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Formpipe Software
Quarterly Report • Nov 19, 2025
3159_10-q_2025-11-19_b4d71592-a4fc-44f4-8cef-9a5f057a1d9f.pdf
Quarterly Report
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July 1 - September 30, 2025
All KPIs below have been adjusted and show only remaining business except for those listed with * that refer to the total business
| 2025 | 2024 | Δ | |
|---|---|---|---|
| Net sales of SEK | 61 m | (56 m) | 9% |
| Recurring revenues of SEK | 55 m | (51 m) | 8% |
| which corresponds to % of net sales | 91 % | (92 %) | |
| EBITDA SEK | 13 m | (5 m) | 175% |
| EBITDA margin | 21 % | (8 %) | |
| EBIT-adj. | 8 m | (-0,5 m) | |
| EBIT-adj. marginal | 13 % | (-1 %) | |
| EBIT | 4 m | (-3 m) | |
| EBIT margin | 7 % | (-6 %) | |
| Net profit SEK | 1 m | (-13 m) | |
| Net profit margin | 2 % | (-24 %) | |
| EPS before dilution SEK* | 0.21 | (0.07) | 198% |
| Cash flow from operating activities SEK | 7 m | (3 m) | 108% |
| ACV SEK | 6 m | (6 m) | 2% |
| ARR SEK | 220 m | (205 m) | 7% |
ACV SEK 6 m (6 m)
ARR SEK 220 m (205 m)
January 1 – September 30, 2025
| 2025 | 2024 | Δ |
|---|---|---|
| 182 m | (163 m) | 12% |
| 162 m | (147 m) | 11% |
| 89 % | (90 %) | |
| 24 Mkr | (11 m) | 119% |
| 13 % | (7 %) | |
| 9 m | (-4 m) | |
| 5 % | (-3%) | |
| -11 Mkr | (-7 Mkr) | -47% |
| -6 % | (-4 %) | |
| -25 Mkr | (-13 Mkr) | -91% |
| -14% | (-8 %) | |
| 0.31 | (0.26 kr) | 22% |
| -7 Mkr | (0.3 Mkr) | |
| 16 Mkr | (19 Mkr) | -16% |
| 220 Mkr | (205 Mkr) | 7% |
| 182 m 162 m 89 % 24 Mkr 13 % 9 m 5 % -11 Mkr -6 % -25 Mkr -14% 0.31 -7 Mkr |
182 m (163 m) 162 m (147 m) 89 % (90 %) 24 Mkr (11 m) 13 % (7 %) 9 m (-4 m) 5 % (-3%) -11 Mkr (-7 Mkr) -6 % (-4 %) -25 Mkr (-13 Mkr) -14% (-8 %) 0.31 (0.26 kr) -7 Mkr (0.3 Mkr) 16 Mkr (19 Mkr) |
Organic growth of 13% in the quarter (adjusted for currency effects)
Magnus Svenningson, CEO Formpipe
Income statement - summary
| (SEK Million) | Jul-Se | p | Jan-Sep | |
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net Sales | 60,8 | 55,7 | 182,3 | 163,0 |
| whereof recurring revenue | 55,2 | 50,9 | 162,3 | 146,7 |
| EBITDA | 12,8 | 4,6 | 24,2 | 11,1 |
| Margin, % | 21,1% | 8,4% | 13,3% | 6,8% |
| EBIT - excluding items affecting comparability | 8,0 | -0,5 | 9,3 | -4,2 |
| Margin, % | 13,1% | -0,8% | 5,1% | -2,6% |
| EBIT | 4,1 | -3,5 | -10,7 | -7,3 |
| Margin, % | 6,7% | -6,2% | -5,9% | -4,5% |
Divestment of Public and continued Margin Improvement.
As previously communicated, the transfer agreement for our Public business area was signed during the quarter with STG Partners. Subsequently, intensive work began to separate out the parts of the business to be included in the sale. This work is progressing according to plan, and we have met the most important closing condition: that 90% of customers approve the transaction. As a result, we expect to formally close the transaction on 1 December.
Formpipe's total revenue for the quarter, including revenue from the segment to be divested, amounted to SEK 143 million (SEK 130 million), and EBIT excluding non-recurring costs was SEK 28 million (SEK 16 million). The margin of 19.6% is thus in line with our target EBIT margin of 20%.
This quarter, we report the public business together with the product BGLink as operations held for sale, where all KPIs and breakdowns exclude the operations held for sale, except for certain sections where it is explicitly written otherwise.
Lasernet
Starting from the first of December, our full focus will be on Lasernet and we will change our group name to Lasernet Group, which will be formally implemented at our Annual General Meeting in the spring. Lasernet Group is about the area of "output management", put simply, how data in a company's workflows and information systems can be generated, compiled, and distributed in large volumes so that it can be read by both people and machines. This is vital for a company's business-critical processes such as orders, inventory, invoicing, and also communication with customers in regulated markets such as banks.
Our route to customers today primarily goes through two different ERP systems, Microsoft Dynamics ERP-system and the core banking system Temenos. Our growth is driven partly by the growth of these ERP systems—where Dynamics is among the fastest growing in the world—partly by the increasing need for customisable documents, and also by the adoption of new standards, such as e-invoicing, which affects all companies. Today, we have around 50 partners supporting approximately 1,300 customers in a global and highly scalable business model. Over the years, we have built up an annual recurring revenue (ARR) of SEK 220 million, of which about 70% is SaaS revenue. At the same time, the Lasernet group is already delivering positive EBIT, and we continue working to improve profitability.
Our total revenues in Lasernet are divided with about 60% within Dynamics and 40% within Temenos. Over the past five years, Lasernet has doubled its revenue and grown by
approximately 15% per year, with stronger growth within Dynamics than Temenos. Going forward, we will continue to invest in growth initiatives, especially within Dynamics. By investing in our sales channels, we see opportunities to grow with both existing and new partners in our core markets of Northern and Western Europe and the USA. We have a scalable business model and our strategy remains to grow profitably.
