CombinedX (CX) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached 200.0 MSEK, a 2.0% increase year-over-year, with organic growth at -2.5%.

• EBITA improved to 17.2 MSEK from 10.6 MSEK, with EBITA margin rising to 8.6% from 5.4% year-over-year.

• Profitability gains were driven by operational efficiency and successful mergers and acquisitions, notably Align and ERPkonsult.

• Net income for Q3 was 4.0 MSEK, with EPS stable at 0.21 SEK.

• For the nine months, revenue reached 674.0 MSEK (+0.3%), adjusted EBITA 62.4 MSEK (9.3% margin).

Financial highlights

• Rolling 12-month revenue was 932.0 MSEK, with adjusted EBITA at 87.9 MSEK and margin at 9.4%.

• Q3 EBITDA was 24.1 MSEK (12.1% margin), up from 19.2 MSEK (9.8%) last year.

• Cash flow from operations in Q3 was -0.4 MSEK, down from 17.2 MSEK, mainly due to increased working capital tied to large deliveries.

• Net debt/EBITDA at Q3 2025 was 1.0x, well below the target of 2.0x.

• Equity ratio at quarter-end was 54.6%.

Outlook and guidance

• Target to exceed IT consulting market growth organically and reach at least 1 billion SEK in revenue by 2025 through acquisitions.

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

• Market conditions remain cautious but stable, with ongoing demand for digitalization and AI services.

• No formal guidance provided, but management expresses confidence in future prospects.