IT consulting firm Combinedx reports lower revenue but a sharply improved operating profit in the third quarter, driven by a capital gain from the divestment of Netgain.
Revenue fell 28.6 percent to SEK 142.8 million (200.0). Organic growth was -0.6 percent (-2.5).
EBITDA amounted to SEK 61.7 million (24.1), with an EBITDA margin of 43.2 percent (12.1).
Results were positively impacted by a capital gain of SEK 47.1 million from the divestment of Netgain. Excluding the divested operations Nethouse and Netgain, revenue increased by 1.1 percent.
EBITA rose to SEK 55.1 million (17.2), with an EBITA margin of 38.6 percent (8.6).
Adjusted EBITA amounted to SEK 8.1 million (17.2), with an adjusted EBITA margin of 5.7 percent (8.6).
Operating profit, EBIT, was SEK 46.6 million (7.7), with an operating margin of 32.7 percent (3.9).
Adjusted operating profit was negative SEK 0.4 million (7.8).
Profit after tax was SEK 47.5 million (4.0), and earnings per share amounted to SEK 2.44 (0.21), both before and after dilution.
CEO Jörgen Qwist notes that profitability in the remaining operations has deteriorated and that the company needs to improve its billing rate and adjust costs to a smaller organization. At the same time, he sees signs of improving demand.
Combinedx continues its strategic review and shift toward AI. After the end of the quarter, the company entered into an agreement to divest Enqore for SEK 70 million. Associate company Xalerate has also acquired the operations of AI platform company Violet AI.
Key figures, SEK millionQ3 2026Q3 2025ChangeNet sales142.8200.0-28.6%Organic growth-0.6%-2.5%+1.9 ppEBITDA61.724.1+156.0%EBITDA margin43.2%12.1%+31.1 ppEBITA55.117.2+220.3%EBITA margin38.6%8.6%+30.0 ppAdjusted EBITA8.117.2-52.9%Adjusted EBITA margin5.7%8.6%-2.9 ppEBIT46.67.7+505.2%EBIT margin32.7%3.9%+28.8 ppAdjusted EBIT-0.47.8Net profit47.54.0+1 087.5%Earnings per share, SEK2.440.21+1 061.9%
