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Third party research

Formpipe: Macro resilience and improving margins - ABG

Formpipe Software

This is a third party research report and does not necessarily reflect our views or values

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Q1 sales +11% y-o-y coupled with improving margins
We cut '25e-'26e adj. EBIT by 2-5% on FX
Margins to improve, 18x-13x '25e-'26e EV/EBIT adj.


Solid growth and improved margins

After a weak end to 2024 with unusually high costs in Q4, 2025 started well. Sales were in line with our estimates and grew 11% y-o-y, driven by good momentum in Lasernet and normalised Delivery revenues in Public. Adj. EBIT was SEK 13m (ABGSCe SEK 12m), up from SEK 4m in Q1'24, driven by higher sales and normalised costs (adj. opex +4% y-o-y vs. +7% y-o-y in Q4). On the latter, Formpipe has taken measures to strengthen profitability (~12 employees laid off), but we stress that the tailwind from this was modest in Q1. Encouragingly, the new offering for Dynamics customers within Lasernet is progressing well—ASP is growing and deal momentum is better—driving Lasernet SaaS ACV to SEK 8m (SEK 6m in Q1'24). This is important, as it is one of the biggest changes management has made since the change of CEO in H2'23.
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