Invoicery Group (FRILAN) Q3 2025 earnings summary

Executive summary

• Operates in two main segments: self-employment (Frilans Finans/Egenanställning) and workforce management (Invoicery Business), with presence in Sweden, Norway, and Denmark.

• Vision is to be the leading portal for all project-based work in Europe, targeting annual growth of 5–15%.

• Frilans Finans was voted Sweden's best payment service and a new collective agreement was signed to ensure stable conditions for self-employed workers.

• Added to Spotlight Value as the seventh company in September, reflecting proven results, growth, and stability.

• Egenanställning segment drove growth, accounting for 83.9% of Q3 revenue; international operations showed the strongest growth at 25% in Q3.

Financial highlights

• Q3 2025 revenue/net sales grew 3.7% year-over-year to SEK 449 million; nine-month revenue up 5.2% to SEK 1,346 million.

• EBITDA for Q3 was SEK 6.3 million (margin 1.4%); net income after tax: SEK 4.8 million; EPS: 0.17 SEK.

• Cash and equivalents at period end were SEK 101 million, with net cash of SEK 40 million.

• Cash flow from operations in Q3: SEK 11.2 million; nine-month operating cash flow: SEK 1.4 million.

• October 2025 revenue reached SEK 180 million, a 9.1% increase and an all-time high.

Outlook and guidance

• If current revenue trends continue, full-year 2025 revenue is projected at approximately SEK 1.85 billion.

• Cost-saving measures and efficiency improvements are expected to continue impacting results positively in Q4 and 2026.

• International subsidiaries are currently loss-making but are targeted to reach break-even in 2026.

• October saw the highest monthly sales ever, supporting a positive outlook for the remainder of 2025.