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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
BTS Group
BTS Group (BTS) investor relations material
BTS Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Q4 2025 ended a three-quarter streak of declining profits, marking a turning point with expectations for improved performance and renewed earnings growth in 2026.
2025 saw disappointing results, with net sales down to MSEK 2,703 from MSEK 2,802 and EBITA dropping 25% year-over-year to MSEK 274.
Two out of three business units delivered growth in 2025; Europe and Other Markets are expected to continue this trend in 2026.
North America underperformed but is showing signs of recovery, with anticipated return to organic revenue growth and improved EBITDA in Q1 2026.
AI innovation and restructuring are expected to drive efficiency, new client services, and growth in 2026.
Financial highlights
2025 saw no overall growth and a 25% decline in EBITDA year-over-year, with net sales at MSEK 2,703 and EBITA at MSEK 274.
Q4 2025 net sales were MSEK 710, down from MSEK 796; EBITA fell 37% to MSEK 86.
Bookings in North America in Q4 were up 25-27% year-over-year, indicating increased demand.
License revenue as a percentage of sales dropped to 7% from a historical 10%, mainly due to a non-renewed deal in North America.
Full-year EBITA margin dropped to 10.2% from 13.0%; profit after tax was MSEK 133, down from MSEK 387 (excluding one-time earn-out reversal, down 31%).
Outlook and guidance
Expectation of double-digit revenue growth in Europe and Other Markets for 2026.
North America projected to achieve moderate organic growth and significantly improved profit in Q1 2026.
EBITDA in North America expected to be up at least 15% year-over-year in Q1 2026.
Full-year 2026 EBITDA and EBITA expected to be significantly better than 2025, driven by sales growth, cost reductions, and AI-driven services.
Dividend proposed at SEK 4.40 per share, to be paid in two installments.
Quantify AI's expected 2026 EBITA contribution
What drives North America's Q1 2026 growth?
Reconcile dividend payout with acquisition earn-outs
How does AI innovation drive new client acquisition?
What drives North America's Q1 profit improvement?
When will new AI tech drive license revenue growth?
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Next BTS Group earnings date
Q1 202621 May, 2026
BTS Group
Next BTS Group earnings date
Q1 202621 May, 2026
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Frequently asked questions
BTS Group AB provides business strategy consulting services, including strategic planning and development, change management and leadership, business simulation and modeling, service design, sales and marketing optimization, digital transformation, enterprise performance management and process improvement. The Company provides its services to telecom, healthcare, banking, insurance, financial service companies and utilities. BTS Group serves customers worldwide.
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