CombinedX (CX) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with revenue of 258.8 MSEK, up 8.2% year-over-year, though organic growth was -9.5% due to restructuring in Enqore and divestment of Jeeves offering.

• Adjusted EBITA reached a record 30.0 MSEK, with a margin of 11.6%, driven by prior year acquisitions.

• Net income for the quarter was 14.8 MSEK, down from 17.3 MSEK in Q1 2025.

• Strategic shift towards 'Leading Brands' vision, focusing on add-on acquisitions, collaboration among core subsidiaries, and leveraging AI in consulting services.

• Nethouse divestment agreed for 345 MSEK, representing about 25% of group revenue and EBITA; proceeds expected to create significant surplus liquidity.

Financial highlights

• Revenue for Q1 2026 was 258.8 MSEK, compared to 239.2 MSEK in Q1 2025.

• Adjusted EBITA was 30.0 MSEK (27.3 MSEK in Q1 2025), with a margin of 11.6% (11.4%).

• LTM revenue reached 967.3 MSEK, with adjusted EBITA LTM at 92.8 MSEK and a margin of 9.6%.

• EBITDA for Q1 2026 was 37.5 MSEK (14.5% margin), up from 34.8 MSEK in Q1 2025.

• Earnings per share (EPS) before and after dilution was 0.76 SEK, down from 0.95 SEK.

Outlook and guidance

• Strategic focus on add-on acquisitions, increased collaboration among subsidiaries, and leveraging AI in consulting services.

• Open to evaluating alternative growth paths, including potential spin-offs of specialist units.

• Organic growth target remains to exceed the IT consulting market's growth.

• No formal forecast provided; management expects a challenging macroeconomic environment in 2026, with no tailwind from the economy.

• Surplus liquidity from Nethouse sale may be partly distributed to shareholders; analysis ongoing.