CAG Group (CAG) Q3 2025 earnings summary

Executive summary

• Maintained a strong position in the Defence segment, with Defence accounting for 35% of revenue in Q3 2025.

• Q3 2025 revenue was 177.4 MSEK, down 2.7% year-over-year, mainly due to the divestment of the technical test subsidiary and fewer consultants.

• Adjusted EBITA for Q3 was 12.3 MSEK, with a margin of 7.0%, nearly matching last year's record for a third quarter.

• Recognized as a top workplace, listed in Great Place To Work's European Top 30.

• Technical testing subsidiary closed as planned, negatively impacting revenue.

Financial highlights

• Q3 2025 revenue was 177.4 MSEK, down 2.7% year-over-year; adjusted EBITA margin at 7.0%.

• After-tax profit for Q3 2025 was 7.9 MSEK, with profit per share at 1.10 SEK, up from 0.99 SEK last year.

• January–September 2025 revenue was 621.5 MSEK, down 3.0% year-over-year; adjusted EBITA margin at 8.5%.

• Cash flow from operations for Q3 2025 was -6.1 MSEK; for January–September 2025, 38.5 MSEK.

• Equity ratio improved to 62.6% as of September 30, 2025; net cash position at 49.3 MSEK.

Outlook and guidance

• Solid demand expected in Defence; general market activity anticipated to recover in 2026.

• Inbound M&A activity is better than in 2024.

• Medium-term targets: 10% annual revenue growth, adjusted EBITA margin above 10%, net debt not exceeding 1.5x adjusted EBITDA.

• Number of working days in FY2025 is slightly lower than 2024, but will increase in FY2026.