An improved third quarter
Lasernet Group's turnover for the quarter was SEK 61 million (SEK 56 million) with EBIT of SEK 8 million (SEK -0.5 million) and an EBIT margin of 13% (-1%) excluding non-recurring costs related to the divestment of Public, which clearly demonstrates the margin improvements we have worked on throughout the year. The organic growth was 13% excluding currency effects.
Our most important growth metric is Annual Contract Value (ACV), that is, the annual value of new contracts, which amounted to SEK 6 million for the period. We continue to see good momentum in Dynamics with 17 new customers in the quarter from many different industries. A good example is the American football team, the Dallas Cowboys, which illustrates the breadth of our customer base. We are also beginning to see the first deals driven by the new e-invoicing standards, which in the long term will be another driver for our sustained growth. From low levels, we are also seeing strengthening in Banking and Finance with increased activity from our main partner, Temenos, with two new deals.
With that, we close the books on Q3—a good quarter in terms of both margin and sales, despite much energy having been devoted to finalising the divestment process of the Public business area. Now, the work continues to accelerate growth for Lasernet Group. I want to extend a huge thank you to our team for an excellent effort this quarter. I would also like to say thank you and wish the very best of luck to our wonderful colleagues and customers in the Public business area for a very successful collaboration over the years.
Magnus Svenningson, CEO Formpipe
Financial information
Revenue
July – September 2025
Net sales for the period increased by 9 % compared to previous year and totalled to SEK 60.8 million (55.7 million). Software revenue increased by 8 % from the previous year and totalled to SEK 55.5 million (51.3 million).
Total recurring revenue for the period increased by 8 % from the previous year and totalled to SEK 55.2 million (50.9 million), which is equivalent to 91 % of net sales (92 %). Exchange rate effects have affected net sales unfavourably by SEK 1.8 million in comparison to the previous year.
Revenue split, Jan - Jun 2025
- License 1% (2%)
- SaaS 61% (56%)
- Support & Maintenance 28% (34%)
- Delivery 10% (8%)
January – September 2025
Net sales for the period increased by 12 % compared to previous year and totalled to SEK 182.3 million (163.0 million). Software revenue increased by 7 % from the previous year and totalled to SEK 109.5 million (102.6 million).
Total recurring revenue for the period increased by 11 % from the previous year and totalled to SEK 162.3 million (146.4 million), which is equivalent to 89 % of net sales (90 %). Exchange rate effects have affected net sales positively by SEK 4 million in comparison to the previous year.
Recurring revenue, rolling 12 m, mSEK
Annual recurring revenue (ARR), mSEK
Costs
July – September 2025
The operating costs for the period totalled to SEK 52.9 million (56.9 million). Personnel costs totalled to SEK 25.8 million (29.0 million). Selling expenses totalled to SEK 13.6 million (11.1 million). Other costs totalled to SEK 12.1 million (14.5 million). Items affecting comparability amounted to 3.9 million (3.0 million), of which SEK 3.9 million are transaction related costs for the divestment of Public. Exchange rate effects have decreased expenses by SEK 0.1 million in comparison with the previous year.
January – September 2025
The operating costs for the period totalled to SEK 173.7 million (167.6 million). Personnel costs totalled to SEK 84.8 million (86.7 million). Selling expenses totalled to SEK 40.2 million (32.5 million). Other costs totalled to SEK 43.5 million (43.5 million). Items affecting comparability amounted to 19.9 million (3.0 million), of which SEK 15.7 million relate to transaction related costs connected to the divestment of Public. Exchange rate effects have decreased expenses by SEK 1.6 million in comparison with the previous year.
Recurring revenues in relation to fixed operating costs, rolling 12 m, mSEK
Earnings
July – September 2025
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 12.8 million (4.6 million) with an EBITDA margin of 21.1 % (8.4 %). Operating profit excluding items affecting comparability (EBIT-adj.) totalled to SEK8.0 million (-0.5 million) with an adjusted operating margin of 13.1 % (-0.8 %). Operating profit (EBIT) totalled to SEK 4.1 million (-3.5 million) with an operating margin of 6.7 % (-6.2 %). Net profit totalled to SEK 1.4 million (- 13.3 million). Exchange rate effects have affected EBIT unfavourably by SEK 2.1 million in comparison with the previous year.
January – September 2025
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 24.2 million (11.1 million) with an EBITDA margin of 13.3 % (6.8 %). Operating profit excluding items
affecting comparability (EBIT-adj.) totalled to SEK 9.3 million (-4.2 million) with an adjusted operating margin of 5.1 % (-2.6 %). Operating profit (EBIT) totalled to SEK -10.7 million (-7.3 million) with an operating margin of -5.9 % (-4.5 %). Net profit totalled to SEK -25.2 million (13.2 million). Exchange rate effects have affected EBIT unfavourably by SEK 3.5 million in comparison to the previous year.
Sales and EBIT margin, mSEK
Financial position and liquidity
Cash equivalents
The total group's Cash and cash equivalents at the end of the period amounted to SEK 52.0 million (28.7 million). The company's total bank overdraft facility amounts to SEK 75.0 million. At the end of the period, it was not utilized (0 million). The total accessible funds therefore amount to SEK 127 million (78.7 million).
The group had interest-bearing debt at the end of the period totalling to SEK 11.7 million (35.1 million), whereof SEK 11.7 million (13.7 million) refers to lease debts according to IFRS 16.
The group's net cash position thereby totalled to SEK 40.3 million (0.0 million), which corresponds to a net cash position of SEK 52.0 million (13.7 million) excluding IFRS 16-related debt.
During the year, dividends of SEK 13.6 million (13.6 million) has been paid out.
Deferred tax asset
By the end of the period the group's deferred tax assets attributable to accumulated losses amounted to SEK 1.6 million (SEK 2.3 million).
Equity
Equity at the end of the period amounted to SEK 474.2 million (490.6 million), which was equivalent to SEK 8.73 (9.04) 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 currencies by SEK - 17 million (9.7 million) from the end of the year.
Equity ratio
The equity ratio at the end of the period was 58 % (60 %).
Cash flow
Cash flow from operating activities
Cash flow from total operating activities for the period January - September totalled to SEK 85.8 million (72.1 million).
