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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 international markets, while Nordic performance was softer.
Adjusted EBITDA margin declined to 12.1% from 13.8% due to investments, higher payroll, and incentive payouts.
Net income improved to NOK 43m, up NOK 33m year-over-year, supported by lower interest expenses and currency gains.
Net working capital improved to minus NOK 1,486m, a record level after six consecutive quarters of improvement.
SoftwareOne's acquisition reached over 90% acceptance, with closing expected in Q2/Q3 2025.
Financial highlights
Gross sales rose 25% year-over-year to NOK 17,354m; revenue increased 7% to NOK 1,741m; gross profit up 5% to NOK 1,546m.
Adjusted EBITDA was NOK 186m (margin 12.1%), down from NOK 203m (13.8%) in Q1 2024.
Net working capital improved by NOK 401m year-over-year, ending at -NOK 1,486m.
Leverage ratio (net debt/EBITDA) improved to 0.4x, with liquidity reserves at NOK 3,348m.
Factoring reduced to NOK 122m from NOK 247m year-over-year.
Outlook and guidance
2025 guidance targets gross profit growth of 15–20% and adjusted EBITDA margin of 19–22%.
Net working capital expected to remain around -15% of gross profit.
Management expects Nordic performance to accelerate in H2 after leadership changes.
SoftwareOne acquisition expected to close in Q2/Q3 2025, with compulsory acquisition of remaining shares planned.
Back-end loaded growth expected for the remainder of the year, with momentum in CSP and services.
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