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Crayon Group (CRAYN) investor relations material
Crayon Group Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Gross profit grew 5% year-over-year to NOK 1,546m, driven by strong international performance, while the Nordics underperformed.
Adjusted EBITDA margin declined to 12.1% due to ongoing investments and higher payroll, with net income rising to NOK 43m, up NOK 33m year-over-year.
Net working capital improved to -NOK 1,486m, a NOK 401m improvement year-over-year, marking six consecutive quarters of progress.
SoftwareOne achieved over 90% shareholder acceptance for acquisition, with closing expected in Q2 2025 and integration planning underway.
Significant headcount increase and integration preparations are supporting future growth and expanded capabilities.
Financial highlights
Gross sales reached NOK 17.4bn, up 25% year-over-year; gross profit was NOK 1,546m (+5% YoY); revenue increased 7% to NOK 1,741m.
Adjusted EBITDA was NOK 186m (margin 12.1%), down from NOK 203m (13.8%) in Q1 2024.
Net profit was NOK 43m, with EPS improving to NOK 0.54 from NOK 0.14.
Operating cash flow for Q1 was NOK 87m; liquidity reserves at NOK 3,348m; leverage ratio at 0.4x.
Factoring reduced to NOK 122m from NOK 247m year-over-year.
Outlook and guidance
Full-year 2025 guidance: gross profit growth of 15%-20%, adjusted EBITDA margin of 19%-22%, and net working capital as a share of gross profit at 15%.
Medium-term goal is a gradual increase in EBITDA margin to 25%.
Management expects improved Nordic performance in H2 due to leadership changes and better sales execution.
Continued momentum expected from CSP and services growth, with high activity and new contract wins supporting future growth.
SoftwareOne acquisition expected to close in Q2 2025, with compulsory acquisition of remaining shares planned.
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