Formpipe Software : Interim report Q1

Published: 2025-04-29 02:19:15 ET FPIP.ST

2025

2024

Net sales of SEK

139 m

(125 m)

11%

Recurring revenues of SEK

112m

(102 m)

10%

which corresponds to % of net sales

80 %

(81 %)

EBITDA SEK

30 m

(21 m)

41%

EBITDA margin

22 %

(17 %)

EBIT-adj

13 m

4 m

187%

EBIT-adj margin

9 %

(4 %)

EBIT

5 m

(4 m)

EBIT margin

3 %

(4 %)

Net profit SEK

5 m

(2 m)

188%

Net profit margin

4 %

(1 %)

EPS before dilution SEK

0.09

(0.03)

187%

Cash flow from operating activities SEK

29 m

(30 m)

-4%

ACV SEK

11 m

(6 m)

72%

ARR SEK

451 m

(426 m)

Jan-Mar

(SEK Million)

2025

2024

Net Sales

139,1

124,9

whereof recurring revenue

111,7

101,9

EBITDA

30,2

21,3

Margin, %

21,6%

17,0%

EBIT - excluding items affecting comparability

12,8

4,5

Margin, %

9,1%

3,6%

EBIT

4,5

Margin, %

3,2%

3,6%

"Continued positive profitability trend"

Christian Sundin, CEO Formpipe

Q1 2025.

First quarter 2025 results Formpipe Software

"Improvements in all areas"

Magnus Svenningson, CEO Formpipe

ACV SEK 11 m (6 m)

ARR SEK 451 m (426 m)

This is a translation of the original Swedish version. In the event of any discrepancies between

the two versions, the original Swedish version shall take precedence. The information was submitted for publication, at 08.15 CET 29 April 2025.

Comments from the Group's CEO

We start the year with improved margins compared to both the previous year and quarter. The change work continues with a focus on organic sales growth and efficiency efforts. Sales-wise, the year has started well, especially for the Microsoft Dynamics business within the Lasernet business area and within the Public business area. At the group level, we see improvements in all areas. Net sales increased by 11 percent to SEK 139 million (125 million), EBIT increased to SEK 13 million (4 million) excluding one-time items, and ACV increased to SEK 11 million (6 million).

Lasernet has implemented personnel-related cost savings with the intended effect during the quarter. We see good development in turnover, which grows by 17 percent to SEK 61 million (52 million) and an EBIT that increased by 33 percent to SEK 8 million (6 million) excluding one-time costs. New business generates an increased ACV of SEK 8 million (5 million). This quarter, ACV is driven by continued good development of the Microsoft Dynamics business, however, Bank & Finance is weaker than expected. We see more and more signs that part of the good development in the Microsoft Dynamics business is a result of our repackaging and introduction of the freemium business model Essentials. We are creating new partner relationships that generate business, while our existing partners express that they are strengthening their offerings with the help of Essentials. We continue to explore new expansion opportunities regarding geography, business systems, and industries. We will start this expansion gradually in the coming quarters and continue our journey towards good profitability and growth. Lasernet plays a clear role among the many

IT-systems used by larger companies with a complicated value chain or high demands on customer communication or regulatory compliance.

We have now made significant progress in creating a unified organization, and we see concrete results from our joint technology development efforts in the form of a first installation at one of our municipalities, on a small scale but with real users. This is an important step forward as it validates that our new development process and technology stack work in harmony with our installed base and provide our customers with access to new features. Our customers are risk-aware and do not readily adopt untested technology. With this step behind us, it will be possible to increase the rollout pace and also add new functionality during the year. In

terms of figures, we increased turnover by 8 percent to SEK 78 million (72 million), and I especially want to highlight the margin improvement to SEK 12 million (5 million) EBIT excluding one-time items.

In Formpipe as a whole, we continue the work with our change journey and see that both our business areas have launched new business offerings, become more efficient, and improved margins. We see continued good opportunities for expansion within and outside the areas where Lasernet is currently active.

Furthermore, Public has an interesting position in a market that, given the very turbulent developments in our vicinity and in the world, faces great challenges. Formpipe has the expertise and offerings that enable the public sector to manage and store its data under its own control, which increases both independence and robustness in their operations. The basic conditions for continued good development of our business areas are good despite a difficult external environment.

We continue to develop and simplify our group structure to achieve more independent subsidiaries and decentralized decision-making. The work involves ensuring that the legal structure reflects the operational one, meaning that personnel, contracts, etc., related to a specific business area should also belong to the same legal entity.

