Hedera Group (HEGR) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 were 131.9 MSEK, a decrease of 5.8% year-over-year, mainly due to a 24% drop in the staffing segment's volume.

• Adjusted EBITDA for Q3 was 2.9 MSEK (2.2% margin), down from 4.3 MSEK (3.0%) last year; one-time costs of 5.4 MSEK related to CEO change led to a negative EBITDA after adjustments.

• Net result after tax for Q3 was -4.8 MSEK, compared to 2.3 MSEK last year; EPS was SEK -0.15 (SEK 0.15).

• For the nine months, net sales were 398.8 MSEK, down 8.4% year-over-year; adjusted EBITDA was 5.5 MSEK (1.4% margin).

Financial highlights

• Rolling 12-month pro forma net sales were 534.0 MSEK, down 11.3% year-over-year.

• Rolling 12-month pro forma adjusted EBITDA was 6.3 MSEK.

• Total cash flow for the nine months was -0.3 MSEK, improved from -6.4 MSEK last year.

• Equity at period end was 112.0 MSEK, up from 100.5 MSEK at the start of the year, mainly due to a new share issue.

• Liquidity at period end was 8.1 MSEK.

Outlook and guidance

• The personal assistance segment remains stable but faces margin pressure due to regulatory changes and a low 1.5% increase in the 2026 compensation rate.

• Staffing segment's revenue decline aligns with a 28% market contraction; stabilization in physician staffing noted at Q3 end.

• Focus on process improvements and AI tools to enhance efficiency and customer relations.