2025 a disappointment, expected to go back to earnings growth in the first quarter 2026
October 1 – December 31, 2025
- Net sales amounted to MSEK 710 (796). Currency adjusted growth was –1%, where of –5% was organic.
- EBITA decreased 37% to MSEK 86 (136).
- EBITA margin was 12.1 (17.0)%.
- Profit after tax decreased 34% to MSEK 55 (84).
- Earnings per share decreased 34% to SEK 2.84 (4.30).
- Following changes in US tax legislation during 2025, BTS’s North American operations have gained expanded and partially retroactive tax deduction possibilities. These changes have had a significant positive impact on the reported income tax for the year which decreased by approximately MSEK 14, with full impact in the fourth quarter.
January 1 – December 31, 2025
- Net sales amounted to MSEK 2,703 (2,802). Currency adjusted growth was 3%, where of –1% was organic.
- EBITA decreased 25% to MSEK 274 (365).
- EBITA margin was 10.2 (13.0)%.
- Profit after tax amounted to MSEK 133 (387). Excluding reversed provisions of earn-out 2024, the profit after tax decreased 31% to MSEK 133 (191). 2)
- Earnings per share amounted to SEK 6.89 (19.93). Excluding reversed provision of earn-out 2024, earnings per share decreased 31% to SEK 6.89 (9.84). 2)
“We expect that Q4 2025 marked a turning point, bringing an end to the quarter-on-quarter decline in results and positioning BTS for renewed momentum into 2026.”
Jessica Skon, CEO of BTS Group AB
Outlook 2026
We estimate that the result (EBITA) for 2026 will be better than 2025.
Dividend
The Board proposes a dividend of SEK 4.40 (6.10) per share to be paid on two occasions in the amount of SEK 2.20 per payment.
| FINANCIAL SUMMARY | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Net sales | 710 | 796 | 2,703 | 2,802 |
| Currency adjusted growth | -1% | 3% | 3% | 5% |
| EBITA | 86 | 136 | 274 | 365 |
| EBITA margin | 12.1% | 17.0% | 10.2% | 13.0% |
| EBIT | 67 | 118 | 200 | 298 |
| EBIT margin | 9.5% | 14.8% | 7.4% | 10.6% |
| Profit after tax | 551) | 84 | 1331) | 3872) |
| Profit after tax, excluding the reversed provision of earn-out2) | 55 | 82 | 133 | 191 |
| Cash flow from operating activities | 210 | 222 | 213 | 386 |
| Earnings per share, SEK 3) | 2.84 | 4.30 | 6.89 | 19.93 |
| Earnings per share, excluding earn-out provision 2) 3) | 2.84 | 4.22 | 6.89 | 9.84 |
| Net debt (+)/net cash (-) | -46 | -282 | -46 | -282 |
| Number of employees (EOP) | 1,1394) | 1,172 | 1,1394) | 1,172 |
1) The changes in U.S. tax legislation have had a positive effect on reported income tax of MSEK 14 in BTS’s operations in North America.
2) During 2024, provisions of earn-out related to the acquisitions of RLI (MSEK 29) and Netmind (MSEK 166) were reversed, impacting the net financial items positively by MSEK 194 for the comparable period.
3) Before and after dilution of shares.
4) Acquisitions during the year have brought in 43 new employees.
For more information, please contact:
Michael Wallin
Head of investor relations
BTS Group AB
michael.wallin@bts.com
+46-8-58 70 70 02
+46-708-78 80 19
This information is information that BTS Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on February 20, 2026.
About BTS Group AB
BTS is a global professional services firm headquartered in Stockholm, Sweden. BTS has about 1,100 professionals in 36 offices located on six continents. BTS competes in both talent and HR consulting as well as the traditional consulting markets. BTS’s services support a broad range of client challenges including top-to-bottom and on-demand leadership development, talent selection and readiness, strategy creation and strategy implementation, as well as culture and broad-scale change. For 40 years, BTS has been focused on the people-side of change and on powering better performance using proprietary simulation, learning, coaching, and assessment methodologies. We partner with nearly 1,200 organizations, including over 40 of the world’s 100 largest global corporations.
BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B. For more information, please visit www.bts.com.
Attachment
