B3 Consulting Group (B3) Q4 2025 earnings summary

Executive summary

• Revenue grew 7.1% to 1,209.1 MSEK in FY 2025, mainly from acquisitions; organic growth was negative at -12.6% including Poland.

• EBITDA margin improved to 6.9% from 5.1% year-over-year; EBIT margin rose to 4.0% from 2.3%.

• Profit after tax/net income dropped to 14.5 MSEK from 85.2 MSEK due to a one-time revaluation in 2024.

• No dividend proposed for FY 2025, prioritizing financial flexibility and future growth.

• New CEO Daniel Juhlin appointed in February 2026, bringing experience in consulting, digital transformation, and a focus on long-term value creation.

Financial highlights

• Q4 2025 revenue declined 6.3% year-over-year to 314.9 MSEK; organic growth -14.1%, offset by Habberstad acquisition.

• Q4 EBITDA rose to 26.8 MSEK (8.5% margin), up from 17.8 MSEK (5.3%).

• Q4 EBIT was 17.2 MSEK (5.5% margin), up from 8.8 MSEK (2.6%), with a 1.5 MSEK one-off gain.

• Cash flow from operations improved to 37.6 MSEK from -14.7 MSEK year-over-year.

• Earnings per share after dilution: 1.20 SEK (reported), 0.63 SEK (adjusted for one-time effects).

Outlook and guidance

• Gradual market recovery and margin improvement expected in 2026.

• Higher utilization anticipated as projects restart and IT investments rebound.

• Focus on organic growth through recruitment, start-ups, and acquisitions.

• Key growth areas: Finance, Health, Industry/defence, AI, Cybersecurity, and new startups.

• Previous goals of 1.5 billion SEK revenue and 10% EBIT margin by 2025 were not met due to market headwinds.