During the first months of the year, we have not only delivered improved results but also taken important steps forward in our long-term work. It is truly inspiring to see the strength and will within our team. I want to extend a warm thank you to all employees for your efforts - you are making a real difference. Now we continue the journey, together!

January - March 2025

Net sales for the period increased by 11 % compared to previous year and totalled to SEK 139.1 million (124.9 million). Software revenue increased by 9 % from the previous year and totalled to SEK 112,9 million (103.2 million).

Total recurring revenue for the period increased by 10 % from the previous year and totalled to SEK

111.7 million (101.9 million), which is equivalent to 80

% of net sales (82 %). Exchange rate effects have affected net sales favourably by SEK 0.3 million in comparison with the previous year.

Revenue split, Jan - Mar 2025

Recurring revenue, rolling 12 m, mSEK

450

440

430

420

410

400

390

380

370

2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1

Annual recurring revenue (ARR), mSEK

500

480

460

440

420

400

380

360

340

320

300

451

440

-5

420

427

-10

ARR

In 24Q1

ACV (+)

ACV (-)

ARR

Out 24Q1

ARR

In 25Q1

ACV (+)

ACV (-)

ARR

Out 25Q1

January - March 2025

The operating costs for the period totalled to SEK

127.0 million (120.8 million). Personnel costs totalled to SEK 73.7 million (74.2 million). Selling expenses totalled to SEK 18.4 million (13.5 million). Other costs totalled to SEK 30.4 million (29.8 million). Exchange rate effects have increased expenses by SEK 0.4 million in comparison with the previous year.

Recurring revenues in relation to fixed operating costs, rolling 12 m, mSEK

Cash equivalents

450

440

430

420

410

400

390

380

370

2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1

Fixed operating costs, R12 Recurring revenue, R12

110%

105%

100%

95%

90%

85%

80%

75%

70%

Cash and cash equivalents at the end of the period amounted to SEK 51.2 million (54.6 million). The company's total bank overdraft facility amounts to SEK 50.0 million. At the end of the period it was not utilized (0.0 million). The total accessible funds therefore amount to SEK 101.2 million (104.6 million).

The group had interest-bearing debt at the end of the period totalling to SEK 20.3 million (36.5 million), whereof SEK 10.3 million (16.5 million) refers to lease debts according to IFRS 16.

The group's net cash position thereby totalled to SEK

30.9 million (18.1 million), which corresponds to a net

Recurring revenue / fixed operating costs, R12 %

January - March 2025

Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 30.2 million (21.3 million) with an EBITDA margin of 21.7 % (17.1 %). Operating profit (EBIT) excluding items affecting comparability totalled to SEK 12.8 million (4.5 million) with an adjusted operating margin of 9.2 % (3.6 %). EBIT amounted to SEK 4.5 million (4.5 million) with an operating margin of 3.2 % (3.6 %). Net profit totalled to SEK 5.1 million (1.8 million). Exchange rate effects have affected EBIT unfavourably by SEK 0.1 million in comparison with the previous year.

Sales and EBITDA margin, mSEK

cash position of SEK 41.2 million (34.5 million) excluding IFRS 16-related debt.

Deferred tax asset

By the end of the period the group's deferred tax assets attributable to accumulated losses amounted to SEK 2.3 million (SEK 3.4 million).

Equity

Equity at the end of the period amounted to SEK

469.5 million (498.1 million), which was equivalent to SEK 8.65 (9.19) per outstanding share at the end of the period. Changes in the value of the Swedish krona compared to other currencies have changed the value of the group's net assets in foreign currencies by SEK -22.1 million (16.9 million) from the end of the year.

Equity ratio

160

140

120

100

2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1

Support & Maintenance SaaS

License Delivery

EBIT margin

The equity ratio at the end of the period was 58 % (59 %).

Cash flow from operating activities

Cash flow from operating activities for the period totalled to SEK 28.6 million (29.9 million).

Investments and acquisitions

Total investments for the period January - March amounted to SEK 13.2 million (14.6 million).

Investments in intangible assets totalled to SEK

13.3 million (14.2 million) and refer to capitalized product development costs.

Investments in tangible and financial assets totalled to SEK 0.0 million (0.4 million).

Acquisitions of subsidiaries amounted to SEK 0.0 million (- million).

Financing

During the period January - March the company amortized SEK 2.5 million (2.5 million).

