FULLTEXT DEL 1 AV 1

Kvartalsrapport Q4 2025

===== SIDA 1 =====

October 1 – December 31, 2025
• Net sales amounted to MSEK 710 (796). Currency
adjusted growth was –1 %, whereof –5 % was organic.
• EBITA decreased 37 % to MSEK 86 (136).
• EBITA margin was 12.1 (17.0) %.
• Profit after tax decreased 34% to MSEK 55 (84).
• Earnings per share decreased 34% to SEK 2.84 (4.30).
• Following changes in US tax legislation during 2025,
BTS’s North American operations have gained expanded
and partially retroactive tax deduction possibilities.
These changes have had a significant positive impact on
the reported income tax for the year which decreased by
approximately MSEK 14, with full impact in the fourth
quarter.
January 1 – December 31, 2025
• Net sales amounted to MSEK 2,703 (2,802). Currency
adjusted growth was 3 %, whereof –1 % was organic.
• EBITA decreased 25 % to MSEK 274 (365).
• EBITA margin was 10.2 (13.0) %.
• Profit after tax amounted to MSEK 133 (387). Excluding
reversed provisions of earn-out 2024, the profit after tax
decreased 31% to MSEK 133 (191). 2)
• Earnings per share amounted to SEK 6.89 (19.93).
Excluding reversed provision of earn-out 2024, earnings
per share decreased 31% to SEK 6.89 (9.84). 2)
FINANCIAL SUMMARY
MSEK
Oct–Dec
2025
Oct–Dec
2024
Jan–Dec
2025
Jan–Dec
2024
Net sales 710 796 2,703 2,802
Currency adjusted growth –1% 3% 3% 5%
EBITA 86 136 274 365
EBITA margin 12.1% 17.0% 10.2% 13.0%
EBIT 67 118 200 298
EBIT margin 9.5% 14.8% 7.4% 10.6%
Profit after tax 55 1) 84 133 1) 387 2)
Profit after tax, excl. reversed earn-out provision 2) 55 82 133 191
Cash flow from operating activities 210 222 213 386
Earnings per share, SEK 3) 2.84 4.30 6.89 19.93
Earnings per share, SEK, excl. reversed earn-out provision 2) 3) 2.84 4.22 6.89 9.84
Net debt (+) / net cash (–) –46 –282 –46 –282
Number of employees (EOP) 1,1394) 1,172 1,1394) 1,172
1) The changes in U.S. tax legislation have had a positive effect on reported income tax of MSEK 14 in BTS’s operations in North America.
2) During 2024, provisions of earn-out related to the acquisitions of RLI (MSEK 29) and Netmind (MSEK 166) were reversed, impacting the net financial items
positively by MSEK 194 for the comparable period.
3) Before and after dilution of shares.
4) Acquisitions during the year have brought in 43 new employees.
“We expect that Q4 2025 marked a turning point, bringing an end to the quarter-on-quarter decline in
results and positioning BTS for renewed momentum into 2026. ”
Jessica Skon, CEO of BTS Group AB
Outlook 2026
We estimate that the result (EBITA) for 2026 will be better than 2025.
Dividend
The Board proposes a dividend of SEK 4.40 (6.10) per share to be paid on two occasions in the amount of SEK 2.20
per payment.
Q4
BTS GROUP AB (PUBL)
YEAR END REPORT
JANUARY – DECEMBER 2025
2025 a disappointment, expected
to go back to earnings growth in
the first quarter 2026

===== SIDA 2 =====

The past year of 2025 was very disappointing with only
a 3 percent increase in total revenues in local currencies,
and a 25 percent decline in EBITA. Of the EBITA decline,
60 percent has been caused by adverse currency
exchange rates (MSEK 26) and items affecting
comparability (MSEK 29) coming from restructuring
charges in relation to AI based rationalization and legal
fees associated with acquisitions earlier in 2025. 40
percent of the decline is mainly due to lower sales in
BTS North America operations.
There are three positive things from 2025 that we will
bring into 2026 and onwards:
1. BTS Europe and BTS Other markets both delivered
topline and bottom-line growth in 2025. BTS Europe
grew 10 percent and improved EBITA by 5 percent,
BTS Other markets grew 5 percent organically and
improved EBITA by 4 percent (in local currencies).
2. The BTS North America turnaround is progressing well,
and we anticipate moderate organic revenue growth
and improved EBITA in the first quarter, 2026.
3. The AI innovation across our services and our internal
workflows are benefitting us in three ways:
a. A more competitive portfolio, with bookings from
our AI bot technology (Wonderway acquisition)
at MUSD 5, during 2025, a quintuple compared
to the previous year.
b. New services spanning AI adoption and workflow
re-invention, with our bookings of AI related
adoption services MUSD 14 in 2025, an increase with
690 percent compared to the same period 2024.
c. Internal simplification of some of our core workflows
with a second wave of AI efficiency improvements
leading to further cost reductions of MSEK 24 to be
realized across 2026.
In 2026, we will bring our new AI tech to the global
market while we continue to streamline and simplify
our operations.
Fourth quarter 2025
Continued weak revenue performance in BTS North
America as well as a temporary slowdown in BTS Europe
contributed to a weak fourth quarter result. Total
revenues dropped by 1 percent and 5 percent organic,
in local currencies, while EBITA fell by 29 percent in local
currencies. Given the actions we have taken in BTS North
America we expect that this quarter will mark the end
of the quarter-on-quarter decline in results.
BTS North America in a stronger position
Net sales for the fourth quarter amounted to MSEK 318
(392). In local currencies revenues decreased with
7 percent and decreased with 13 percent organic. EBITA
amounted to MSEK 30.9 (65.7), corresponding to an
EBITA margin of 9.7 (16.8) percent.
Almost half of the EBITA decline for the full year was
due to currency headwinds, severance costs and items
affecting comparability, while the remaining decline was
2025 a disappointment, expected to go back
to earnings growth in the first quarter of 2026
Jessica Skon
BTS Year-end report January 1–December 31, 2025 | 2

