AI assistant
Formpipe Software Interim / Quarterly Report 2025
3159_10-k_2026-02-20_b272ae62-7e95-4133-9fe3-a75168881df5.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
{0}------------------------------------------------
1 October – 31 December 2025
All key figures below have been adjusted and only show continuing operations except for key figures with* which refer to total operations
| 2025 | 2024 | D | |
|---|---|---|---|
| Net sales | 60 MSEK | (59 MSEK) | 2% |
| Recurring revenue | 55 MSEK | (53 MSEK) | 3% |
| Recurring revenue as a percentage of turnover | 91% | (90%) | |
| EBITDA | 13 MSEK | (0 MSEK) | |
| EBITDA-marginal | 21% | (0%) | |
| EBIT-adj. | 8 MSEK | (-6 MSEK) | |
| EBIT-adj. marginal | 13% | (-9%) | |
| EBIT | -35 MSEK | (-6 MSEK) | |
| EBIT-marginal | -59% | (-9%) | |
| Profit after tax* | 474 MSEK | (-1 MSEK) | |
| Profit margin* | 792% | (2%) | |
| Earnings per share before dilution* | 8,81 SEK | (0,02 SEK) | |
| Cash flow from operating activities | -3,5 MSEK | (37,4 MSEK) | |
| ACV | 2 MSEK | (8 MSEK) | -75% |
| ARR | 218 MSEK | (220 MSEK) | -1% |
Net ACV SEK 2 million (SEK 8 million)
ARR SEK 218 million (SEK 220 million)
1 January – 31 December 2025
| 2025 | 2024 | D | |
|---|---|---|---|
| Net sales | 242 MSEK | (222 MSEK) | 9% |
| Recurring revenue | 217 MSEK | (200 MSEK) | 9% |
| Recurring revenue as a percentage of turnover | 89% | (90%) | |
| EBITDA | 35 MSEK | (11 MSEK) | |
| EBITDA-marginal | 15% | (5 %) | |
| EBIT-adj. | 14 MSEK | (-11 MSEK) | |
| EBIT-adj. marginal | 6% | (-5%) | |
| EBIT | -49 MSEK | (-14 MSEK) | |
| EBIT-marginal | -20% | (-6 %) | |
| Profit after tax* | 495 MSEK | (8 MSEK) | |
| Profit margin* | 203,5% | (3,8%) | |
| Earnings per share before dilution* | 9,12 SEK | (0,16 SEK | |
| Cash flow from operating activities | 35 MSEK | (109 MSEK) | |
| ACV | 22 MSEK | (28 MSEK) | -21% |
| ARR | 218 MSEK | (220 MSEK) | -1% |
"Continued organic growth of 7 % (ex FX) and strong margin improvement"
Sophie Reinius, tf CEO
Summary of the income statement
| okt-dec | jan-dec | |||
|---|---|---|---|---|
| (Mkr) | 2025 | 2024 | 2025 | 2024 |
| Nettoomsättning | 60,1 | 59,0 | 242,4 | 221,9 |
| varav repetitiva intäkter | 54,5 | 52,9 | 216,8 | 199,7 |
| EBITDA | 12,7 | 0,1 | 35,5 | 11,2 |
| Marginal, % | 21,0% | 0,2% | 14,6% | 5,0% |
| EBIT - adj | 7,9 | -5,6 | 14,5 | -11,4 |
| Marginal, % | 13,1% | -9,5% | 6,0% | -5,1% |
| EBIT | -35,3 | -5,6 | -48,7 | -14,5 |
| Marginal, % | -58,5% | -9,5% | -20,0% | -6,5% |
{1}------------------------------------------------
A strategic shift and a solid foundation for the future.
The fourth quarter of 2025 marks a clear strategic shift for Formpipe. With the divestment of the Public business area, completed on 1 December, we have taken a decisive step towards a focused, profitable and scalable software company with Lasernet at its core.
Net sales amounted to SEK 60 million (59), with currency-adjusted organic growth of 7 percent. At the same time, our continued focus on operational efficiency contributed to improved profitability, with an adjusted EBIT result of SEK 8 million (SEK -6 million), corresponding to an adjusted EBIT margin of 13 percent (-9 percent).
During the quarter, Lasernet closed 18 new deals in Dynamics, as well as one deal in Banking and one in other ERP. However, ACV was negatively impacted by customer churn in Banking and Email Filing, which resulted in a net increase of SEK 2 million in ACV for the quarter before currency effects. We are not satisfied with ACV's growth, neither during the quarter nor for the full year 2025. An important driving force behind the organizational changes implemented and completed during the fourth quarter has been to strengthen the commercial focus going forward. During the quarter, we had one-off costs of SEK 43 million, of which SEK 25 million relate to transactions costs in connection with the divestment of Public. The remaining amount relates to costs for personnel changes, mainly in our UK operations. In total, nonrecurring costs amount to SEK 43 million in Q4 and SEK 63 million for the full year 2025. Now we are putting these measures and costs behind us and looking to the future.
A strengthened Lasernet
In 2025, we have implemented several important changes within Lasernet to strengthen the Group's long-term competitiveness. At the beginning of the year, a reorganisation was carried out with a focus on clearer responsibilities, better coordination between markets and more efficient use of resources. This work has continued during the fourth quarter, with further adjustments to fully support a pure Lasernet with a stable and scalable structure for continued growth and profitability. The organization is well equipped for the future, with a clear commercial focus. Lasernet has a strong foothold in the Dynamics ecosystem, which is a prioritized focus area. In 2026, we will continue to invest in increased go-to-market activities together with our key partners. In parallel, we continue to develop our partner ecosystem to reach more customers. After the end of the period, in February 2026, we have further
strengthened this through a new collaboration with IFS. The partnership is well in line with our focused strategy and supports our long-term growth agenda.
A clear focus and a new name
The divestment of Public means that the reported business now fully reflects the remaining business in Lasernet. We have received the final purchase consideration, in addition to which there is an additional purchase price of up to SEK 50 million + interest that is calculated at present value and matures in December 2029; This is reported as a financial asset in the balance sheet of SEK 33 million. Thus, the company's net cash including short-term interest investments amounts to SEK 820 million as of the end of December 2025, of which the Board of Directors has proposed to distribute SEK 760 million, corresponding to SEK 14 per share.