Investments and acquisitions
Total investments for both the remaining business as well as the business to be divested for the period January - September amounted to SEK 40.0 million (49.9 million).
- Investments in intangible assets totalled to SEK 34.5 million (43.4 million) and refer to capitalized product development costs.
- Investments in tangible and financial assets totalled to SEK 5.5 million (3.7 million).
- Acquisitions of subsidiaries amounted to SEK million (2.8 million).
Financing
During the period January to September, dividends were paid to the company's shareholders amounting to SEK 13.6 million (13.6 million).
During the period January – September the company amortized SEK 12.5 million (10.0 million).
The existing bank overdraft facility totalling to SEK 75.0 million was not utilized at the end of the period ( million). Leasing related liabilities amounted to SEK 11.7 million (13.7 million) at the end of the period. The group's interest-bearing debt at the end of the period was thereby SEK 11.7 million (28.7 million).
Market
Data and information are becoming more and more important for the financial development: they are the foundation for many new products and services, leading to productivity and efficiency gains in all sectors of the economy. Being able to harness 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, which enables growth through investments in new and existing markets as well as the development of new offerings.
Business areas
Lasernet
Customer Communication Management (CCM) are tools and methods that companies use to manage communication processes with customers and suppliers. Lasernet operates within this market and helps organizations deliver relevant, timely, and accurate communication, leading to increased customer satisfaction.
Lasernet produces, customizes, 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.
The Lasernet business area has two focus areas: ERP and Banking. In ERP, 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 packaging where a freemium version is now offered to Dynamics customers to easily try Lasernet and then gradually increase their consumption towards a full Enterprise solution. In addition to Dynamics, Lasernet has customers in
several 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 with ERP systems such as SAP, which gives Formpipe the opportunity to better evaluate the possibilities within this ERP system.
In Banking, Lasernet has well-established partnerships with Temenos and is today a highly appreciated third-party solution for document management. In addition to Temenos, other system providers in Banking have shown interest in including Lasernet in their offerings, and Formpipe now also has cooperation agreements with Thought Machine and Mambu.
Q3 2025 (Lasernet)
Lasernet continues to grow strongly, with recurring revenue increasing by 9% to SEK 55 million (SEK 51 million), of which SaaS increased by 19% to SEK 39 million (SEK 32 million) for the quarter. SaaS growth continues and the graph below shows the development during Q3 over the past 5 years.
Revenue for the business area Lasernet amounted to SEK 61 million (SEK 56 million) and the result (EBITDA) to SEK 19.5 million (SEK 9.5 million), with an EBITDA margin of 32% (17%).
Public
The Public business area provides missioncritical software for document and case management to the public sector in Sweden and Denmark with products such as Platina, W3D3, and Adoxa in Sweden, as well as Acadre, Adoxa, and TAS in Denmark. As part of the divestment, Public also includes the product BGLink.
As announced on 18 August 2025, Formpipe will divest its public sector business, Public. Formpipe has entered into an agreement with STG Partners to divest the Public business area for up to SEK 850 million. The transaction includes all assets in the Public business unit (collectively, "Formpipe Public") and will be carried out through the divestment of the newly established subsidiary, Formpipe Sverige AB, to which Formpipe Public will be transferred prior to the completion of the transaction. The transaction also includes the product BGLink, which previously formed part of the Other business area but now, together with Public, constitutes the business being divested.
At the beginning of 2024, the business areas for the Danish and Swedish public sectors were merged into a common business area, Public. The merger provides increased clarity, focus, and synergies across national borders.
This allows Formpipe to better meet our customers' growing needs and focus on developing attractive offerings for the public sector, with a focus on efficiency, legislation, and data sovereignty. Thanks to a common organization, resources are freed up for customer dialogue, innovation, and product development.
The work continues to move Public from developing and selling a number of products to a product platform with more common functions. This provides advantages in the form of increased resources for the development of new functionality and the application of modern product development technologies.
Q3 2025 (Public)
During the third quarter, recurring revenues grew by 1% to SEK 59 million (SEK 58 million), of which SaaS grew by 8% to SEK 13 million (SEK 12 million). Below is the SaaS growth for Public during Q3 over the past 5 years.
The business area's total revenues amounted to SEK 82 million (SEK 74 million) and its result (EBITDA) amounted to SEK 32 million (SEK 28 million), with a margin of 39% (38%).
The quarter's result was positively impacted by a larger license deal of SEK 7 million within Platina.
January-March
Profit Warning for fourth quarter 2024
Formpipe issued a profit warning on January 20, 2025, announcing that the results for the fourth quarter for 2024 were expected to be lower than anticipated. The quarter was burdened by a one-time cost due to the cyber incident that occurred in the Danish operations during the fall. Together with costs for ongoing change projects, the quarter's results were negatively impacted. Formpipe simultaneously announced measures in the cost structure, primarily focused on the Lasernet business area.
CPO Departure
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 Division
Formpipe announced the divestment of the Public operations called Public on August 18, 2025. Formpipe has entered into an agreement with STG Partners to divest the Public business area for up to 850 MSEK. 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.
After the end of the period
Nothing to report.
Employees
The number of employees at the end of the reporting period totalled to 97 persons (107 persons).
Risks and uncertainty factors
The significant risk and uncertainty factors for the group and the parent company, which include business and financial risks, are described in the annual report for the last financial year. During the period there have been no other changes in the risk and uncertainty factors for the group and the parent company.
Transactions with related parties
No related party transactions occurred during the period.
Accounting policies
The group's financial reports are prepared in accordance with International Financial Reporting Standards (IFRS) in the way in which they have been adopted by the European Union, the Swedish Annual Accounts Act, RFR 1 Additional Accounting Regulations for Groups issued by the Swedish Financial Reporting Board and in accordance with the regulations that the Stockholm Stock Exchange stipulates for companies listed on Nasdaq Stockholm. Preparing financial reports in accordance with IFRS requires that the company management makes accounting evaluations and estimates and makes assumptions that affect the application of the accounting policies and the reported values of assets, liabilities, income and costs. The actual result can differ from these estimates and evaluations. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The interim report covers pages 1-24 and the interim report on pages 1-9 is thus an integral part of this financial report. The most important accounting policies according to IFRS, which constitute the accounting standard for the preparation of this interim report, are stated in the company's most recently published annual report.
