CombinedX (CX) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of 273.7 MSEK, up 6.1% year-over-year, with improved adjusted EBITA margin despite high restructuring costs.

• Full-year 2025 revenue reached 947.7 MSEK, a 1.9% increase, with adjusted EBITA margin rising to 9.5% from 8.7% the previous year.

• Pro forma 2025 revenue exceeded 1 billion SEK, driven by strategic acquisitions of Align and ERPkonsult.

• Strategic shift towards building market-leading specialist brands and increased collaboration among subsidiaries.

• Less focus on group-wide synergies, with openness to alternative growth paths, including potential spin-offs.

Financial highlights

• Q4 2025 adjusted EBITA: 27.7 MSEK (margin 10.1%), up from 25.5 MSEK (margin 9.9%) in Q4 2024.

• Full-year 2025 adjusted EBITA: 90.1 MSEK (margin 9.5%), up from 81.2 MSEK (margin 8.7%) in 2024.

• Pro forma 2025 adjusted EBITA: 103.8 MSEK (margin 10.3%).

• Net income for Q4 was 10.6 MSEK, down from 19.5 MSEK; full-year net income was 37.7 MSEK, down from 51.0 MSEK.

• Proposed dividend of 1.00 SEK per share, down from 1.40 SEK.

Outlook and guidance

• Strategic focus on add-on acquisitions, building specialist brands, and increased collaboration among subsidiaries.

• Targeting organic growth above the IT consulting market and maintaining net debt below 2x EBITDA.

• Signs of market improvement entering 2026, with focus on increasing billing rates and achieving a 12% adjusted EBITA margin.

• Openness to alternative growth paths, including potential spin-offs of specialist companies.

• No specific financial forecasts provided, but management expresses confidence in future prospects.