Veteranpoolen (VPAB) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached 194,449 kkr, a 20.4% increase year-over-year, with strong growth in both corporate and private customer segments, especially in Handicraft, Care, and Home Help services.

• Operating profit for Q3 2025 was 28,196 kkr, up 28% from the previous year, with a margin of 14.5%.

• Net income for Q3 2025 was 22,454 kkr, with EPS before dilution at 1.12 kr and after dilution at 1.07 kr.

• For the first nine months of 2025, revenue grew 14.1% to 494,959 kkr, and net income reached 44,014 kkr.

Financial highlights

• Q3 2025 operating cash flow after working capital changes was 26,392 kkr; for the nine months, it was 38,896 kkr.

• Liquidity at September 30, 2025, was 58,007 kkr, and equity was 61,852 kkr.

• Soliditet (equity ratio) stood at 34.8% at the end of Q3 2025.

Outlook and guidance

• The reversion of the temporary ROT tax deduction to 30% at year-end is expected to boost Handicraft job volumes in late 2025 but may dampen demand in early 2026.

• Capacity constraints in Handicraft services limit the impact of demand fluctuations on total revenue.

• Expansion in Denmark through Seniorstyrken AS is progressing, with plans to establish franchisees following strong Q3 growth.