Doro (DORO) Q3 2025 earnings summary

Executive summary

• Net sales increased by 13.8% in Q3 2025 to SEK 247.7 million and by 13.1% for Jan–Sep 2025 to SEK 700.2 million compared to the same periods last year.

• Gross margin improved to 51.4% in Q3 and 50.4% for Jan–Sep, driven by favorable product mix and currency effects.

• Operating profit (EBIT) declined by 9.2% in Q3 and 10.0% for Jan–Sep, impacted by higher marketing and one-time costs.

• Profit after tax for Jan–Sep was SEK 25.0 million, down from SEK 44.5 million year-over-year.

• Order backlog at the end of Q3 was SEK 137.2 million, up 73.5% year-over-year.

Financial highlights

• EBITDA for Q3 was SEK 37.3 million (down 7.9% year-over-year); Jan–Sep EBITDA was SEK 68.9 million (down 5.4%).

• Free cash flow in Q3 was SEK -13.5 million, and for Jan–Sep SEK -55.2 million, mainly due to high inventory and working capital needs.

• Equity/assets ratio stood at 56.8% at the end of Q3.

• Earnings per share for Jan–Sep was SEK 1.03, down from SEK 1.83 year-over-year.

Outlook and guidance

• Continued focus on expanding connectivity offerings and launching new product ranges, with expectations of recurring revenue streams.

• Anticipates further commercial milestones in Q4 and ongoing adaptation to market and technology shifts.