Thinc (THINC) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw net sales decrease 13% year-over-year to 59,322 tkr, mainly due to lower media agency activity, but gross margin improved to 27.5% from 24.8%.

• EBITDA for Q3 was -995 tkr, a slight improvement from -1,158 tkr last year, with the margin unchanged at -1.7%.

• For the first nine months, EBITDA nearly doubled to 7,976 tkr (4,265 tkr), and the EBITDA margin rose to 3.8% from 1.9%.

• Net income for Q3 was -4,173 tkr (-3,031 tkr), and for the nine months, 1,109 tkr (-910 tkr).

• Cash flow from operations was negative both for Q3 (-5,286 tkr) and the nine months (-6,761 tkr), mainly due to increased working capital needs.

Financial highlights

• Gross profit (byråintäkt) for Q3 was 16,295 tkr (16,924 tkr), with a margin of 27.5% (24.8%).

• Net sales for Jan–Sep 2025 were 209,794 tkr (221,500 tkr), with gross profit up 8% to 59,186 tkr (54,738 tkr).

• Equity at period end was 49,389 tkr (49,772 tkr), and cash was 8,360 tkr (11,559 tkr).

• Soliditet (equity ratio) at 31.2% (32.5%).

• Earnings per share for Q3: -0.24 kr (-0.18 kr); Jan–Sep: 0.06 kr (-0.06 kr).

Outlook and guidance

• Management expects a strong Q4, in line with historical seasonal patterns.

• Long-term targets: >10% annual organic growth in gross profit, >7% EBITDA margin by 2029, and dividend payout of at least 30% of net profit.