HomeMaid Q3’25 preview: Strong top-line growth in the cards, compounded by Rimab consolidation

Source: Inderes

HomeMaid will publish its Q3 report on Tuesday, November 18, 2025. We expect a strong revenue growth of 30 %, primarily driven by the consolidation of Rimab (acquired in July), but also supported by continued solid organic momentum. Although the acquisition is expected to temporarily dilute the Group's relative profitability, we estimate EBITA to grow from the comparison period. The progress of Rimab's integration and profitability development, as well as comments on B2C customer trends following intensified marketing investments and market outlook, will be of interest in the report.

Rimab consolidation drives strong reported growth of 30 % year-on-year

We forecast HomeMaid's Q3 revenue to increase by 30 % year-on-year to 157 MSEK (Q3'24: 121 MSEK). The strong top-line growth is primarily driven by the Rimab acquisition, which is estimated to contribute some 24 MSEK in revenue, or 20 % of the revenue growth, during the quarter. In addition, organic growth is estimated to be at a strong level (10 %), supported by continued strong development in the RUT market, intensified marketing initiatives, and improving B2C conditions.

Looking at the broader RUT market, data from the Swedish Tax Authority shows continued positive development, with total RUT-deduction increasing 6 % y/y in Q3’25 (Q2’25: 9 %, Q1’25: 11 %). While this is slightly below the trailing twelve months’ growth of 9 % and indicates a decelerating y/y growth relative to previous quarters, it remains at a healthy level of activity in the market overall. Focusing on the Cleaning category, growth was also 6 % y/y (Q2’25: 8 %, Q1’25: 10 %), showing a similar decelerating but still solid trend as the broader RUT market.

For the B2C segment, we expect continued strong performance with organic growth of 11 %, supported by the continued good development on the RUT market and the intensified marketing and sales investments announced in Q2. Management highlighted increased spending on marketing and the recruitment of additional sales personnel to accelerate growth, which we believe will support keeping good customer acquisition momentum. Equally important will be maintaining low churn. During and after the quarter, we have witnessed further rate cuts, relatively stable inflation, and gradually improving consumer sentiment, all of which we believe support our growth outlook

The B2B segment continued to recover in Q2 following a soft 2024, and we believe the stable-to-improving economic environment in Q3 supports further progress. Including Rimab, we expect B2B revenue of 62 MSEK (Q3’24: 35 MSEK). Growth in the segment will naturally be significantly influenced by the acquisition of Rimab, but we expect organic growth to show an uptick to 8 % y/y in Q3 (Q2’25: 6 %), also supported by a softer comparison base.

Rimab’s consolidation is expected to weigh on margins, but we expect them to remain at a good level

We estimate EBITA at 16.6 MSEK (Q3'24: 14.1 MSEK), corresponding to a margin of 10.5 % (11.6 %). The year-on-year margin compression primarily reflects Rimab's initial dilutive effect on margins due to lower underlying profitability, but we also expect higher marketing and sales expenses to weigh slightly on margins. However, we expect this to be partially offset by continued operational improvements in HomeMaid's core business. Rimab is expected to contribute 1 MSEK to EBITA in Q3 (4.2 % margin), following management commentary in conjunction with the Q2 report on Rimab's solid progress in its profitability turnaround, where management expects the margin to land at the upper end of the FY25 guidance range of 3-5 %.

Integration progress, market outlook, and effects from intensified marketing initiatives in focus

For FY2025, we forecast revenue of 597 MSEK (FY25e pro forma: 646 MSEK), representing a 19 % growth year-on-year, of which 9 % organically. Adjusted EBITA margin is expected to improve to 9.2 % (FY24: 8 %, pro forma 2025: 8.8 %), supported by scaling effects from a favorable RUT market (B2C), a recovering B2B segment, and continued efficiency improvements driving gross margin expansion.

As HomeMaid does not provide official guidance, management commentary on market conditions and customer trends (e.g. churn, intake) will be of particular interest. The progress of Rimab's integration will also be a focal point in the report, where we hope to learn how the post-acquisition cooperation has started and whether synergies have already begun to be realized, as well as how Rimab's profitability turnaround program has progressed during and after the third quarter.

While the acquisition of Rimab contributes to a more balanced mix between B2C and B2B (FY25e pro forma: ~60/40), we still view the RUT data issued by the Swedish Tax Authority as valuable indicators of HomeMaid’s revenue trajectory. We feel the October data, showing 11 % y/y growth (9 % LTM) in the cleaning segment, continues to signal high market activity. Given that roughly 80 % of HomeMaid’s revenue is subscription-based, we see good conditions for continued solid growth ahead. That said, if growth in the coming months deteriorates, or if the macro conditions (GDP growth, inflation, interest rates) weaken, it could prompt us to revise our estimates, as HomeMaid’s B2C revenues are closely tied to the development of the home cleaning market.