===== SIDA 3 =====

due to the drop in revenues. The first phase of our AI
backed efficiency program was launched during the
second quarter of 2025 and during the fourth quarter
we initialized a second action phase, leading to a restruc-
turing charge in the quarter of approximately MSEK 10.
However, we have managed to deliver cost reductions
of approximately MSEK 24 for the full year.
In June we put into place new leadership and a new
strategy for BTS North America. It is satisfying that, in
the fourth quarter, we managed to increase the net book-
ings, increase our deal pipeline and increase our win rates.
All in all, we ended the year in a stronger position than a
year ago. In 2026, we will continue the strategy of focus-
ing on our core business and include our AI innovations
across all our proposals. In addition, we will among other
things target fast-growing AI companies and look to hire
more senior revenue generators.
BTS Europe holding up to strong
comparable quarter
The fourth quarter revenue declined by 1 percent,
compared to the strong fourth quarter 2024. The EBITA
margin dropped to 15.4 percent due to a change in revenue
mix and more development work than deliveries, as well as
unfavorable exchange rates. We expect that high win rates
in 2025 and many small deals won in the fourth quarter
will support performance at the start of 2026, further
bolstered by sales and leadership-focused recruitment.
BTS Other markets – Growth with
mixed development
Revenues grew by 10 percent in the fourth quarter, of
which organic growth was 6 percent in local currencies.
However, market performance was mixed, with good
improvements in Southern Europe1), offset by softer
conditions in Asia and Southeast Asia. The EBITA margin
decreased by 1.5 percentage points to 14.5 percent,
primarily driven by challenges in our Asian operations.
To address these challenges, we are implementing
several strategic measures. These include deploying
additional operational support, increased sales capacity
and adopting more localized go-to-market approaches.
We are also intensifying activities in markets facing
macroeconomic headwinds to ensure sustained success
despite more difficult conditions. We expect these
initiatives to deliver results over the coming two to
three quarters.
As we look towards 2026, we are proud of our AI innova-
tions and energized to bring them to the global market.
We have moved fast and believe we are ahead of the com-
petition and will continue to innovate internally and with
third party partners at pace. We have had two waves of
internal AI workflow re-inventions, and we will have a
third wave in 2026, all leading to improved profits. We
expect BTS Europe and BTS Other markets to continue to
deliver revenue and EBITA growth during 2026, and we
are looking forward to a first quarter where our biggest
unit, BTS North America, delivers growth.
Outlook
We estimate that the result (EBITA) for 2026 will be
better than in 2025.
Stockholm, February 20, 2026
Jessica Skon
CEO of BTS Group AB (publ)
1) ”BTS Other markets” includes Italy and Spain.
Complete unit affiliation on page 5.
BTS Year-end report January 1–December 31, 2025 | 3

===== SIDA 4 =====

0
600
1,200
1,800
2,400
3,000
Q4Q3Q2Q1
2025
Q4Q3Q2Q1
2024
Q4Q3Q2Q1
2023
Q4Q3Q2Q1
2022
Q4
2021
Net sales, MSEK EBITA, MSEK
1) 1) 1) 0
80
160
240
320
400
OPERATIONS
October 1 – December 31, 2025
BTS’s fourth-quarter net sales amounted to MSEK 710
(796). Adjusted for changes in foreign exchange rates,
sales decreased 1 percent, whereof –5 percent was organic.
Growth varied between the units: BTS Other markets
10 percent, BTS Europe –1 percent, APG –5 percent, and
BTS North America –7 percent.
EBITA decreased 37 percent in the fourth quarter to
MSEK 86 (136). The EBITA margin was 12.1 (17.0) percent.
EBIT decreased 43 percent in the fourth quarter to
MSEK 67 (118). EBIT margin was 9.5 (14.8) percent. EBIT
for the fourth quarter was charged with MSEK –19 (–18)
for amortization of intangible assets attributable to
acquisitions and digital investments.
Profit before tax decreased 50 percent and amounted
to MSEK 58 (116) for the fourth quarter.
The outcome was affected negatively by lower profit
in BTS North America, BTS Europe, BTS Other markets,
and same level for APG, compared to previous year.
January 1 – December 31, 2025
BTS’s net sales for the full year amounted to MSEK 2,703
(2,802). Adjusted for changes in foreign exchange rates,
the net sales increased 3 percent, whereof –1 percent was
organic. Growth varied between the units: BTS Europe
10 percent, BTS Other markets 9 percent, BTS North
America –1 percent, and APG –17 percent.
EBITA decreased 25 percent to MSEK 274 (365) for the
year. The EBITA margin was 10.2 (13.0) percent.
EBIT decreased 33 percent to MSEK 200 (298) for the
year. The EBIT margin was 7.4 (10.6) percent. EBIT for the
year was charged with MSEK –74 (–67) for amortization
of intangible assets attributable to acquisitions and
digital investments.
Profit before tax amounted to MSEK 165 (468) for the
year. During 2024, provisions of earn-out related to the
acquisitions of RLI and Netmind were reversed, impacting
1) Excluding forgiven PPP loan.
1) Excluding forgiven PPP loan. 1) Excluding forgiven PPP loan.
2) Excluding reversed provision of earn-out.
3) Proposed dividend.
EBITA
BY QUARTER
NET SALES
BY QUARTER
EARNINGS AND DIVIDEND
PER SHARE
NET SALES AND EBITA
ROLLING 12 MONTHS
21

