Synexo Group (SYNEXO) Aktiedagen 2026 summary

Business overview and strategy

• Focuses on BaaS and hosting services with 100% recurring revenue and high margins, serving over 1,500 customers and leveraging a diversified reseller network.

• Operates a scalable platform for consolidation in the fragmented Nordic data protection and hosting market, with a strategy centered on acquiring, integrating, cross-selling, and scaling acquired companies.

• Pursues a disciplined, accretive M&A strategy with 42 targets in the pipeline, aiming for quality over quantity and funding deals through a mix of cash, shares, and earn-outs.

Financial performance and growth

• Achieved SEK 14.5m signed ARR by July 2026, with 86% organic ARR growth year-over-year and 158% including acquisitions.

• Maintains high net revenue retention (~122% LTM) and low churn (~3.6% LTM), driven by mission-critical services and strong customer relationships.

• Cash-EBITDA turned positive in June 2026, with a run-rate of SEK 3.2m and both subsidiaries cash-flow positive.

• No interest-bearing debt and SEK 4.5m cash position post-acquisition, with future funding needs tied to M&A activity.

Market opportunity and outlook

• Targets high-growth markets: global BaaS expected to grow at ~32% CAGR to 2030, and Nordic hosting/data infrastructure at ~25% CAGR.

• 2026 targets lifted post-Deploi acquisition: >SEK 15.5m live ARR and >SEK 21.5m signed ARR by Q4 2026, with group gross margin >70%.

• Medium-term goals include >20% average organic annual growth, continued margin expansion, and reinvestment of profits into accretive acquisitions or shareholder returns.

• Illustrative 2027 ambition: >50% organic signed ARR growth, with reported ARR dependent on further M&A.