NGS Group (NGS) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 were 68 MSEK, down 18% year-over-year, mainly due to a weaker healthcare staffing market driven by political decisions reducing demand from regions.

• EBITA improved to 0.9 MSEK from -2.4 MSEK in Q3 2024, with a positive trend also seen for the January–September period.

• A new CEO was appointed, and a new brand, Human Capital, was launched for the executive search and recruitment segment.

Financial highlights

• Q3 net sales: 68 MSEK (83 MSEK in Q3 2024), an 18% decrease.

• Q3 EBITA: 0.9 MSEK (-2.4 MSEK in Q3 2024); EBIT margin: 1.3% (-2.9%).

• Q3 net income: 0.4 MSEK (-2.7 MSEK in Q3 2024); EPS: 0.02 SEK (-0.11 SEK).

• January–September net sales: 216 MSEK (263 MSEK in 2024), down 18%.

• January–September EBITA: 0.9 MSEK (-23.0 MSEK in 2024); net income: -1.0 MSEK (-70.2 MSEK).

• Cash flow from operations Q3: -3.2 MSEK (-7.9 MSEK); January–September: -11.0 MSEK (-25.3 MSEK).

Outlook and guidance

• The company aims for 10% organic and acquired net sales growth over time, an EBITA margin of 4%, and a dividend payout of 40–50% of net profit, subject to financial position.

• Management remains optimistic about the year-end, despite ongoing market challenges.