Interim Report Q3 2026
Interim Report July - September 2026 - Done.ai Group AB
July – September 2026 (TSEK)
- Revenue growth pro forma*: 21%
- Reported revenue**: 127,597
- Reported EBITDA: 3,950
- Reported EBITDA margin: 3%
* Pro forma figures include all acquisitions as if consolidated from January 1, 2025, excluding synergies. All acquisitions were fully consolidated before the third quarter began, so for the quarter the adjustment applies only to the comparison period July – September 2025.
** Revenue refers to main operating revenue, invoiced costs, ancillary revenue and revenue adjustment, and has the same definition as the previously stated 'net revenue', 'net sales' and 'nettoomsättning' in Swedish.
The numbers above have not been audited and are presented to give an indicative performance of the group.
From our CEO
Dear shareholders,
Done.ai Group’s reported revenue grew to MSEK 128 in the third quarter, up from MSEK 83 a year ago. On a pro forma basis, revenue grew by 21 percent, matching the strong pace of the first quarter. For the first nine months, pro forma revenue reached MSEK 407, up 19 percent, and over the last twelve months the group has passed half a billion kronor in pro forma revenue for the first time. We delivered this in the summer quarter, when activity among Nordic businesses is lower, and our seasonal dip was smaller than a year ago. That is an indication that our revenue base is becoming broader and more resilient, while we continue to execute according to our plan.
EBITDA for the quarter was MSEK 4.0, and MSEK 14 for the first nine months. We have stayed EBITDA positive while building our platform and integrating our businesses, and we have deliberately carried the cost of launching our new products and building the commercial capacity behind them, ahead of the revenue they will generate. This is what is going to build our earnings in the years ahead.
Our financial position gives us the flexibility to continue carrying out our plan. At the end of the quarter we held cash of MSEK 53 and an equity ratio of 58 percent. In addition, we hold liquid investments and loan receivables and have access to credit facilities.
Phase one delivered, phase two under way
From the start, we have done what we said we would do. When we set out to build Done.ai, we shared a plan in three phases. Phase one was to build the foundation through strategic acquisitions, bringing in the customers, products and people, and starting to build the platform. That phase is now delivered, in less than two years: seventeen acquisitions, a team that has grown from 15 to 290 colleagues, and our products coming live. We are now in phase two, where we integrate our businesses and activate those products across our customer base. Phase three is geographical expansion which comes later after our focus to win in the Nordics.
This year we brought Done OS live and launched Done CRM as well as our Buy Now Pay Later solution on Finago invoices. Buyers can spread their payments over up to 36 months while the supplier is paid in full straight away, with our banking partner Nordiska providing the credit. The rollout starts with Done.ai’s Norwegian direct customers in Finago and will later extend to all Finago customers, to inbound invoices, and to a standalone version for other ERP systems. Done Pay, our point of sale solution, and debt collection built into invoicing are also live, and Card and Spend Management is in internal testing, with launch expected before the end of the year.
Our embedded finance model is capital light. Our partners carry the balance sheet and we earn on distribution, either inside Done OS or embedded with our partners. The opportunity is the money already flowing through our reach: around SEK 300 billion of invoices a year across 45,000 businesses. Revenue from our new products will begin to come through in the fourth quarter, and is expected to materialise during 2027.
Activation is where our business model shows its strength. We do not need to spend heavily on customer acquisition to grow usage of these products. We already serve more than 15,000 businesses directly, and we hold exclusive rights to bring financial products to more than 30,000 Finago customers. When we launch a new product, we are not cold calling. We offer it to a customer who already trusts us or our partner, and the most natural way for a business to discover a new product is through an accountant or advisor it already relies on.
Our accounting network Econ Alliansen had another strong quarter. Four new partner firms joined during the quarter, bringing the network to 17 firms with a combined annual revenue budget of MNOK 195 and around 4,100 businesses served. Each firm keeps its independence and gains modern tools and a broader offering, and every customer relationship it brings becomes a route to market for Done OS.
The road to 2028
Our 2028 targets remain firm: more than BSEK 1 in revenue and a 20 percent underlying EBITDA margin. Four building blocks take us there, each with headroom of its own. Our existing businesses keep growing, by 19 percent in the first nine months of this year. Activation and cross selling of software and financial products across the 45,000 businesses we reach has only just started. We can also grow further by adding new ERP and accounting partners to our distribution. And selected add on acquisitions build on a proven platform and team, with seventeen acquisitions completed in under two years. Hence, no single block carries the plan alone.
Our margin path is clear, and the improvement will come from a stronger revenue mix and our operational leverage. It is driven by selling more software and financial products through cross selling and activation in Done OS. In our services, automation takes over routine work, so our consultants can focus on higher margin advice that customers value more. At the same time, we are integrating our companies into one operating model, with shared functions, clear areas of responsibility and one data layer, so that our costs do not grow at the same pace as our revenue. That is how today’s investments turn into tomorrow’s margin.
Closing remarks
As a shareholder myself, I put strong emphasis on our long term value creation. So let me close with the three reasons I believe in what we are building.
First, we solve a real problem, and we solve it every month. Done OS brings software, financial products and expert services together in one place, for businesses that come back to us month after month and grow with us.
Second, our distribution is cost efficient. We reach 45,000 businesses through our own customers and partners, and we are built to cross sell to them, which keeps our cost of growth low.
Third, our advantage in AI is our data. AI is only as good as the data it learns from, and we hold real, proprietary data across payments, bookkeeping and customer relationships, in regulated areas that take licences and trust to enter. Every product a customer adds makes that data richer and Done OS smarter, an advantage that grows over time and is hard for others to copy.
The pieces are in place, the plan is clear, and our team is executing it every day. Our promise to every customer is simple: start here, grow anywhere.
Sincerely,
Staffan Herbst
CEO, Done.ai Group