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CombinedX (CX) investor relations material
CombinedX Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
Revenue for Q3 2025 reached 200.0 MSEK, a 2.0% increase year-over-year, with organic growth at -2.5%.
EBITA improved to 17.2 MSEK from 10.6 MSEK, with EBITA margin rising to 8.6% from 5.4% year-over-year.
Profitability gains were driven by operational efficiency and successful mergers and acquisitions, notably Align and ERPkonsult.
Net income for Q3 was 4.0 MSEK, with EPS stable at 0.21 SEK.
For the nine months, revenue reached 674.0 MSEK (+0.3%), adjusted EBITA 62.4 MSEK (9.3% margin).
Financial highlights
Rolling 12-month revenue was 932.0 MSEK, with adjusted EBITA at 87.9 MSEK and margin at 9.4%.
Q3 EBITDA was 24.1 MSEK (12.1% margin), up from 19.2 MSEK (9.8%) last year.
Cash flow from operations in Q3 was -0.4 MSEK, down from 17.2 MSEK, mainly due to increased working capital tied to large deliveries.
Net debt/EBITDA at Q3 2025 was 1.0x, well below the target of 2.0x.
Equity ratio at quarter-end was 54.6%.
Outlook and guidance
Target to exceed IT consulting market growth organically and reach at least 1 billion SEK in revenue by 2025 through acquisitions.
Adjusted EBITA margin target is at least 12% on a rolling 12-month basis.
Market conditions remain cautious but stable, with ongoing demand for digitalization and AI services.
No formal guidance provided, but management expresses confidence in future prospects.
Q3 operating cash flow was negative. How will this be addressed?
Organic growth is negative. How will it be restored?
How do recent acquisitions boost EBITA margin to 12% target?
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Frequently asked questions
CombinedX AB is a Swedish company specializing in IT consulting services that enable businesses and organizations to leverage digitalization opportunities. The company operates through wholly owned subsidiaries, each focusing on niche areas of expertise. These areas include digital business development and transformation, service design and customer experience, business systems and processes, data analysis and decision support, automation and robotization, application development and lifecycle management, the digital workplace and identity management, managed infrastructure services and security, and the Internet of Things (IoT). The company is headquartered in Karlstad, Sweden, and its shares are listed on the Nasdaq Stockholm.
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