companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

includeResearchContent

researchId

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

Company_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $researchId: ID
  $includeResearchContent: Boolean!
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...Company_query_1TiJKa
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    researchContentExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      totalShares
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Company_query_1TiJKa on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
  ...ResearchContent_query_14bL89
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      pdfUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ResearchContent_query_14bL89 on Query {
  company(companySlug: $companyName) {
    slug
    researchContentFeed @include(if: $includeResearchContent) {
      __typename
      id
      ...Teaser_content
    }
    researchContentIds @include(if: $includeResearchContent)
    researchContent(researchId: $researchId) @include(if: $includeResearchContent) {
      researchId
      researchTitle
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

researchContentExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

slug

feedContent

CombinedX

Redeye: CombinedX: Value-creating divestment

Digia

Digital Workforce

Gofore

Netum Group

Siili Solutions

Solteq

Vincit

Witted Megacorp

Columbus

Trifork Group

Avensia

Addnode Group

Bouvet

B3 Consulting Group

CAG Group

Exsitec Holding

Knowit

Netcompany Group

NNIT

Proact IT Group

Webstep

Nordic IT sector: Getting better, but not quite at 20 yet

Redeye: CombinedX (Q4 review): Entering 2026 with renewed vision

Redeye: CombinedX (Q3 Review) - Mergers and acquisitions paying off

Loihde

Tieto

Triona

Nordic IT service sector Q2’25: Difficulties across geographies

Redeye: CombinedX - Soft market still hurting

Redeye: CombinedX - Acquiring a high-performing Norwegian IFS partner

Redeye: CombinedX - Room for digitalisation

In the IT service sector, a few Nordic companies achieved excellent performance measured by the 'Rule of 20'

Redeye: CombinedX - Stable Performance in Soft Market

Redeye: Redeye IT Consulting Q3 2024 - Cautious Optimism Looking into 2025

Redeye: CombinedX - Weaker Market Hurting

Redeye: CombinedX - Splitting Aspire

Innofactor

IT service sector: Market performance in Denmark and Norway better than in Finland and Sweden

Redeye: Redeye IT Consulting Q2 2024 - Stabilised Market but Rebound Postponed

Redeye: CombinedX - Solid Start to 2024 – Expects Current Market Conditions to Remain

Redeye: CombinedX - Nethouse Expanding in Västernorrland

Redeye: CombinedX - Substantial Acquisition Strengthening the Infor M3 Offering

Redeye: CombinedX - Strong Finish of Solid 2023

Redeye: CombinedX - Positive Market Outlook

 IT service sector: Fast deceleration in figures in Q2 in Finland, better in other Nordic countries

Redeye: CombinedX - Solid Momentum Continued

Redeye: CombinedX - Impressive Q1 but Soft Guidance for Q2

Redeye: CombinedX - Solid Rebound

First North Stockholm

CombinedX is an IT consulting company that offers services within digital transformation, system development, data analysis, automation and cybersecurity. Customers are found in both private companies and public organizations. The company operates through several specialist companies in the Nordic region and participates in both local and cross-border projects. CombinedX was founded in 1993 and is headquartered in Karlstad.

Q4 adjusted EBIT-% hit the average of the previous six years. Likewise for the full year. Quite okay, considering the market has been described as a bit quiet.  Let’s also include Redari’s forecasts for the coming years. In their forecast, the EBIT-% for this year would improve to 10 and for 2026 to 11.

