CombinedX (CX) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached 239.2 MSEK, up 6.5% year-over-year, with organic growth at -4.9% due to strategic divestments and market headwinds.

• Adjusted EBITA was 27.3 MSEK, nearly flat compared to last year, with a margin of 11.4%.

• Strategic divestment and restructuring, including Aspire's Borlänge operations and merger with Ninetech, led to lower growth but preserved profitability.

• Workforce reduced to 528 from 606, reflecting restructuring and lower recruitment.

• Cash flow from operations decreased to 16.1 MSEK from 31.9 MSEK year-over-year.

Financial highlights

• Calendar-adjusted growth was 7.8%, with organic calendar-adjusted growth at -3.5%.

• Rolling 12-month (LTM) revenue was 944.4 MSEK, with LTM adjusted EBITA at 81.1 MSEK and margin at 8.6%.

• EBITDA rose to 34.8 MSEK (30.9 MSEK), with a margin of 14.5% (13.8%).

• Revenue per employee (LTM) increased to 1,720 KSEK; personnel cost per FTE LTM rose 8.8% to 1,089 KSEK.

• Net result for the period was 17.3 MSEK, nearly unchanged year-over-year.

Outlook and guidance

• Focus remains on maintaining healthy profitability amid a cautious market, with growth targeted through acquisitions.

• The company aims for adjusted EBITA margin of at least 12% LTM and revenue of at least 1 billion SEK by 2025.

• Management sees good prospects despite a cautious market and does not provide forecasts.