In connection with the completion of the transaction, changes in management were also announced. Magnus Svenningson left the role of CEO at the end of the year, and I took over as acting CEO. As part of the divestment and our increased focus on Lasernet, the Board of Directors has decided to change its name from Formpipe Software AB to Lasernet Group. The new name is intended to be approved in connection with the Annual General Meeting.
The changes we have implemented during the year have meant major changes for the organization. It has been a demanding period for many, and I am impressed by the competence, professionalism and forward thinking that characterizes the entire Lasernet Group. I would like to extend a warm thank you to all employees for their fantastic work and look forward to 2026 together. Our focus is clear: to continue to strengthen Lasernet's position, drive profitable growth and create long-term value for customers, employees and shareholders.
Sophie Reinius, Acting CEO & CFO
{2}------------------------------------------------
Financial information
Revenue
October-December 2025
Net sales for the period increased by 2% compared to the previous year and amounted to SEK 60.1 million (SEK 59 million). Software revenues increased by 2% compared to the previous year and amounted to SEK 54.9 million (53.8).
Total recurring revenue for the period increased by 3% compared to the previous year and amounted to SEK 54.5 million (SEK 52.9 million), corresponding to 91% of net sales (90%). Exchange rate effects had a negative impact on net sales of SEK 2.9 million compared with the previous year.
Revenue Distribution, January-December 2025
- License 1% (2%)
- SaaS 62% (57%)
- Support & Maintenance 28% (33%)
- Delivery 10% (8%)
January - December 2025
Net sales for the period increased by 9% compared to the previous year and amounted to SEK 242.4 million (SEK 221.9 million). Software revenues increased by 5% compared to the previous year and amounted to SEK 110.4 million (105.1).
Total recurring revenue for the period increased by 9% compared to the previous year and amounted to SEK 216.8 million (SEK 199.7 million), corresponding to 89% of net sales (90%). Exchange rate effects had a negative impact on net sales of SEK 27.7 million compared with the previous year.
Recurring income, rolling 12 months, SEK million
Recurring revenue annualized rate (ARR), SEK million
Costs
October - December 2025
Operating expenses for the period amounted to SEK 52.4 million (SEK 64.8 million). Personnel costs amounted to SEK 24.9 million (SEK 33.3 million). Sales costs amounted to SEK 13.0 million (SEK 12.6 million). Other costs amounted to SEK 12.6 million (16.8). Items affecting comparability amounted to SEK 43.2 million (SEK 0 million). Exchange rate effects have reduced costs by SEK 0.8 million compared with the previous year.
{3}------------------------------------------------
Financial information
January – December 2025
Operating expenses for the period amounted to SEK 228.8 million (SEK 234.1 million). Personnel costs amounted to SEK 109.4 million (SEK 120.0 million). Sales costs amounted to SEK 54.9 million (SEK 45.1 million). Other costs amounted to SEK 56.1 million (60.3). Items affecting comparability amounted to SEK 63.2 million (SEK 3.0 million). Exchange rate effects reduced costs by SEK 8.9 million compared with the previous year.
Recurring income in relation to fixed operating costs, rolling 12 months, SEK million
Result
October – December 2025
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) amounted to SEK 12.7 million (SEK 0.1 million) with an EBITDA margin of 21.0% (0.2%). Operating profit, adjusted for items affecting comparability (EBIT-adj), amounted to SEK 7.9 million (SEK -5.6 million) with an adjusted operating margin of 13.2% (-9.5%). Operating profit (EBIT) amounted to SEK -35.3 million (SEK -5.6 million) with an operating margin of -58.5% (-9.5%). Profit after tax amounted to SEK 35.6 million (-1.1). Exchange rate effects had a negative impact on EBIT of SEK 0.3 million compared with the previous year.
January – December 2025
Operating profit before depreciation and amortization and items affecting comparability (EBITDA)
amounted to SEK 35.5 million (SEK 11.2 million) with an EBITDA margin of 14.6% (5.0%). Operating profit, adjusted for items affecting comparability (EBIT-adj), amounted to SEK 14.5 million (SEK -11.4 million) with an adjusted operating margin of 6.0% (-5.1%). Operating profit (EBIT) amounted to SEK -48.7 million (SEK -14.5 million) with an operating margin of -20.0% (-6.5%). Profit after tax amounted to SEK 62.6 million (SEK 8.4 million). Exchange rate effects had a negative impact on EBIT of SEK 6.7 million compared with the previous year.
Sales, EBIT margin and adjusted EBIT margin, SEK million
Financial position and liquidity
Cash and cash equivalents
The Group's total cash position at the end of the period amounted to SEK 19.8 million (SEK 46.5 million). The Group's total overdraft facility amounted to SEK 75.0 million, which was unutilised at the end of the period (SEK 0 million). The Group's total available liquidity thus amounted to SEK 94.8 million (SEK 96.5 million).
The Group's short-term investments at the end of the period amounted to SEK 801.5 million (SEK 0 million), consisting of interest-bearing short-term funds.
At the end of the period, the Group had interestbearing liabilities of SEK 1.8 million (SEK 25 million),
{4}------------------------------------------------
Financial information
of which SEK 1.8 million (SEK 12.5 million) pertains to lease liabilities in accordance with IFRS 16.
The Group's net cash thus amounted to SEK 18.0 million
(SEK 21.6 million), corresponding to a net cash position of SEK 19.8 million (SEK 33.9 million) excluding IFRS 16-related liabilities.
During the year, dividends were paid amounting to SEK 27.1 million (SEK 27.1 million).
Deferred tax asset
The Group's deferred tax assets attributable to accumulated loss carry-forwards amounted to SEK 0.4 million (SEK 1.1 million) at the end of the period.
Equity
The Group's equity at the end of the period amounted to SEK 870.1 million (SEK 487.6 million), corresponding to SEK 16.04 (SEK 8.97) per outstanding share at the end of the period. Changes in the value of the Swedish krona compared to other currencies have changed the value of the Group's net assets in foreign currency by SEK -24.9 million (SEK 10.5 million) from the beginning of the year.
Equity ratio
The equity/assets ratio at the end of the period was 82% (59%).
Cash flow
Cash flow from operating activities
Cash flow from operating activities (excluding discontinued operations) for the period January – December amounted to SEK 34.7 million (SEK 69 million).
Investments and acquisitions
Cash flow from investments for continuing operations in the period January – December amounted to SEK 803.6 million (SEK-15,1million) linked to the divestment of the Public business area.