The financial reports of the parent company have been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities issued by the Swedish Financial Reporting Board. The same accounting policies and methods of calculation have been applied in the interim report and in the most recent annual report.
Reporting of discontinued operations
From the third quarter of 2025, Formpipe Public's financial reporting is classified as discontinued operations. This means that assets and related liabilities for Public are presented on separate lines in the balance sheet, and the period's result after tax from discontinued operations is reported on its own separate line in the income statement. Internal balances and transactions between continuing operations and discontinued operations have been eliminated.
The income statement and cash flow analysis are adjusted for comparative periods as if the discontinued operations had already been classified as discontinued operations at the beginning of the comparative periods.
About Formpipe
Formpipe Software AB (publ) is a Swedish software company in the field of Customer Communications Management (CCM). More than a thousand customers in more than 60 countries currently entrust us and our services. Our market-leading position gives us clear competitive advantages in the development and sale of software for effective and valuable information services. The Company focuses on products for management of customer communication.
Formpipe was founded in 2004 and has offices in Sweden, Denmark, United Kingdom, USA, Germany and France. The Formpipe share is listed on Nasdaq Stockholm.
Calendar for financial information
February 20, 2026 April 29, 2026 April 29, 2026 July 15, 2026 October 23, 2026 Interim report Jan- Dec Interim report Jan- March Annual meeting 2026 Interim report Jan-June Interim report Jan-Sept
The annual report will be available on Formpipe´s website, www.formpipe.com, during week 14.
Financial information
Can be ordered from the below contact details. All financial information is published on www.formpipe.com immediately after being made public.
Contact information
Magnus Svenningson, Managing Director Telephone: +46 739 639 700
E-mail: [email protected]
Stockholm, November 19, 2025
Formpipe Software AB
The Board of Directors and the Managing Director
Formpipe Software AB (publ)
Swedish company reg. no.: 556668-6605 Sveavägen 168 | Box 231 31 | 104 35 Stockholm T: +46 8 555 290 60 | F: +46 8 555 290 99
[email protected] | www.formpipe.com
Consolidated income statement summary
| Jul-Sep | Jan-Sep | |||
|---|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2025 | 2024 |
| Net Sales | 60 777 | 55 669 | 182 269 | 162 955 |
| Other opertaing income | 106 | 81 | 679 | 438 |
| Total income | 60 883 | 55 749 | 182 948 | 163 393 |
| Sales expenses | -13 557 | -11 076 | -40 156 | -32 499 |
| Other costs | -12 123 | -14 474 | -43 500 | -43 512 |
| Personnel costs | -25 759 | -29 030 | -84 807 | -86 742 |
| Capitalized work for own account | 3 361 | 3 479 | 9 760 | 10 448 |
| Operating profit/loss before depreciation/amortization | ||||
| and non-comparative items (EBITDA) | 12 805 | 4 649 | 24 245 | 11 088 |
| Items affecting comparability | -3 914 | -3 016 | -19 921 | -3 011 |
| Depreciation/amortization | -4 819 | -5 111 | -14 990 | -15 333 |
| Operating profit/loss (EBIT) | 4 072 | -3 478 | -10 667 | -7 256 |
| Financial income and expenses | -152 | -213 | -537 | -521 |
| Exchange rate differences | 1 300 | -6 536 | -9 024 | -2 469 |
| Tax | -3 853 | -3 049 | -4 978 | -2 949 |
| Net profit for the period | 1 367 | -13 276 | -25 205 | -13 196 |
| Net profit for the period | 9 987 | 17 080 | 42 136 | 27 091 |
| Net profit for the period | 11 353 | 3 804 | 16 931 | 13 895 |
| Of which the following relates to: | ||||
| Parent company shareholders | 11 353 | 3 804 | 16 931 | 13 895 |
| Other comprehensive income | ||||
| Translation differences | -5 933 | 3 343 | -16 263 | 9 712 |
| Other comprehensive income for the period, net after tax | -5 933 | 3 343 | -16 263 | 9 712 |
| Total comprehensive income for the period | 5 420 | 7 146 | 668 | 23 607 |
| Of which the following relates to: | ||||
| Parent company shareholders | 5 420 | 7 146 | 668 | 23 607 |
| Of which remaining business | - | - | - | - |
| Of which business to be divested | - | - | - | - |
| EBITDA margin, % | 21,1% | 8,4% | 13,3% | 6,8% |
| EBIT margin, % | 6,7% | -6,2% | -5,9% | -4,5% |
| Profit margin, % | 2,2% | -23,8% | -13,8% | -8,1% |
| Earnings per share attributable to the parent company's shareholders during the period (SEK per share) |
||||
| - before dilution | 0,21 | 0,07 | 0,31 | 0,26 |
| - after dilution | 0,21 | 0,07 | 0,31 | 0,26 |
| 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 |
Consolidated balance sheet
It is only the period 30 September 2025 that has been adjusted to show the remaining business. The consolidated balance sheet for 2025 includes the total business, including the business to be divested.