The existing bank overdraft facility of SEK 50.0 million was unutilized at the end of the period (0.0 million). Leasing related liabilities amounted to SEK

10.3 million (16.5 million) at the end of the period. The group's interest-bearing debt at the end of the period was thereby SEK 20.3 million (36.5 million).

Data and information are becoming more and more important for the financial development: they are the foundation for many new products and services, leading to productivity and efficiency gains in all sectors of the economy. Being able to harness the opportunities of digitalization has become one of the most important issues of our time. The benefits of being able to collect, verify, process, and present data are extensive.

Formpipe has a strong market position with stable, recurring, and profitable revenues, which enables growth through investments in new and existing markets as well as the development of new offerings.

Customer Communication Management (CCM) are tools and methods that companies use to manage communication processes with customers and suppliers. Lasernet operates within this market and helps organizations deliver relevant, timely, and accurate communication, leading to increased customer satisfaction.

Lasernet produces, customizes, formats, and

several other ERP systems, such as Infor, IFS, and SAP.

The acquisition of Dictymatec in 2024 gives Lasernet an increased presence in the French, Spanish, and Latin American markets. Dictymatec also has experience with ERP systems such as SAP, which gives Formpipe the opportunity to better evaluate the possibilities within this ERP system.

In Banking, Lasernet has well-established partnerships with Temenos and is today a highly appreciated third-party solution for document management. In addition to Temenos, other system providers in Banking have shown interest in including Lasernet in their offerings, and Formpipe now also has cooperation agreements with Thought Machine and Mambu.

Q1 2025 (Lasernet)

Lasernet continues to grow strongly, with recurring revenue increasing by 16% to SEK 54 million (SEK 46 million), of which SaaS increased by 28% to SEK 36 million (SEK 28 million) for the quarter. SaaS growth continues and the graph below shows the development during Q1 over the past 5 years.

Lasernet SaaS, MSEK

distributes content from various systems and data sources to the format that best suits the company in its communication with customers or other business partners. Lasernet complements ERP systems and enables business documents to be delivered in exactly the format and layout desired. The ERP market is growing rapidly, driven by digital transformation, cloud-based solutions, and advanced technologies such as AI and IoT.

2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1

70%

60%

50%

40%

30%

20%

10%

The Lasernet business area has two focus areas: ERP and Banking. In ERP, growth is largely driven by Microsoft's success with Dynamics and its clear focus on cloud solutions, where Lasernet is the leading solution for configuring business documents from the ERP system.

In 2024, Lasernet launched Essentials for Dynamics, a new product packaging where a freemium version is now offered to Dynamics customers to easily try Lasernet and then gradually increase their consumption towards a full Enterprise solution. In addition to Dynamics, Lasernet has customers in

Lasernet SaaS Lasernet SaaS Growth %

Total revenue amounted to SEK 61 million (SEK 52 million) and the result (EBITDA) to SEK 13 million (SEK 11 million), with an EBITDA margin of 21% (21%).

The Public business area provides mission-critical software for document and case management to the public sector in Sweden and Denmark with products such as Platina, W3D3, and Adoxa in Sweden, as well as Acadre, Adoxa, and TAS in Denmark.

Main trends in the public sector include increasing demands for efficiency and regulatory requirements such as NIS2 and GDPR, as well as an increased threat from cyberattacks and Sweden's accession to NATO. This drives the need for digitalization and automation to counteract cost increases.

The market is growing with increased needs for effective regulatory compliance and information security. Formpipe has a leading market position in Sweden and Denmark and is investing in new functions within digitalization, such as automation and AI.

The Swedish government promotes digitalization in the public sector to increase efficiency and improve accessibility. A report from the AI company Tendium shows that public organizations in Sweden have increased their IT expenditures by 25 percent over four years. The government has received proposals from Digg to improve the governance and coordination of digitalization efforts.

At the beginning of 2024, the business areas for the Danish and Swedish public sectors were merged into a common business area, Public. The merger provides increased clarity, focus, and synergies across national borders.

This allows Formpipe to better meet our customers' growing needs and focus on developing attractive offerings for the public sector, with a focus on efficiency, legislation, and data sovereignty. Thanks to a common organization, resources are freed up for customer dialogue, innovation, and product development.

The work continues to move Public from developing and selling a number of products to a product platform with more common functions. This provides advantages in the form of increased resources for the development of new functionality and the application of modern product development technologies.

