Fortnox AB

Latest Results (22.02.2026):

Fortnox AB — Quarter: January–March 2025 (Q1 2025). Fortnox reported a strong first quarter: net sales SEK 563m (467), organic growth 25%, EBIT SEK 246m (185) and profit after tax SEK 210m (149). Average revenue per subscription customer (ARPC) rose to SEK 304 (target exceeded) and the number of subscription customers reached 612k. The Board has recommended shareholders accept a public offer from a consortium led by EQT X and First Kraft (Omega II AB).

Sales & growth

Net sales totaled SEK 563m, up 21% year‑on‑year. Organic growth (adjusted for acquisitions/divestments) was 25%. Transaction‑based sales grew ~30% and lending‑based sales led with 34% growth. ARR was SEK 1,646m.

Profitability

Operating profit (EBIT) was SEK 246m, up 33% year‑on‑year, with an EBIT margin of 44% (40%). Profit before tax was SEK 262m and profit after tax SEK 210m (up 41%).

Earnings per share

Earnings per share were SEK 0.34 (both before and after dilution) versus SEK 0.24 in Q1 2024.

Customers & usage

Subscriptions rose to 612,000 (+10% YoY). ARPC increased to SEK 304 (+10% YoY) and the company notes increased usage of payment products (8,000 customers used the Fortnox Business Card in Q1) — Fortnox says the ARPC 300 five‑year target has been exceeded.

Cash flow & balance sheet

Cash and cash equivalents ended at SEK 896m (377). Cash flow from operating activities was SEK 149m (41). Free cash flow adjusted for lending and acquisitions was SEK 171m. Equity totaled SEK 2,571m and working capital SEK 1,146m.

One‑off / non‑operational items

Profit before tax was positively impacted by ~SEK 17m in Q1 (SEK 5m other operating income and SEK 12m financial income) from a revaluation of warrants in Mynt AB. Q1 also included advisory costs of ~SEK 5m related to the public offer.

Public offer

On March 31, 2025 a consortium (EQT X and First Kraft via Omega II AB) announced a public cash offer for Fortnox AB. Initial cash consideration was SEK 90/share and, after the SEK 0.25 dividend, was adjusted to SEK 89.75/share. Fortnox’s Board unanimously recommends shareholders accept the offer.

Operational & cost notes

Operating expenses rose to SEK 333m (+16%), mainly from higher personnel costs; capitalized development costs were SEK 36m. No material acquisitions were completed in Q1 2025.