CombinedX (CX) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached 258.8 MSEK, up 8.2% year-over-year, with negative organic growth of -9.5% due to restructuring in Enqore and divestment of Jeeves offering.

• Adjusted EBITA hit a record 30.0 MSEK, with a margin of 11.6%, driven by contributions from prior year acquisitions.

• Net income for the quarter was 14.8 MSEK, down from 17.3 MSEK in Q1 2025.

• Nethouse divestment agreed for 345 MSEK, representing about 25% of group revenue and EBITA; proceeds expected to create significant surplus liquidity.

Financial highlights

• EBITDA for Q1 2026 was 37.5 MSEK (14.5% margin), up from 34.8 MSEK in Q1 2025.

• Adjusted EBITA and EBITA both at 30.0 MSEK, margin 11.6% (vs. 11.4% prior year).

• Cash flow from operations was 17.9 MSEK, up from 16.1 MSEK year-over-year.

• Earnings per share (EPS) before and after dilution was 0.76 SEK, down from 0.95 SEK.

• Total assets at quarter-end were 893.8 MSEK, equity 506.1 MSEK, and cash 70.7 MSEK.

Outlook and guidance

• No formal forecast provided, but management expects a challenging macroeconomic environment in 2026, with no tailwind from the economy.

• Focus remains on leveraging AI in consulting services and ensuring all subsidiaries adapt to technological shifts.

• Surplus liquidity from Nethouse sale may be partly distributed to shareholders; analysis ongoing.