Annual recurring revenue (ARR) rose 7.8% year-over-year to €36.7 million, with recurring revenue comprising 97% of total revenue.
Adjusted EBITDA increased to €3.7 million (39.6% margin), with strong operating cash flow of €2.5 million.
Over 70 new customers acquired, with competitive wins, though average deal size declined and churn remained elevated due to insolvencies.
Strategic investments largely completed, with focus shifting to profitability, operational efficiency, and international expansion.
Leadership changes included a new CEO and CSO, and organizational restructuring to enhance operational speed.
Q3 2025 revenue: €9.3M (+7.0% YoY); recurring revenue: €9.0M (+8.7% YoY); ARR: €36.7M (+7.8% YoY).
Adjusted EBITDA margin was 39.6%, slightly down from 41.4% in Q3 2024; adjusted EBIT margin was 27.0%.
Profit for the period was €1.88 million, down 1.6% year-over-year; EPS was €0.37, a 2.2% decrease.
Operating cash flow grew by over 20% year-over-year; cash and equivalents at period end: €7.3M.
Equity ratio at 84.3%; net gearing at -21.2%.
2025 ARR growth guidance revised to 6–10% (from 8–14%); revenue growth to 5–8% (from 6–11%).
Adjusted EBITDA margin expected at 31–33% of revenue.
No M&A impact expected in end-of-year numbers; guidance is fully organic.
Market recovery in Finland is slower than anticipated, impacting topline growth and customer revenue.
Churn is expected to remain elevated, and annual adjustment fees are projected to decline.
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