CombinedX Q4 report was released today, the market at least liked it (+12%). The company still doesn’t report in English, so at least I have to interpret these through a translator. Last year’s downturn seems to be turning around, even though organic growth was still negative. However, the profit (EPS 2.82) and cash flow are again attractive relative to the valuation (36.3 SEK / share). Press release:                  www.combinedx.com – 13 Feb 25              DELÅRSRAPPORT / BOKSLUTSKOMMUNIKÉ – Q4 2024                              Pdf:           combinedx.com              combinedx-q4-2024-v17.pdf                              Fourth quarter, Oct 1 – Dec 31  Net sales were SEK 258.0 (210.5) million. Growth was 22.5% (5.1%) of which organic growth was -7.1% (-0.7%) EBITA was SEK 25.5 (29.1) million with an EBITA margin of 9.9% (13.8%) Adjusted EBITA was SEK 25.5 (29.1) million and adjusted EBITA margin was 9.9% (13.8%) EBIT was SEK 21.4 (25.6) million and EBIT margin was 8.3% (12.1%) Adjusted EBIT was SEK 21.4 (25.6) million and adjusted EBIT margin was 8.3% (12.1%) Profit before tax was SEK 22.5 (26.5) million. Cash flow from operating activities was SEK 55.0 (31.9) million. Earnings per share before dilution amounted to SEK 1.07 (1.25) and earnings per share after dilution were SEK 1.07 (1.23).  Full year 2024, 1 Jan – 31 Dec  Net sales were SEK 929.9 (765.7) million. Growth was 21.4% (17.7%) of which organic growth was -2.3% (6.4%) EBITA was SEK 78.2 (94.3) million with an EBITA margin of 8.4% (12.3%) Adjusted EBITA was SEK 81.2 (94.6) million and adjusted EBITA margin was 8.7% (12.3%) EBIT was SEK 63.1 (80.0) million and EBIT margin was 6.8% (10.4%) Adjusted EBIT was SEK 66.0 (80.3) million and adjusted EBIT margin was 7.1% (10.5%) Profit before tax was SEK 62.1 (87.3) million. Cash flow from operating activities was SEK 124.3 (81.4) million. Earnings per share before dilution amounted to SEK 2.82 (4.15) and earnings per share after dilution were SEK 2.82 (4.09). The board of directors proposes a dividend of SEK 1.40 (2.00) per share.  CEO JÖRGEN QWIST COMMENTS One step sideways and several steps forward In the fourth quarter, we continue to go sideways financially. The operating margin (EBIT) was 8.3% (12.1%) and for the full year 2024 we show an adjusted operating margin of 7.1% (10.5%). Including this year’s acquisitions, growth in Q4 amounts to a strong 22.5% (5.1%), but organic growth was quite negative: -7.1 percent (-0.7%). For the full year 2024 we show a total growth of 21.4% (17.7%), of which organic growth was -2.3% (6.4%). The main reason for this year’s weak organic growth and deterioration in earnings is, as I have described in previous reports, a weaker market and lower occupancy than in 2023. We hope and believe that the market will turn upward in 2025, what we know for sure is that it is our ability to sell that will determine how the year turns out. We believe that sales start with a very clear offering. We don’t believe in “We are experts at everything”, because we have never met any such experts. CombinedX is therefore about building companies with strong, clear offers and brands in growing sub-markets. We call them Leading Brands, and as we enter 2025 we are doing so with six companies, each with the ambition to be the very best in their domain. Our best sign that a company is on the right track – that it has found its “cross” in a unique combination of technology and business knowledge – is that it wins new customers and business. That is the cross that the X in the CombinedX logo stands for. Since the previous quarterly report, we have been able to report that M3CS has taken on new Infor M3 projects at Plockmatic and Nudie Jeans, and that Absfront has been entrusted with digitizing the energy company Kraftringen’s sales and delivery processes using Microsoft’s CRM platform as a base. Three good examples of business we want to win in line with each company’s “cross”. This January, M3CS and Elvenite will form one of the largest and fastest growing partners of Infor M3 in the Nordics, a true Leading Brand. During 2024, the companies have gotten to know each other and prepared the groundwork for the merger. In addition, Elvenite offers AI and BI expertise to help its customers take full advantage of their business data. Here is a fourth example of good sales: In December, Skellefteå Kraft invited eight suppliers to a hackathon with the task of finding the best solution to assess the bioenergy content of residual waste from forestry. Elvenite’s AI team found a solution where different data sources can be combined with an AI model for a more precise prediction and won the competition. Skellefteå Kraft has now ordered the solution in an initial production run. Sales can be driven in many ways and this is a textbook example of how demonstrated customer benefit drives business. 2024 was thus a challenging year financially, but strategically we have taken many steps forward. I am thinking mainly of the formation of the new Elvenite together with M3CS and the integration of Aspire into Ninetech, but also of new business such as the examples above and the customer relationships we strengthened during the year when we passed an NPS of +50 for the first time. We are strong for 2025! As shown in this quarterly report, we have adjusted our financial targets so that in future we will measure and comment on our profitability at EBITA level instead of EBIT. This is because it better reflects our underlying profitability and how the capital market analyzes an acquiring group of consulting companies like ours. We are now some way off the new target of 12% EBITA, but with our six well-positioned specialist companies and hard work, I am confident that we will get back there. //Jörgen Qwist, CEO CombinedX

