Safestate Group (STATE) Q3 2025 earnings summary

Executive summary

• Surpassed one million active subscribers, reflecting strong demand for digital privacy and cybersecurity services.

• Completed acquisition of Safestate AB and signed SPA for a UK-based SaaS cybersecurity company, expanding international presence.

• Entered a five-year agreement with Miss Group valued at SEK 310 million, strengthening recurring revenue base.

• Signed new partnerships with major telecom operators in Scandinavia, supporting Nordic expansion.

Financial highlights

• Q3 2025 net sales: KSEK 11,172 (KSEK 6,079), up 84% year-over-year.

• Q3 2025 EBITDA: KSEK 4,119 (KSEK 563); adjusted EBITDA: KSEK 5,217 (KSEK 1,838).

• Q3 2025 result: KSEK -5,301 (KSEK 1,343); would have been positive at MSEK 1.9 under IFRS.

• January–September 2025 net sales: KSEK 29,814 (KSEK 15,583), up 91% year-over-year.

• January–September 2025 EBITDA: KSEK 10,211 (KSEK 1,301); adjusted EBITDA: KSEK 14,054 (KSEK 5,615).

• January–September 2025 result: KSEK -10,745 (KSEK -3,435); would have been positive at MSEK 3.8 under IFRS.

• Cash and bank balances as of 30 September 2025: KSEK 19,128 (KSEK 6,170).

• Equity as of 30 September 2025: KSEK 154,191 (KSEK 62,189).

Outlook and guidance

• Focus on delivering signed agreements, onboarding new partners, and expanding product portfolio.

• Board considering transition to IFRS for more accurate profitability representation.

• Ongoing negotiations for further acquisitions and new partnerships in the Nordics and Europe.