Q1 2025 (Public)

During the first quarter, recurring revenues grew by 4% to SEK 57 million (SEK 55 million), of which SaaS grew by 18% to SEK 12 million (SEK 10 million).

Below is the SaaS growth for Public during Q1 over the past 5 years.

The business area's total revenues amounted to SEK 78 million (SEK 73 million) and its result (EBITDA) amounted to SEK 23 million (SEK 17 million), with a margin of 30% (23%).

At the end of March, Public held its annual customer meeting with its Swedish customers. Over 200 participants listened to seminars on topics such as AI for the public sector and Long-Term Archive, see the image below.

Significant Events

Formpipe issued a profit warning on January 20, 2025, announcing that the results for the fourth quarter for 2024 were expected to be lower than anticipated. The quarter was burdened by a one-time cost due to the cyber incident that occurred in the Danish operations during the fall. Together with costs for ongoing change projects, the quarter's results were negatively impacted. Formpipe simultaneously announced measures in the cost structure, primarily focused on the Lasernet business area.

CPO Lina Elo will leave at the end of Q1 2025 and will be replaced by interim CPO Jesper Bruksner.

Nothing to report.

Other

The number of employees at the end of the reporting period totalled to 262 persons (263 persons).

The significant risk and uncertainty factors for the group and the parent company, which include business and financial risks, are described in the annual report for the last financial year. During the period there have been no other changes in the risk and uncertainty factors for the group and the parent company.

No related party transactions have occurred during the period.

The group's financial reports are prepared in accordance with International Financial Reporting Standards (IFRS) in the way in which they have been adopted by the European Union, the Swedish Annual Accounts Act, RFR 1 Additional Accounting Regulations for Groups issued by the Swedish Financial Reporting Board and in accordance with the regulations that the Stockholm Stock Exchange stipulates for companies listed on Nasdaq Stockholm. Preparing financial reports in accordance with IFRS requires that the company management makes accounting evaluations and estimates and makes assumptions that affect the application of the accounting policies and the reported values of assets, liabilities, income and costs. The actual result can differ from these estimates and evaluations. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The interim report covers pages 1-20 and the interim report on pages 1-9 is thus an integral part of this financial report. The most important accounting policies according to IFRS, which constitute the accounting standard for the preparation of this interim report, are stated in the company's most recently published annual report.

The financial reports of the parent company have been pre-pared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities issued by the Swedish Financial Reporting Board. The same accounting policies and methods of calculation have been applied in the interim report and in the most recent annual report.

Formpipe Software AB (publ) is a Swedish software company in the field of Content Services (previously Enterprise Content Management, ECM). Several thousand customers in more than 60 countries currently entrust us and our services. Our market-leading position gives us clear competitive advantages in the development and sale of software for effective and valuable information services. The Company focuses on products for document and records management, automation of information-intensive business processes, e-archives, data quality and smart management of customer communication.

Formpipe was founded in 2004 and has offices in Sweden, Denmark, United Kingdom, USA, France and Germany. The Formpipe share is listed on Nasdaq Stockholm.

April 29, 2025 AGM 2025

July 15, 2025 Interim report Jan-Jun

October 24, 2025 Interim report Jan-Sep

This interim report has not been subjected to review by the company's auditors.

The Annual Report is available on Formpipe's website, https://www.formpipe.com.

The Annual General Meeting is held at the head office at Sveavägen 168, on April 29, 2025.

Can be ordered from the below contact details. All financial information is published on https://www.formpipe.com immediately after being made public.

Magnus Svenningson, Managing Director Telephone: +46 739 639 700

E-mail: [email protected] Stockholm April 29, 2025

Formpipe Software AB

The Board of Directors and the Managing Director

Formpipe Software AB (publ)

Swedish company reg. no.: 556668-6605 Sveavägen 168 | Box 231 31 | 104 35 Stockholm

T: +46 8 555 290 60 | F: +46 8 555 290 99

[email protected] | https://www.formpipe.se

Jan-Mar

(SEK 000) 2025 2024

Net Sales

Other opertaing income

139 078

639

124 889

410

Total income

139 717

125 299

Sales expenses

-18 391

-13 549

Other costs

-30 409

-29 779

Personnel costs

-73 677

-74 203

Capitalized work for own account

12 912

13 551

Operating profit/loss before depreciation/amortization

and non-comparative items (EBITDA)

30 152

21 319

Items affecting comparability

-8 250

Depreciation/amortization

-17 391

-16 865

Operating profit/loss (EBIT)

