First quarter 2025

• Net sales amounted to EUR 35.9m (36.4), corresponding to a decrease of 1.4 percent and by 3.6 percent on a constant currency basis.
• Gross profit increased to EUR 31.4m (30.3) corresponding to a margin of 87.5 percent (83.3).
• EBITA increased to EUR 3.7m (1.5) with an EBITA margin of 10.3 percent (4.1).
• EBIT amounted to EUR -3.6m (-8.4) with an EBIT margin of -10.1 percent (-23.1).
• EPS, before dilution amounted to EUR -0.01 (-0.04).
• Adjusted EPS, before dilution amounted to EUR 0.01 (0.00).
• Cash flow from operating activities amounted to EUR 10.4m (-0.9).

CEO Patrick Comer comments:
In the first quarter, we achieved several milestones. On January 27th, we published our three-year strategic plan, Cint 2.0, along with new mid-term financial targets. These provide a clear framework to consolidate our platforms, drive innovation, and return to sustainable profitability. As part of the plan, we announced a rights issue of up to SEK 596 million. The offering was successfully completed and oversubscribed by 60 percent, reflecting solid investor support for our strategy. The proceeds have materially strengthened our balance sheet, reducing net leverage from 2.5x in Q4 2024 to 0.4x by Q1 2025 and increasing our financial flexibility to execute on the transformation ahead.

Net sales for the first quarter of 2025 declined by 1.4 percent to EUR 35.9 million, or 3.6 percent in constant currency. This reflects a continuation of the trend from previous quarters, with softer sales in the Cint Exchange business partially offset by growth in Media Measurement. Our Cint Exchange revenue is in line with expectations, given that we are presently in the midst of migrating our customers to the new platform. EBITA improved to EUR 3.7 million (1.5), supported by stronger gross margins and lower operating expenses during what is typically a seasonally softer quarter. Overall, sales performance for the period was in line with our strategic plan.

Following the Q4 Media Measurement growth of 10.0 percent pro forma (8.4 percent in constant currency), we received questions regarding the growth dynamics within Media Measurement. A more detailed analysis shows underlying growth rates of 14.1 percent (12.4 percent in constant currency) in Q4 2024 and 16.8 percent (13.9 percent in constant currency) in Q1 2025, excluding the impact of a one-off Data Solutions project that ended in Q1 2024.

Despite lower sales, our operating cash flow of EUR 10.4m (-0.9m) strengthened compared to last year. This was driven by increased profitability and positive working capital changes, including EUR 19.8m from reduced accounts receivable. This improvement stems from our operational enhancements to eliminate inefficiencies in the invoicing process. Working capital optimization will remain one of our strategic priorities. Total net cash flow of EUR 67.0m was further bolstered by the proceeds from the rights issue of EUR 54.4m and divestment of a minority investment of EUR 7.1m, elevating our total cash balance to EUR 93.8m before costs of the rights issue.

Presentation today at 10.00 a.m. CEST
A webcast conference call will be held today at 10:00 a.m. CET. The report will be presented by Patrick Comer, CEO and Niels Boon, CFO. The presentation will be held in English and followed by a Q&A session.

Follow the webcast presentation and conference call live at: webcast. For participation in the telephone conference please register here: telco. After registration you will be provided phone numbers and a conference ID to access the conference.

The presentation material and a recorded version of the conference will be available at Cint™ Investors.