Invoicery Group (FRILAN) Q2 2025 earnings summary

Executive summary

• Revenue grew 1.5% year-over-year in Q2 2025 to 473 MSEK, and 6.1% for H1 to 897 MSEK, despite a challenging labor market and ongoing recession.

• EBITDA margin declined to 0.55% in Q2 (1.04% last year); H1 EBITDA margin was 0.32% (0.41%).

• Net income for Q2 was 1.6 MSEK (3.3 MSEK last year); H1 net income was 1.5 MSEK (1.8 MSEK last year).

• Dividend of 0.18 SEK per share was paid in Q2, as approved at the AGM.

• International markets saw the highest growth, with Q2 revenue up nearly 15% year-over-year.

Financial highlights

• Q2 revenue: 473 MSEK (466 MSEK last year); H1 revenue: 897 MSEK (846 MSEK last year).

• Q2 EBITDA: 2.6 MSEK (4.8 MSEK); H1 EBITDA: 2.9 MSEK (3.5 MSEK).

• Q2 operating income: 1.8 MSEK (4.1 MSEK); H1 operating income: 1.3 MSEK (1.8 MSEK).

• Q2 EPS: 0.056 SEK (0.114 SEK); H1 EPS: 0.050 SEK (0.064 SEK).

• Cash at period end: 89.9 MSEK (71.7 MSEK last year); equity ratio 18.2% (17.7%).

Outlook and guidance

• Cost reduction and restructuring measures are expected to yield annual savings of 3.0 MSEK, with 1.5 MSEK per quarter realized from Q3 2025.

• International expansion and centralization of support functions are expected to improve cost efficiency in H2 2025.

• External costs are projected to decrease in H2 2025 as cost-saving initiatives take effect.