VO2 Cap (VO2) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was 74,737 KSEK, down 3.5% year-over-year, but EBITDA improved to 3,501 KSEK with a margin of 4.7% (up from 4.4%).

• Net result improved to -1,738 KSEK from -3,562 KSEK year-over-year; cash flow from operations rose to 2,580 KSEK (353 KSEK prior year).

• Strategic sale of 12.8% of Livewrapped AB for 10.8 MSEK, with an option for the buyer to acquire the remainder at a significant premium.

• Three of four business segments grew; AdTech and (D)OOH segments showed strong double-digit growth.

• Patrik Sandberg appointed permanent CEO in April 2025 after serving as interim CEO since August 2024.

Financial highlights

• Revenue: 74,737 KSEK (-3.5% year-over-year); EBITDA: 3,501 KSEK (4.7% margin); EBIT: -1,519 KSEK (-2.0% margin).

• Net result: -1,738 KSEK; EPS: -0.03 SEK (both basic and diluted).

• Cash flow from operations: 2,580 KSEK; total cash flow: 7,424 KSEK.

• Solid equity ratio at 53.0% (up from 47.4%); net interest-bearing debt at -1,223 KSEK.

Outlook and guidance

• Management sees improved profitability and a foundation for long-term profitable growth despite a challenging macro environment.

• Focus remains on operational efficiency, portfolio development, and readiness for new strategic acquisitions or divestments.