Total current receivables | 274,123 | 408,055 | 314,442 |
| Cash and cash equivalents | 86,724 | 597,811 | 99,260 |
| Total current assets | 360,847 | 1,005,866 | 413,702 |
| TOTAL ASSETS | 2,663,059 | 5,310,808 | 2,713,345 |
| | 2026
31 Mar | 2025
31 Mar | 2025
31 Dec |
| EQUITY AND LIABILITIES | | | |
| Total restricted equity | 35,498 | 35,498 | 35,498 |
| Total non-restricted equity | 1,944,808 | 3,929,833 | 1,966,788 |
| Total equity | 1,980,305 | 3,965,330 | 2,002,286 |
| Non-current liabilities | | | |
| External loan | - | 917,619 | 381,695 |
| Total non-current liabilities | - | 917,619 | 381,695 |
| Current liabilities | | | |
| External loan | 539,712 | 200,710 | 184,151 |
| Accounts payable | 680 | 1,502 | 505 |
| Intercompany liabilities | 140,707 | 220,593 | 135,677 |
| Other liabilities | 71 | 372 | 7,874 |
| Accrued expenses and deferred income | 1,584 | 4,681 | 1,159 |
| Total current liabilities | 682,754 | 427,858 | 329,365 |
| TOTAL EQUITY AND LIABILITIES | 2,663,059 | 5,310,808 | 2,713,345 |
Cint Interim Report | January – March 2026
Notes
Note 1 General information
Cint Group AB (publ) ("Cint"), Corp. Reg. No 559040-3217 is the Parent Company registered in Sweden with its main office at Drottninggatan 32, 111 51 Stockholm, Sweden.
Unless otherwise stated, all amounts are in thousands of EUR (KEUR). Data in parentheses pertain to the comparative period.
This interim report was authorized for issue by the board of directors on 27 April 2026.
Note 2 Summary of significant accounting policies
Cint applies International Financial Reporting Standards (IFRS) as adopted by the EU. The accounting policies applied are consistent with those described in the 2025 Annual Report for Cint Group AB (publ). This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting.
The Parent Company's interim report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2.
Segment reporting
Cint's chief operating decision maker (CODM) is represented by the chief executive officer (CEO) who monitors the operating result for the Group to manage the organization and evaluate resources. The assessment of the Group's operation is based on the financial information reported to the CEO. The financial information reported to the CEO refers to the Group on a consolidated basis since the Group's offerings comprise the company's single platform. Therefore, the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements.
Note 3 Risk and uncertainties
An account of the Group's material financial and business risks can be found in the administration report and under note 3 in the 2025 Annual Report.
Note 4 Distribution of net sales
| Net sales by region | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| --- | --- | --- | --- |
| Americas | 23,297 | 24,262 | 100,309 |
| EMEA | 8,855 | 9,640 | 40,237 |
| APAC | 1,849 | 2,015 | 9,895 |
| Total | 34,001 | 35,918 | 150,442 |
| Net sales by business segment | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| Cint Exchange | 22,840 | 25,861 | 99,181 |
| Media Measurement | 11,161 | 10,056 | 51,260 |
| Total | 34,001 | 35,918 | 150,442 |
Note 5 Related party transactions
No transactions between Cint and related parties that materially affected the financial position or results have taken place.
