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Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
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Tourn International (TOURN) investor relations material
Tourn International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Q3 net revenue for core operations was 11.2 million SEK; including Båd/Baud, revenue was 9.9 million SEK due to a write-down in Båd's revenue.
EBITDA for Q3 2025 was 5.2 million SEK, up 28.2% year-over-year; core operations EBITDA was 179,000 SEK, with adjusted EBITDA at -940,000 SEK.
Nagato segment showed strong performance with 9.2 million SEK in revenue and a gross margin of 13.75%, increasing revenue by 3.9% and EBITDA by 11.2% year-over-year.
Agency segment had historically low revenue of 1.1 million SEK, down 76.7% year-over-year, but gross margin improved by 4.2 percentage points to 34.1%.
Cost reductions and automation led to positive cash flow at the group level in September and October.
Segment performance
Agency's low revenue and negative result were attributed to market uncertainty, lower advertising budgets, and a shift in influencer marketing trends.
Agency underwent a transformation to an AI-agent-based, automated model, increasing managed influencer profiles and signing 5 new influencers in Q3 and 15 more after.
Nagato focused on optimizing its channel portfolio, removing low-margin channels, increasing own content production using AI, and signed a content management agreement with FISE.
Båd/Baud signed an LOI with Rui/Ruyi for a headphone launch in China and partnered with Daniel Wu for an exclusive launch in Asia.
September, October, and November showed improved results for Agency, with 3.5 million SEK in campaigns sold for Q4 as of mid-November.
Financial highlights
Q3 2025 net revenue: 9.9 MSEK, down from 11.3 MSEK in Q3 2024.
EBITDA for Q3 2025: 5.2 MSEK (up 28.2% year-over-year); accumulated EBITDA Q1–Q3 2025: 21.6 MSEK (up 48.4%).
Net result per share Q3 2025: -0.30 SEK (improved from -0.46 SEK in Q3 2024).
Group cash at end of Q3 2025: 2.1 MSEK, down 1.6 MSEK during the quarter.
Solidity: 40.7% at Q3 2025 (down from 65.7% at Q3 2024).
What Q4 revenue is expected from Agency's AI shift?
Baud China launch: expected revenue from Daniel Wu?
Predictive AI: new revenue streams and target clients?
Agency's Q4/Q1 profitability outlook?
Nagato's AI content margin impact?
Båd's China market entry timeline?
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Next Tourn International earnings date
Q4 202512 Feb, 2026
Next Tourn International earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Tourn International AB offers advertising services for brands and influencers. We focus on the development, placement and evaluation of content marketing, branded content and brand activation on Facebook, Instagram, YouTube and Snapchat. Tourn is a service provider to the industry that offers cost-effective advertising solutions through performance marketing, as well as taking responsibility for what is circulating in social media. Tourn International AB was founded in 2014 and is based in Stockholm, Sweden.
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