CAG Group (CAG) Q4 2025 earnings summary

Executive summary

• Acquisition of Clara Financial Consulting strengthened the Banking & Finance segment, enhancing expertise in asset management and IT services.

• Defence segment maintained a strong position, contributing about 35% of revenue, with major contracts and new assignments from key clients.

• IT Service Operations experienced growth, with recurring revenue exceeding 20%.

• Margins increased and revenue remained stable in Q4 and FY 2025, despite a slight year-over-year decline.

• Positive trends in utilization and pricing supported profitability.

Financial highlights

• Q4 2025 revenue was 227.5 MSEK, down 1.8% year-over-year; adjusted EBITA margin at 9.5%.

• FY 2025 revenue reached 849.0 MSEK, a 2.6% decrease year-over-year; adjusted EBITA margin improved to 8.8%.

• After-tax profit for FY 2025 was 47.8 MSEK; profit per share 6.67 SEK.

• Cash flow from operations increased to 87.2 MSEK for FY 2025.

• Board proposes a dividend of 4.30 SEK per share for 2025.

Outlook and guidance

• FY2026 expected to benefit from a slightly higher number of working days, supporting 0.8% growth.

• Medium-term targets: 10% annual net sales growth, adjusted EBITA margin above 10%, net debt not exceeding 1.5x adjusted EBITDA, and at least 50% of net income distributed as dividends.

• Expectation to return to positive net recruitment in 2026.

• Continued focus on strengthening Banking & Finance and Defence segments.