- Investments in intangible non-current assets amounted to SEK 0.2 million (-15,1) and mainly relate to capitalized product development costs.
- Investments in property, plant and equipment and financial fixed assets amounted to SEK 0 million (SEK 0 million).
• Acquisitions of subsidiaries amounted to SEK 0 million (SEK 2.8 million).
Funding for total operations
During the period January - December, dividends were paid amounting to SEK 27.1 million (SEK 27.3 million).
During the period January - December, the company amortized SEK 12.5 million (SEK 10.0 million).
The Group's existing overdraft facility totalling SEK 75.0 million was unutilised at the end of the period (SEK 0 million). Lease-related liabilities at the end of the period amounted to SEK 1.8 million (SEK 12.5 million). The Group's total interest-bearing debt at the end of the period amounted to SEK 1.8 million (SEK 12.5 million).
Profit appropriation
Dividend/Distribution
The Board of Directors proposes to distribute SEK 760 million to the shareholders, corresponding to SEK 14 per share. The Board is evaluating the alternatives share redemption and dividend. The Board will communicate its proposed appropriation of profits in connection with the notice to the Annual General Meeting.
As a basis for its proposal for appropriation of profits, the Board of Directors has, in accordance with Chapter 17, § 2–3 of the Swedish Companies Act, assessed the parent company's and the Group's need for consolidation, liquidity and financial position in general, as well as its ability to meet its commitments in the long term.
{5}------------------------------------------------
Market
Data and information are increasingly becoming the lifeblood of economic development: they are the basis for many new products and services, leading to productivity and efficiency gains in all sectors of the economy. Being able to take advantage of the opportunities of digitalization has become one of the most important issues of our time. The benefits of being able to collect, verify, process and present data are extensive.
Formpipe has a strong market position with stable, recurring and profitable revenues, enabling growth through investments in new and existing markets and the development of new offerings.
Lasernet
Customer Communication Management (CCM) is a tool and method that companies use to manage communication processes with customers and suppliers. Lasernet operates in this market and helps organizations deliver relevant, timely and accurate communication, leading to increased customer satisfaction.
Lasernet produces, personalizes, formats and distributes content from various systems and data sources to the format that best suits the company in its communication with customers or other business partners. Lasernet complements ERP systems and enables business documents to be delivered in exactly the format and layout desired. The ERP market is growing rapidly, driven by digital transformation, cloud-based solutions, and advanced technologies such as AI and IoT.
Cloud ERP offers flexibility and supports remote work. Industry-specific solutions and enhanced analytics help businesses streamline and make data-driven decisions. Increasing regulatory requirements are also driving the need for ERP systems to ensure compliance and manage risk.
The Lasernet business area has two focus areas; ERP and Banking. In ERP, the growth is largely driven by Microsoft's success with Dynamics and its clear focus on cloud solutions, where Lasernet is the leading solution for configuring business documents from the ERP system.
In 2024, Lasernet launched Essentials for Dynamics, a new product package where a freemium model is now offered to customers within Dynamics to easily try
Lasernet and then gradually increase their consumption towards a full Enterprise solution. In addition to Dynamics, Lasernet has customers in a number of other ERP systems, such as Infor, IFS and SAP.
The acquisition of Dictymatec in 2024 gives Lasernet an increased presence in the French, Spanish and Latin American markets. Dictymatec also has experience from, among other things, the ERP system SAP, which gives Formpipe the opportunity to better evaluate the possibilities within this ERP system.
In banking, Lasernet has a well-established partnership with Temenos and is today a highly appreciated thirdparty solution for document management. In addition to Temenos, other system suppliers in Banking have shown interest in including Lasernet in their offerings and Formpipe today also has collaboration agreements with Thought Machine and Mambu.
Q4 2025 (Lasernet)
In Q4, recurring revenue increased by 3% to SEK 55 million (SEK 53 million), of which SaaS increased by 13% to SEK 39 million (SEK 35 million) for the quarter. SaaS growth continues and the graph below shows the development in Q4 over the last 5 years.
Total revenue for Lasernet amounted to SEK 60 million (SEK 59 million) and profit (EBITDA) for the entire continuing operations was SEK 13 million (SEK 0.1 million), with an EBITDA margin of 21% (0%)
{6}------------------------------------------------
January-March
Profit warning for the fourth quarter of 2024
Formpipe issued a profit warning on January 20, 2025, announcing that the result for the fourth quarter of 2024 was expected to be lower than expected. The quarter was impacted by a one-off cost for the cyber incident that occurred in the Danish operations during the autumn. Together with costs for ongoing change projects, the quarter's result was negatively impacted. At the same time, Formpipe announced measures in the cost structure, primarily focused on the Lasernet business area.
CPO leaves
CPO Lina Elo will leave at the end of Q1 2025 and will be replaced by interim CPO Jesper Bruksner.
April-June
Nothing to report
July-September
Divestment of the Public business area
Formpipe announced the divestment of the public operations Public on August 18, 2025. Formpipe has entered into an agreement with STG Partners to divest the Public business area for up to SEK 850 million. The Transaction comprises all assets in the Public business unit (collectively, "Formpipe Public") and is carried out through a divestment of the newly established subsidiary Formpipe Sverige AB, to which Formpipe Public will be transferred prior to the completion of the Transaction.
October-December
Completed divestment of the Public business area
On 1 December 2025, the sale of the public operations to Sikri AS, a platform company within STG, was completed. The transaction was announced on 18 August 2025 and approved at an Extraordinary General Meeting on 17 September 2025. All conditions for closing the transaction have been fulfilled and the transaction has been completed.
Change of CEO, reorganization and change of management team
On 1 December, a new management team was announced in Lasernet. Magnus Svenningson left the role as CEO on 1 January 2026 and was replaced by CFO Sophie Reinius as acting CEO, until a new permanent CEO is in place. New members of the management team were presented in the form of VP Lasernet Dynamics: Anders Terp, VP Enterprise Solutions: Ben Saxton, VP Technical Services: Tom Hurrion and VP Marketing: Lexi Rice. In addition, Thomas à Porta left the management team in connection with the divestment, in his role as VP of the Public business area. At the same time, a reorganization was announced within Lasernet with a cost reduction of approximately 15% to ensure that resources are directed towards growth and innovation.
After the end of the period
Nothing to report
{7}------------------------------------------------
Employees
At the end of the reporting period, the number of employees was 93 people (117 people).
