Coor Service Management (COOR) Q3 2025 earnings summary

Executive summary

• High market activity in Q3 2025 with mixed results across regions; customer satisfaction index at 72, up from 70 last year and above target.

• Executive management team expanded to improve operational focus and efficiency in Sweden.

• Interim CFO Daniel Wanholt/Warnholtz appointed as search for permanent CFO continues.

• Important contract extensions in Sweden and new contracts in Norway; Danish operations continue to face challenges.

• Profit after tax for Q3 was SEK 43 million; earnings per share SEK 0.5.

Financial highlights

• Organic growth in Q3 2025 was 4%, mainly from high variable volumes in Norway.

• Net sales for Q3 2025 reached SEK 3,005 million, up 2% year-over-year; negative FX impact of -2%.

• Adjusted EBITA/EBITDA for Q3 was SEK 134 million, margin 4.5% (up from 4.1% last year).

• Net income SEK 43 million; adjusted net income SEK 57 million, up 81% year-over-year.

• Cash conversion (LTM) at 96%, up from 57% for full year 2024 and above 90% target.

Outlook and guidance

• No change to the 5.5% margin ambition for 2026; further details to be provided at Capital Markets Day in Q1.

• Organic growth in Norway expected to normalize in Q4 as maintenance period ends.

• Mid- to long-term targets: organic net sales growth of 4-5%, adjusted EBITA margin ~5.5%, cash conversion >90%, leverage <3.0x, customer satisfaction index ≥70.

• Restructuring costs expected to decrease going forward.

• Continued focus on operational efficiency, profitability, and long-term improvements.