Fortnox AB

Latest Results (08.01.2026):

Fortnox AB – first quarter 2025: Fortnox reported a strong Q1 2025 with net sales of SEK 563 million (up 21% vs Q1 2024), organic growth of 25%, EBIT SEK 246 million (up 33%) and profit after tax SEK 210 million (up 41%). ARPC reached SEK 304 and ARR SEK 1,646 million. The company delivered positive operating cash flow and exceeded its SEK 300 ARPC target, while the board received and unanimously (with two members not participating in that decision) recommends acceptance of a public offer announced at quarter‑end.

Top-line and profitability

Net sales: SEK 563m (Q1 2024: 467m), +21%. EBIT: SEK 246m (185m), +33%; EBIT margin 44% (40%). Profit before tax SEK 262m (189m). Profit after tax SEK 210m (149m). EPS (before and after dilution) SEK 0.34 (0.24).

Growth drivers and revenue mix

Organic growth 25%. By revenue type: subscription +16%, transaction‑based +30%, lending‑based +34% (factoring driving lending growth). ARR 1,646m (+14% YoY). ARPC SEK 304 (up SEK 28 YoY); company notes the ARPC target (SEK 300) has been exceeded while the 700k subscription customer 2025 target is expected to fall short.

Customers and usage

Subscription customers: 612,000 at March 31, 2025 (556,000 a year earlier), +10% YoY; quarterly net add +14k. Fortnox highlights increased usage of Business Card (8,000 customers used it in Q1; monthly card spend exceeded SEK 100m for first time) and rollout of AI‑based support and other product levers to drive usage.

Cash flow and balance sheet

Operating cash flow: SEK 149m (41m). Adjusted free cash flow SEK 171m (109m). Cash and cash equivalents SEK 896m (377m). Working capital SEK 1,146m (546m). Equity SEK 2,571m; equity/assets ratio 71%.

One‑offs and items affecting comparability

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

Significant corporate event

On March 31, 2025 a consortium (EQT X and First Kraft AB via Omega II AB) announced a public cash offer for Fortnox shares (initially SEK 90/share, reduced to SEK 89 after the SEK 0.25 dividend). Fortnox’s Board unanimously recommends shareholders accept; acceptance period expected May 14–June 18, 2025.

Operational costs and investments

Operating expenses SEK 333m (288m), +16%, driven mainly by higher personnel costs. Capitalized development costs SEK 36m. Depreciation/amortization SEK 53m. Investments in intangibles and tangibles during Q1 SEK 53m (incl. SEK 46m capitalized development).