Risks and uncertainties
The Group's and the Parent Company's significant risk and uncertainty factors, including business and financial risks, are described in the Annual Report for the most recent financial year. No other significant changes to the Group's and the parent company's risk and uncertainty factors have taken place during the period.
Related party transactions
No material transactions with related parties have occurred during the period.
Accounting policies
The Group's financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union, the Annual Accounts Act, RFR 1 Supplementary Accounting Rules for Groups, issued by the Financial Reporting Council and in accordance with the regulations set by the Stockholm Stock Exchange for companies listed on Nasdaq Stockholm. Preparing financial statements in accordance with IFRS requires management to make accounting judgments and estimates and to make assumptions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, income and expenses. Actual outcomes may differ from these estimates and estimates. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Annual Accounts Act. The interim report covers pages 1–24 and the interim information on pages 1–8 thus forms an integral part of this financial report. The most important accounting principles in accordance with IFRS, which constitute the accounting standard for the preparation of this interim report, are to be found in the company's most recently published annual report.
The Parent Company's financial statements have been prepared in accordance with the Annual Accounts Act and RFR 2 Accounting for Legal Entities, issued by the Financial Reporting Council. The same accounting principles and calculation methods have been used in the interim report as in the most recent annual report.
Reporting of discontinued operations
As of the third quarter of 2025, Formpipe classifies Public's financial reporting as discontinued operations, which means that assets and liabilities attributable to Public are presented on separate lines in the balance sheet and that the profit after tax for the period from discontinued operations is reported on its own separate line in the income statement. Internal dealings and transactions between continuing operations and discontinued operations have been eliminated.
The profit and loss account and cash flow statement are corrected for comparison periods as if discontinued operations had already been classified as discontinued operations at the beginning of the comparison periods.
About Formpipe
Formpipe is a Swedish software company in Customer Communications Management (CCM). Thousands of customers in more than 60 countries today trust us and our services. Our market-leading position gives us clear competitive advantages in the development and sale of software for efficient and valuable information services. The focus is on products for customer communication management.
Formpipe was established in 2004 and has offices in Sweden, Denmark, the UK, the USA, Germany and France. Formpipe Software AB (publ) is listed on Nasdaq Stockholm.
Calendar Financial Information
April 29, 2026 April 29, 2026 15 July 2026 October 23, 2026 Interim Report Jan-March Annual General Meeting Interim report Jan-June Interim Report Jan-September
The interim report is available on Formpipe's website, https://ir.formpipe.com/
Financial information
Can be ordered from the contact information below. All financial information will be published on thehttps://ir.formpipe.com/ immediately after publication.
Contact information
Sophie Reinius, Acting CEO PHONE: +46 73 408 28 77 E-mail: [email protected]
Stockholm, February 20, 2026 Formpipe Software AB (publ) Board of Directors and CEO
Formpipe Software AB (publ) | Orgnr: 556668-6605Sveavägen 168 | Box 231 31 | 104 35 Stockholm T: 08-555 290 60 | F: 08-555 290 99
[email protected] | www.formpipe.com
{8}------------------------------------------------
Consolidated income statement
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2025 | 2024 | |
| Net Sales | 60 131 | 58 982 | 242 400 | 221 937 | |
| Other opertaing income | 222 | 253 | 902 | 691 | |
| Total income | 60 353 | 59 236 | 243 302 | 222 628 | |
| Sales expenses | -13 016 | -12 605 | -54 903 | -45 105 | |
| Other costs | -12 557 | -16 779 | -56 053 | -60 280 | |
| Personnel costs | -24 901 | -33 262 | -109 447 | -120 004 | |
| Capitalized work for own account | 2 813 | 3 501 | 12 573 | 13 950 | |
| Operating profit/loss before depreciation/amortization and non-comparative items (EBITDA) |
12 693 | 92 | 35 471 | 11 190 | |
| Items affecting comparability | -43 233 | - | -63 155 | -3 016 | |
| Depreciation/amortization | -4 771 | -5 691 | -20 985 | -22 624 | |
| Operating profit/loss (EBIT) | -35 311 | -5 599 | -48 668 | -14 450 | |
| Financial income and expenses | 1 967 | -123 | 1 430 | -644 | |
| Exchange rate differences | -133 | 6 798 | -9 157 | 4 329 | |
| Tax | -2 162 | -15 | -6 237 | -2 055 | |
| Net profit for the period, continued business | - -35 639 |
1 061 | - -62 632 |
-12 818 | |
| Net profit for the period, divested business | 513 777 | -4 394 | 557 701 | 21 252 | |
| Net profit for the period, total business | 478 138 | -1 136 | 495 069 | 8 434 | |
| Of which the following relates to: | |||||
| Parent company shareholders | 478 138 | -1 136 | 495 069 | 8 434 | |
| Other comprehensive income | |||||
| Translation differences | -84 394 | -6 369 | -90 327 | 10 515 | |
| Other comprehensive income for the period, net after tax | -84 394 | -6 369 | -90 327 | 10 515 | |
| Total comprehensive income for the period | 393 744 | -7 504 | 404 742 | 18 949 | |
| Of which the following relates to: | |||||
| Parent company shareholders | 393 744 | -7 504 | 404 742 | 18 949 | |
| EBITDA margin, % | 21,0% | 0,2% | 14,6% | 5,0% | |
| EBIT margin, % | -58,5% | -9,5% | -20,0% | -6,5% | |
| Profit margin, % | 792,2% | -1,9% | 203,5% | 3,8% | |
| Earnings per share attributable to the parent company's shareholders during the period (SEK per share) |
|||||
| - before dilution | 8,81 | -0,02 | 9,12 | 0,16 | |
| - after dilution | 8,81 | -0,02 | 9,12 | 0,16 | |
| Average no. of shares before dilution, in 000 | 54 258 | 54 218 | 54 258 | 54 218 | |
| Average no. of shares after dilution, in 000 | 54 258 | 54 218 | 54 258 | 54 218 |
{9}------------------------------------------------
Group balance sheet
Only the period 31 December 2025 has been adjusted to show continuing operations. The Group's balance sheet for 2024 includes discontinued operations.