24
Q1 Q2 Q3 Q4
0
100
200
300
400
500
600
700
800
900
MSEK
MSEK
21

25
Q1 Q2 Q3 Q4
0
20
40
60
80
100
0
30
60
90
120
150
1)
0
3
6
9
12
25 3)24 2)23 2)2221 1)2019181716151413121110090807060504030201
Earnings per share, SEK
Dividend per share, SEK Dividend, % of net profit
0
20
40
60
80
BTS Year-end report January 1–December 31, 2025 | 4

===== SIDA 5 =====

SEGMENT REPORTING
The effects of IFRS 16 are reported as Group adjustments,
and do not affect the reporting of the BTS Operating units.
Operating units
BTS North America consists of BTS’s operations in
the US (excluding APG), Canada, and Switzerland.
BTS Europe consists of operations in France, Germany,
the Netherlands, Sweden, and the UK.
BTS Other markets consists of operations in Argentina,
Australia, Brazil, China, Costa Rica, India, Indonesia,
Italy, Japan, Malaysia, Mexico, Singapore, South Africa,
South Korea, Spain, Taiwan, Thailand, and the United
Arab Emirates.
APG consists of operations in Advantage Performance
Group in the US.
NET SALES
JANUARY 1 – DECEMBER 31, 2025 (2024)
BTS North America
50 (51)%
APG
4 (5)%
BTS Europe
19 (17) %
BTS Other markets
28 (27)%
Programs
70 (67)%
Development
20 (21)%
Licenses
7 (10)%
Other revenue
3 (2)%
Per operating unit
By source of revenue
AVERAGE GROWTH PER YEAR, 2001–2025 (CAGR)
12%
Net sales growth
per year 1)
13%
EBITA growth
per year
1) Currency adjusted
FINANCIAL GOALS
• A net sales growth 1) of 20 percent, primarily organic.
• An EBITA margin of 17 percent.
• An equity ratio that does not fall below 50 percent
over extended periods.
• An ambition to distribute 40–65 percent of profit
after tax in the long run.
1) Currency adjusted
the net financial items positively by MSEK 194 for the
comparable period. Excluding the reversed provisions
of earn-out, the profit before tax decreased 39 percent
to MSEK 165 (272).
The outcome was affected positively by improved profit
in BTS Europe, and negatively by lower profit in BTS North
America, BTS Other markets, and APG, compared to the
same period previous year.
BTS Year-end report January 1–December 31, 2025 | 5

===== SIDA 6 =====

OUTCOME PER OPERATING UNIT
Net sales
MSEK
Oct–Dec
2025
Oct–Dec
2024
Jan–Dec
2025
Jan–Dec
2024
BTS North America 318 392 1,297 1,415
BTS Europe 145 155 500 470
BTS Other markets 218 216 795 773
APG 28 34 111 144
Total 710 796 2,703 2,802
EBITA
MSEK
Oct–Dec
2025
Oct–Dec
2024
Jan–Dec
2025
Jan–Dec
2024
BTS North America 30.9 65.7 105.7 188.2
BTS Europe 22.4 35.0 65.7 65.8
BTS Other markets 31.6 34.5 99.7 103.7
APG –0.1 –0.1 –3.6 –1.2
EBITA, excluding Group adjustments 84.8 135.1 267.5 356.5
Effects of IFRS 16 1.3 0.6 6.9 8.3
EBITA 86.1 135.7 274.4 364.8
EBITA margin
%
Oct–Dec
2025
Oct–Dec
2024
Jan–Dec
2025
Jan–Dec
2024
BTS North America 9.7 16.8 8.2 13.3
BTS Europe 15.4 22.6 13.1 14.0
BTS Other markets 14.5 16.0 12.5 13.4
APG –0.4 –0.2 –3.3 –0.8
EBITA margin 12.1 17.0 10.2 13.0
BTS Year-end report January 1–December 31, 2025 | 6

