ADDvise Group (ADDV) Q3 2025 earnings summary

Executive summary

• Profitability and cash flow improved in Q3, with EBITA margin rising to 16% and operational efficiency initiatives offsetting currency headwinds and lower sales.

• Net sales declined to SEK 363 million, a 10% year-over-year decrease and -4.8% FX-adjusted, mainly due to a large Eli Lilly order in the prior year.

• Healthcare segment showed EBITA growth and strong demand, while the Lab segment faced tough comparables due to a large prior-year order.

• Cash flow from operations increased to SEK 35 million, supported by lower financing expenses and a moderate working capital build.

• FX headwinds from a stronger Swedish krona and global macroeconomic turbulence impacted results.

Financial highlights

• Q3 net sales were SEK 363 million, down 10% year-over-year and -4.8% FX-adjusted.

• Q3 EBITA was SEK 56 million, up from SEK 55 million last year, with a margin of 16% (13.7% last year).

• Adjusted net profit reached SEK 19 million, compared to -SEK 5 million in Q3 last year.

• Operating cash flow was SEK 35 million, up from -SEK 2 million last year.

• Cash at quarter-end was SEK 131 million, with SEK 114 million in unused credit facilities.

Outlook and guidance

• Q4 is expected to be strong, consistent with seasonal trends, with continued focus on efficiency, profitability, and disciplined capital allocation.

• Long-term targets include annual EBITA growth of 15%, ROCE of 15%, net leverage not to exceed 3.0x, and up to 25% of prior year profit as dividend.

• M&A opportunities are being evaluated with a disciplined approach.