| 31 Dec | |||
|---|---|---|---|
| (SEK 000) | 2025 | 2024 | |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | |||
| Capitalized expenditure | 42 345 | 172 571 | |
| Goodwill | 104 826 | 458 206 | |
| Other intangibel assets | 1 095 | 5 052 | |
| Intangible assets | 148 266 | 635 829 | |
| Tangible assets | |||
| Other equipment & furnitures | 3 262 | 20 191 | |
| Tangibel assets | 3 262 | 20 191 | |
| Financial assets | |||
| Other financial assets | 33 469 | 1 846 | |
| Other non-current receivables | - | 209 | |
| Financial assets | 33 469 | 2 055 | |
| Non-current receivables | |||
| Deferred tax assets | 401 | 1 080 | |
| Non-current receivables | 401 | 1 080 | |
| Non-current assets | 185 398 | 659 155 | |
| Current assets (excl. cash equivalents) | |||
| Current receivables | |||
| Trade receivables | 41 451 | 110 517 | |
| Current tax assets | 2 743 | 7 311 | |
| Other receivables | 249 | 3 | |
| Prepaid costs and accrued income | 14 292 | 30 760 | |
| Short-term investments | 801 527 | - | |
| Current assets (excl. cash equivalents) | 860 260 | 148 590 | |
| Cash equivalents | 19 817 | 46 523 | |
| TOTAL ASSETS | 1 065 475 | 854 269 |
{10}------------------------------------------------
Group balance sheet - continuation
| 31 Dec | |||
|---|---|---|---|
| (SEK 000) | 2025 | 2024 | |
| EQUITY | |||
| Share capital | 5 426 | 5 426 | |
| Other paid-in capital | 230 325 | 230 325 | |
| Revaluation reserves | -19 597 | 65 302 | |
| Retained earnings including profit for the year | 653 963 | 185 117 | |
| Equity | 870 117 | 486 170 | |
| LIABILITIES | |||
| Non-current liabilities | |||
| Liabilities to credit institutions | - | 2 500 | |
| Deferred tax liabilities | 5 838 | 40 566 | |
| Non-current leasing liabilities | 1 394 | 6 315 | |
| Non-current liabilities | 7 233 | 49 381 | |
| Current liabilities | |||
| Liabilities to credit institutions | - | 10 000 | |
| Current leasing liabilities | 380 | 6 149 | |
| Trade liabilities | 14 907 | 35 630 | |
| Current tax liabilities | 5 258 | - | |
| Other liabilities | 14 819 | 14 576 | |
| Accrued expenses and deferred income | 152 760 | 252 362 | |
| Current liabilities | 188 124 | 318 718 | |
| Liabilities | 195 357 | 368 099 | |
| TOTAL EQUITY AND LIABILITIES | 1 065 475 | 854 269 |
{11}------------------------------------------------
Changes in equity in the Group
| Equity attributable to the parent company's shareholders | ||
|---|---|---|
| ---------------------------------------------------------- | -- | -- |
| (SEK 000) | Share capital |
Other contributed capital |
Other reserves |
Profit/loss brought forward |
Total | ||
|---|---|---|---|---|---|---|---|
| Balance at January 1, 2023 | 5 422 | 229 178 | 49 989 | 194 854 | 479 443 | ||
| Comprehensive income | |||||||
| Net profit for the period | - | - | - | 10 092 | 10 092 | ||
| Other comprehensive income items | - | - | 10 515 | - | 10 515 | ||
| Total comprehensive income | - | - | 10 515 | 10 092 | 20 607 | ||
| Transaction with owners | |||||||
| Share issue | 4 | 1 147 | - | - | 1 151 | ||
| Total transaction with owners | 4 | 1 147 | - | -13 554 | -12 403 | ||
| Balance at December 31, 2024 | 5 426 | 230 325 | 60 505 | 191 391 | 487 647 | ||
| Balance at January 1, 2025 | 5 426 | 230 325 | 65 302 | 185 117 | 486 170 | ||
| Comprehensive income | |||||||
| Net profit for the period | - | - | - | 495 069 | 495 069 | ||
| Other comprehensive income items | - | - | -84 899 | - | -84 899 | ||
| Total comprehensive income | - | - | -84 899 | 495 069 | 410 170 | ||
| Transaction with owners | |||||||
| Incentive program regulated by equity instruments | - | - | - | 907 | 907 | ||
| Dividend | - | - | - | -27 130 | -27 130 | ||
| Total transaction with owners | - | - | - | -26 223 | -26 223 | ||
| Balance at December 31, 2025 | 5 426 | 230 325 | -19 597 | 653 963 | 870 117 |
{12}------------------------------------------------
Cash flow statement
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2025 | 2024 | |
| Cash flow from operating activities | |||||
| Operating profit/loss (EBIT) | -35 311 | -5 599 | -48 668 | -14 450 | |
| Items not affecting cash flow | |||||
| - Depreciation | 4 771 | 17 699 | 20 985 | 22 624 | |
| - Other items | 91 | -1 229 | 140 | -946 | |
| Other items affecting liquidity | - | - | - | ||
| Interest revenue | 2 753 | 1 348 | 3 301 | 2 113 | |
| Interest expense | -939 | -664 | -2 626 | -2 558 | |
| Realized currency effects | -748 | -1 288 | 4 645 | -3 946 | |
| Income tax paid (-) / reimbursed (+) | -3 647 | -768 | -2 064 | -181 | |
| Cash flow from operating activities | -33 032 | 9 497 | -24 437 | 2 657 | |
