B3 Consulting Group (B3) Q1 2025 earnings summary

Executive summary

• Achieved 15% year-over-year revenue growth in Q1 2025, reaching 323.6 MSEK, mainly driven by acquisitions, with organic growth of 3.9% overall but -11% in Sweden due to fewer consultants.

• EBITDA increased to 24.0 MSEK (7.4% margin), with adjusted EBITDA margin at 8.5% after minor one-off costs.

• Profit after tax rose to 7.5 MSEK, and EPS improved to 0.73 SEK.

• Utilization rate improved by 2.6 points to 84.2% (including Poland), supporting earnings despite a challenging market.

• Launched "Fit for Growth" initiative to drive value, cost savings, and integrated operations.

Financial highlights

• Net sales: 323.6 MSEK, up 15% year-over-year.

• EBITDA: 24.0 MSEK (7.4% margin), up from 14.1 MSEK (5.0%).

• Operating profit (EBIT): 15.9 MSEK (4.9% margin), adjusted EBIT margin 6.0% after SEK 3.4 million in non-recurring costs.

• Cash flow from operations: 85.2 MSEK; cash and cash equivalents at quarter-end were 104.2 MSEK.

• Average number of co-workers increased 23.4% to 975.

Outlook and guidance

• The group targets 1.5 billion SEK in annual sales by end of 2025 and a 10% EBIT margin over time.

• "Fit for Growth" program targets 25 MSEK in annual savings by 2026.

• Focus on larger, integrated units and strategic investments in Norway and Poland.

• Additional growth initiatives and cost-saving measures to be launched during the year.