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Edge16 Aug 2024
The Småland Spirit: How Rural Sweden Birthed Giants Like IKEA
Discover how The Småland Spirit turned a historically poor region into a hub of industrial success, spawning success stories like IKEA and Husqvarna.
Fortnox
Fortnox (FNOX) investor relations material
Fortnox has been delisted
Fortnox Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary24 Apr, 2025
Executive summary
Achieved 25% organic growth and 33% EBIT growth in Q1 2025, with net sales of SEK 563 million and EBIT of SEK 246 million.
Surpassed the average revenue per customer (ARPC) target, reaching SEK 304, meeting a key five-year financial goal.
Financial services emerged as the fastest-growing segment, with significant traction in factoring and business card usage.
Customer base grew to 612,000, up from 556,000 year-over-year, though growth was slightly below the previous year due to prior acquisitions.
Board recommended acceptance of a public offer from EQT X and First Kraft AB at SEK 89.75 per share.
Financial highlights
Net sales increased by 21% year-over-year to SEK 563 million; organic net sales up 25%.
EBIT increased to SEK 246 million from SEK 185 million, with a 44% EBIT margin (up from 40%).
Profit after tax grew 41% to SEK 210 million; EPS before and after dilution was SEK 0.34.
Free cash flow, adjusted for lending and acquisition, grew by 57% in Q1 to SEK 171 million.
Cash and cash equivalents at period end were SEK 896 million, up from SEK 377 million.
Outlook and guidance
Continued focus on strategic changes aligned with a new long-term direction, emphasizing organic growth and expanding financial services.
ARPC target of SEK 300 achieved; customer number target expected to fall short, but combined five-year growth strategy targets are expected to be met.
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Frequently asked questions
Fortnox is a web-based financial administration service that uses cloud computing to make bookkeeping and invoicing simple. Fortnox’s cloud based software offers a holistic solution to financial administration, which includes functions such as invoice and order handling, project management, warehouse management and accounting. The financial information of the company is collected in a single place to present an overview of the operations in real time. Notifications can be customized and information can be published on the internet site or intranet of the organization.