Mentice (MNTC) Q3 2025 earnings summary

Executive summary

• Net sales reached 71 million SEK in Q3 2025, up 22% year-over-year, with over 30% organic growth, driven by strong performance in the medical device industry segment, especially in Americas and EMEA.

• EBITDA margin improved to 10.7% in Q3, reflecting benefits from strategic cost reductions and organizational changes.

• Net income for Q3 was nearly breakeven at -0.3 MSEK, a significant improvement from -13.1 MSEK a year ago.

• A successful rights issue raised 32 million SEK, strengthening the cash position and supporting commercial and product innovation.

• Launched a portable virtual simulation system, well received at a major industry event, opening new market opportunities.

Financial highlights

• Q3 net sales: 71 million SEK, up 22.3% year-over-year; organic growth 30.2%, currency effect -7.9%.

• Q3 EBITDA: 7.7 MSEK (vs. -6.2 MSEK in Q3 2024); EBITDA margin 10.7%.

• Q3 net income: -0.3 MSEK (vs. -13.1 MSEK); EPS: -0.01 SEK (vs. -0.51 SEK).

• Order intake slightly down 2% year-over-year to 57.6 million SEK, mainly due to timing of large orders shifting to Q4.

• Operational cash flow was negative by almost 11 million SEK, mainly due to working capital changes from increased revenue.

Outlook and guidance

• Optimistic outlook for Q4, with strong customer activity and project volumes expected to continue, especially in the medical device industry.

• Full effects of strategic initiatives, including workforce realignment and facility consolidation, expected in H1 2026.

• Continued investments in product development and commercial expansion planned, supported by proceeds from the rights issue.

• Management remains confident in navigating macroeconomic uncertainty and expects sustained demand for simulation solutions.

• Long-term focus on innovation, scaling solutions, and adapting offerings for the healthcare segment, with significant impact anticipated in 2026.