Cint Interim Report | January – March 2026
Note 6 Earnings per share
| 2026 Jan-Mar | 2025 Jan-Mar | 2025 Jan-Dec | |
|---|---|---|---|
| Earnings per share before dilution, EUR | 0.00 | -0.01 | -0.50 |
| Earnings per share after dilution, EUR | 0.00 | -0.01 | -0.50 |
| Calculation of earnings per share: | |||
| Earnings attributable to Parent Company shareholders, KEUR | -191 | -1,825 | -177,240 |
| Total | -191 | -1,825 | -177,240 |
| Weighted average number of ordinary shares | 354,976,383 | 354,976,383 | 354,976,383 |
| 2026 Jan-Mar | 2025 Jan-Mar | 2025 Jan-Dec | |
| Adjusted Earnings per share before dilution, EUR | 0.01 | 0.01 | 0.07 |
| Adjusted Earnings per share after dilution, EUR | 0.01 | 0.01 | 0.07 |
| Calculation of adjusted earnings per share | |||
| Earnings attributable to Parent Company shareholders, KEUR | -191 | -1,825 | -177,240 |
| Adjustment for items affecting comparability(1), KEUR | 0 | -43 | -516 |
| Add-back of amortization of intangible assets from acquisitions(1), KEUR | 2,905 | 5,685 | 204,305 |
| Total | 2,714 | 3,818 | 26,549 |
| Weighted average number of ordinary shares | 354,976,383 | 354,976,383 | 354,976,383 |
(1) Net of tax effect
Note 7 Depreciations, amortizations and impairments
| KEUR | 2026 | 2025 | 2025 |
|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Dec | |
| Depreciation on tangible assets | -460 | -602 | -2,183 |
| Depreciation on capitalized development costs | -2,701 | -2,608 | -10,751 |
| Depreciation included in EBITA | -3,161 | -3,210 | -12,935 |
| Amortization and write-downs | -3,783 | -7,403 | -73,179 |
| Impairment of goodwill | - | - | -148,104 |
| Amortization and impairment on acquisition related assets | -3,783 | -7,403 | -221,282 |
Note 8 Financial income and expenses
| KEUR | 2026 | 2025 | 2025 |
|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Dec | |
| Interest income | 246 | 17 | 889 |
| Non recurring gain on divestment of minority investment | - | 6,899 | 7,006 |
| Interest expenses | -858 | -2,175 | -5,430 |
| Realized and unrealized currency effects | 357 | -148 | -206 |
| Other financial expenses | -17 | -33 | -186 |
| Financial income/expenses net | -271 | 4,561 | 2,074 |
Cint Interim Report | January – March 2026
Note 9 Expense by type of cost
| | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| --- | --- | --- | --- |
| Personnel costs | -5,834 | -6,202 | -24,520 |
| Other external expenses | -1,541 | -1,329 | -5,931 |
| Total Sales and Marketing Expenses | -7,375 | -7,531 | -30,451 |
| Personnel costs | -3,506 | -3,389 | -11,434 |
| Other external expenses | -1,969 | -1,979 | -7,284 |
| Depreciation of capitalized development cost | -2,701 | -2,608 | -10,751 |
| Total Research and Development Expenses | -8,176 | -7,975 | -29,469 |
| Personnel costs | -4,566 | -4,929 | -18,694 |
| Other external expenses | -4,280 | -5,609 | -20,807 |
| Other depreciation | -460 | -602 | -2,183 |
| Total General and Administrative Expenses | -9,306 | -11,140 | -41,684 |
Cint Interim Report | January – March 2026
Note 10 Alternative Performance Measures
Certain information in this report that management and analysts use to assess the Group's development is not defined in IFRS. Management believes that this information makes it easier for investors to analyze the Group's earnings trend and financial position. Investors should consider this information as a supplement to, rather than a replacement of, the financial reporting in accordance with IFRS.
| Alternative performance measures, KEUR | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| --- | --- | --- | --- |
| Net sales previous period | 35,918 | 36,414 | 166,195 |
| Net sales current period | 34,001 | 35,918 | 150,442 |
| Net sales growth | -5.3% | -1.4% | -9.5% |
| Of which currency effects | -2,762 | 835 | -6,223 |
| Organic growth constant currency, % | 2.6% | -3.6% | -6.0% |
| Cost of services sold | -4,620 | -4,493 | -18,341 |
| Gross profit | 29,381 | 31,424 | 132,100 |
| Gross margin | 86.4% | 87.5% | 87.8% |
| Total customer spend | 63,052 | 72,707 | 290,003 |
| Net sales | 34,001 | 35,918 | 150,442 |
| Operating profit/loss | 786 | -3,631 | -191,652 |
| Operating margin, % | 2.3% | -10.1% | -127.4% |
| Items affecting comparability | - | -54 | -650 |
| Amortization and impairment on acquisition related items | 3,783 | 7,403 | 221,282 |
