FormPipe Software (FPIP) Q3 2025 earnings summary

Executive summary

• Q3 2025 net sales increased 9% year-over-year to SEK 61 million, with recurring revenue at 91% of net sales and EBITDA margin improving to 21% from 8% last year.

• The divestment of the Public segment is nearing completion, expected to close in December 2025, with proceeds of SEK 775 million in cash, SEK 50 million in a loan note, and a potential SEK 25 million earn-out.

• The company will rebrand as Lasernet Group, focusing on output management for ERP and banking sectors, with a formal name change expected at the annual general meeting.

• Net profit for Q3 was SEK 1 million, reversing a loss of SEK 13 million in Q3 2024.

• Secured 17 new deals in Dynamics ERP and 2 new banking clients, indicating strong market traction.

Financial highlights

• Lasernet net sales were SEK 61 million, up from SEK 56 million year-over-year, with organic growth of 13% excluding FX effects.

• SaaS revenue grew 19% year-over-year to SEK 39 million; recurring revenue reached SEK 215 million (R12), with 12% year-over-year growth.

• EBITDA margin improved to 21% (up from 8%); adjusted EBIT was SEK 8 million, up from minus SEK 0.5 million, after SEK 4 million in one-off divestment costs.

• Outgoing ARR at Q3 was SEK 220 million, a 7% increase year-over-year despite FX headwinds.

• Cash flow from operating activities for Q3 was SEK 7 million, up from SEK 3 million last year.

Outlook and guidance

• Focus will shift entirely to Lasernet after the Public divestment, with continued investments in growth, especially within Dynamics ERP.

• The company aims to maintain profitable growth and further improve margins through a scalable business model.

• Financial targets for 2021-2025 include 10% average annual revenue growth, 70% recurring revenue share by 2025, and EBIT margin above 20%.

• Financial targets and long-term plans to be shared at the upcoming capital markets day.