CombinedX (CX) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was 234.8 MSEK, down 6.6% year-over-year, with organic growth at -7.5%.

• Adjusted EBITA for Q2 2025 was 17.9 MSEK, with a margin of 7.6%, up from 7.2% in Q2 2024.

• Acquisition of Align Consulting AS and AB in May 2025 aligns with the strategy to build specialist brands around leading platforms and is expected to increase EBITA margin and EPS.

• LTM revenue reached 928.0 MSEK, with a 10.5% growth rate and -5.7% organic growth.

• H1 net sales were 474.0 MSEK, nearly flat from last year.

Financial highlights

• Q2 adjusted EBITA was 17.9 MSEK (7.6% margin); H1 adjusted EBITA was 45.2 MSEK (9.5% margin).

• Q2 net income after tax was 5.8 MSEK; H1 net income was 23.1 MSEK.

• Q2 operating cash flow was 18.7 MSEK; H1 operating cash flow was 34.8 MSEK.

• Net debt/EBITDA at Q2 2025 was 1.0x, below the target of 2.0x.

• Cash position at Q2 2025 was 75.2 MSEK.

Outlook and guidance

• Strategic focus on building leading brands around key software platforms and targeting growth above the IT consulting market.

• Organic growth target is to exceed the IT consulting market, with a revenue goal of at least 1 billion SEK in 2025.

• Adjusted EBITA margin target is at least 12% on a rolling 12-month basis.

• The company sees good long-term prospects but provides no specific forecasts.

• Strategic and operational measures are prioritized to restore profitability to target levels.