| before working capital changes | |||||
| Increase (-) / decrease (+) work in progress | - | - | - | - | |
| Increase (-) / decrease (+) trade receivables | 17 668 | 12 569 | 21 422 | 15 788 | |
| Increase (-) / decrease (+) other current receivables | 20 450 | 4 376 | 28 578 | 22 835 | |
| Increase (+) / decrease (-) trade payables | -5 670 | 9 679 | 7 890 | 18 765 | |
| Increase (+) / decrease (-) current liabillities | -2 958 | 1 336 | 1 288 | 8 990 | |
| Cash flow from changes in working capital | 29 490 | 27 960 | 59 178 | 66 378 | |
| Cash flow from operating activities | -3 542 | 37 457 | 34 741 | 69 035 | |
| Cash flow from operating activities for divested business | -24 055 | 9 275 | 25 375 | 40 348 | |
| Cash flow from operating activities for total business | -27 596 | 46 732 | 60 116 | 109 383 | |
| Cash flow from investing activities | |||||
| Investment in intangible assets | 178 | -3 510 | 178 | -15 165 | |
| Investment in tangible assets | 2 | - | 2 | - | |
| Divestment group companies | 803 371 | 803 371 | |||
| Cash flow from investing activities | 803 551 | -3 510 | 803 551 | -15 165 | |
| Cash flow from investing activities for total business | 2 450 | - | -38 862 | -47 553 | |
| Cash flow from investing activities for divested business | 806 001 | -3 510 | 764 689 | -62 718 | |
| Cash flow from financing activities | |||||
| Repayment of loans | - | -2 500 | -12 454 | -10 000 | |
| Repayment of leasing liabillities | -200 | -1 879 | -1 059 | -1 139 | |
| Dividend paid | -13 565 | -13 565 | -27 130 | -27 119 | |
| Cash flow from financing activities | -13 765 | -17 944 | -40 643 | -36 956 | |
| Cash flow from financing activities for total business | -1 389 | -0 | -17 829 | -14 546 | |
| Cash flow from financing activities for divested business | -15 154 | -17 944 | -50 001 | -44 309 | |
| Cash flow remaining business | 800 790 | 16 003 | 812 044 | 31 472 | |
| Cash flow from total business | -14 546 | -0 | -14 396 | -14 558 | |
| Cash flow from divested business | 786 244 | 16 003 | 797 648 | 16 914 | |
| Cash flow for the period continued business | 800 790 | 16 003 | 812 044 | 31 472 | |
| Currency translation differences for cash | -2 673 | 1 858 | -8 408 | 4 427 | |
| Cash and cash equivalent at the beginning of the period | 37 773 | 28 663 | 31 955 | 25 182 | |
| Cash and cash equivalent at the end of the period | 821 344 | 46 523 | 821 344 | 46 523 |
{13}------------------------------------------------
8 quarters in summary
The below summary by quarter shows only continuing operations
| (SEK 000) | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|---|---|---|---|
| SaaS | 28 216 | 30 900 | 32 296 | 34 507 | 36 133 | 36 474 | 38 515 | 38 939 |
| Support and maintenance | 17 926 | 19 128 | 18 316 | 18 385 | 17 534 | 16 913 | 16 695 | 15 585 |
| Recurring revenue | 46 142 | 50 028 | 50 612 | 52 892 | 53 667 | 53 387 | 55 210 | 54 523 |
| License | 843 | 1 225 | 700 | 909 | 1 016 | 632 | 309 | 383 |
| Software revenues | 46 985 | 51 253 | 51 312 | 53 800 | 54 683 | 54 019 | 55 518 | 54 906 |
| Deliveries | 4 740 | 4 308 | 4 357 | 5 182 | 6 138 | 6 651 | 5 259 | 5 225 |
| Other income | 230 | 127 | 81 | 253 | 356 | 218 | 106 | 222 |
| Total income | 51 955 | 55 688 | 55 749 | 59 236 | 61 177 | 60 888 | 60 883 | 60 353 |
| Sales expenses | -9 809 | -11 616 | -11 076 | -12 605 | -14 103 | -14 227 | -13 557 | -13 016 |
| Other costs | -12 605 | -16 422 | -14 474 | -16 779 | -14 431 | -16 942 | -12 123 | -12 557 |
| Personnel costs | -28 772 | -28 941 | -29 030 | -33 262 | -30 059 | -28 728 | -25 759 | -24 901 |
| Capitalized development costs |
3 373 | 3 596 | 3 479 | 3 501 | 3 484 | 2 914 | 3 361 | 2 813 |
| Total operating expenses | -47 812 | -53 383 | -51 100 | -59 143 | -55 109 | -56 983 | -48 077 | -47 661 |
| EBITDA | 4 143 | 2 305 | 4 649 | 92 | 6 068 | 3 905 | 12 805 | 12 693 |
| % | 8,0% | 4,1% | 8,3% | 0,2% | 9,9% | 6,4% | 21,0% | 21,0% |
| Items affecting comparability | - | - | -3 016 | - | -5 736 | -10 271 | -3 914 | -43 233 |
| Depreciation/amortization | -5 669 | -5 670 | -5 594 | -5 691 | -5 549 | -5 448 | -5 217 | -4 771 |
| EBIT | -1 526 | -3 364 | -3 961 | -5 599 | -5 216 | -11 815 | 3 674 | -35 311 |
| % | -2,9% | -6,0% | -7,1% | -9,5% | -8,5% | -19,4% | 6,0% | -58,5% |
{14}------------------------------------------------
Quarterly Sales Analysis
The sales analysis below shows only continuing operations for all periods
{15}------------------------------------------------
Segment Overview
The segment overview shows the Lasernet business area. Group functions and other group costs are reported in Other.
