Vitec Software Group Interim report January–June 2026

Summary of interim period, April–June 2026

• Net sales SEKm 935 (815), an increase of 15%
• Recurring revenue SEKm 801 (713), an increase of 12%
• EBITA SEKm 271 (236), an increase of 15%
• EBITA margin 29% (29)
• Operating profit SEKm 206 (176), an increase of 17%
• Operating margin 22% (22)
• Cash EBIT SEKm 235 (199), an increase of 18%
• Cash EBIT margin 25% (24)
• Basic earnings per share SEK 2.98 (2.64), an increase of 13%
• Cash flow from operating activities SEKm 92 (85).

Summary of interim period, January–June 2026

• Net sales SEKm 1,816 (1,618), an increase of 12%
• Recurring revenue SEKm 1,566 (1,422), an increase of 10%
• EBITA SEKm 515 (456), an increase of 13%
• EBITA margin 28% (28)
• Operating profit SEKm 379 (330), an increase of 15%
• Operating margin 21% (20)
• Cash EBIT SEKm 432 (377), an increase of 15%
• Cash EBIT margin 24% (23)
• Basic earnings per share SEK 5.47 (4.73), an increase of 16%
• Cash flow from operating activities SEKm 876 (843)
• Acquisition of Autonet and Infometric.

Signals of a stronger market, with continued cost control

Starting this quarter, we are reporting parts of our transaction-based revenue as agent, something we have previously communicated and for which we have clearly described the effects. All comparative figures in this report and going forward have been restated. The change relates to two (Enova and Bidtheatre) of our 49 subsidiaries, and our assessment is that the Group’s net sales will decrease by approximately 8 percent, while EBITA and EBIT margins will strengthen by approximately 2 percentage points, based on the full-year figures for 2025. The adjustment does not affect the Group’s earnings in SEK, cash flow, financial position, or earnings per share. This way of reporting revenue better reflects the added value delivered by our software.

Net sales for the quarter increased by 15 percent to SEK 935 million, of which 4 percent was organic. EBITA amounted to SEK 271 million, corresponding to a margin of 29 percent, and our internal performance measure, Cash EBIT, increased by 18 percent to SEK 235 million, a margin of 25 percent. The margin improvements are the result of our strong positions in our markets, combined with continued good cost control. The positive cash flow from operating activities followed the expected seasonal pattern and amounted to SEK 876 million for the first six months of the year, compared with SEK 843 million for the same period last year. The cash flow, together with the unused portion of our credit facilities, means that we are well prepared for future acquisitions.

Several operations are reporting a somewhat improved business climate compared with the beginning of the year. The improvement is mainly reflected in increased market activity, shorter sales cycles, and a stronger prospect and order pipeline, although the effect has not yet been fully reflected in revenue. At the same time, the picture is not uniform. In some customer segments, the business climate remains cautious, while other segments are more or less unaffected by the economic situation, such as health care, welfare, and public administration.

The acquisition markets have shown the same tendencies as our customer markets and were cautious at the beginning of the year. Here too, we have seen higher activity recently. We continue to apply our strict acquisition criteria and valuation approaches in a consistent manner, combined with an attractive offering to entrepreneurs who want to transfer their company to a long-term owner that is fully focused on software. This is a strategy that has served us well over the years – and one that we remain committed to.

Once again, we find ourselves in the midst of a shift that is changing the fundamentals of how software is developed, commercialized, and scaled. For Vitec, AI is not about isolated initiatives, but about a strategic approach that is woven into how the companies in the Group develop over time. Fundamentally, this is nothing new to us – we have encountered new technologies many times before with curiosity, pragmatism, and a focus on customer value. During the spring and summer, we hold our annual strategy reviews for each business unit, where growth and development issues are at the center. Having taken part in a large number of these reviews, I can clearly see how AI is being deeply integrated into our operations. Some companies are at the forefront, while others have taken smaller steps, but everyone is on the journey. It is particularly encouraging to see how experiences are shared between the companies – sometimes as inspiration, sometimes in very practical and concrete ways. This demonstrates one of the great advantages of belonging to a decentralized yet functionally coordinated Group, where everyone is driven by contributing to the overall benefit.

Across the portfolio, AI is already being used to improve development and operating processes. It is about making internal work faster, smarter, and more scalable – freeing up time for what creates the greatest value. At the same time, AI enables new product features that drive organic growth and create tangible value for customers. In this way, AI becomes not only an internal tool, but a natural part of our offering.

With that, I would like to wish you all a wonderful summer.

Olle Backman
CEO and President
Vitec Software Group