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CAG Group (CAG) investor relations material
CAG Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Maintained a strong position in the Defence segment, with Defence accounting for 35% of revenue in Q3 2025.
Q3 2025 revenue was 177.4 MSEK, down 2.7% year-over-year, mainly due to the divestment of the technical test subsidiary and fewer consultants.
Adjusted EBITA for Q3 was 12.3 MSEK, with a margin of 7.0%, nearly matching last year's record for a third quarter.
Recognized as a top workplace, listed in Great Place To Work's European Top 30.
Technical testing subsidiary closed as planned, negatively impacting revenue.
Financial highlights
Q3 2025 revenue was 177.4 MSEK, down 2.7% year-over-year; adjusted EBITA margin at 7.0%.
After-tax profit for Q3 2025 was 7.9 MSEK, with profit per share at 1.10 SEK, up from 0.99 SEK last year.
January–September 2025 revenue was 621.5 MSEK, down 3.0% year-over-year; adjusted EBITA margin at 8.5%.
Cash flow from operations for Q3 2025 was -6.1 MSEK; for January–September 2025, 38.5 MSEK.
Equity ratio improved to 62.6% as of September 30, 2025; net cash position at 49.3 MSEK.
Outlook and guidance
Solid demand expected in Defence; general market activity anticipated to recover in 2026.
Inbound M&A activity is better than in 2024.
Medium-term targets: 10% annual revenue growth, adjusted EBITA margin above 10%, net debt not exceeding 1.5x adjusted EBITDA.
Number of working days in FY2025 is slightly lower than 2024, but will increase in FY2026.
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