| (SEK 000) Lasernet Other Group Lasernet Other SaaS 38 939 38 939 150 060 150 060 - - Support & Maintenance 15 585 15 585 66 727 66 727 - - Recurring revenue 54 523 54 523 216 787 216 787 - - License 383 383 2 340 2 340 - - Sofware revenue 54 906 54 906 219 127 219 127 - - Delivery 5 225 5 225 23 273 23 273 - - Other income 222 222 902 902 - - Total income 60 353 60 353 243 302 243 302 - - Sales expenses -13 016 -13 016 -54 903 -54 903 - - Other costs -10 129 -2 428 -12 557 -43 432 -12 621 -56 053 Personnel costs -22 106 -2 795 -24 901 -96 247 -13 200 -109 447 Capitalized work for own account 2 813 2 813 12 573 12 573 - - EBITDA 17 913 -5 221 12 692 61 289 -25 818 35 471 % 29,7% 21,0% 25,2% 14,6% - - Items affecting comparability -11 256 -31 977 -43 233 -15 513 -47 642 -63 155 Depreciation/amortization -4 373 -398 -4 771 -19 363 -1 622 -20 985 EBIT 2 284 -37 596 -35 312 26 414 -75 082 -48 668 % 3,8% -58,5% 10,9% -20,0% - - okt-dec 2024 jan-dec 2024 (SEK 000) Lasernet Other Koncern Lasernet Other SaaS 34 507 34 507 125 919 125 919 - - Support & Maintenance 18 385 18 385 73 755 73 755 - - Recurring revenue 52 892 52 892 199 674 199 674 - - License 909 909 3 676 3 676 - - Sofware revenue 53 800 53 800 203 350 203 350 - - Delivery 5 182 5 182 18 587 18 587 - - Other income 253 253 691 691 - - Net sales 59 236 59 236 222 628 222 628 - - Sales expenses -12 605 -12 605 -45 105 -45 105 - - Other costs -13 647 -3 132 -16 779 -47 087 -13 193 -60 280 Personnel costs -28 578 -4 683 -33 262 -106 984 -13 021 -120 004 Capitalized work for own account 3 501 3 501 13 950 13 950 - - EBITDA 7 907 -7 815 92 37 403 -26 213 11 190 % 13,3% 0,2% 16,8% 5,0% - - Items affecting comparability -3 016 -3 016 - - - - Depreciation/amortization -5 228 -464 -5 691 -20 560 -2 063 -22 624 |
Oct-Dec 2025 | Jan-Dec 2025 | ||||
|---|---|---|---|---|---|---|
| Group | ||||||
| Koncern | ||||||
EBIT 2 679 -8 279 -5 599 16 842 -31 293 -14 450 % 4,5% - -9,5% 7,6% - -6,5%
{16}------------------------------------------------
ARR and ACV
| Oct-Dec 2025 | Jan-Dec 2025 | ||||||
|---|---|---|---|---|---|---|---|
| (Mkr) | Lasernet | Other | Group | Lasernet | Other | Group | |
| ARR In - SaaS | 157,4 | - | 157,4 | 146,9 | - | 146,9 | |
| ARR In - Support & Maint. | 62,9 | - | 62,9 | 72,6 | - | 72,6 | |
| ARR In - FX | -4,4 | - | -4,4 | -23,3 | - | -23,3 | |
| ARR In* | 215,9 | - | 215,9 | 196,2 | - | 196,2 | |
| ACV - SaaS | 3,9 | - | 3,9 | 25,3 | - | 25,3 | |
| ACV - Support & Maintenance | -1,8 | - | -1,8 | -3,5 | - | -3,5 | |
| ACV - Net | 2,1 | - | 2,1 | 21,9 | - | 21,9 | |
| ARR Out - SaaS | 157,9 | - | 157,9 | 157,9 | - | 157,9 | |
| ARR Out - Support & Maint. | 60,1 | - | 60,1 | 60,1 | - | 60,1 | |
| ARR Out | 218,0 | - | 218,0 | 218,0 | - | 218,0 |
| okt-dec 2024 | jan-dec 2024 | ||||||
|---|---|---|---|---|---|---|---|
| (Mkr) | Lasernet | Other | Koncern | Lasernet | Other | Koncern | |
| ARR In - SaaS | 133,4 | - | 133,4 | 109,4 | - | 109,4 | |
| ARR In - Support & Maint. | 71,7 | - | 71,7 | 71,4 | - | 71,4 | |
| ARR In - FX | 6,2 | - | 6,2 | 9,2 | - | 9,2 | |
| ARR - Acq. SaaS | - | - | - | 1,2 | - | 1,2 | |
| ARR - Acq. Support & Maint. | - | - | - | 0,7 | - | 0,7 | |
| ARR In - Acquired | - | - | - | 2,0 | - | 2,0 | |
| ARR In | 211,2 | - | 211,2 | 192,0 | - | 192,0 | |
| ACV - SaaS | 10,6 | - | 10,6 | 31,5 | - | 31,5 | |
| ACV - Support & Maintenance | -2,3 | - | -2,3 | -3,9 | - | -3,9 | |
| ACV - Net | 8,3 | - | 8,3 | 27,6 | - | 27,6 | |
| ARR Out - SaaS | 146,9 | - | 146,9 | 146,9 | - | 146,9 | |
| ARR Out - Support & Maint. | 72,6 | - | 72,6 | 72,6 | - | 72,6 | |
| ARR Out | 219,5 | - | 219,5 | 219,5 | - | 219,5 |
{17}------------------------------------------------
Number of shares
| 2021-01-01 | 2022-01-01 | 2023-01-01 | 2024-01-01 | 2025-01-01 | |
|---|---|---|---|---|---|
| 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
| Shares outstanding beginning of the period | 53 463 907 | 53 726 057 | 54 217 825 | 54 217 825 | 54 258 121 |
| Share issue | 0 | 0 | 0 | 40 296 | 0 |
| Share issue from warrant programme | 262 150 | 252 800 | 0 | 0 | 0 |
| 0 | 238 968 | 0 | 0 | 0 | |
| Shares outstanding at the end of the period | 53 726 057 | 54 217 825 | 54 217 825 | 54 258 121 | 54 258 121 |
Group key figures
| Jan-Dec | ||
|---|---|---|
| 2025 | 2024 | |
| Employees at end of period | 93 | 117 |
| Total income, SEK 000 | 243 302 | 222 628 |
| EBITDA, SEK 000 | 35 471 | 11 190 |
| EBIT, SEK 000 | -48 668 | -14 450 |
| Net profit for the period, SEK 000 | -62 631 | -12 820 |
| EBITDA margin, % | 14,6% | 5,0% |
| EBIT margin, % | -20,0% | -6,5% |
| Profit margin, % | 178,1% | -5,8% |
| Return on equity, %* | 73,9% | 7,8% |
| Return on working capital, %* | 1,3% | 8,4% |
| Equity ratio, % | 82% | 59% |
| Equity per outstanding share at the end of the period, SEK | 16,04 | 8,97 |
| Earnings per share - before dilution, SEK | 9,22 | 0,16 |
| Earnings per share - after dilution, SEK | 9,22 | 0,16 |
| Share price at the end of the period, SEK | 26,60 | 25,00 |
* Ratios including P&L measures are based on the most recent 12-month period
{18}------------------------------------------------
Summary of the Parent Company's income statement
| (SEK 000) | Oct- | Oct-Dec | Jan-Dec | ||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Net sales | 370 | 47 008 | 138 097 | 168 869 | |
| Other opertaing income | 6 | 142 | 1 026 | 1 089 | |
| Total income | 376 | 47 150 | 139 123 | 169 958 | |
| Operating expenses | |||||
| Sales expenses | -24 | -2 880 | -5 735 | -8 729 | |
| Other costs | -31 776 | -13 196 | -79 897 | -64 975 | |
| Personnel costs | -5 240 | -28 080 | -70 998 | -81 300 | |
| Items affecting comparability | -30 358 | - | -47 080 | - | |
| Depreciation/amortization | -1 391 | -2 481 | -8 492 | -9 928 | |
| Total operating expenses | -42 810 | -46 638 | -165 121 | -164 932 | |
| Operating profit/loss | -42 434 | 513 | -25 998 | 5 026 | |
| Result from participations in group companies | 703 287 | 4 473 | 703 287 | 22 685 | |
| Other financial items | 3 616 | -5 986 | 15 467 | -6 936 | |
| Tax | -1 382 | -3 073 | -2 178 | -3 073 | |
| Net profit for the period | 663 087 | -4 073 | 690 579 | 17 701 |
Summary of the Parent Company's balance sheet
