Pricer (PRIC) Q3 2025 earnings summary

Executive summary

• Q3 2025 net sales reached SEK 598.4M, up sequentially but down 2.5% year-over-year; recurring revenue grew 46.1% to SEK 30.1M, driven by a shift to a subscription-only software model.

• Gross margin improved to 23.2% (22.1% last year), supported by recurring revenue, lower COGS, and favorable product mix.

• Operating profit (EBIT) for Q3 was SEK 38.5M (6.5% margin), positive for the quarter but down from SEK 61.6M (10.0%) last year, mainly due to higher costs.

• Order intake was weak due to market uncertainty, but backlog entering Q4 is higher than last year; Americas segment affected by tariffs and investment hesitancy, while Canada and Nordics showed strong growth.

• Direct sales approach in the Nordics is gaining traction, with new frame agreements and customer rollouts expected to impact future quarters.

Financial highlights

• Q3 net sales: SEK 598.4M; gross profit: SEK 138.6M; gross margin: 23.2%; operating profit: SEK 38.5M; operating margin: 6.5%.

• Operating cash flow for Jan–Sep: SEK 16.0M, improved from SEK -20.2M last year.

• Cash and cash equivalents at period end: SEK 174.9M, up from SEK 143.9M.

• Accounts receivable increased by SEK 142M in Q3, expected to normalize in Q4.

• Q3 EPS: SEK 0.20 (down from SEK 0.26); 9M EPS: SEK -0.06 (down from SEK 0.61).

Outlook and guidance

• Q4 has started well in terms of order intake, with expectations for further improvement; management reaffirms commitment to full-year profitability.

• No formal forecast for 2025 provided, but long-term drivers remain strong, with digitalization and automation in retail expected to support future growth.

• Anticipates gradual catch-up in order intake, with delayed investments expected to materialize in 2026; Avenue product pilots underway, with volume production and revenue impact expected in the second half of 2026.

• Interest in SaaS platform Pricer Plaza and new solution Pricer Avenue is growing, with pilot installations planned.