Tourn International (TOURN) Q3 2025 earnings summary

Executive summary

• Q3 net revenue for core operations was 11.2 million SEK; including Båd/Baud, revenue was 9.9 million SEK due to a write-down in Båd's revenue.

• EBITDA for Q3 2025 was 5.2 million SEK, up 28.2% year-over-year; core operations EBITDA was 179,000 SEK, with adjusted EBITDA at -940,000 SEK.

• Nagato segment showed strong performance with 9.2 million SEK in revenue and a gross margin of 13.75%, increasing revenue by 3.9% and EBITDA by 11.2% year-over-year.

• Agency segment had historically low revenue of 1.1 million SEK, down 76.7% year-over-year, but gross margin improved by 4.2 percentage points to 34.1%.

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

Segment performance

• Agency's low revenue and negative result were attributed to market uncertainty, lower advertising budgets, and a shift in influencer marketing trends.

• Agency underwent a transformation to an AI-agent-based, automated model, increasing managed influencer profiles and signing 5 new influencers in Q3 and 15 more after.

• Nagato focused on optimizing its channel portfolio, removing low-margin channels, increasing own content production using AI, and signed a content management agreement with FISE.

• Båd/Baud signed an LOI with Rui/Ruyi for a headphone launch in China and partnered with Daniel Wu for an exclusive launch in Asia.

• September, October, and November showed improved results for Agency, with 3.5 million SEK in campaigns sold for Q4 as of mid-November.

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%).

• 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.

• Solidity: 40.7% at Q3 2025 (down from 65.7% at Q3 2024).