| Operating profit/loss before amortization (EBITA) | 4,569 | 3,717 | 28,981 |
| Operating profit/loss before amortization (EBITA) margin, % | 13.4% | 10.3% | 19.3% |
| Items affecting comparability by category | | | |
| Cost for strategic projects | - | -87 | -639 |
| Integration costs | - | - | - |
| Other | - | 33 | -10 |
| Items affecting comparability by category | - | -54 | -650 |
| FX gain/loss on operating balance sheet items | 42 | -992 | -1,698 |
| Operating profit/loss before amortization (EBITA), excl FX gain/loss on operating balance sheet items | 4,527 | 4,710 | 30,679 |
| Operating profit/loss before amortization (EBITA) margin, excl FX gain/loss on operating balance sheet items | 13.3% | 13.1% | 20.4% |
| Accounts receivable | 74,782 | 97,023 | 81,778 |
| Other current receivable | 20,761 | 25,806 | 18,905 |
| Accounts payable | -35,641 | -48,468 | -37,375 |
| Other current liabilities | -23,928 | -36,194 | -26,534 |
| Net working capital | 35,974 | 38,167 | 36,775 |
| Other interest-bearing liabilities (Borrowings) | 49,320 | 103,081 | 52,306 |
| Lease liabilities - Long term | 938 | 1,798 | 1,278 |
| Lease liabilities - Short term | 1,453 | 1,324 | 1,575 |
| Total interest-bearing debt | 51,711 | 106,202 | 55,159 |
| Cash and cash equivalents | 61,880 | 93,752 | 62,942 |
| Net debt (+) / net cash position (-) | -10,170 | 12,450 | -7,783 |
Cint Interim Report | January – March 2026
Note 11 Quarterly Summary
The board of directors and executive management of Cint believe that the information provided below is of material importance to investors. Unless stated otherwise, the information and the calculations below derive from the Company's internal accounts and have neither been audited nor reviewed by the Company's auditor. The Profit and Loss format was updated as of Q1 2024, particularly with respect to revenue recognition, which transitioned from reporting a substantial portion of revenue streams on a gross basis to reporting all significant revenue streams net. Consequently, for 2024 quarters the reported figures for net sales growth on a year-over-year basis, rolling 12-month sales, and any derived metrics are not comparable to later periods. For further information regarding the presentation format for the income statement, see the Cint Group Annual and Sustainability Report 2025.
| KEUR | 2026 | 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Net sales | 34,001 | 41,506 | 33,712 | 39,307 | 35,918 | 45,357 | 42,355 | 42,068 | 36,414 |
| Net sales growth, % | -5.3% | -8.5% | -20.4% | -6.6% | -1.4% | -37.3% | -36.4% | -38.0% | -39.2% |
| Gross profit | 29,381 | 36,458 | 29,304 | 34,914 | 31,424 | 40,241 | 37,287 | 36,592 | 30,345 |
| Gross margin, % | 86.4% | 87.8% | 86.9% | 88.8% | 87.5% | 88.7% | 88.0% | 87.0% | 83.3% |
| Operating profit/loss before amortization (EBITA) | 4,569 | 10,796 | 6,290 | 8,178 | 3,717 | 12,690 | 11,654 | 7,119 | 1,492 |
| Operating profit/loss before amortization (EBITA), % | 13.4% | 26.0% | 18.7% | 20.8% | 10.3% | 28.0% | 27.5% | 16.9% | 4.1% |
| Amortization and impairment on acquisition related items | 3,783 | 200,081 | 6,835 | 6,964 | 7,403 | 7,462 | 7,254 | 7,316 | 7,434 |
| Items affecting comparability | - | -146 | - | -450 | -54 | 3,854 | 1,337 | 4,900 | 2,487 |
| Operating profit/loss (EBIT) | 786 | -189,139 | -545 | 1,665 | -3,631 | 1,374 | 3,063 | -5,097 | -8,430 |
| Operating margin (EBIT), % | 2.3% | -455.7% | -1.6% | 4.2% | -10.1% | 3.0% | 7.2% | -12.1% | -23.1% |
| Rolling 12-month | |||||||||
| Net sales | 148,525 | 150,442 | 154,293 | 162,937 | 165,698 | 166,195 | 193,135 | 217,350 | 243,083 |
| Gross profit | 130,057 | 132,100 | 135,884 | 143,868 | 145,545 | 144,466 | 150,428 | 154,526 | 160,579 |
| Operating profit/loss before amortization (EBITA) | 29,832 | 28,981 | 30,875 | 36,240 | 35,181 | 32,956 | 32,492 | 30,068 | 29,286 |
| Gross margin, % | 87.6% | 87.8% | 88.1% | 88.3% | 87.8% | 86.9% | 77.9% | 71.1% | 66.1% |
| Operating profit/loss before amortization (EBITA) margin, % | 20.1% | 19.3% | 20.0% | 22.2% | 21.2% | 19.8% | 16.8% | 13.8% | 12.0% |
Cint Interim Report | January – March 2026
27 April 2026
Patrick Comer
CEO
This report has not been subject to review by the company's independent auditor
This report is published in Swedish and English. In case of any differences between the English version and the Swedish original text, the Swedish version shall apply.
