B3 Consulting Group (B3) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue grew 3.9% to 254.9 MSEK, driven by acquisitions, while organic growth in Sweden was negative.

• EBITDA margin improved to 5.0% from 4.3% year-over-year; operating profit (EBIT) rose to 4.9 MSEK with a 1.9% margin.

• Profit after tax dropped to -3.3 MSEK, impacted by the absence of a prior year one-off gain from revaluation of associates.

• Utilization rate improved to 81.7% group-wide, driven by international segments.

• The Fit for Growth initiative delivered cost savings and new AI-driven offerings, with new contracts secured in Sweden, Poland, and Norway.

Financial highlights

• Net sales for Q3 2025 were 254.9 MSEK, up 3.9% year-over-year; Jan–Sep sales rose 12.7%.

• EBITDA for Q3 was 12.8 MSEK (5.0% margin); Jan–Sep EBITDA was 56.1 MSEK (6.3% margin).

• Operating profit (EBIT) for Q3 was 4.9 MSEK (1.9% margin); Jan–Sep EBIT was 31.1 MSEK (3.5% margin).

• Cash flow from operations was -31.2 MSEK in Q3, improving from -47.0 MSEK last year; Jan–Sep cash flow was 0.1 MSEK.

• Earnings per share for Q3 was -0.29 SEK; Jan–Sep was 0.48 SEK.

Outlook and guidance

• No formal forecasts provided; focus remains on growth through recruitment, start-ups, and acquisitions.

• Stronger recruitment focus in Sweden aims for positive net hiring.

• Positioned for growth when the market recovers, with ongoing cost savings and efficiency initiatives.

• Financial targets: 1.5 billion SEK annual sales by end of 2025, 10% long-term EBIT margin, and debt ratio below 2.0x EBITDA.

• Continued market uncertainty expected, but company remains disciplined and focused.