| 30 Sep | ||||
|---|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2024 | |
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets | ||||
| Capitalized expenditure | 48 683 | 171 110 | 172 571 | |
| Goodwill | 157 001 | 451 980 | 458 206 | |
| Other intangibel assets | 2 268 | 6 042 | 5 052 | |
| Intangible assets | 207 952 | 629 132 | 635 829 | |
| Tangible assets | ||||
| Other equipment & furnitures | 9 962 | 21 791 | 20 191 | |
| Tangibel assets | 9 962 | 21 791 | 20 191 | |
| Financial assets | ||||
| Other financial assets | 473 | 1 819 | 1 846 | |
| Other non-current receivables | - | 522 | 209 | |
| Financial assets | 473 | 2 341 | 2 055 | |
| Non-current receivables | ||||
| Deferred tax assets | 1 556 | 2 286 | 1 080 | |
| Non-current receivables | 1 556 | 2 286 | 1 080 | |
| Non-current assets | 219 943 | 655 550 | 659 155 | |
| Current assets (excl. cash equivalents) | ||||
| Current receivables | ||||
| Trade receivables | 32 783 | 80 312 | 110 517 | |
| Current tax assets | 7 489 | 6 621 | 7 311 | |
| Other receivables | - | 5 | 3 | |
| Prepaid costs and accrued income | 8 696 | 44 040 | 30 760 | |
| Total current assets (excl. Cash equivalents) | 48 967 | 130 977 | 148 590 | |
| Cash equivalents | 33 915 | 28 663 | 46 523 | |
| TOTAL ASSETS | 811 381 | 815 191 | 854 269 | |
| TOTAL ASSETS, remaining business | 302 825 | 815 191 | 854 269 | |
| TOTAL ASSETS, business to be divested | 508 557 | - | - |
Consolidated balance sheet - continued
| 30 Sep | |||
|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2024 |
| EQUITY | |||
| Share capital | 5 426 | 5 426 | 5 426 |
| Other paid-in capital | 230 325 | 230 325 | 230 325 |
| Revaluation reserves | 49 039 | 59 701 | 65 302 |
| Retained earnings including profit for the year | 189 390 | 195 123 | 185 117 |
| Equity | 474 180 | 490 574 | 486 170 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Liabilities to credit institutions | - | 5 000 | 2 500 |
| Deferred tax liabilities | 39 010 | 41 203 | 40 566 |
| Non-current leasing liabilities | 6 479 | 7 201 | 6 315 |
| Non-current liabilities | 45 489 | 53 404 | 49 381 |
| Current liabilities | |||
| Liabilities to credit institutions | - | 10 000 | 10 000 |
| Current leasing liabilities | 5 229 | 6 491 | 6 149 |
| Trade liabilities | 2 540 | 22 054 | 35 630 |
| Current tax liabilities | 11 081 | 453 | 0 |
| Other liabilities | 4 177 | 11 356 | 14 576 |
| Accrued expenses and deferred income | 141 384 | 220 858 | 252 362 |
| Current liabilities | 164 410 | 271 212 | 318 718 |
| Total Liabilities | 337 198 | 324 616 | 368 099 |
| Liabilities, remaining business | 209 899 | - | - |
| Liabilities, business to be divested | 127 299 | ||
| TOTAL EQUITY AND LIABILITIES | 811 381 | 815 191 | 854 269 |
| Net interest-bearing debt (-) / cash (+) | 40 309 | -29 | 21 559 |
Changes in consolidated equity
| Equity attributable to the parent company's shareholders | ||||
|---|---|---|---|---|
| ---------------------------------------------------------- | -- | -- | -- | -- |
| Share capital |
Other contributed capital |
Other reserves |
Profit/loss brought forward |
Total | ||
|---|---|---|---|---|---|---|
| 5 422 | 229 178 | 49 989 | 194 854 | 479 443 | ||
| - | - | - | 13 895 | 17 093 | ||
| - | - | 9 712 | - | 15 313 | ||
| - | - | 9 712 | 13 895 | 32 406 | ||
| 5 426 | 230 325 | 59 701 | 195 123 | 490 574 | ||
| 5 426 | 230 325 | 65 302 | 185 117 | 486 170 | ||
| - | - | - | 16 931 | 16 931 | ||
| - | - | -16 263 | - | -16 263 | ||
| - | - | -16 263 | 16 931 | 668 | ||
| - | - | - | 907 | 907 | ||
| - | - | - | -12 658 | -12 658 | ||
| 5 426 | 230 325 | 49 039 | 189 390 | 474 180 | ||
Cash flow statement summary
| Jul-Sep | Jan-Sep | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2025 | 2024 | |
| Cash flow from operating activities | |||||
| Operating profit/loss (EBIT) | 23 619 | 9 610 | 29 768 | 21 985 | |
| Items not affecting cash flow | |||||
| - Depreciation | 17 760 | 17 259 | 52 736 | 51 312 | |
| - Other items | 3 699 | 760 | 4 412 | 2 019 | |
| Other items affecting liquidity | |||||
| Interest revenue | 133 | 140 | 549 | 765 | |
| Interest expense | -734 | -578 | -1 687 | -1 893 | |
| Realized currency effects | 1 923 | -612 | 5 294 | -2 657 | |
| Income tax paid (-) / reimbursed (+) | -2 562 | -1 152 | -5 239 | 588 | |
| Cash flow from operating activities | 43 840 | 25 427 | 85 833 | 72 118 | |
| before working capital changes | |||||
| Increase (-) / decrease (+) work in progress | 420 | -766 | -1 147 | -2 016 | |
| Increase (-) / decrease (+) trade receivables | -5 956 | -8 866 | 26 928 | 25 829 | |
| Increase (-) / decrease (+) other current receivables | -9 467 | -2 229 | -10 487 | -3 253 | |
| Increase (+) / decrease (-) trade payables | -3 962 | -7 931 | -5 144 | -15 596 | |
| Increase (+) / decrease (-) current liabillities | 11 128 | 839 | -9 906 | -14 431 | |
| Cash flow from changes in working capital | -7 837 | -18 953 | 243 | -9 467 | |
| Cash flow from operating activities | 36 003 | 6 474 | 86 076 | 62 651 | |
| Part of cash flow related to operating business to be divested | 29 467 | 3 334 | 93 305 | 62 370 | |
| Cash flow from investing activities | |||||
