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Visual31 Oct 2025
Three decades of Rolls-Royce
Vitec Software Group (VIT) investor relations material
Vitec Software Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary16 Oct, 2025
Executive summary
Net sales for Jan–Sep 2025 reached SEK 2,650 million, up 10% year-over-year; Q3 net sales were SEK 855 million, up 6% from Q3 2024.
Recurring revenues accounted for 90% of net sales in Jan–Sep 2025, up from 88% in the prior year, with Q3 recurring revenues up 8% to SEK 773 million.
Cash EBIT for Jan–Sep 2025 was SEK 589 million, up 5% year-over-year; Q3 cash EBIT was SEK 212 million, up 10%.
EBITA for Jan–Sep 2025 was SEK 691 million, down 6% year-over-year; Q3 EBITA was SEK 235 million, down 5% from Q3 2024.
Two acquisitions completed in 2025, expanding into the Netherlands and Poland, with NMG in Poland added post-quarter.
Financial highlights
Recurring revenues for Q3 2025 were SEK 773 million (up 8%); subscription-based revenues up 18%, transaction-based down 21%.
EBITA margin for Jan–Sep 2025 was 26% (down from 30%); Q3 margin was 28% (down from 31%).
Cash flow from operating activities for Jan–Sep 2025 was SEK 1,000 million, up from SEK 939 million year-over-year.
Earnings per share for Jan–Sep 2025 were SEK 7.56, compared to SEK 8.32 in the prior year.
Transaction-based revenue down 20% due to Enova's SEK 50 million decline compared to last year.
Outlook and guidance
Management expects continued stable growth in subscription-based revenues, with ongoing focus on organic growth, complementary acquisitions, and operational improvements.
Q4 expected to be flattish in cash EBIT compared to Q3, excluding the NMG acquisition.
Recent acquisition of NMG in Poland expected to immediately increase earnings per share.
Organic subscription-based recurring revenue growth at 6–7% for the year, with pricing contributing about 3%; pricing impact expected to decrease as CPI trends down.
M&A headroom remains strong, with net debt/EBITDA at 1.7x and over SEK 1.5 billion available for acquisitions.
Explain EBITA margin decline vs. Cash EBIT growth?
NMG acquisition: new market strategy?
AI's impact on Vitec's efficiency and offerings?
Enova's future impact on transactional growth?
AI: Quantify benefits or new revenue streams?
Poland M&A: Are lower multiples sustainable?
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Next Vitec Software Group earnings date
Q4 20256 Feb, 2026
Next Vitec Software Group earnings date
Q4 20256 Feb, 2026
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Frequently asked questions
Providing niche software solutions
Vitec is a Swedish company focusing on providing niche software solutions for their clients through their extensive network of subsidiaries. The company is listed on the Stockholm stock exchange and primarily relies on subscription based revenue, and does a big part of through strategic acquisitions and mergers.
Growing through M&A
Vitec has a history of strategic mergers and acquisitions that have strengthened their position in the industry. Through these ventures, they have expanded their product portfolio, enhanced their technological capabilities, and gained access to new markets. Some notable acquisitions by Vitec include SmallHD, a leading manufacturer of high-definition on-camera field monitors; Autocue, a provider of teleprompting solutions; and Teradek, a pioneer in wireless video transmission systems.
Revenue through a SaaS-subscriptions
The vast majority of the programs and services that Vitec provides for their customers are distributed through a subscription model. These can be purchased online, and as previously mentioned it allows customers and users to customize their subscription based on their individual needs and preferences. It also allows customers to try out the base models of each service as a starting point, before they can move on to more comprehensive programs if they so choose.
Reaching several markets through diverse subsidiaries
Vitec might be founded, listed, and headquartered in Sweden, but through acquisitions of companies in different countries have been able to expand outside of their home country’s borders. Today, the company does a bulk of their business in Europe through subsidiaries in countries such as the Netherlands, several Nordic countries, Switzerland, and others. Vitec also has a presence in Japan through a subsidiary operating a software system for commercial laundry services. The company also has activities in the US. However, it is worth noting that their scale of operations in Asia and North America pales in comparison to their presence in Europe. Some companies working in the same market segment are companies such as Belden, Emerson, and Schneider Electric.
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