Humble Group (HUMBLE) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached SEK 2.1 billion, with 10% organic growth and a -3% currency impact.

• Adjusted EBITA was SEK 143 million, down 7% year-over-year, while reported EBITA fell 47% due to one-time efficiency program costs.

• Cash flow from operations increased to SEK 195 million, up 38% from the previous quarter, reflecting improved working capital management.

• Management is focused on profitability, margin expansion, and a shift from top-line growth investments, with a new acting CEO and ongoing strategic review.

• An efficiency program was launched, with SEK 52 million in provisions and expected SEK 80 million in annual savings.

Financial highlights

• Net sales for the last 12 months surpassed SEK 8 billion.

• Adjusted EBITDA for the quarter was SEK 143 million, with an EBITDA margin of 6.8%.

• Gross profit was SEK 636 million, up SEK 28 million year-over-year; gross margin declined to 30.4% from 31.2%.

• Cash flow from operations adjusted for tax repayments was SEK 240 million, up from SEK 142 million the previous year.

• Leverage ratio improved to 2.7x adjusted EBITDA, excluding leasing.

Outlook and guidance

• The efficiency program is expected to yield SEK 80 million in annual cost savings, supporting long-term profitability.

• Focus remains on organic growth, margin improvement, and reducing leverage, with strategic alternatives under evaluation.

• Q4 is historically the strongest quarter, and management is optimistic about demand and growth.