Vincit (VINCIT) Q3 2025 earnings summary

Executive summary

• Revenue declined 22% year-over-year in Q3 2025 to €14.4 million, and 18.7% for the nine-month period to €51.4 million.

• Profitability was impacted by lower demand, increased price competition, and a one-off €0.3 million write-down on a fixed-price project.

• Cost-saving measures, including change negotiations resulting in seven redundancies, are expected to yield €0.8 million in annual savings from Q4 2025.

• Strategic focus on SAP, Data & AI, and e-commerce led to new project wins and differentiation in the market.

Financial highlights

• Q3 2025 adjusted EBITA was €0.2 million (1.3% of revenue), down from €0.7 million (4.0%) year-over-year.

• EBIT for Q3 was -€0.1 million (-0.4% of revenue), compared to €0.7 million (3.6%) last year.

• Earnings per share for Q3 was -€0.03, and for the nine months -€0.17.

• Group equity ratio at end of September was 61.1%, with net gearing at 6.7%.

• Cash flow from operating activities for the nine months was €0.5 million, down from €1.6 million year-over-year.

Outlook and guidance

• 2025 revenue is expected to be lower than 2024, but relative profitability is forecast to improve.

• Financial targets for 2025–2027 include a 10% adjusted EBITA margin by 2027 and 10% organic revenue growth in 2026–2027.