Nordtech Group (NTECH) investor relations material

Executive summary

• Q3 net sales rose 35.7% to SEK 192.1m and adjusted EBITA increased 49.5% to SEK 59.0m; organic growth was 9.2% and margin reached 30.7%.

• All three segments contributed to organic growth; growth was primarily volume-led, driven by new customers and increased usage.

• ARR reached SEK 699.5m, up 19.8% YoY; Leasify was acquired after quarter-end.

Financial highlights

• Q3 net sales were SEK 192.1m vs SEK 141.6m, with 9.2% organic growth, 26.4% acquired growth and no FX effect.

• Q3 adjusted EBITA was SEK 59.0m vs SEK 39.5m; margin was 30.7% vs 27.9%.

• Jan–Sep net sales rose 44.9% to SEK 576.0m; adjusted EBITA increased 55.6% to SEK 165.9m, with margin of 28.8% vs 26.8%.

• Jan–Sep operating profit was SEK 14.2m vs SEK 20.5m and net loss was SEK 6.1m vs profit of SEK 0.8m, including SEK 59.5m of items affecting comparability.

• Q3 net profit was SEK 8.5m vs SEK 2.3m; recurring revenue was 88.2% of sales, while non-recurring revenue was 12% vs 10% a year earlier.

Outlook and guidance

• Medium-term targets include ~20% annual adjusted EBITA per-share growth, ROIC plus organic growth above 20%, and net debt/adjusted EBITDA below 2.0x.

• Profitable growth investments take priority over dividends; management cited good demand and an acquisition pipeline at least as full as the prior quarter.

• Balance sheet capacity and a strengthened M&A team support further acquisitions; acquisition requirements remain unchanged.

• Leasify is expected to generate ~SEK 20m in 2026 net sales.

• Most portfolio businesses already offer AI functionality; plans target AI-first development in most businesses by year-end.