TapTravel Nordic (TAPTRAVEL) Q3 2025 earnings summary

Executive summary

• Reorganization advanced, improving productivity and digital conversion rates, with 90% digital conversion achieved for new customers.

• Q3 is seasonally the weakest quarter due to the holiday period, with sales and activity typically lower.

• One-time reorganization costs, severance, and terminated contracts negatively impacted results.

• Delayed payments and increased advance payments led to missed Q3 interest payments; restructuring discussions with bondholders are ongoing.

Financial highlights

• Q3 2025 revenue was SEK 180.7m, down from SEK 220.4m in Q3 2024; YTD revenue SEK 615.1m vs SEK 664.9m prior year.

• EBITDA for Q3 2025 was SEK 8.3m, down from SEK 15.6m in Q3 2024; YTD EBITDA SEK 34.1m, slightly up from SEK 33.6m.

• Operating result for Q3 2025 was SEK 5.2m, compared to a loss of SEK 0.4m in Q3 2024; YTD operating result SEK -5.0m vs SEK -10.4m.

• Net loss for Q3 2025 was SEK -6.6m, improved from SEK -19.5m in Q3 2024; YTD net loss SEK -32.5m vs SEK -37.7m.

• Cash flow for Q3 2025 was SEK 4.4m, up from SEK 0.6m in Q3 2024.

Outlook and guidance

• Focus for Q4 is on completing reorganization, launching a new SME sales plan, and expanding international train booking offerings.