4 511

4 454

Financial income and expenses

-238

Exchange rate differences

2 725

-2 689

Tax

-1 911

243

Net profit for the period

5 088

1 769

Of which the following relates to:

Parent company shareholders

5 088

1 769

Other comprehensive income

Translation differences

-22 089

16 884

Other comprehensive income for the period, net after tax

-22 089

16 884

Total comprehensive income for the period

-17 002

18 653

Of which the following relates to:

Parent company shareholders

-17 002

18 653

EBITDA margin, %

21,6%

17,0%

EBIT margin, %

3,2%

3,6%

Profit margin, %

3,6%

1,4%

Earnings per share attributable to the parent company's shareholders during the period (SEK per share)

- before dilution

0,09

0,03

- after dilution

0,09

0,03

Average no. of shares before dilution, in 000

54 258

54 218

Average no. of shares after dilution, in 000

54 258

54 218

31 Mar 31 dec

(SEK 000) 2025 2024 2024

ASSETS

Non-current assets

Intangible assets

Capitalized expenditure

167 360

170 911

172 571

Goodwill

439 961

454 813

458 206

Other intangibel assets

3 943

7 602

5 052

Intangible assets

611 265

633 326

635 829

Tangible assets

Other equipment & furnitures

17 013

23 137

20 191

Tangibel assets

17 013

23 137

20 191

Financial assets

Other financial assets

1 746

1 843

1 846

Other non-current receivables

1 148

209

Financial assets

1 746

2 992

2 055

Non-current receivables

Deferred tax assets

2 263

3 379

1 080

Non-current receivables

2 263

3 379

1 080

Non-current assets

632 287

662 833

659 155

Current assets (excl. cash equivalents)

Current receivables

Trade receivables

89 848

80 462

110 517

Current tax assets

7 948

7 980

7 311

Other receivables

-1

Prepaid costs and accrued income

32 936

43 617

30 760

130 732

132 064

148 590

Cash equivalents

51 171

54 569

46 523

TOTAL ASSETS

814 189

849 466

854 269

31 Mar 31 dec

(SEK 000) 2025 2024 2024

EQUITY

Share capital

Other paid-in capital Revaluation reserves

Retained earnings including profit for the year

5 426

230 325

43 213

190 543

5 422

229 178

66 873

196 623

5 426

230 325

65 302

185 117

Equity

469 506

498 096

486 170

LIABILITIES

Non-current liabilities

Liabilities to credit institutions

10 000

2 500

Deferred tax liabilities

39 233

41 470

40 566

Non-current leasing liabilities

4 869

8 552

6 315

Non-current liabilities

44 102

60 021

49 381

Current liabilities

Liabilities to credit institutions

10 000

Current leasing liabilities

5 433

7 955

6 149

Trade liabilities

24 260

29 401

35 630

Current tax liabilities

1 226

-0

Other liabilities

11 192

9 346

14 576

Accrued expenses and deferred income

248 469

234 645

252 362

Current liabilities

300 581

291 348

318 718

Liabilities

344 683

351 369

368 099

TOTAL EQUITY AND LIABILITIES

814 189

849 466

854 269

Net interest-bearing debt (-) / cash (+)

30 869

18 062

21 559

Equity attributable to the parent company's shareholders

(SEK 000)

Share capital

Other contributed

capital

Other reserves

Profit/loss brought forward

Total

Balance at January 1, 2023

5 422

229 178

49 989

194 854

479 443

Comprehensive income

Net profit for the period

1 769

Other comprehensive income items

16 884

Total comprehensive income

16 884

1 769

18 653

Balance at June 30, 2023

5 422

229 178

66 873

196 623

498 096

Balance at January 1, 2024

5 426

230 325

65 302

185 117

486 170

Comprehensive income

Net profit for the period

5 088

Other comprehensive income items

-22 089

Total comprehensive income

-22 089

5 088

-17 002

Transaction with owners

Incentive program regulated by equity instruments

338

Total transaction with owners

338

Balance at June 30, 2023

5 426

230 325

43 213

190 543

469 506

Jan-Mar

(SEK 000) 2025 2024

Cash flow from operating activities

Operating profit/loss (EBIT)

4 511

4 454

Items not affecting cash flow

- Depreciation

17 391

16 865

- Other items

366

Other items affecting liquidity

Interest revenue

268

426

Interest expense

-369

-708

Realized currency effects

3 685

-2 876

Income tax paid (-) / reimbursed (+)

