Summary of interim period, January–March 2026

• Net sales SEK 955 million (880), an increase of 9%
• Recurring revenues SEK 839 million (786), an increase of 7%
• EBITA SEK 244 million (220), an increase of 11%
• EBITA margin 26% (25)
• Operating profit SEK 173 million (153), an increase of 13%
• Operating margin 18% (17)
• Cash EBIT SEK 197 million (178), an increase of 11%
• Cash EBIT margin 21% (20)
• Earnings per share before dilution SEK 2.49 (2.09), an increase of 19%
• Cash flow from operating activities SEK 784 million (757)
• Acquisition of Autonet and Infometric.

The year has started with growth and margin expansion

Following the first quarter, I can conclude that we are back to delivering improved profit margins for both EBITA and Cash EBIT, in line with our long-term profitability target. This margin expansion reflects a combination of higher revenue, disciplined cost control, and improved efficiency. Excluding acquisitions, we have not increased headcount while revenue continues to grow. From an M&A perspective, the quarter got off to a strong start as we completed two acquisitions: the Dutch company Autonet and the Swedish company Infometric. Both are high-quality vertical software businesses that will contribute positively to our growing Group. We welcomed just over 75 new colleagues.

The start of 2026 feels like a repeat of last year. After a strong finish to 2025 and a solid beginning to this year, we now see a more cautious business environment, lower investment appetite, and reduced willingness among potential sellers, driven by global uncertainty. Despite this, our organic growth is developing as expected, and we are not seeing any material customer churn, instead we continue to experience stability and sustained confidence from our customers. Organic growth in our subscription-based revenue of 6 percent was driven equally by innovation/upsell and price adjustments.

Total revenue for the first quarter amounted to SEK 955 million, an increase of 9 percent. Our recurring revenue totaled SEK 839 million, of which subscription-based revenue accounted for SEK 662 million and transaction-based revenue for SEK 177 million. Other revenue increased to SEK 21 million compared with SEK 8 million, reflecting the typical revenue mix of one of our most recent acquisitions (Infometric). EBITA amounted to SEK 244 million compared with SEK 220 million, and the margin increased to 26 percent compared with 25 percent last year. Cash EBIT amounted to SEK 197 million compared with SEK 178 million, an increase of 11 percent; here too, the margin improved by 1 percentage point to 21 percent. Currency had a negative impact on both revenue and earnings compared with the prior year by approximately 3 percent.

Cash flow follows the normal seasonal pattern, demonstrating the strength of our stable business model built on recurring revenue. Cash flow from operating activities amounted to SEK 784 million compared with SEK 757 million for the corresponding period last year. Net debt in relation to EBITDA amounted to 2.0 and remained at the same level as at year-end, despite completing two acquisitions. During the quarter, we issued a SEK 700 million bond loan under our MTN program. The bond was well received and oversubscribed. Following the two acquisitions, we continue to be well positioned for further acquisitions.

We continue to invest in our mission-critical products. AI is being used both internally in the development process and in a growing number of customer applications. With each passing month, we see more strong examples that are shared across the Group through our internal forums, accelerating adoption. This is clear evidence of one of the many benefits for a vertical software company of being part of a larger group: the ability to benefit from and contribute to shared experience, thereby creating value for both customers and shareholders.

I hope to see you at the Annual General Meeting on April 28.

Olle Backman
CEO and President
Vitec Software Group