Synexo Group (SYNEXO) Q3 2025 earnings summary

Executive summary

• Q3 2025 marked a transformational period with the completion of a reverse takeover, relisting on NGM Nordic SME, and integration of Backupbuddy AS and Backupbanken AS into the Group.

• The Group shifted from legacy electronics to a Nordic-focused BaaS and data-security platform, with a new board and CEO, and a SEK 55m directed share issue strengthening the balance sheet.

• The business model is now a pure-play BaaS platform with recurring, contract-driven revenues, distributed via over 100 IT-service partners, targeting SMEs and healthcare.

Financial highlights

• Pro forma Q3 2025 revenue was SEK 1.04m, up 56% year-over-year; gross margin reached 63%.

• Pro forma EBITDA for operating subsidiaries was nearly break-even at SEK -2k, a significant improvement from SEK -298k in Q3 2024.

• Statutory Q3 2025 net sales were SEK 0.5m, EBIT SEK -1.0m, and profit after tax SEK -1.0m, distorted by transaction structure and one-off costs.

• Group equity ratio stands at 96% with no long-term interest-bearing liabilities and strong liquidity (cash SEK 3.1m as of 30 Sep 2025).

Outlook and guidance

• Entering Q4, the Group has strong operational momentum, increasing ARR visibility, and ongoing efficiency gains.

• Focus remains on disciplined growth, operational efficiency, and M&A to consolidate the fragmented Nordic BaaS market.

• Monthly reporting of key operating metrics will commence from Q4 2025.