| Investment in intangible assets | -9 327 | -14 218 | -34 525 | -43 389 | |
| Investment in tangible assets | -5 274 | -1 736 | -5 645 | -4 568 | |
| Investment in financial assets | 0 | 313 | 121 | 846 | |
| Investment in subsidiaries | - | -0 | - | -2 821 | |
| Cash flow from investing activities | -14 600 | -15 641 | -40 049 | -49 932 | |
| Part of cash flow from investing activities related to business to be divested | -10 940 | -11 979 | -28 754 | -33 683 | |
| Cash flow from financing activities | |||||
| New share issue | - | - | - | 4 | |
| Raising och loans | -1 747 | 0 | -1 747 | 0 | |
| Repayment of loans | 46 | -2 500 | -12 454 | -7 500 | |
| Repayment of leasing liabillities | -2 192 | -1 862 | -7 081 | -5 315 | |
| Dividend paid | -0 | -0 | -13 565 | -13 554 | |
| Cash flow from financing activities | -3 894 | -4 362 | -34 847 | -26 365 | |
| Part of cash flow from financing activities related to business to be divested | -1 839 | -1 442 | -6 193 | -4 438 | |
| Cash flow remaining business | 821 | -3 443 | -47 178 | -37 895 | |
| Cash flow business to be divested | 16 688 | -10 087 | 58 358 | 24 249 | |
| Cash flow for the period total business | 17 509 | -13 530 | 11 180 | -13 646 | |
| Currency translation differences for cash | -1 843 | -100 | -5 735 | 2 569 | |
| Cash and cash equivalent at the beginning of the period | 36 301 | 42 293 | 46 523 | 39 740 | |
| Cash and cash equivalent at the end of the period | 51 967 | 28 663 | 51 967 | 28 663 |
8 quarters in summary
The below summary per quarter only shows remaining business
| (SEK 000) | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| SaaS | 26 860 | 28 216 | 30 900 | 32 296 | 34 507 | 36 133 | 36 474 | 38 515 |
| Support and maintenance | 19 121 | 17 926 | 19 128 | 18 316 | 18 385 | 17 534 | 16 913 | 16 695 |
| Recurring revenue | 45 981 | 46 142 | 50 028 | 50 612 | 52 892 | 53 667 | 53 387 | 55 210 |
| License | 2 211 | 843 | 1 225 | 700 | 909 | 1 016 | 632 | 309 |
| Software revenues | 48 192 | 46 985 | 51 253 | 51 312 | 53 800 | 54 683 | 54 019 | 55 518 |
| Deliveries | 4 378 | 4 740 | 4 308 | 4 357 | 5 182 | 6 138 | 6 651 | 5 259 |
| Other income | 229 | 230 | 127 | 81 | 253 | 356 | 218 | 106 |
| Total income | 52 799 | 51 955 | 55 688 | 55 749 | 59 236 | 61 177 | 60 888 | 60 883 |
| Sales expenses | -11 136 | -9 809 | -11 303 | -11 076 | -12 605 | -14 103 | -14 227 | -13 557 |
| Other costs | -16 872 | -12 605 | -16 422 | -14 474 | -16 779 | -14 431 | -16 942 | -12 123 |
| Personnel costs Capitalized development |
-27 716 | -28 772 | -28 941 | -29 030 | -33 262 | -30 059 | -28 728 | -25 759 |
| costs | 4 539 | 3 373 | 3 596 | 3 479 | 3 501 | 3 484 | 2 914 | 3 361 |
| Total operating expenses | -51 185 | -47 812 | -53 070 | -51 100 | -59 143 | -55 109 | -56 983 | -48 077 |
| EBITDA | 1 613 | 4 143 | 2 305 | 4 649 | 92 | 6 068 | 3 905 | 12 805 |
| % | 3,1% | 8,0% | 4,1% | 8,4% | 0,2% | 10,0% | 6,4% | 21,1% |
| Items affecting comparability | - | - | - | -3 016 | - | -5 736 | -10 271 | -3 914 |
| Depreciation/amortization | -4 263 | -5 085 | -5 136 | -5 111 | -5 227 | -5 119 | -5 042 | -4 819 |
| EBIT | -3 381 | -1 526 | -3 364 | -3 478 | -5 599 | -4 786 | -11 408 | 4 072 |
| % | -6,4% | -2,9% | -6,1% | -6,2% | -9,5% | -7,9% | -18,8% | 6,7% |
Sales analysis by quarter
Below analysis shows remaining business only for all periods
Segment summary
The segment overview includes only the remaining operations, which consist of the Lasernet business area and group functions that are included in the business area Other. The Other segment no longer includes any product sales as these have been divested together with the Public business area.
| Jul-Sep 2025 Jan-Sep 2025 |
||||||
|---|---|---|---|---|---|---|
| (SEK 000) | Lasernet | Other | Group | Lasernet | Other | Group |
| SaaS | 38 515 | - | 38 515 | 111 121 | - | 111 121 |
| Support & Maintenance | 16 695 | - | 16 695 | 51 143 | - | 51 143 |
| Recurring revenue | 55 210 | - | 55 210 | 162 264 | - | 162 264 |
| License | 309 | - | 309 | 1 956 | - | 1 956 |
| Sofware revenue | 55 518 | - | 55 518 | 164 220 | - | 164 220 |
| Delivery | 5 259 | - | 5 259 | 18 048 | - | 18 048 |
| Other income | 106 | - | 106 | 679 | - | 679 |
| Total income | 60 883 | - | 60 883 | 182 948 | 182 948 | |
| Sales expenses | -13 557 | - | -13 557 | -40 156 | -40 156 | |
| Other costs | -8 464 | -3 660 | -12 123 | -33 299 | -10 201 | -43 500 |
| Personnel costs | -22 806 | -2 952 | -25 759 | -74 402 | -10 404 | -84 807 |
| Capitalized work for own account | 3 361 | - | 3 361 | 9 760 | 9 760 | |
| EBITDA | 19 417 | -6 612 | 12 805 | 44 850 | -20 598 | 24 245 |
| % | 31,9% | 21,1% | 24,6% | 13,3% | ||
| Items affecting comparability | 11 | -3 926 | -3 914 | -4 257 | -15 665 | -19 921 |
| Depreciation/amortization | -4 819 | -4 819 | -14 990 | -14 990 | ||
| EBIT | 14 610 | -10 537 | 4 072 | 25 604 | -36 262 | -10 667 |
| % | 24,0% | 6,7% | 14,0% | -5,9% |
| Jul-Sep 2024 | Jan-Sep 2024 | ||||||
|---|---|---|---|---|---|---|---|
| (SEK 000) | Lasernet | Other | Group | Lasernet | Other | Group | |
| SaaS | 32 296 | 32 296 | 91 412 | 91 412 | |||
| Support & Maintenance | 18 316 | 18 316 | 55 370 | 55 370 | |||
| Recurring revenue | 50 612 | 50 612 | 146 782 | 146 782 | |||