| (SEK 000) | 31 | 31 Dec | ||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Intangible assets | - | 23 702 | ||
| Tangible assets | 44 | 2 558 | ||
| Financial assets | 216 516 | 345 422 | ||
| Deferred tax asset | - | - | ||
| Current assets (excl. cash equivalents) | 834 606 | 78 942 | ||
| Cash and bank balances | 14 621 | 41 913 | ||
| TOTAL ASSETS | 1 065 787 | 492 537 | ||
| Restricted equity | 23 117 | 23 117 | ||
| Non-restricted equity | 882 616 | 219 331 | ||
| Total equity | 905 733 | 242 448 | ||
| Long-term liabilities | -0 | 2 922 | ||
| Current liabilities | 160 054 | 247 167 | ||
| TOTAL EQUITY AND LIABILITIES | 1 065 787 | 492 537 |
{19}------------------------------------------------
Financial tables
Income statement, discontinued operations
| (SEK 000) | Jan-Dec | ||
|---|---|---|---|
| 2025 | 2024 | ||
| Net sales | 291 129 | 278 083 | |
| Total income | 291 129 | 278 083 | |
| Other costs | -66 531 | -77 389 | |
| Personnel costs | -153 838 | -155 077 | |
| Own work capitalised | 29 472 | 37 872 | |
| Depreciation/amortization | -44 563 | -47 704 | |
| Total operating expenses | -235 460 | -242 298 | |
| Operating profit/loss | 55 669 | 35 786 | |
| Jämförelsestörande poster | -2 495 | -3 050 | |
| Appropriations | 13 239 | -7 200 | |
| Tax | 805 | -1 282 | |
| Result from divestment, see note A | 490 483 |
| 31 Dec | |
|---|---|
| (SEK 000) | 2025 |
| Note A: report of the result for the period, divested business | |
| Sales price | 848 974 |
| Booked value sold assets | -358 492 |
| Additional purchase price, contingent on conditions | |
| Gain on sale | 490 483 |
{20}------------------------------------------------
Collateral provided and contingent liabilities
The collateral provided pertained to shares in subsidiaries for the benefit of borrowed loans. The collateral provided in the Group consisted of the collateral provided in the parent company.
| 31 Dec | 31 dec | ||
|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2024 |
| Pledged assets | - | - | - |
| Contingent liabilities | - | - | - |
{21}------------------------------------------------
Definitions
Formpipe uses alternative performance indicators, also known as APM (Alternative Performance Measures). Formpipe's alternative performance measures are calculated on the basis of the financial statements prepared in accordance with applicable rules for financial reporting, and then adjusted by adding amounts to or subtracting from the figures presented in the financial statements. Below are presented Formpipe's alternative performance measures that have not been explained directly in connection with the alternative performance measures used
Software revenue
The sum of license revenue, SaaS revenue, and support and maintenance revenue.
Recurring revenue
Revenue of an annual nature, such as support and maintenance revenues and SaaS (Software as a Service) revenue.
ARR – Annual Recurring Revenue
Annual rate of recurring revenue from all contracted contracts at the end of the period. Won contracts that have not begun to be recognised as revenue are included. Terminated contracts that are still recognised as revenue are not included.
ARR IN
The opening value of ARR for the period. During the period, ARR acquired is included in ARR IN.
ARR IN - FX
Revaluation of ARR IN at the current exchange rate at the end of the period.
ACV (Annual Contract Value)
Annual rate of recurring revenue of contracts won (ACV+) and lost (ACV-) (net) during the period.
ARR OUT
The closing value of ARR for the period.
FX Effect
Conversion of ARR IN to the closing price.
Fixed operating costs
Other costs and personnel costs.
Operating expenses
Sales expenses, other costs, personnel costs, capitalized work on own account and depreciation.
EBITDA
Operating profit before depreciation, acquisition-related costs and other items affecting comparability.
EBITDA-adj.
EBITDA excluding capitalized work on own account.
Items affecting comparability
The postal service must be of a material nature in order to be reported separately and be considered foreign from the ordinary core business and make it more difficult for comparison purposes. For example, acquisition-related items, restructuring-related items or write-downs.
EBIT
Operating profit.
EBIT-adj.
Operating profit excluding items affecting comparability.
Operating margin before depreciation and amortization (EBITDA margin)
Operating profit before depreciation, acquisition-related costs and other items affecting comparability as a percentage of net sales.
Operating margin before capitalizations and depreciation (EBITDA-adj. margin)
Operating profit before capitalizations, depreciation, acquisition-related costs and other items affecting comparability as a percentage of net sales.
Operating margin (EBIT margin)
Operating profit after depreciation as a percentage of net sales.
Operating margin adjusted for items affecting comparability (EBIT-adj. margin)
Operating profit after depreciation excluding items affecting comparability, as a percentage of net sales.
Profit margin
Profit after tax as a percentage of sales at end of the period.
Earnings per share – before dilution
Profit after tax divided by the average number of shares during the period.
Earnings per share – diluted
Profit after tax adjusted for dilution effects divided by the average number of shares after dilution during the period.
Equity per share
Equity at the end of the period divided by the number of shares at the end of the period.
Return on equity
Profit after tax as a percentage of average equity.
Return on operating capital
Operating profit as a percentage of average operating capital (balance sheet total less non-interest-bearing liabilities and cash and bank).
Free cash flow
Cash flow from operating activities minus cash flow from investing activities excluding acquisitions.
Net debt
Interest-bearing liabilities minus cash and cash equivalents.
Equity
ratio Equity as a percentage of total assets.
{22}------------------------------------------------
Ordering financial information
Financial information and other relevant company information are published on www.formpipe.com. Information can also be ordered from: Formpipe, Box 23131, 104 35 Stockholm and at [email protected]