Q1. A decent result against a strong comparison period. EBITA margin was 11.4%. Revenue grew by 6.5%. https://www.combinedx.com/globalassets/dokument/kvartalsrapporter/2025/combinedx-q1-2025-ver-20-final.pdf Interim Report Q1 2025  First quarter, January 1 – March 31  • Net sales were 239.2 (224.7) MSEK  • Growth was 6.5% (7.5%) with organic growth of -4.9% (-1.4%)  • EBITA amounted to 27.3 (25.0) MSEK and EBITA margin was 11.4% (11.1%)  • Adjusted EBITA amounted to 27.3 (27.4) MSEK and adjusted EBITA margin was 11.4% (12.2%)  • Profit before tax was 21.2 (22.0) MSEK  • Cash flow from operating activities was 16.1 (31.9) MSEK  • Earnings per share before dilution amounted to 0.95 (1.02) and earnings per share after dilution was 0.95 (1.00) SEK

In this quiet thread, one might update with information that is less company-specific, but still relevant to some Nordnet (Superloan) customers: A 20% lending value has been added for CombinedX.

CombinedX’s profitability remained a bit low (adjusted EBIT % 3.1) in Q3. Redeye analyst comments can be found via the link. https://www.redeye.se/research/1047433/combinedx-q3-soft-quarter I’m wondering how concerned one should be about this lagging EBIT %. I recorded the quarterly figures since 2019 in the table. The company has had quite a bit of fluctuation there. Profitability is typically lowest in Q3 (average Q3 adj. EBIT % 3.8 in 2019-2024). So far, 2024 looks a lot like 2022, when Q1 was strong and Q2 and Q3 were weaker. Now, Q4 might not be as strong as what has been seen in recent years, because the company stated that the market is in a bit of a wait-and-see mode and investment decisions have been postponed. All in all, my observation is that the company’s profitability fluctuates surprisingly much from quarter to quarter in both directions.

CombinedX AB (publ) has decided to bring forward the publication of the interim report for the period 1 January - 31 March 2025 (Q1). The report will be published on Wednesday, May 7, 2025, at 07:00 AM, instead of the previously communicated time (13:30 PM on the same day). The investor presentation and Q&A session planned for the same day will still take place on the same day (Wednesday, May 7) from 14:00 PM - 14:30 PM. Registration for the presentation/Q&A session can be done at So, as I understand it, the earnings release has been moved from that odd midday publication to the morning. Doesn’t bother me at all

This news had slipped by, so I’m posting it here now. CombinedX has been making acquisitions in May. 12.5.2025 CombinedX: Acquiring a high-performing Norwegian/Swedish IFS specialist Redeye views the deal positively.  "The deal values Align at 1.3x sales and 5.2x EBITA in 2024, excluding earn-out and 1.9x sales and 7.7x EBITA, including earn-out. We believe 5.2x EBITA is attractive for an IT consulting firm with 20% organic growth and 25% EBITA margins. The median EV/EBIT for 2025e for listed Nordic IT consulting firms is 10.0x. While those companies are significantly bigger than Align, none have 20% organic growth and 25% EBITA margins." Link to the full Redeye update.  https://www.redeye.se/research/1107251/combinedx-acquiring-a-high-performing-norwegian-ifs-partner Redeye’s forecasts below

Edastra

Grenspecialisten

Joni Grönqvist

Frans-Mikael Rostedt

CombinedX

34.60 SEK

-0.29 %