| License | 700 | 700 | 2 768 | 2 768 | |||
| Sofware revenue | 51 312 | 51 312 | 149 550 | 149 550 | |||
| Delivery | 4 357 | 4 357 | 13 405 | 13 405 | |||
| Other income | 81 | 81 | 438 | ||||
| Net sales | 55 669 | 81 | 55 749 | 162 955 | 163 393 | ||
| Sales expenses | -11 076 | -11 076 | -32 499 | -32 499 | |||
| Other costs | -12 031 | -2 442 | -14 474 | -33 440 | -10 072 | -43 512 | |
| Personnel costs | -26 341 | -2 688 | -29 030 | -78 407 | -8 336 | -86 743 | |
| Capitalized work for own account | 3 479 | 3 479 | 10 448 | 10 448 | |||
| EBITDA | 9 699 | -5 050 | 4 649 | 29 058 | -17 970 | 11 088 | |
| % | 17,4% | 8,4% | 17,9% | 6,8% | |||
| Items affecting comparability | -3 016 | -3 016 | -3 011 | -3 011 | |||
| Depreciation/amortization | -5 112 | -5 112 | -15 333 | -15 333 | |||
| EBIT | 4 588 | -8 066 | -3 479 | 13 725 | -20 982 | -7 256 | |
| % | 8,2% | -6,2% | 8,4% | -4,5% |
| Jul-Sep 2025 | Jan-Sep 2025 | ||||
|---|---|---|---|---|---|
| (Mkr) | Lasernet | Group | Lasernet | Group | |
| ARR In - SaaS | 151,1 | 151,1 | 146,9 | 146,9 | |
| ARR In - Support & Maint. | 65,7 | 65,7 | 72,6 | 72,6 | |
| ARR In - FX | -2,5 | -2,5 | -15,3 | -15,3 | |
| ARR In* | 214,3 | 214,3 | 204,2 | 204,2 | |
| ACV - SaaS | 8,0 | 8,0 | 19,9 | 19,9 | |
| ACV - Support & Maintenance | -2,0 | -2,0 | -3,8 | -3,8 | |
| ACV - Net | 6,0 | 6,0 | 16,1 | 16,1 | |
| ARR Out - SaaS | 157,4 | 157,4 | 157,4 | 157,4 | |
| ARR Out - Support & Maint. | 62,9 | 62,9 | 62,9 | 62,9 | |
| ARR Out | 220,3 | 220,3 | 220,3 | 220,3 |
| Jul-Sep 2024 | Jan-Sep 2024 | ||||
|---|---|---|---|---|---|
| (Mkr) | Lasernet | Group | Lasernet | Group | |
| ARR In - SaaS | 128,3 | 128,3 | 109,4 | 109,4 | |
| ARR In - Support & Maint. | 73,4 | 73,4 | 71,4 | 71,4 | |
| ARR In - FX | -2,6 | -2,6 | 3,0 | 3,0 | |
| ARR - Acq. SaaS | - | - | 1,2 | 1,2 | |
| ARR - Acq. Support & Maint. | - | - | 0,7 | 0,7 | |
| ARR In - Acquired | - | - | 2,0 | 2,0 | |
| ARR In | 199,2 | 199,2 | 185,8 | 185,8 | |
| ACV - SaaS | 6,5 | 6,5 | 20,9 | 20,9 | |
| ACV - Support & Maintenance | -0,6 | -0,6 | -1,7 | -1,7 | |
| ACV - Net | 5,9 | 5,9 | 19,2 | 19,2 | |
| ARR Out - SaaS | 133,4 | 133,4 | 133,4 | 133,4 | |
| ARR Out - Support & Maint. | 71,7 | 71,7 | 71,7 | 71,7 | |
| ARR Out | 205,0 | 205,0 | 205,0 | 205,0 |
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 | 2025-09-30 | |
| 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 |
Key ratios for the group
| Jan-Sep | ||
|---|---|---|
| 2025 | 2024 | |
| Employees at end of period | 97 | 107 |
| Total income, SEK 000 | 182 948 | 163 393 |
| EBITDA, SEK 000 | 24 245 | 11 088 |
| EBIT, SEK 000 | -10 667 | -7 256 |
| Net profit for the period, SEK 000 | -25 205 | -13 196 |
| EBITDA margin, % | 13,3% | 6,8% |
| EBIT margin, % | -5,9% | -4,5% |
| Profit margin, % | -13,8% | -8,1% |
| Return on equity, %* | 4,2% | 6,7% |
| Return on working capital, %* | 7,1% | 8,0% |
| Equity ratio, % | 58% | 60% |
| Equity per outstanding share at the end of the period, SEK | 8,74 | 9,04 |
| Earnings per share - before dilution, SEK | 0,31 | 0,26 |
| Earnings per share - after dilution, SEK | 0,31 | 0,26 |
| Share price at the end of the period, SEK | 27,20 | 26,60 |
* Relates to entire business. Ratios including P&L measures are based on the most recent 12-month period
Parent company income statement summary
| (SEK 000) | Jul-Sep | Jan-Sep | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Net sales | 49 172 | 41 096 | 137 727 | 121 861 | |
| Other opertaing income | 44 | 335 | 1 020 | 946 | |
| Total income | 49 215 | 41 431 | 138 748 | 122 808 | |
| Operating expenses | |||||
| Sales expenses | -1 893 | -2 427 | -5 711 | -5 849 | |
| Other costs | -9 771 | -16 725 | -32 457 | -51 779 | |
| Personnel costs | -20 211 | -18 588 | -65 758 | -57 704 | |
| Items affecting comparability | -3 926 | - | -16 722 | - | |
| Depreciation/amortization | -2 300 | -3 957 | -7 101 | -7 447 | |
| Total operating expenses | -38 101 | -41 696 | -127 748 | -122 779 | |
| Operating profit/loss | 11 114 | -265 | 11 000 | 29 | |
| Result from participations in group companies | - | - | - | 18 212 | |
| Other financial items | -112 | 3 542 | 12 063 | -950 | |
| Tax | -3 133 | -305 | -5 721 | -910 | |
| Net profit for the period | 7 869 | 2 972 | 17 342 | 16 380 |
Parent company balance sheet summary
| 30 Sep | |||
|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2024 |
| Intangible assets | 18 410 | 25 591 | 23 702 |
| Tangible assets | 2 558 | 2 499 | 2 558 |
| Financial assets | 345 213 | 345 765 | 345 422 |
| Deferred tax asset | - | 2 215 | - |
| Current assets (excl. cash equivalents) | 75 472 | 55 461 | 78 942 |
| Cash and bank balances | 38 743 | 20 874 | 41 913 |
| TOTAL ASSETS | 480 397 | 452 404 | 492 537 |
| Restricted equity | 23 117 | 23 116 | 23 117 |
| Non-restricted equity | 224 856 | 233 219 | 219 331 |
| SUMMA EGET KAPITAL | 247 972 | 256 335 | 242 448 |
| Long-term liabilities | 316 | 5 035 | 2 922 |
| Current liabilities | 232 109 | 191 035 | 247 167 |
| TOTAL EQUITY AND LIABILITIES | 480 397 | 452 404 | 492 537 |
Income statement summary, business to be divested
| Jan-Sep | |||
|---|---|---|---|
| (SEK 000) | 2025 | 2024 | |
