Triona (TRIONA) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was 57.8 MSEK, nearly flat year-over-year, with currency effects as the main deviation.

• Recurring revenue grew 5% to 23.1 MSEK, driven by TRACS Flow and new modules.

• EBIT increased to 5.1 MSEK from 4.6 MSEK, mainly due to lower external consultant costs.

• Strategic acquisition of Marjetas Academy Oy in Finland completed, expanding presence in Nordic infrastructure markets.

• New ERP system implemented on September 1, expected to improve efficiency.

Financial highlights

• Q3 EBITA was 7.4 MSEK (12.8% margin), up from 6.9 MSEK (11.7%).

• Cash flow from operations was -11.1 MSEK, mainly due to increased accounts receivable.

• For Jan–Sep 2025, revenue was 189.7 MSEK, down 3.4% year-over-year.

• EBITA for Jan–Sep was 1.9 MSEK (1.0% margin), down from 12.0 MSEK (6.1%).

• EBIT for Jan–Sep was -4.9 MSEK, compared to 5.2 MSEK last year.

Outlook and guidance

• Infrastructure segment demand is increasing and expected to materialize by year-end.

• Market outlook indicates rising demand in infrastructure and transport, with recurring revenue expected to grow.

• Forestry sector remains weak but is expected to recover next year.

• Continued focus on productization and recurring revenue under FOCUS28 strategy.