===== SIDA 7 =====

BTS Europe
Net sales for the fourth quarter amounted to MSEK 145
(155). Adjusted for changes in foreign exchange rates,
revenue decreased 1 percent, whereof all was organic. EBITA
amounted to MSEK 22.4 (35.0), and the EBITA margin was
15.4 (22.6) percent. The fact that BTS Europe’s net sales was
in line with last year’s level, despite a strong comparison
quarter, was due to a strong development in Germany
and France in particular. The main impact on EBITA was
due to a change in revenue mix and more development
work being done than deliveries, as well as unfavourable
exchange rates.
Net sales for BTS Europe amounted to MSEK 500
(470) for the year. Adjusted for changes in foreign exchange
rates, revenue increased 10 percent, whereof all was
organic. EBITA amounted to MSEK 65.7 (65.8). The EBITA
margin was 13.1 (14.0) percent. Industry shifts in the quarter
were mainly the result of large projects starting and ending
rather than a sign of any major industry trends. Sales
efforts focused on, among others, the defense sector.
BTS Other markets
Net sales for the fourth quarter amounted to MSEK 218
(216). Adjusted for changes in foreign exchange rates,
revenue increased 10 percent, whereof 6 percent was
organic. EBITA amounted to MSEK 31.6 (34.5), and the
EBITA margin was 14.5 (16.0) percent. A strong develop-
ment in Australia, in addition to southern Europe, contrib-
uted to the organic revenue improvement. The acquisition
of Nexo in Brazil contributed to the acquired growth.
Currency movements and costs for efficiency measures
affected the EBITA margin negatively.
Net sales for BTS Other markets amounted to MSEK
795 (773) for the year. Adjusted for changes in foreign
exchange rates, revenue increased 9 percent, whereof
5 percent was organic. EBITA amounted to MSEK 99.7
(103.7). The EBITA margin was 12.5 (13.4) percent. The
financial services segment continued to be an important
and growing segment within BTS Other markets, com-
prising just over a quarter of the revenue at year end,
compared to 18 percent a year ago. Professional services’
share of clients also grew in the quarter, while manufac-
turing reversed.
APG
Net sales for the fourth quarter amounted to MSEK 28
(34). Adjusted for changes in foreign exchange rates,
revenue decreased 5 percent, whereof all was organic.
EBITA amounted to MSEK –0.1 (–0.1), and the EBITA
margin was –0.4 (–0.2) percent. Ongoing contractions
in several top accounts continued to weigh on sales, which
also affected the EBITA result. Cost management, deliv-
ery mix, and lower variable compensation helped mitigate
the effects. The decline rate slowed compared to earlier
quarters of 2025.
Net sales for APG amounted to MSEK 111 (144) for
the year. Adjusted for changes in foreign exchange rates,
revenue decreased 17 percent, whereof all was organic.
EBITA amounted to MSEK –3.6 (–1.2). The EBITA margin
was –3.3 (–0.8) percent.
F inancial se r vic e s
15 (12) %
Energy
10 (14) %
M a nuf a c t uring
9 (9) %
P h a r ma & biotech
20 (20) %
Professional services
9 (9) %
Retail & logistics
6 (5) %
FMCG
8 (7) %
T elec o m
4 (4) %
IT, tech & software
10 (11) %
Other
9 (8) %
M a nuf a c t uring
14% (12%)
NET SALES PER INDUSTRY
JANUARY 1 – DECEMBER 31, 2025 (2024)
Market development
The market remained more cautious during the year due
to increased uncertainty in the global corporate sector
in general. However, we saw some positive signs of an
increased demand during the fourth quarter.
A significant change during the year has been the
increased focus on AI, in particular in North America,
where the majority of clients have gone from limited
attention early in the year to a strong focus on AI sup-
ported services at the end of 2025. We expect this focus
to continue to grow during 2026. We have invested in AI
innovation during 2025 and built a portfolio of solutions
that is ahead of our competitors.
BTS North America
Net sales for the fourth quarter amounted to MSEK 318
(392). In local currencies revenues decreased by 7 percent,
and decreased by 13 percent organic. EBITA amounted
to MSEK 30.9 (65.7), and the EBITA margin was 9.7 (16.8)
percent. About 40 percent of the EBITA decline is due
to items affecting comparability, including costs for
rationalizations in our operations and negative currency
effects. The remaining 60 percent of the EBITA drop
is a result of poor sales performance earlier in 2025.
Net sales for BTS North America amounted to MSEK
1,297 (1,415) for the year. Adjusted for changes in foreign
exchange rates, revenue decreased 1 percent, and
decreased by 6 percent organic. EBITA amounted to
MSEK 105.7 (188.2). The EBITA margin was 8.2 (13.3) per-
cent. Pharma & biotech continued the trend from the third
quarter to gain additional territory and comprised close to
a third of the clients in BTS North America on December 31,
2025. The IT, tech & software segment had a share of 16
percent at the end of the year, compared to 23 percent a
year ago. This is positive in the sense that we were a little
less dependent on large customers at year end.
BTS Year-end report January 1–December 31, 2025 | 7

