Calviks (CALVIK) Q3 2025 earnings summary

Executive summary

• Achieved strong growth in Q3 2025, with revenue up 231% year-over-year to 356,108 TSEK and EBITDA up 161% to 20,012 TSEK, driven by both organic growth and acquisitions.

• Integration of Montico and IT Consulting Network Nordic AB proceeded as planned, with identified synergies beginning to materialize.

• Several new framework agreements secured in both public and private sectors, supporting predictable revenue streams.

• Updated financial targets: aiming for 3 billion SEK in revenue and 120 MSEK EBITDA by 2027, with a gross debt/EBITDA ratio below 3.0x.

• Acquisition of Pro4u AB post-quarter, expected to further strengthen the consulting segment.

Financial highlights

• Q3 2025 revenue: 356,108 TSEK (up from 107,542 TSEK in Q3 2024); EBITDA: 20,012 TSEK (7,666 TSEK); EBIT: 14,676 TSEK (6,413 TSEK); net income: 6,347 TSEK (4,112 TSEK); EPS: 1.12 SEK (0.83 SEK).

• 9M 2025 revenue: 890,326 TSEK (286,761 TSEK); EBITDA: 38,555 TSEK (21,896 TSEK); EBIT: 26,956 TSEK (18,512 TSEK); net income: 9,359 TSEK (11,779 TSEK); EPS: 1.68 SEK (2.41 SEK).

• Proforma 9M 2025: revenue 1,287,984 TSEK (310,413 TSEK), EBITDA 55,953 TSEK (21,896 TSEK), EBIT 40,127 TSEK (19,597 TSEK).

• Q3 operating cash flow: -15,554 TSEK (4,379 TSEK); total cash flow: -32,304 TSEK (-1,940 TSEK); period-end cash: 58,251 TSEK (13,780 TSEK).

Outlook and guidance

• Financial targets for 2028 are now expected to be reached by 2027, with a focus on 3 billion SEK revenue and 4% EBITDA margin.

• Continued focus on profitable growth, integration of recent acquisitions, and securing new contracts.