Envar Holding (ENVAR) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 reached SEK 27,248 thousand, up 22.78% year-over-year, with strong order intake and a record-breaking agreement announced post-quarter.

• Operating profit (EBIT) for Q3 was SEK 6,033 thousand, down from SEK 6,988 thousand last year, due to increased investments in senior hires and IT security.

• Cash and cash equivalents at quarter-end were SEK 47,734 thousand, with no interest-bearing liabilities.

Financial highlights

• Q3 2025 EBITDA was SEK 6,240 thousand (margin 22.90%), compared to SEK 7,192 thousand (32.41%) in Q3 2024.

• Accumulated net sales for Jan–Sep 2025 were SEK 74,292 thousand, up 50.32% year-over-year.

• Accumulated EBIT for Jan–Sep 2025 was SEK 16,961 thousand (margin 22.83%), up from SEK 4,336 thousand (8.77%) last year.

• Earnings per share (basic) for Q3 2025 were SEK 0.37, reflecting a share split in Q4 2024.

Outlook and guidance

• Continued strong sales expected, supported by a new 12-month, SEK 23 million order from a major Battle Royale client starting October 2025.

• The company is preparing for its next growth phase, with ongoing investments in talent and IT infrastructure.

• Witchspire, the first in-house game, remains on track for a Q2 2026 Early Access release, with a demo planned for Q1 2026.