===== SIDA 8 =====

CASH FLOW
October 1 – December 31, 2025
BTS’s cash flow from operating activities for the fourth
quarter amounted to MSEK 210 (222), whereof the cash
flow from changes in working capital amounted to
MSEK 126 (96).
The cash flow from investing activities for the fourth
quarter amounted to MSEK –17 (–12). Investments in
tangible and intangible non-current assets, excluding
acquisitions, amounted to MSEK –17 (–6) for the fourth
quarter. Investments in acquisitions of businesses
amounted to MSEK 0 (–7).
Cash flow from financing activities for the fourth
quarter amounted to MSEK –8 (–90). The change
between the periods is attributable to a higher level
of net increase in loans compared to the same period
previous year.
Total cash flow in the fourth quarter amounted to
MSEK 184 (120).
January 1 – December 31, 2025
BTS’s cash flow from operating activities for the year
amounted to MSEK 213 (386), whereof the cash flow
from changes in working capital amounted to MSEK –43
(81). The weaker cash flow from operating activities is
mainly due to lower earnings, combined with a relatively
smaller increase in operating liabilities compared to
the same period last year. In addition, the operating
cash flow for the first quarter of the previous year was
higher than normal, due to a substantial part of the
fourth quarter’s invoicing 2023 were taking place at the
end of the quarter, which was collected during the first
quarter 2024.
The cash flow from investing activities for the year
amounted to MSEK –187 (–188). Investments in tangible
and intangible non-current assets, excluding acquisitions,
amounted to MSEK –58 (–30) for the year. Investments
in acquisitions of businesses amounted to MSEK –128
(–159), where MSEK –113 (–89) was attributable to new
acquisitions and MSEK –15 (–70) to earn-out payments.
Cash flow from financing activities for the year
amounted to MSEK –20 (–51).
Total cash flow for the year amounted to MSEK 7 (146).
FINANCIAL POSITION
Available cash and cash equivalents amounted to
MSEK 626 (703) at the end of the period.
Interest-bearing loans amounted to MSEK 580 (421)
at the end of the period. The company had no conversion
loans outstanding at the balance sheet date.
Net debt, that is interest-bearing liabilities reduced by
liquid funds, amounted to MSEK –46 (–282) at the end of
the period, and the net debt ratio for the 12 months period
January to December 2025 was –3 (–19) percent.
BTS’s equity ratio was 46 (49) percent at the end of
the period.
DEPRECIATIONS AND AMORTIZATIONS
October 1 – December 31, 2025
Depreciation of property, plant and equipment amounted
to MSEK –18 (–21) for the fourth quarter, of which depre-
ciation of right-of-use assets in accordance with IFRS 16
were MSEK –14 (–17).
Amortization of intangible assets amounted to MSEK
–19 (–18) for the fourth quarter, of which amortizations
related to acquisitions were MSEK –11 (–10).
BTS AROUND THE WORLD
BTS is a global professional services firm headquartered in Stockholm, Sweden, with about 1,100
professionals in 36 offices located on six continents.
Sao Paulo
Phoenix
Mexico City
Stockholm
Amsterdam
Mumbai (2)
Dubai
London
Portsmouth
Paris
St. Gallen
Bilbao
Madrid
Barcelona
Milan
Johannesburg
Seoul
Tokyo
Shanghai
Taipei
Bangkok
Kuala Lumpur
Singapore
Jakarta
Melbourne
Sydney
Cologne
San Francisco
San Rafael
Buenos Aires
Chicago
Philadelphia
Cincinnati
New York
Toronto
BTS Year-end report January 1–December 31, 2025 | 8

===== SIDA 9 =====

January 1 – December 31, 2025
Depreciation of property, plant and equipment amounted
to MSEK –69 (–74) for the year, of which depreciation of
right-of-use assets in accordance with IFRS 16 were MSEK
–54 (–58).
Amortization of intangible assets amounted to MSEK
–74 (–67) for the year, of which amortizations related to
acquisitions were MSEK –43 (–37).
OTHER INFORMATION
Employees
As of December 31, 2025, the number of employees at BTS
was 1,139 (1,172). Acquisitions during the year have brought
in 43 new employees. The average number of employees
for the year was 1,178 (1,131).
Parent company
The Parent company’s net sales during the year
amounted to MSEK 5.2 (5.2) and profit before tax
totaled MSEK 111,4 (78.7). Cash and cash equivalents
amounted to MSEK 47.9 (6.5).
Transactions with related parties
A limited number of transactions with related parties,
with the exception of transactions between Group com-
panies, have taken place and in that case under prevailing
market conditions.
Annual General Meeting and proposed dividend
The Annual General Meeting will be held on May 21, 2026
at 09.00 am at Hallvarsson & Halvarsson, Malmskillnads-
gatan 29, 9th floor, Stockholm, Sweden.
The Board proposes a dividend of SEK 4.40 (6.10) per
share to the Annual General Meeting for 2025 business
year, amounting to 85.3 (118.3) MSEK, disbursed in two
payments of SEK 2.20 each. This corresponds to 64 (31)
percent of the year’s net profit, and when excluding there-
versed provision of earn-out, this corresponds to 64 (62)
percent of the year’s net profit.
Acquisitions
On March 3, 2025, BTS acquired the business of Sounding
Board Inc. (Sounding Board), as previously communicated
in a press release on the same date. The acquisition
encompasses all operations including employees, technol-
ogy, intellectual property, customer relations, brands and
equipment.
Sounding Board is a technology-based business with
scalable, high-impact coaching solutions, driving transfor-
mational leadership development. Sounding Board’s tech-
nology and scalable operating model has increased pro-
ductivity within BTS’s current coaching services. Also, the
addition of Sounding Board’s coach network has created
a combined BTS network of 700 credentialed coaches,
with global reach.
On May 5, 2025, BTS acquired the business of Nexo
Pesquisa e Consultoria Ltda. (Nexo), as previously commu-
nicated in a press release on the same date. The acquisi-
tion encompasses all operations including employees,
technology, intellectual property, customer relations,
brands, and equipment.
Nexo is a consulting company headquartered in São Paulo,
Brazil, delivering transformative projects in strategy, inno-
vation, leadership, and culture. By acquiring Nexo, BTS
not only increased the Group’s footprint in Brazil but
also added significant capabilities in culture and trans-
formation services. Nexo’s client base has limited overlap
with BTS, which creates strong growth potential and
synergy effects.
Determining of purchase price allocation
The preliminary purchase price allocation regarding the
year’s acquisitions of Sounding Board and Nexo have been
determined. The acquisition calculations determined at
the date of the acquisition translated at the exchange
rate on the balance sheet date at December 31, 2025:
MSEK
Sounding
Board Nexo Total
Intangible assets 44.3 10.3 54.7
Receivables 10.9 4.5 15.4
Cash and cash
equivalents 5.8 1.7 7.5
Current liabilities –44.2 –3.2 –47.4
Non-current liabilities –38.1 –3.5 –41.6
Identifiable assets –21.3 9.9 –11.4
Goodwill 102.9 37.0 139.9
Total purchase price 81.6 46.9 128.5
Provision for conditional
consideration –24.4 –27.4 –51.8
Purchase price paid
in cash 57.2 19.4 76.7
Goodwill consists of expected future synergy effects in the
form of an expanded product range and services. Along-
side synergy effects, the addition of qualified employees
and future profitability components are included in the
goodwill item.
The acquisition of Sounding Board includes a limited
initial cash consideration as well as additional purchase
price considerations paid between 2026 and 2028, pro-
vided the acquired business meets specific targets during
that period. This provision for conditional consideration is
included in the balance sheet items Acquisition-related
non-current liabilities at the amount of MSEK 17 and
Acquisition-related current liabilities at the amount of
MSEK 9. The purchase price can amount to anywhere
between MSEK 0 and a maximum of MSEK 193.
The acquisition of Nexo includes a limited initial cash
consideration as well as additional purchase price consid-
erations paid between the years 2026 and 2028, provided
the acquired business meets specific targets during this
period. This provision for conditional consideration is
included in the balance sheet items Acquisition-related
non-current liabilities at the amount of MSEK 21 and
Acquisition-related current liabilities at the amount of
MSEK 9. The purchase price can amount to anywhere
between MSEK 0 and a maximum of MSEK 44.
BTS Year-end report January 1–December 31, 2025 | 9

