Vertiseit (VERT) Q3 2025 earnings summary

Executive summary

• ARR reached 316.4 MSEK at the end of Q3 2025, up 69% year-over-year, with 15.3% organic growth and 2.6% sequential growth.

• Net sales for Q3 2025 increased by 94% to 151 MSEK, driven by acquisitions and organic growth.

• Completed integration of MDT within three months, contributing 20 MSEK to ARR and supporting acquisition strategy.

• Secured major retail media deals, including Salling Group and In-Store Media, with significant long-term potential.

• Hosted a global employee event to strengthen company culture.

Financial highlights

• Adjusted EBITDA margin was 22% for Q3 2025, with adjusted EBITDA of 33.1 MSEK.

• Gross margin for Q3 2025 was 70.9%, slightly down from 72.1% in Q3 2024.

• Free cash flow for the quarter was -10.1 MSEK, with available liquidity of 96.7 MSEK at period end.

• Net debt (excluding lease liabilities) was 208.2 MSEK, reflecting increased borrowings for acquisitions.

• Equity ratio stood at 60.7% at the end of Q3 2025.

Outlook and guidance

• Market activity and sentiment improved throughout the quarter, rebounding from a weak Q2.

• No updated guidance provided; previous guidance for H2 EBITDA margin of 20% or above remains.

• Long-term goals include ARR exceeding 1,000 MSEK and a cash EBITDA margin above 35% by 2032.

• Expectation to deliver two to four acquisitions per year going forward.

• Company maintains a strong pipeline and expects continued profitable growth, supported by a scalable SaaS platform.