Relevance Communication Nordic (RLVNC) Q2 2025 earnings summary

Executive summary

• Revenue increased 4.5% year-over-year to 9,617 TSEK in Q2 2025, despite a weak advertising market.

• EBITDA was positive at 94 TSEK, up from 86 TSEK in Q2 2024.

• Net result after financial items declined to -1,890 TSEK from -1,338 TSEK year-over-year, mainly due to higher depreciation and interest costs.

• Unique monthly users averaged 3.5 million, nearly doubling from 1.9 million a year earlier.

• Strategic investments in content and key hires, including a new CRO, are expected to drive future growth.

Financial highlights

• Operating expenses rose 5.5% year-over-year, driven by higher sales and editorial costs.

• Direct costs were 6,696 TSEK (up from 5,122 TSEK), external costs 1,172 TSEK, and personnel costs 2,049 TSEK.

• Cash flow from operations was -595 TSEK in Q2 2025, an improvement from -1,541 TSEK in Q2 2024.

• Cash at period end was 324 TSEK, up from 22 TSEK a year earlier.

• Equity at period end was 21,864 TSEK, with a solid equity ratio of 67%.

Outlook and guidance

• Management expects a stronger second half, as H2 is historically better for ad revenues.

• Effects of recent content investments are anticipated to become more visible in coming quarters.

• New CRO will focus on increasing digital revenues across platforms.