===== SIDA 10 =====

The conditional considerations are measured at fair value
on the acquisition date using a discounted cash flow
model, reflecting the expected future payments and the
time value of money. Subsequent changes in the carrying
amount of the conditional consideration, including the
unwinding of the discount, are not adjustments to the
purchase price or goodwill and are recognized in the
Group income statement, in accordance with IFRS 3 and
IFRS 9. For the 2025 acquisitions, the interest expense
arising from the unwinding of the discount on conditional
consideration amounted to MSEK 3 and is recognized
within net financial items.
Sounding Board and Nexo contributed with MSEK 77
to the Group’s net sales and MSEK 4 to the Group’s profit
after tax. If the acquisitions had been completed on Janu-
ary 1, 2025, they would have contributed approximately
with MSEK 98 to the Group’s net sales, and approximately
MSEK 6 to the Group’s profit after tax. No acquisition
costs were capitalized but were instead expensed in their
entirety. Expenses for completing the acquisitions are
included in the Group’s operating expenses for 2025 at
the amount of MSEK 14.
Events after the end of the period
No significant events occurred after the close of the period.
Risks and uncertainties
The Group’s material risks and uncertainties include
market and business risks, operational risks, and financial
risks. Business risks include significant exposure to individual
customers or markets, as well as the negative influence
of changes in the economy. Operational risks include
dependence on key individuals, insufficient skills supply,
and an inability to take advantage of intellectual prop-
erty, as well as if BTS does not meet the stringent quality
requirements of its clients. Financial risks mainly relate to
foreign exchange rates and credit risks. Political instability,
armed conflicts, protectionism, and geopolitical tensions
have increased in recent years. The Global Leadership
Team and the Board continuously assess macro-economic
trends and geopolitical risks affecting BTS’s operations,
and develop appropriate action plans accordingly. The
management of risks and uncertainties is further
described in the 2024 Annual report.
Critical accounting estimates and assumptions
In order to prepare the financial statements in conformity
with IFRS accounting standards, Corporate management
is required to make estimates and assumptions that affect
the application of accounting principles and the recog-
nized amounts of assets, liabilities, revenues, and costs.
Estimates and assumptions are based on historical expe-
rience, and a number of other factors that are regarded
as reasonable under prevailing conditions. Actual out-
comes can deviate from these estimates and assump-
tions. Estimates and assumptions are reviewed regularly.
Accounting policies
The year-end report for the Group has been prepared in
accordance with IAS 34 Interim Financial Reporting and
the applicable provisions of the Swedish Annual Accounts
Act. The same accounting policies and calculation meth-
ods have been applied as in the most recent annual report.
The year-end report for the Parent Company has been
prepared in accordance with the Swedish Annual Accounts
Act and the Swedish Financial Reporting Board’s recom-
mendation RFR 2 Accounting for Legal Entities. The same
accounting policies and calculation methods have been
applied as in the most recent annual report.
Financial calendar
Annual report 2025 April, 2026
Interim report Jan–Mar 2026 May 21, 2026
Interim report Jan–Jun 2026 August 14, 2026
Interim report Jan–Sep 2026 November 6, 2026
Year-end report Jan–Dec 2026 February 19, 2027
Stockholm, February 20, 2026
Jessica Skon
CEO
This report has not been reviewed by BTS’s auditors.
Contact information
Jessica Skon, CEO +46 8 587 070 00
Stefan Brown, CFO +46 8 587 070 62
Michael Wallin, Investor Relations +46 70 878 80 19
BTS Group AB (publ)
Grevgatan 34
SE-114 53 Stockholm, Sweden
Phone: +46 8 587 070 00
Company registration number: 556566-7119
For further information, visit www.bts.com
BTS Year-end report January 1–December 31, 2025 | 10

