BTS Group (BTS) Q3 2025 earnings summary

Executive summary

• Group revenue grew 3% year-over-year in Q3, but profit declined by 16% adjusted for currency and 25% including currency effects.

• Profit drop mainly due to a large license deal loss in North America and negative currency impacts.

• North America remains in turnaround mode with leadership changes and operational improvements underway.

• Operational improvements noted, but revenue and earnings declined due to currency headwinds and lower high-margin license sales.

• Full-year 2025 earnings expected to be significantly worse than 2024, with continued revenue decline in North America in Q4.

Financial highlights

• Q3 net sales: MSEK 626 (657); currency-adjusted growth 3%, organic -1%.

• Q3 EBITA: MSEK 45 (60), down 25%; EBITA margin 7.2% (9.2%).

• North America profit declined by SEK 10.3 million in Q3, with 65% of the drop from a single license deal and 28% from currency effects.

• AI-related adoption services bookings reached SEK 10.3 million YTD, up 482% year-over-year.

• Verity platform bookings hit SEK 4 million, 15x higher than last year and up 33% sequentially.

Outlook and guidance

• Revenue in North America expected to decline in Q4, with continued currency headwinds.

• Group-level revenue still expected to grow low single digits for the full year.

• Outlook lowered to significantly worse than previously guided due to Q4 challenges and 2025 earnings expected to be significantly below 2024.

• Turnaround in North America on track, with growth expected in the first half of 2026.