Exsitec (EXS) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong performance with adjusted EBITA/EBITDA of SEK 25 million, a 14% margin, and organic growth across all segments, supported by robust recurring software revenues and a 10% increase in order intake.

• Recurring software revenue rose 25% year-over-year to SEK 217 million LTM, supporting long-term growth.

• Consulting revenues, making up 64% of total, showed organic growth, with 80-85% from existing customers.

• The customer base is diversified, with no single customer accounting for more than 1% of revenue.

Financial highlights

• Q3 2025 net sales reached 188 MSEK, up 16% year-over-year, with 6% organic growth; YTD net sales totaled 656 MSEK, a 12% increase.

• Adjusted EBITA/EBITDA for Q3 was 25 MSEK, up from 6 MSEK in Q3 2024, with a margin of 13.5%-14%.

• Year-to-date adjusted EBITA/EBITDA is up 27% compared to last year.

• Recurring software revenue made up 24% of total revenues last year.

• Cash flow from operating activities Q3: 17 MSEK; YTD: 102 MSEK.

Outlook and guidance

• Management expects continued focus on new sales, delivery efficiency, and selective M&A, with a strong sales pipeline and leads up 10% year-over-year.

• Financial goals: net sales and EBITA/EBITDA per share to grow at least 15% per year; net debt not to exceed 2x EBITDA; dividend payout policy of 20%-40% of profit after tax.

• Priorities for 2025 include strong sales execution, operational excellence, and M&A integration.