===== SIDA 11 =====

FINANCIAL INFORMATION
GROUP INCOME STATEMENT, SUMMARY
KSEK
Oct–Dec
2025
Oct–Dec
2024
Jan–Dec
2025
Jan–Dec
2024
Net sales 709,717 796,467 2,703,100 2,802,054
Operating expenses –605,884 –639,510 –2,359,927 –2,363,013
Depreciation of property, plant, and equipment –17,774 –21,239 –68,736 –74,253
EBITA 86,059 135,718 274,437 364,788
Amortization of intangible assets -18,602 –18,112 –74,475 –66,733
EBIT 67,458 117,606 199,962 298,055
Net financial items –9,426 –2,966 –36,119 –26,851
Reversed provision of earn-out – 1,401 – 195,677
Associated companies, profit after tax –109 358 1,124 704
EBT 57,922 116,399 164,967 467,584
Income tax –2,4851) –32,764 –32,4571) –80,621
Net profit 55,438 83,635 132,510 386,963
attributable to the shareholders of the parent company 55,178 83,340 133,649 386,496
Earnings per share, SEK 2.84 4.30 6.89 19.93
Number of shares at end of the period 2) 19,396,819 19,396,819 19,396,819 19,396,819
Average number of shares 2) 19,396,819 19,396,819 19,396,819 19,396,819
Dividend per share, SEK 4.403) 6.10
1) Following changes in US tax legislation during 2025, BTS’s North American operations have gained expanded and partially retroactive tax deduction possibilities.
These changes have had a significant positive impact on the reported income tax for the year which decreased by approximately MSEK 14, with full impact in the
fourth quarter.
2) Before and after dilution of shares.
3) Proposed dividend.
GROUP STATEMENT OF COMPREHENSIVE INCOME
KSEK
Oct–Dec
2025
Oct–Dec
2024
Jan–Dec
2025
Jan–Dec
2024
Profit for the period 55,438 83,635 132,510 386,963
Items that will not be reclassified to profit or loss – – – –
Items that may be reclassified to profit or loss
Translation differences in equity –30,611 80,933 –218,817 83,390
Translation difference related to net investment
in Group foreign operations –3,123 – –18,069 –
Other comprehensive income for the period, net of tax –33,734 80,933 –236,885 83,390
Total comprehensive income for the period 21,704 164,568 –104,375 470,353
attributable to the shareholders of
the parent company 21,444 164,273 –103,236 469,885
BTS Year-end report January 1–December 31, 2025 | 11

===== SIDA 12 =====

GROUP BALANCE SHEET, SUMMARY
KSEK 31 Dec 2025 31 Dec 2024
ASSETS
Goodwill 1,275,823 1,272,214
Other intangible assets 165,587 161,728
Tangible assets 149,834 193,082
Financial assets 37,152 38,591
Total non-current assets 1,628,395 1,665,615
Trade receivables 647,590 726,946
Other current assets 269,976 267,450
Cash and cash equivalents 625,939 703,332
Total current assets 1,543,505 1,697,729
TOTAL ASSETS 3,171,900 3,363,344
EQUITY AND LIABILITIES
EQUITY 1,445,439 1,664,755
LIABILITIES
Acquisition-related non-current liabilities 1) 132,216 192,482
Interest-bearing non-current liabilities 502,656 202,500
Other non-current liabilities 185,603 224,184
Non-current liabilities 820,476 619,166
Acquisition-related current liabilities 1) 86,974 16,497
Interest-bearing current liabilities 77,141 218,453
Other current liabilities 741,870 844,471
Current liabilities 905,985 1,079,422
TOTAL LIABILITIES 1,726,461 1,698,588
TOTAL EQUITY AND LIABILITIES 3,171,900 3,363,344
1) Refers to provisions for conditional purchase price.
BTS Year-end report January 1–December 31, 2025 | 12

===== SIDA 13 =====

GROUP CASH FLOW STATEMENT, SUMMARY
KSEK
Oct–Dec
2025
Oct–Dec
2024
Jan–Dec
2025
Jan–Dec
2024
Earnings before tax 57,922 116,399 164,967 467,584
Adjustments for non-cash items 40,396 40,504 158,874 142,139
Adjustment for extraordinary non-cash items – –3,697 – –197,973
Paid taxes –14,147 –26,859 –67,792 –106,587
Cash flow from operating activities 84,172 126,347 256,050 305,163
Operating receivables –41,891 –38,037 –45,653 955
Operating liabilities 167,507 133,939 2,403 79,835
Cash flow from changes in
working capital 125,617 95,902 –43,250 80,790
Cash flow from operating activities 209,788 222,249 212,799 385,953
Acquisition of business combinations – –6,770 –128,265 –158,919
Acquisition of assets –17,351 –5,557 –58,346 –29,551
Cash flow from investing activities –17,351 –12,327 –186,611 –188,470
Dividend –59,160 –55,281 –118,321 –110,562
Net change, interest-bearing liabilities 65,773 –14,253 159,991 118,624
Other 1) –14,956 –20,028 –61,216 –59,370
Cash flow from financing activities –8,343 –89,563 –19,546 –51,308
Cash flow for the period 184,093 120,360 6,642 146,176
Cash and cash equivalents, opening balance 452,101 563,106 703,332 532,315
Translation differences in cash and cash equivalents –10,256 19,866 –84,036 24,842
Cash and cash equivalents, closing balance 625,939 703,332 625,939 703,332
1) Amortization of lease liabilities, according to IFRS 16.
BTS Year-end report January 1–December 31, 2025 | 13

===== SIDA 14 =====

GROUP CHANGES IN CONSOLIDATED EQUITY
KSEK 31 Dec 2025 31 Dec 2024
Opening balance 1,644,755 1,300,653
Dividend to shareholders –118,321 –110,562
Other 3,380 4,311
Total comprehensive income for the period –104,375 470,353
Closing balance 1,445,439 1,664,755

PARENT COMPANY’S INCOME STATEMENT, SUMMARY
KSEK
Oct–Dec
2025
Oct–Dec
2024
Jan–Dec
2025
Jan–Dec
2024
Net sales 1,235 1,265 5,225 5,190
Operating expenses –6,315 2,278 –24,181 –1,369
EBIT –5,080 3,543 –18,956 3,821
Net financial items 99,309 39,687 130,374 74,917
EBT 94,229 43,230 111,418 78,738
Tax –5,380 –5,649 –5,380 –5,649
Net profit 88,849 37,581 106,038 73,089

