Tourn International (TOURN) Q3 2026 earnings summary

Executive summary

• Q3 revenue was SEK 8.042m versus SEK 9.895m YoY; the decline was primarily driven by NAGATO, while AGENCY revenue rose 189%.

• Consolidated EBITDA improved 52% YoY to -SEK 1.563m; 9M EBITDA improved 56% to -SEK 3.333m, and operating cash flow was positive SEK 1.0m for 9M.

• Costs fell 22% YoY for a third consecutive quarter with a materially lower cost base; management is prioritizing NAGATO volume recovery and scaling AI-agent revenue.

Financial highlights

• Q3 net loss was SEK 3.111m versus SEK 2.889m; EPS was -SEK 0.32 versus -SEK 0.30.

• Q3 EBIT was -SEK 2.616m versus -SEK 4.739m; 9M EBIT was -SEK 6.465m versus -SEK 12.053m.

• Adjusted core-business EBITDA was -SEK 1.519m in Q3 versus -SEK 0.941m; 9M adjusted core EBITDA improved to -SEK 2.521m from -SEK 2.984m.

• Q3 revenue was SEK 8.042m and 9M revenue SEK 30.579m, versus SEK 9.895m and SEK 40.996m, respectively, in 2025.

Outlook and guidance

• The 2026 goal of profitable growth is unlikely to be fully achieved; Q4 started well and is expected to contribute positively to FY results.

• Long-term target: SEK 500m revenue and 10% profit margin in 2028.

• AGENCY had SEK 15m of campaigns booked for 2026; focus includes higher campaign volumes and expansion into more European markets.

• Vertikal AI plans to increase agents in operation and recurring revenue, conclude enterprise negotiations, and streamline onboarding; new customer work is expected to begin billing in Q4.