-1 612

2 667

Cash flow from operating activities

24 240

20 909

before working capital changes

Increase (-) / decrease (+) work in progress

-1 894

-1 129

Increase (-) / decrease (+) trade receivables

16 580

25 843

Increase (-) / decrease (+) other current receivables

-2 013

-3 512

Increase (+) / decrease (-) trade payables

-10 734

-7 876

Increase (+) / decrease (-) current liabillities

2 442

-4 295

Cash flow from changes in working capital

4 381

9 031

Cash flow from operating activities

28 621

29 940

Cash flow from investing activities

Investment in intangible assets

-13 264

-14 177

Investment in tangible assets

-184

-636

Investment in financial assets

209

221

Cash flow from investing activities

-13 239

-14 592

Cash flow from financing activities

Repayment of loans

-2 500

Repayment of leasing liabillities

-2 181

-1 763

Cash flow from financing activities

-4 681

-4 263

Chas flow for the period

10 701

11 084

Currency translation differences for cash

-6 054

3 745

Cash and cash equivalent at the beginning of the period

46 524

39 740

Cash and cash equivalent at the end of the period

51 171

54 569

(SEK 000)

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

SaaS

32 135

33 679

36 062

38 373

41 673

43 879

45 950

48 106

Support and maintenance

62 339

65 454

64 743

63 489

64 991

65 088

64 648

63 552

Recurring revenue

94 474

99 133

100 805

101 861

106 665

108 967

110 598

111 658

License

7 924

1 928

6 070

1 318

3 628

850

2 716

1 269

Software revenues

102 398

101 062

106 875

103 180

110 293

109 817

113 314

112 928

Deliveries

34 871

22 292

28 764

21 710

22 047

19 756

27 193

26 150

Other income

215

462

582

410

406

423

396

639

Total income

137 484

123 816

136 221

125 299

132 746

129 997

140 903

139 717

Sales expenses

-16 340

-14 241

-15 413

-13 549

-15 709

-14 977

-17 015

-18 391

Other costs

-30 480

-28 500

-32 569

-29 779

-32 975

-31 456

-34 328

-30 409

Personnel costs

-75 321

-65 304

-72 319

-74 203

-72 469

-65 456

-77 718

-73 677

Capitalized development costs

13 740

13 434

17 052

13 551

13 517

14 821

13 137

12 912

Total operating expenses

-108 401

-94 610

-103 249

-103 981

-107 636

-97 068

-115 924

-109 564

EBITDA

29 083

29 206

32 973

21 319

25 110

32 929

24 979

30 152

21,2%

23,6%

24,2%

17,0%

18,9%

25,3%

17,7%

21,6%

Items affecting comparability

-1 465

-6 061

-4 703

-8 250

Depreciation/amortization

-16 142

-16 153

-15 722

-16 865

-17 189

-17 259

-17 699

-17 391

EBIT

12 941

11 588

17 251

4 454

7 921

9 610

2 577

4 511

9,4%

12,7%

3,6%

6,0%

7,4%

1,8%

3,2%

License 30

Q1 Q2 Q3 Q4

SaaS

Q1 Q2 Q3 Q4

Support & 40

Maintenance 30

Q1 Q2 Q3 Q4

Delivery 30

Q1 Q2 Q3 Q4

The group's segments are divided based on the customer groups they target. The segments are divided into Public, Lasernet, and Other and reflect the group's internal reporting and follow-up by group management. The Public segment finds its customers within the public sectors of Sweden and Denmark. The Lasernet segment gathers the group's offerings aimed at customers outside the public sector and is not tied to a specific geographical market. The Other segment includes the group's older products that are not included in any of the other segments as well as the group's overhead costs.

Jan-Mar 2025

(SEK 000)

Public

Lasernet

Other

Group

SaaS

11 973

36 133

48 106

Support & Maintenance

45 286

17 534

732

63 552

Recurring revenue

57 259

53 667

732

111 658

License

253

1 016

1 269

Sofware revenue

57 512

54 683

732

112 928

Delivery

20 011

6 138

26 150

Other income

356

187

639

Total income

77 619

61 177

920

139 717

Sales expenses

-4 288

-14 103

-18 391

Other costs

-15 933

-11 573

-2 903

-30 409

Personnel costs

-43 426

-26 225

-4 026

-73 677

Capitalized work for own account

9 421

3 484

12 912

EBITDA

23 394

12 760

-6 002

30 152

30,1%

20,9%

-652,4%

21,6%

Items affecting comparability

-2 507

-4 336

-1 408

-8 250

Depreciation/amortization

-11 826

-5 129

-436

-17 391

EBIT

9 061

3 296

-7 846

4 511

11,7%

5,4%

-852,9%

3,2%

jan-mar 2024

(SEK 000)

