VO2 Cap (VO2) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 increased by 6.0% year-over-year to 146,163 KSEK, with EBITDA up 20.4% to 9,865 KSEK and improved margins, despite a volatile market and the bankruptcy of a subsidiary.

• AdTech segment led growth with a 39% increase in Q2, while display declined and (D)OOH remained stable; strategic focus shifted to core businesses after divesting loss-making agency operations.

• Stay Creative subsidiary filed for bankruptcy after accounting irregularities, resulting in a significant negative impact on group results and its deconsolidation.

• Financial position remains strong with solid equity ratio (53.8%) and low net debt, supporting future growth and acquisitions.

Financial highlights

• Q2 revenue rose 1.6% year-over-year to 78,130 KSEK; H1 revenue up 6.0% to 146,163 KSEK.

• Q2 EBITDA increased to 6,012 KSEK (7.7% margin); H1 EBITDA at 9,865 KSEK (6.7% margin).

• Q2 EBIT was 425 KSEK (0.5% margin); H1 EBIT at -90 KSEK.

• Net result for H1: -1,796 KSEK from continuing operations, -21,339 KSEK from discontinued operations.

• Total cash flow for H1 was 301 KSEK; cash flow from operations at 6,419 KSEK.

Outlook and guidance

• Focus remains on organic growth and value-creating acquisitions in media and tech, with renewed interest in M&A following portfolio streamlining.

• Management expects positive liquidity impact and sharper focus after agency divestment; AdTech and digital segments seen as key growth drivers.