Veteranpoolen (VPAB) Q2 2025 earnings summary

Executive summary

• Revenue grew 10.1% year-over-year to 189 MSEK in Q2 2025, with operating profit up to 23.1 MSEK and a margin of 12.2%.

• Net income for Q2 reached 18.6 MSEK, and for H1 2025, revenue was 301 MSEK with operating profit of 26.8 MSEK.

• Growth was driven by strong performance in private customer services and increased market share in corporate staffing despite a weak market.

• International expansion, especially in Denmark, continued but impacted results by 3.1 MSEK in Q2 and 5.5 MSEK for H1.

Financial highlights

• Q2 2025 revenue: 188,987 kkr (up 10.1% YoY); H1 2025 revenue: 300,510 kkr (up 10.3% YoY).

• Q2 operating profit: 23,054 kkr (margin 12.2%); H1 operating profit: 26,782 kkr (margin 8.9%).

• Q2 net income: 18,634 kkr; H1 net income: 21,551 kkr.

• Q2 EPS before dilution: 0.93 kr (0.90 kr after dilution); H1 EPS before dilution: 1.08 kr (1.06 kr after dilution).

• Cash flow from operations after working capital: 17,722 kkr in Q2; 12,505 kkr in H1.

Outlook and guidance

• Focus remains on quality growth, customer satisfaction, and expanding both private and corporate customer bases.

• Continued international expansion is expected, with ongoing investments in Denmark and other markets.