VO2 Cap (VO2) Q3 2025 earnings summary

Executive summary

• Revenue for Q1–Q3 2025 increased by 5.3% year-over-year to 218,095 KSEK, with Q3 revenue up 3.7% to 71,932 KSEK compared to Q3 2024.

• Adjusted EBITDA for Q1–Q3 was 16,468 KSEK (margin 7.6%), and for Q3 was 6,604 KSEK (margin 9.2%), reflecting operational profitability excluding non-cash items.

• Net result for Q1–Q3 was -20,178 KSEK, significantly improved from -54,724 KSEK in the prior year, mainly due to discontinued operations.

• The AdTech segment showed strong growth, with Q3 revenue up 58.8% and Q1–Q3 up 41.6% year-over-year.

Financial highlights

• EBITDA for Q1–Q3 was 28,468 KSEK (13.1% margin), up from 14,573 KSEK (7.0%) year-over-year.

• EBIT for Q1–Q3 was 1,994 KSEK (0.9% margin), up from -313 KSEK (-0.2%) year-over-year.

• Cash flow from operating activities for Q1–Q3 was 10,675 KSEK, up from 439 KSEK in the prior year.

• Net interest-bearing debt reduced to 1,036 KSEK from 8,996 KSEK at year-end 2024.

• Solid equity ratio at 57.8% as of September 30, 2025.

Outlook and guidance

• Management notes signs of market recovery, with digital and outdoor advertising investments rising.

• The company is well positioned for further growth as the market rebounds and digitalization accelerates.

• Focus remains on organic growth, strategic investments, and selective acquisitions.