Fortnox AB

Latest Results (22.11.2025):

Fortnox AB — Quarter: January–March 2025 (Q1 2025). The group reported strong first‑quarter results: net sales SEK 563 million (467), up SEK 96 million or 21% year‑on‑year, with 25% organic growth. Operating profit (EBIT) was SEK 246 million (185) and EBIT‑margin 44% (40). Profit after tax was SEK 210 million (149) and earnings per share after dilution SEK 0.34 (0.24). The quarter showed improved cash generation and increased customer usage across payments and platform services.

Net sales and growth

Net sales totaled SEK 563m (467), +21% YoY. Organic growth, adjusted for acquisitions and divestments, was 25%. Subscription revenue was SEK 382m (+16%), transaction‑based revenue SEK 135m (+30%) and lending revenue SEK 46m (+34%).

Profitability and EPS

EBIT was SEK 246m (185), +33%, with an EBIT‑margin of 44% (40). Profit after tax was SEK 210m (149). Earnings per share after dilution amounted to SEK 0.34 (0.24), a 41% increase.

Cash flow and balance sheet metrics

Cash flow from operating activities was SEK 149m (41), up 264%. Free cash flow, adjusted for lending and acquisitions, was SEK 171m (109), +57%. Working capital at period end was SEK 1,146m (546), +110% versus prior year.

Customers, ARPC and usage

Number of subscription customers reached 612,000 (556,000), +10%. Average revenue per customer (ARPC) rose to SEK 304 (up SEK 6), passing the company’s five‑year financial target of SEK 300. Fortnox ID users surpassed 800,000.

Payments, product traction and milestones

Payments and financing continue to be fast‑growing parts of the offering. During Q1, 8,000 customers used the Fortnox Business Card and total card expenditure in the final month exceeded SEK 100m for the first time. New AI and workflow features (AI‑based support center, expanded expense management to include card, receipts, approvals and payroll) were highlighted as drivers of increased usage.

Lending and credit metrics

Lending‑based net sales were SEK 46m (34), +34%. Credit losses relative to lending‑based volume were 0.54% (0.52%).

Significant events — public offer and one‑time items

On March 31 a consortium (EQT X and First Kraft via Omega II AB) announced a public offer for Fortnox AB; the Board unanimously recommends shareholders accept. The quarter included advisory costs of ~SEK 5m related to the offer. Profit before tax was positively impacted by approximately SEK 17m (other operating income SEK 5m and financial income SEK 12m), including a revaluation item related to warrants in Mynt AB expected to convert to shares in Q2.