Public

Lasernet

Other

Koncern

SaaS

10 157

28 216

38 373

Support & Maintenance

44 874

17 926

689

63 489

Recurring revenue

55 030

46 142

689

101 861

License

475

843

1 318

Sofware revenue

55 505

46 985

689

103 180

Delivery

16 970

4 740

21 710

Other income

180

230

-0

410

Net sales

72 655

51 955

689

125 299

Sales expenses

-3 741

-9 809

-13 549

Other costs

-17 134

-9 043

-3 603

-29 779

Personnel costs

-45 432

-25 678

-3 094

-74 203

Capitalized work for own account

10 178

3 373

13 551

EBITDA

16 527

10 799

-6 007

21 319

22,7%

20,8%

-872,1%

17,0%

Items affecting comparability

Depreciation/amortization

-11 196

-5 085

-583

-16 865

EBIT

5 331

5 713

-6 591

4 454

7,3%

11,0%

-956,7%

3,6%

Jan-Mar 2025

(Mkr) Public Lasernet Other Group

ARR In - SaaS

ARR In - Support & Maint.

55,2

181,1

146,9

72,6

3,1

202,1

256,8

ARR In - FX

-6,0

-13,4

-19,4

ARR - Acq. SaaS

ARR - Acq. Support & Maint.

ARR In - Acquired

ARR In*

230,3

206,1

3,1

439,5

ACV - SaaS

0,7

7,9

8,6

ACV - Support & Maintenance

2,0

-0,2

0,6

2,4

ACV - Net

2,7

7,7

0,6

11,0

ARR Out - SaaS

54,3

145,7

200,1

ARR Out - Support & Maint.

178,7

68,1

3,7

250,5

ARR Out

233,0

213,8

3,7

450,5

jan-mar 2024

(Mkr) Public Lasernet Other Koncern

ARR In - SaaS

50,3

109,4

159,6

ARR In - Support & Maint.

171,9

71,4

2,3

245,6

ARR In - FX

4,9

9,4

14,4

ARR In

227,0

190,3

2,3

419,6

ACV - SaaS

0,5

5,5

6,0

ACV - Support & Maintenance

1,4

-0,9

-0,1

0,4

ACV - Net

1,9

4,6

-0,1

6,4

ARR Out - SaaS

51,9

120,7

172,6

ARR Out - Support & Maint.

177,0

74,2

2,2

253,4

ARR Out

228,9

194,9

2,2

426,0

2021-01-01

2022-01-01

2023-01-01

2024-01-01

2025-01-01

2021-12-31

2022-12-31

2023-12-31

2024-12-31

2025-03-31

Shares outstanding beginning of the period

53 463 907

53 726 057

54 217 825

54 258 121

Share issue

40 296

Share issue from warrant programme

262 150

252 800

238 968

Shares outstanding at the end of the period

53 726 057

54 217 825

54 258 121

Jan-Mar

2025

2024

Employees at end of period

262

263

Total income, SEK 000

139 717

125 299

EBITDA, SEK 000

30 152

21 319

EBIT, SEK 000

4 511

4 454

Net profit for the period, SEK 000

5 088

1 769

EBITDA margin, %

21,6%

17,0%

EBIT margin, %

3,2%

3,6%

Profit margin, %

3,6%

1,4%

Return on equity, %*

4,2%

7,1%

Return on working capital, %*

5,4%

9,7%

Equity ratio, %

58%

59%

Equity per outstanding share at the end of the period, SEK

8,65

9,19

Earnings per share - before dilution, SEK

0,09

0,03

Earnings per share - after dilution, SEK

0,09

0,03

Share price at the end of the period, SEK

26,10

29,30

* Ratios including P&L measures are based on the most recent 12-month period

Jan-Mar

(SEK 000) 2025 2024

Net sales

Other opertaing income

40 971

283

38 814

289

Total income

41 255

39 103

Operating expenses

Sales expenses

-1 612

-1 367

Other costs

-19 236

-16 322

Personnel costs

-24 495

-22 574

Items affecting comparability

-2 457

Depreciation/amortization

-3 829

-2 509

Total operating expenses

-51 629

-42 771

Operating profit/loss

-10 375

-3 669

Result from participations in group companies

Other financial items

8 451

-5 663

Tax

-466

-154

Net profit for the period

-2 389

-9 486

31 Mar 31 dec

(SEK 000) 2025 2024 2024

Intangible assets

21 933

29 819

23 702

Tangible assets

2 364

1 224

2 558

Financial assets

345 213

346 391

345 422

Deferred tax asset

2 363

Current assets (excl. cash equivalents)