| Net sales | 240 624 | 224 650 | |
| Total income | 240 624 | 224 650 | |
| Operating expenses | -14 541 | -11 736 | |
| Other costs | -45 797 | -50 698 | |
| Personnel costs | -124 371 | -125 386 | |
| Own work capitalised | 24 763 | 31 440 | |
| Depreciation/amortization | -37 746 | -35 980 | |
| Total operating expenses | -197 693 | -192 359 | |
| Operating profit/loss | 42 931 | 32 290 | |
| Other financial items | -2 495 | -3 050 | |
| Items affecting comparability | 11 761 | -845 | |
| Tax | -10 061 | -1 305 | |
| Net result for the period for business to be divested | 42 136 | 27 090 |
Balance sheet summary, business to be divested
| 30 Sep | |
|---|---|
| (SEK 000) | 2025 |
| ASSETS | |
| Intangible assets | 399 254 |
| Tangible assets | 9 211 |
| Current assets | 81 989 |
| Cash equivalents | 18 102 |
| Sum assets to be divested | 508 556 |
| LIABILITIES | |
| Current liabilities | 127 299 |
| Sum liabilities to be divested | 127 299 |
Pledged assets and contingent liabilities
Pledged assets referred to shares in subsidiaries as security for loans. The pledged assets in the Group were the same as disclosed for the Parent Company.
| 30 Sep | 31 dec | ||
|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2024 |
| Pledged assets | - | - | - |
| Contingent liabilities | - | - | - |
Definitions
Formpipe uses alternative key figures, also called APM (Alternative Performance Measures). Formpipe's APM's are calculated from the financial reports, which are prepared in accordance with applicable rules for financial reporting, where prepared figures are altered by adding or subtracting amounts from the presented numbers. Below the alternative performance measures, that Formpipe uses in published reports, are defined and described
Software revenue
The total of license revenue, revenue from SAAS and revenue from support and maintenance contracts.
Recurring revenue
Revenue of an annually recurring nature such as support and maintenance revenue and revenue from SAAS services regarding license agreements.
Annual recurring revenue (ARR)
Annual recurring revenue from all contracted agreements at the end of the period. Won contracts not yet generating revenue is included. Churned contracts still generating revenue is not included.
ARR IN
Initial value for the period's Annual recurring revenue. ARR won during the period is included in ARR IN.
Annual Contract Value (ACV)
Annual recurring revenue of the period's won (ACV +) and lost (ACV -) contracts (net).
ARR OUT
Closing value of the period's Annual recurring revenue, provided that all new/lost contracts (ACV) of the period have begun/ceased to be recognized.
FX effect
Revaluation of ARR IN to the closing balance exchange rates.
Fixed operating expenses
Other costs and personnel costs.
Operating expenses
Sales costs, other costs, personnel costs, capitalized development and depreciation.
EBITDA
Earnings before depreciation, amortization, acquisition-related costs and other items affecting comparability.
EBITDA-adj.
EBITDA exclusive capitalized work for own account.
Items affecting comparability
The item must be of a material nature to be reported separately and considered undesirable from the regular core operations and complicate the comparison. For example, acquisition-related items, restructuring-related items and writedowns.
EBIT
Operating profit/loss.
EBIT-adj.
Operating profit/loss excluding items affecting comparability.
Operating margin before depreciation and amortization (EBITDA margin)
Earnings before depreciation, amortization, acquisition-related costs and other items affecting comparability as a percentage of net sales.
Operating margin before depreciation and amortization (EBITDA-adj. margin)
Earnings before capitalized work for own account, depreciation, amortization, acquisition-related costs and other items affecting comparability as a percentage of net sales.
Operating margin (EBIT margin)
Operating profit/loss as a percentage of net sales.
Adjusted operating margin (EBIT-adj. margin)
Operating profit/loss excluding items affecting comparability, as a percentage of net sales.
Profit margin
Net profit/loss after tax as a percentage of sales at the end of the period.
Earnings per share - before dilution
Net profit/loss after tax divided by the average number of shares during the period.
Earnings per share - after dilution
Net proft/loss 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/loss after tax as a percentage of average equity.
Return on working capital
Operating profit/loss as a percentage of average working capital (balance sheet total less non-interest bearing liabilities and cash and bank balances).
Free cash flow
Cash flow from operating activities minus cash flow from investing activities excluding acquisitions.
Net interest-bearing debt
Interest bearing debts minus cash and cash equivalents.
Equity ratio
Equity as a percentage of the balance sheet total.
Ordering financial information
Financial information and other related corporate information is published on www.formpipe.se Information may also be ordered from: Formpipe, Box 23131, SE-104 35 Stockholm and on [email protected]
Contact person for investor relations CFO Sophie Reinius [email protected]