Desenio Group (DSNO) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 decreased by 13.3% year-over-year to SEK 167.0 million, with a gross margin of 84.7% and adjusted EBITA margin of 8.3%.

• For January–September, net sales declined 11.4% to SEK 520.4 million, and adjusted EBITA margin was 7.4%.

• Significant organizational changes were implemented, including a new CEO and CFO, and a revised company strategy focused on efficiency and customer reach.

Financial highlights

• Q3 adjusted EBITA was SEK 13.9 million, down 40.2% year-over-year; operating profit (EBIT) was SEK 11.4 million.

• Cash flow from operating activities in Q3 was SEK 22.3 million, a substantial improvement from SEK 2.3 million last year.

• For the nine months, operating profit (EBIT) was SEK -248.8 million, impacted by a SEK 250 million goodwill amortization.

• Net debt as of September 30 was SEK 302.8 million, down from SEK 1,000.6 million at the start of the year.

Outlook and guidance

• The company will not reach its previously communicated 2025 financial targets of >5% revenue growth and >15% adjusted EBITA margin.

• Management expects several more quarters before the effects of the transformation are fully visible.