Precio Fishbone Annual Report 2025

Recovery, Changes, and Stability

We began 2025 on a weaker note compared to 2024, but the second half of the year saw a recovery characterized by increased revenue and an improved operating result relative to the previous year.

It has also been a year of significant change. Regrettably, we were forced to wind down the operations in Borlänge that we established 16 years ago. These operations were originally started because the Swedish Transport Administration (Trafikverket) was a major client requiring a local presence. However, requirements have changed, and although the Transport Administration remains a significant client, we have had no deliveries from the Borlänge office since mid-2025. In the fall, we relocated our remaining operations to Gävle, where we now maintain a smaller office.

During the same period, we also opened an office in Umeå. This new location has had an excellent start, building high-level expertise through successful recruitment and securing several important client agreements. Establishing a presence in an expansive region with an outstanding team is highly promising for the future.

In 2026, the company celebrates its 25th anniversary. Throughout our history, we have consistently remained Microsoft specialists, evolving in step with Microsoft’s developing portfolio. The accelerating advancement of AI has both transformed and increased the efficiency of the software development services we provide, and we have actively integrated AI into our client offerings.

In the current AI-driven paradigm shift, Microsoft has taken a leading position, and we are following at the forefront of this development. We have only seen the beginning of how the application of AI will transform large parts of society, particularly within the sectors where we operate. The ability of our consultants to adapt quickly to change, develop new working methods, and enhance our offerings is a key strength. We work consistently in both Sweden and Vietnam to maintain the technical proficiency that has kept us relevant to our clients for 25 years. We will, of course, celebrate this anniversary year with both our employees and our clients.

Our SaaS solution for aid organizations, NGO Online, has faced a challenging year due to the abrupt disappearance of all USAID funding at the beginning of the year. Despite this, we signed agreements during the year with four new NGOs for licenses and implementation projects. These new clients are spread across three different countries in Northern Europe. While uncertainty regarding funding in the NGO sector persists, we see alternative funding sources beginning to fill some of the gaps left by USAID.

Our Offerings and Clients

We are a Microsoft Solutions Partner across four competency areas and an Optimizely Gold Solution Partner. In the field of automation, we maintain a partnership with UiPath. Both within our SaaS segment, with NGO Online, and our consulting operations, our offerings are primarily aimed at medium to large-scale public and private enterprises. Non-profit organizations within the international aid sector also constitute an important client category.

The public sector remains Precio Fishbone’s largest client segment. Our market share there remains stable at just under half of our turnover; in 2025, it accounted for 43 percent (45 percent the previous year) of our revenue. Service companies account for 25 percent (18 percent) of revenue, and non-profit organizations –almost exclusively NGOs – account for 20 percent (20 percent).

Average hourly rates in 2025 remained at the same level as in 2024, although the strengthening of the Swedish krona against the US dollar negatively impacted revenue from NGO Online, as most client agreements are denominated in US dollars.

Divestment of the Election Administration SaaS Solution, Kaskelot

In September 2025, we entered into an agreement to divest 100 percent of the shares in Scandinavian Election Solution AB, and consequently the entire Kaskelot Online business, to Troman AB.

The purchase price amounted to SEK 24.7 million, with a reported gain of SEK 20.5 million from the sale. Revenue for 2025 was projected at just over SEK 2.8 million, of which SEK 2.2 million consists of recurring subscription revenue. The election administration solution Valghalla, developed by Precio Fishbone to manage Danish elections, was not included in the divestment.

A Highly Uncertain Global Climate

The extent of the impact the uncertain global climate—particularly the conflict in Iran—will have on our operations during 2026 is difficult to foresee. However, it is highly likely that the effects will be significant. The uncertain geopolitical situation, combined with the resulting economic consequences, creates a landscape that is difficult to predict.

Stockholm, March 27, 2026

Christer Johansson
Chief Executive Officer