Financial Performance
Compared with the same quarter in 2024, both revenue and EBIT margin have improved. Although the improvements are modest, they represent a clear shift in trend. After declining revenue and margins in the first two quarters of 2025, we are now seeing a more positive development.

During the quarter, we incurred costs related to opening and relocating offices. These costs will decrease in the fourth quarter but will not fully disappear until 2026.

Digital Journey

The overall market situation for our system development segment, Digital Journey, continues to be characterised by strong competition and price pressure. Despite this, we have managed to expand our delivery.

One area showing strong development is web development, particularly on the Optimizely platform. The launch of Optimizely’s AI tool, Opal, has generated significant interest, and we are well-positioned to help customers leverage it effectively.

Across other parts of the system development domain, we also have a more positive outlook than earlier in the year. Our strong focus on development using the Microsoft Azure platform has been complemented by competence in Multisoft’s development platform, Softadmin. We have had a solid start and see good potential to expand our delivery of development services on Softadmin.

The public sector remains our largest customer segment, and having our own framework agreements is advantageous when public organisations procure our services. We have an existing framework agreement with Region Gävleborg and have once again been awarded their renewed procurement—positive news, especially for our newly opened office in Gävle.

We have also been awarded a contract in Umeå Municipality’s procurement of system development services, which creates opportunities for assignments linked to our newly opened office in Umeå.

It remains challenging to make any firm assessment of the market for system development assignments, but we remain cautiously optimistic heading into 2026.

SaaS Services

The difficult situation for our SaaS service for aid organisations, NGO Online, continues. The sector has been severely affected by major funding cuts from USAID. During the quarter, we succeeded in signing an agreement with CARE Deutschland, the third aid organisation to choose NGO Online this year.

There is still demand, and we are maintaining several business opportunities, but funding remains a significant challenge. By offering alternative payment models and helping customers reduce the overall IT operating costs of NGO Online, we are supporting their ability to secure financing.

We believe in a long-term recovery and have increased our marketing efforts. Among other initiatives, we participated in NetHope in Amsterdam and held our first dedicated user conference for NGO Online in connection with the event.

On 10 September, we divested our election administration SaaS service, Kaskelot. The purchase price was SEK 24.7 million, of which SEK 4.5 million will be paid no later than 30 June 2026.

The pro forma revenue for 2025 is projected at SEK 2.8 million, of which SEK 2.2 million consists of recurring subscription income. The deconsolidation in this interim report has taken place as of 1 September and follows the legal structure.

The liquidity generated from the divestment allows us to invest in developing new SaaS services, and we plan to launch one of them in 2026.

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