Tourn International (TOURN) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw strengthened profitability, with EBITDA up 28.2% year-over-year and accumulated EBITDA for Q1–Q3 2025 up 48.4% compared to the same period in 2024.

• Core business drove profit growth, with adjusted EBITDA in the core up 51% year-over-year for Q3 and 31.5% for Q1–Q3.

• Nagato segment continued positive development, increasing revenue by 3.9% and EBITDA by 11.2% year-over-year in Q3.

• Agency segment had a weak quarter, with revenue down 76.7% year-over-year, but gross margin improved by 4.2 percentage points.

• Cost reductions and automation led to positive cash flow at the group level in September and October.

Financial highlights

• Q3 2025 net revenue: 9.9 MSEK, down from 11.3 MSEK in Q3 2024.

• EBITDA for Q3 2025: 5.2 MSEK (up 28.2% year-over-year).

• Accumulated EBITDA Q1–Q3 2025: 21.6 MSEK (up 48.4% year-over-year).

• Net result per share Q3 2025: -0.30 SEK (improved from -0.46 SEK in Q3 2024).

• Group cash at end of Q3 2025: 2.1 MSEK, down 1.6 MSEK during the quarter.

Outlook and guidance

• Short-term goal: reach 100 MSEK in core business revenue in 2025 with a 5–10% profit margin.

• Baud targeted to reach 80 MSEK in revenue in 2025.

• Long-term goal: over 500 MSEK in revenue by 2028 with at least 10% profit margin.