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Hedera Group (HEGR) investor relations material

Hedera 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 summary5 Nov, 2025

Executive summary

  • Net sales for Q3 2025 were 131.9 MSEK, a decrease of 5.8% year-over-year, mainly due to a 24% drop in the staffing segment's volume.

  • Adjusted EBITDA for Q3 was 2.9 MSEK (2.2% margin), down from 4.3 MSEK (3.0%) last year; one-time costs of 5.4 MSEK related to CEO change led to a negative EBITDA after adjustments.

  • Net result after tax for Q3 was -4.8 MSEK, compared to 2.3 MSEK last year; EPS was SEK -0.15 (SEK 0.15).

  • For the nine months, net sales were 398.8 MSEK, down 8.4% year-over-year; adjusted EBITDA was 5.5 MSEK (1.4% margin).

Financial highlights

  • Rolling 12-month pro forma net sales were 534.0 MSEK, down 11.3% year-over-year.

  • Rolling 12-month pro forma adjusted EBITDA was 6.3 MSEK.

  • Total cash flow for the nine months was -0.3 MSEK, improved from -6.4 MSEK last year.

  • Equity at period end was 112.0 MSEK, up from 100.5 MSEK at the start of the year, mainly due to a new share issue.

  • Liquidity at period end was 8.1 MSEK.

Outlook and guidance

  • The personal assistance segment remains stable but faces margin pressure due to regulatory changes and a low 1.5% increase in the 2026 compensation rate.

  • Staffing segment's revenue decline aligns with a 28% market contraction; stabilization in physician staffing noted at Q3 end.

  • Focus on process improvements and AI tools to enhance efficiency and customer relations.

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Frequently asked questions

Hedera Group AB is a Sweden-based holding company primarily engaged in the recruitment services sector. The company focuses on staffing and recruitment for the healthcare industry, operating through its subsidiaries. These subsidiaries include LakarResurs FA Rekryt AB, which provides staffing for doctors, and Svensk Läkartjänst LIL AB, offering staffing services for public and private healthcare providers. Another subsidiary, Pridoc Bemanning AB, specializes in the recruitment of medical personnel, particularly in primary care and psychiatry. Hedera Group’s services are aimed at various healthcare professionals including doctors, nurses, occupational therapists, midwives, sociologists, psychologists, and physiotherapists. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Nasdaq Stockholm.

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