CombinedX
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CombinedX (CX) investor relations material

CombinedX Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Achieved record Q4 2025 revenue of 273.7 MSEK, up 6.1% year-over-year, with improved adjusted EBITA margin despite high restructuring costs.

  • Full-year 2025 revenue reached 947.7 MSEK, a 1.9% increase, with adjusted EBITA margin rising to 9.5% from 8.7% the previous year.

  • Pro forma 2025 revenue exceeded 1 billion SEK, driven by strategic acquisitions of Align and ERPkonsult.

  • Strategic shift towards building market-leading specialist brands and increased collaboration among subsidiaries.

  • Less focus on group-wide synergies, with openness to alternative growth paths, including potential spin-offs.

Financial highlights

  • Q4 2025 adjusted EBITA: 27.7 MSEK (margin 10.1%), up from 25.5 MSEK (margin 9.9%) in Q4 2024.

  • Full-year 2025 adjusted EBITA: 90.1 MSEK (margin 9.5%), up from 81.2 MSEK (margin 8.7%) in 2024.

  • Pro forma 2025 adjusted EBITA: 103.8 MSEK (margin 10.3%).

  • Net income for Q4 was 10.6 MSEK, down from 19.5 MSEK; full-year net income was 37.7 MSEK, down from 51.0 MSEK.

  • Proposed dividend of 1.00 SEK per share, down from 1.40 SEK.

Outlook and guidance

  • Strategic focus on add-on acquisitions, building specialist brands, and increased collaboration among subsidiaries.

  • Targeting organic growth above the IT consulting market and maintaining net debt below 2x EBITDA.

  • Signs of market improvement entering 2026, with focus on increasing billing rates and achieving a 12% adjusted EBITA margin.

  • Openness to alternative growth paths, including potential spin-offs of specialist companies.

  • No specific financial forecasts provided, but management expresses confidence in future prospects.

New Vision: M&A focus on add-ons or new entities?
How to achieve 12% EBITA with negative organic growth?
Capital allocation strategy given increased net debt?
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Frequently asked questions

CombinedX AB is a Swedish company specializing in IT consulting services that enable businesses and organizations to leverage digitalization opportunities. The company operates through wholly owned subsidiaries, each focusing on niche areas of expertise. These areas include digital business development and transformation, service design and customer experience, business systems and processes, data analysis and decision support, automation and robotization, application development and lifecycle management, the digital workplace and identity management, managed infrastructure services and security, and the Internet of Things (IoT). The company is headquartered in Karlstad, Sweden, and its shares are listed on the Nasdaq Stockholm.

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