Coor Service Management (COOR) Q3 2025 earnings summary

Executive summary

• Q3 2025 showed stable performance with high market activity, 4% organic growth, and net sales of SEK 3,005 million, up 2% year-over-year, despite mixed regional results.

• Customer satisfaction index rose to 72, up from 70 last year, exceeding targets; NPS improved to +18.

• Executive management team expanded, including Swedish division heads, and interim CFO Daniel Warnholtz appointed as search for permanent CFO continues.

• Important contract extensions in Sweden and new contracts in Norway; Danish operations continue to face challenges.

Financial highlights

• Organic growth in Q3 2025 was 4%, mainly driven by high variable volumes in Norway; net sales reached SEK 3,005 million, up from SEK 2,943 million in Q3 2024.

• Adjusted EBITA/EBITDA for Q3 was SEK 134 million (margin 4.5%), up from SEK 120 million in Q3 2024.

• Net income for Q3 was SEK 43 million; adjusted net income (adding back amortization) was SEK 57 million, up 81% year-over-year.

• LTM net sales were SEK 12.4 billion; LTM adjusted EBITDA was SEK 548 million (margin 4.4%).

• Cash conversion (LTM) improved to 96%, up from 57% for full-year 2024 and above the 90% target.

Outlook and guidance

• No change to the ambition of reaching a 5.5% margin by 2026; Capital Markets Day planned for early 2026 to update on progress and strategy.

• Organic growth in Norway expected to normalize in Q4 as maintenance periods end; margin profile in Norway expected to remain stable despite new contract ramp-ups.

• Mid- to long-term targets: organic net sales growth of 4-5% over a business cycle, adjusted EBITA margin ~5.5%, cash conversion >90%, leverage <3.0x, customer satisfaction index ≥70.

• Restructuring costs expected to decrease in coming quarters.