PARENT COMPANY’S BALANCE SHEET, SUMMARY
KSEK 31 Dec 2025 31 Dec 2024
ASSETS
Financial assets 561,852 446,909
Other current assets 100,963 139,536
Cash and cash equivalents 47,888 6,522
TOTAL ASSETS 720,703 592,967
EQUITY AND LIABILITIES
EQUITY 156,411 168,694
LIABILITIES
Interest-bearing non-current liabilities 502,500 202,500
Non-current liabilities 502,500 202,500
Interest-bearing current liabilities 59,454 217,305
Other current liabilities 2,338 4,468
Current liabilities 61,792 221,773
TOTAL LIABILITIES 564,292 424,273
TOTAL EQUITY AND LIABILITIES 720,703 592,967
BTS Year-end report January 1–December 31, 2025 | 14

===== SIDA 15 =====

GROUP CONSOLIDATED KEY RATIOS
KSEK
Oct–Dec
2025
Oct–Dec
2024
Jan–Dec
2025
Jan–Dec
2024
Net sales 709,717 796,467 2,703,100 2,802,054
EBITA 86,059 135,718 274,437 364,788
EBITA margin 12.1% 17.0% 10.2% 13.0%
EBIT 67,458 117,606 199,962 298,055
EBIT margin 9.5% 14.8% 7.4% 10.6%
Net profit 55,438 83,635 132,510 386,963
Net profit margin 7.8% 10.5% 4.9% 13.8%
Operating capital 1) 1,399,298 1,382,376
Return on operating capital 13% 24%
Return on equity 9% 26%
Equity ratio 46% 49% 46% 49%
Cash flow for the period 184,141 120,360 6,690 146,176
Cash flow from operating activities 209,836 222,248 212,847 385,953
Cash and cash equivalents, at end of the period 625,939 703,332 625,939 703,332
Net debt (+) / net cash (–) –46,141 –282,379
Net debt ratio –3% –19%
Net debt/EBITA –0.17 –0.77
Average number of employees 1,167 1,177 1,178 1,131
Number of employees at the end of the period 1,1392) 1,172 1,1392) 1,172
Revenue for the year per employee 2,295 2,478
1) The calculation includes the item of non-interest-bearing liabilities as of December 31, 2025, amounting to KSEK 1,146,663 (1,277,635).
2) Acquisitions during the year have brought in 43 new employees.
NET SALES ACCORDING TO BUSINESS MODEL
Jan–Dec
2025
Jan–Dec
2024
MSEK
BTS
North
America
BTS
Europe
BTS
Other
markets APG Total
Share
of total
revenue
BTS
North
America
BTS
Europe
BTS
Other
markets APG Total
Share
of total
revenue
Programs 860 357 586 94 1,896 70% 850 316 599 111 1,876 67%
Development 286 89 159 – 533 20% 351 105 126 – 582 21%
Licenses 117 35 25 17 195 7% 177 35 25 33 270 10%
Other revenue 34 20 26 0 80 3% 37 14 23 0 74 2%
TOTAL 1,297 500 795 111 2,703 100% 1,415 470 773 144 2,802 100%
BTS Year-end report January 1–December 31, 2025 | 15

===== SIDA 16 =====

DEFINITIONS
Earnings per share
Earnings attributable to the parent company’s shareholders
divided by number of shares before dilution.
EBITA
Operating profit before amortization of intangible assets,
financial items, and tax.
EBITA margin
EBITA as a percentage of net sales.
EBIT
Operating profit before financial items and tax.
EBIT margin
EBIT as a percentage of net sales.
EBITA/EBIT/EBT/Net profit growth
Percentage change in EBITA/EBIT/EBT/Net profit, in SEK,
between two periods.
Equity ratio
Equity as a percentage of the total balance sheet.
Net debt
Interest-bearing liabilities to credit institutes reduced by
liquid funds.
Net debt/EBITA
Net debt in relation to EBITA (rolling 12 months).
Net debt ratio
Net debt as a percentage of average equity.
Net profit margin
Net profit as a percentage of net sales.
Net sales growth/growth
Percentage change in net sales between two periods,
adjusted for changes in foreign exchange rates.
Operating capital
Total balance sheet reduced by liquid funds and other
interest-bearing assets and reduced by non-interest-
bearing liabilities.
Return on equity
Net profit (rolling 12 months) as a percentage of average
equity.
Return on operating capital
EBIT (rolling 12 months) as a percentage of average
operating capital.
ABOUT BTS GROUP AB
BTS is a global professional services firm headquartered in Stockholm, Sweden. BTS has about 1,100 professionals in 36 offices located on six
continents. BTS competes in both talent and HR consulting as well as the traditional consulting markets. BTS’s services support a broad range
of client challenges including top-to-bottom and on-demand leadership development, talent selection and readiness, strategy creation and
strategy implementation, as well as culture and broad-scale change. For 40 years, BTS has been focused on the people-side of change and on
powering better performance using proprietary simulation, learning, coaching, and assessment methodologies. We partner with nearly 1,200
organizations, including over 40 of the world’s 100 largest global corporations.
BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B.
For more information, please visit www.bts.com.
BTS Year-end report January 1–December 31, 2025 | 16

===== SIDA 17 =====

Strategy made personal.
Inspiring and equipping people and organizations
to do the best work of their lives.
www.bts.com