Wall to Wall Group (WTW-A) Q3 2025 earnings summary

Executive summary

• Adjusted EBITA margin improved to 3.4% from 3.0% year-over-year, driven by lower indirect costs and efficiency gains.

• Profitability improved for the second consecutive quarter year-over-year, despite declining net revenue.

• Integration of recent acquisitions, including Energiprojekt and Västsvenska Spol och Slam AB, is progressing well, enhancing service offering and regional presence.

• Indirect costs reduced by over 10% year-over-year, supporting a more efficient cost structure.

• Management strengthened with the appointment of a new CFO, effective January 2026.

Financial highlights

• Q3 2025 net revenue was SEK 181.8 million, down from SEK 207.5 million in Q3 2024.

• Adjusted EBITDA for Q3 2025 was SEK 21.4 million (11.8% margin), compared to SEK 21.7 million (10.4% margin) in Q3 2024.

• Adjusted EBITA for Q3 2025 was SEK 6.2 million (3.4% margin), up from SEK 5.6 million (2.7% margin) year-over-year.

• Q3 net earnings: SEK -0.6 million (20.7); EPS: SEK -0.05 (1.52).

• Cash position at quarter-end was SEK 43.4 million; financial net debt stood at SEK 276.8 million.

Outlook and guidance

• Expectation of a good end to the year with improved adjusted operating results for the full year.

• Market stabilization is ongoing but gradual, with regional variations.

• Full effect of cost and margin initiatives expected over a longer horizon.