Invoicery Group (FRILAN) Q1 2025 earnings summary

Executive summary

• Net revenue increased by 11.6% to 423 MSEK compared to Q1 2024, driven by growth in both self-employment and workforce management segments.

• EBITDA improved to 0.2 MSEK from -1.5 MSEK, with a margin of 0.05% versus -0.38% last year.

• Operating result was -0.6 MSEK, up from -2.4 MSEK, and net result after tax was -0.3 MSEK, a significant improvement from -1.5 MSEK.

• No significant events occurred during the quarter; after the period, a dividend of 0.18 SEK/share was approved and a key collective agreement was terminated, effective August 2025.

Financial highlights

• Revenue: 423 MSEK (up 11.6% year-over-year); Sweden accounted for 83%, EU 8%, and export 9%.

• EBITDA: 0.2 MSEK (margin 0.05%), up from -1.5 MSEK (margin -0.38%) in Q1 2024.

• Operating income: -0.6 MSEK, improved from -2.4 MSEK.

• Net result after tax: -0.3 MSEK, up from -1.5 MSEK.

• Earnings per share: -0.009 SEK, improved from -0.051 SEK.

• Cash flow for the quarter: -5.1 MSEK, improved from -11.2 MSEK.

• Cash and equivalents at period end: 100.1 MSEK.

Outlook and guidance

• Continued stable revenue growth expected despite a slow labor market recovery.

• Cost savings from centralizing support functions to Sweden estimated at 3.0 MSEK for 2025, with positive impact on results anticipated from Q3 2025.

• Increased marketing and international expansion planned, with AI-driven client support to be implemented in Q2 2025.