Summary of interim period, October–December 2025
Summary of interim period, January–December 2025
A good ending to an anniversary year
With 2025 behind us, the year concluded in the same cautious market environment that characterized the earlier quarters, with both customer and acquisition processes taking longer than expected. Even so, I am pleased that we were able to deliver both total growth of 6% for the full year and 9% for the fourth quarter. During the year, we completed two acquisitions, one of which was finalized in the fourth quarter. As a result, the contribution from acquisitions to overall growth was lower than in previous years, placing greater emphasis on organic growth. I am particularly satisfied with the 12% increase in our subscription-based revenues during the quarter, of which 8% was organic. This further strengthens our stable base of recurring revenues for future periods.
One area where I am less satisfied is that, for the full year 2025, we did not increase operating profit at a faster rate than revenue growth, an increase which has been the case in previous years. A goal we have set—and are working to reach once again—is to achieve an operating margin of at least 20% and to increase it gradually over time. EBITA for the quarter amounted to SEK 268 million, compared with SEK 269 million in the same period last year, while our internal performance measure, Cash EBIT, declined to SEK 227 million from SEK 234 million, in line with expectations. Operating profit totaled SEK 206 million, compared with SEK 178 million, representing an increase of 16%.
Cash flow from operating activities for the quarter was strong, increasing to SEK 111 million compared with SEK 10 million in the corresponding period last year. For the full year, operating cash flow amounted to SEK 1,110 million, compared with SEK 949 million. Net interest-bearing debt to EBITDA stood at 1.9x following the acquisition of NMG, whose result is included for only three months.
In 2025, we completed two acquisitions: the Netherlands-based Intergrip and Poland-based NMG. We evaluated approximately 300 companies, in line with prior years, although the processes took longer than expected. It is therefore particularly gratifying that, at the beginning of the current year, we were able to announce two additional acquisitions as a direct result of the work carried out during 2025—first the Netherlands-based Autonet, followed by Sweden-based Infometric. Both companies hold strong market positions and offer mission-critical software within their respective verticals, fully meeting our acquisition criteria. With strong cash flow at the start of each year and unused capacity under both our revolving credit facility and bond financing, our financial readiness for additional acquisitions remains solid.
The Board of Directors proposes that the Annual General Meeting approve an increase in the dividend per share in line with earnings per share growth, raising the dividend by 2% to SEK 3.68. If approved, this would mark the 24th consecutive year of dividend growth.
In closing, I would like to thank all colleagues who contributed to making our anniversary year truly special. Thank you for your hard work, and we now look ahead to 2026.
Olle Backman, CEO and President
Vitec Software Group
