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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.
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Q3 2025 earnings summary22 Oct, 2025

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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Frequently asked questions

CAG Group AB is a Swedish company that provides IT consulting services, with a focus on system development, project management, and IT infrastructure. The company works across various industries, including finance, healthcare, defense, and public sectors, offering tailored solutions to meet the unique technological needs of its clients. CAG Group specializes in areas such as cybersecurity, digital transformation, and software development, helping businesses improve efficiency, security, and innovation through advanced IT services. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Nasdaq.

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