Thinc (THINC) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw a 9% decrease in net sales to 70,496 tkr, but agency income (gross profit) rose 24% to 23,149 tkr, with the margin up to 32.8% from 24.2% year-over-year.

• EBITDA nearly doubled to 6,590 tkr (3,366 tkr), with the margin increasing to 9.3% from 4.4%.

• Net income per share after tax was 0.27 kr (0.10 kr), and cash flow from operations was -2,205 tkr (5,455 tkr).

• Strong turnaround in BANG Agency and improved digital product performance contributed to results.

Financial highlights

• For H1 2025, net sales decreased 2% to 150,472 tkr, but agency income increased 13% to 42,890 tkr, with the margin up to 28.5% from 24.7%.

• EBITDA for H1 rose to 8,971 tkr (5,423 tkr), margin up to 6.0% (3.5%).

• Net income after financial items for H1 was 5,201 tkr (2,091 tkr).

• Equity at period end was 53,557 tkr (52,661 tkr); cash at period end was 9,023 tkr (6,277 tkr).

• Average number of employees was 59, with net sales per employee at 1,195 tkr.

Outlook and guidance

• New financial targets for 2025–2029: annual organic agency income growth >10%, EBITDA margin at least 7% by 2029, dividend payout at least 30% of net income, and net debt/EBITDA below 2.5x.

• Focus on organic growth, margin improvement, and selective acquisitions.

• Launch of AI-based digital solutions and new service offerings expected to drive future growth.