For more information, please contact
Niels Boon, CFO
[email protected]
Patrik Linzenbold, Head of IR
[email protected]
Report presentation
The report will be presented via a webcast conference call on 29 April at 9.00 a.m. CEST.
Link to the live webcast: webcast
Link to the conference call: telco
The presentation will be available in connection to the conference call and a replay will be available later the same day
Financial calendar
Q2 report 2026: July 22, 2026
Q3 report 2026: November 5, 2026
Publication
This disclosure contains information that Cint Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency of the contact persons set out above at 07.50 a.m. CET on 27 April 2026.
Cint Interim Report | January – March 2026
About Cint
Cint is a global leader in research and measurement technology connecting brands, researchers, academics, or anyone with a question, to a network of over 800 suppliers representing millions of engaged respondents in 130+ countries. The Cint Exchange empowers users to gather insights at scale to build business strategies, develop research-enabled solutions, publish credible research, and more. Lucid Measurement by Cint, our advanced set of media measurement solutions, gives advertisers, media owners, and agencies the tools to measure the effectiveness and brand lift of cross-channel advertising campaigns in real time to optimize media performance while campaigns are live. Both products leverage Cint's global network of suppliers including panel providers, mobile apps, loyalty programs, and other online communities. These companies use our audience monetization tools to monetize their communities by matching them to survey opportunities.
At Cint, we're feeding the world's curiosity
Cint has a team of more than 700 FTEs in a number of global offices, including Stockholm, Barcelona, Berlin, Gurgaon, London, New York and New Orleans.
Cint Interim Report | January – March 2026
Definitions
| Alternative performance measures | Definition | Reason for use of measures |
|---|---|---|
| Adjusted earnings per share (EPS) | Profit/loss for the period adjusted for items affecting comparability (net of tax effect), add-back of amortization of intangible assets from acquisitions (net of tax effect) and interest attributable to preference shares. | Adjusted EPS shows the company's underlying operative profit generation capability per share. |
| B2B customers | Total registered as new and active customers in the last 12 months. | - |
| Connected respondents | Total registered as new and active panelists in the last 12 months. | - |
| EBITA | Operating profit/loss before amortization of acquisition related assets. | The operating profit/loss before amortization of acquisition related assets is presented to assess the Group's operational activities and defines the underlying business performance. Whereas depreciation of capitalized development costs for the platform is included in EBITA, non-recurring items (NRI) are excluded for better comparability. |
| EBITA margin | EBITA in relation to the Company's net sales. | EBITA in relation to net sales. To readers of financial reports, the measure is an indicator of a company's earning ability. |
| Gross margin | Gross profit as a percentage of net sales. | The measure is an indicator of a company's gross earning ability. |
| Gross profit | Net sales for the period reduced by the total cost of services sold. | Gross profit is the profit after deducting the costs associated with providing the services. |
| Items affecting comparability | Significant and unusual items. | Refers to items that are reported separately as they are of a significant nature, affect comparison and are considered unusual to the Group's ordinary operations. Examples are acquisition-related expenses and restructuring costs. |
| Net debt | Interest-bearing non-current and current liabilities less financial assets. | The measure shows the Company's real level of debt. |
| Net sales growth | Change in net sales compared to same period previous year. | The measure shows growth in net sales compared to the same period during previous year. The measure is a key ratio for a company within a growth industry. |
| Net working capital | Current assets less current liabilities. | The measure is used since it shows the tie-up of short-term capital in the operations and facilitates the understanding of changes in the cash flow from operating activities. |
| Organic net sales growth | Change in net sales compared to same period previous year adjusted for acquisitions/divestments/discontinued businesses. | The measure shows growth in net sales adjusted for acquisitions, divestments and discontinued business during the last 12 months. Acquired businesses are included in organic growth once they have been part of the Group for four quarters. The measure is used to analyze underlying growth in net sales. |
| Operating margin | Operating profit/loss in percentage of net sales. | Operating profit/loss in percentage of net sales. To readers of financial reports, the measure is an indicator of a company's earning ability. |
| Operating profit/loss | Profit for the period before financial income, financial expenses and tax. | Net sales less total operating expenses. Operating profit is relevant for investors to understand the earnings trend before interest and tax. |
| Total customer spend | Total amount spent and processed on the platforms including total project value and any take-rates or fees | - |
Cint Interim Report | January – March 2026