67 634

51 741

78 942

Cash and bank balances

43 925

51 205

41 913

TOTAL ASSETS

481 070

482 745

492 537

Restricted equity

23 117

23 112

23 117

Non-restricted equity

219 340

219 130

219 331

Total equity

242 457

242 242

242 448

Long-term liabilities

388

10 000

2 922

Current liabilities

238 225

230 503

247 167

TOTAL EQUITY AND LIABILITIES

481 070

482 745

492 537

Pledged assets referred to shares in subsidiaries as security for loans. The pledged assets in the Group were the same as disclosed for the Parent Company.

31 Mar 31 dec

(SEK 000)

2025

2024

Pledged assets

Contingent liabilities

Definitions

Formpipe uses alternative key figures, also called APM (Alternative Performance Measures). Formpipe's APM's are calculated from the financial reports, which are prepared in accordance with applicable rules for financial reporting, where prepared figures are altered by adding or subtracting amounts from the presented numbers. Below the alternative performance measures, that Formpipe uses in published reports, are defined and described

Software revenue

The total of license revenue, revenue from SAAS and revenue from support and maintenance contracts.

Recurring revenue

Revenue of an annually recurring nature such as support and maintenance revenue and revenue from SAAS services regarding license agreements.

Annual recurring revenue (ARR)

Annual recurring revenue from all contracted agreements at the end of the period. Won contracts not yet generating revenue is included. Churned contracts still generating revenue is not included.

ARR IN

Initial value for the period's Annual recurring revenue. ARR won during the period is included in ARR IN.

Annual Contract Value (ACV)

Annual recurring revenue of the period's won (ACV +) and lost (ACV -) contracts (net).

ARR OUT

Closing value of the period's Annual recurring revenue, provided that all new/lost contracts (ACV) of the period have begun/ceased to be recognized.

FX effect

Revaluation of ARR IN to the closing balance exchange rates.

Fixed operating expenses

Other costs and personnel costs.

Operating expenses

Sales costs, other costs, personnel costs, capitalized development and depreciation.

EBITDA

Earnings before depreciation, amortization, acquisition-related costs and other items affecting comparability.

EBITDA-adj.

EBITDA exclusive capitalized work for own account.

Items affecting comparability

The item must be of a material nature to be reported separately and considered undesirable from the regular core operations and complicate the comparison. For example, acquisition-related items, restructuring-related items and write-downs.

EBIT

Operating profit/loss.

Operating margin before depreciation and amortization (EBITDA margin)

Earnings before depreciation, amortization, acquisition-related costs and other items affecting comparability as a percentage of total income.

Operating margin before depreciation and amortization (EBITDA-adj margin)

Earnings before capitalized work for own account, depreciation, amortization, acquisition-related costs and other items affecting comparability as a percentage of total income.

Operating margin (EBIT margin)

Operating profit/loss as a percentage of total income.

Profit margin

Net profit/loss after tax as a percentage of total income at the end of the period.

Earnings per share - before dilution

Net profit/loss after tax divided by the average number of shares during the period.

Earnings per share - after dilution

Net proft/loss after tax adjusted for dilution effects divided by the average number of shares after dilution during the period.

Equity per share

Equity at the end of the period divided by the number of shares at the end of the period.

Return on equity

Profit/loss after tax as a percentage of average equity.

Return on working capital

Operating profit/loss as a percentage of average working capital (balance sheet total less non-interest bearing liabilities and cash and bank balances).

Free cash flow

Cash flow from operating activities minus cash flow from investing activities excluding acquisitions.

Net interest-bearing debt

Interest bearing debts minus cash and cash equivalents.

Equity ratio

Equity as a percentage of the balance sheet total.

Ordering financial information

Financial information and other related corporate information is published on https://www.formpipe.se

Information may also be ordered from: Formpipe, Box 23131, SE-104 35 Stockholm and on [email protected]

Contact person for investor relations CFO Sophie Reinius [email protected]

Disclaimer

FormPipe Software AB published this content on April 29, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 29, 2025 at 06:18 UTC.