Unlimited Travel Group UTG (UTG) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 increased by 13.3% year-over-year to SEK 212.7 million, driven by strong performance in Event and Individual Business Travel segments.

• Gross margin improved to 25.5% (22.3%), supported by price adjustments, strengthened pricing models, and a stronger SEK.

• The acquisition of NEX Travel was completed on September 1, 2025, consolidating its results and strengthening the business travel offering.

• Booking levels as of September 30, 2025, were 11% higher than the previous year, excluding NEX Travel.

• Investments in sales organization and regional expansion, especially in West Sweden, are expected to yield full results from next year.

Financial highlights

• Q3 2025 revenue: SEK 212.7m (SEK 188.0m in Q3 2024); organic growth 12.5%.

• Gross margin: 25.5% (22.3%); adjusted for unrealized currency effects: 26.2%.

• EBITA: SEK 7.6m (SEK 7.0m); organic EBITA decreased 28.3% to SEK 5.0m due to higher personnel costs.

• EPS: SEK 0.57 (SEK 0.48) for the quarter.

• Cash flow from operations for Jan–Sep: SEK 70.5m.

Outlook and guidance

• Booking levels for 2025 are up 11% year-over-year, indicating continued strong demand.

• The company aims to surpass SEK 1 billion in revenue in 2026, supported by organic growth and acquisitions.

• Two new letters of intent signed post-period for acquisitions in Event and Active Travel, expected to close in Q4.