Kvartalsrapport Q3 2025

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

sinch.com 
INTERIM REPORT, JANUARY – SEPTEMBER 2025 
Improved profitability and positioned for long-term growth  
July – September 2025 
• Net sales amounted to SEK 6,659m (7,150). Net sales were 
unchanged organically, while currency effects had a negative 
impact of 7 percent. 
• Gross profit amounted to SEK 2,318m (2,406), an organic 
increase of 5 percent. Currency effects had a negative 
impact of 8 percent.  
• EBITDA amounted to SEK 851m (799), an organic increase of 
16 percent. Currency effects had a negative impact of 9 
percent.  
• Adjusted EBITDA amounted to SEK 915m (923), an organic 
increase of 8 percent. Currency effects had a negative 
impact of 8 percent.  
• Loss after tax was SEK -10m (-6,095). 
• Basic earnings per share were SEK -0.01 (-7.22) and diluted 
earnings per share were SEK -0.01 (-7.22). 
• Free cash flow was SEK 244m (293). 
• Free cash flow per share R12M was SEK 1.65 (2.59). Cash 
conversion R12M was 38 percent. 
• Net debt in relation to adjusted EBITDA R12M amounted to 1.4 
(1.6). 
• Repurchased a total of 15,279,642 shares for SEK 519m, 
holding 1.8 percent of total outstanding shares in treasury as 
of September 30.  
January–September 2025 
• Net sales amounted to SEK 20,324m (20,983). Organic 
growth was 2 percent, while currency effects had a negative 
impact of 5 percent.   
• Gross profit amounted to SEK 7,048m (7,103). Gross profit 
increased organically by 4 percent. All regions and product 
categories contributed positively to organic growth. Currency 
effects had a negative impact of 5 percent.  
• EBITDA amounted to SEK 2,351m (2,359). EBITDA increased 
by 4 percent organically, while currency effects had a 
negative impact of 2 percent.  
• Adjusted EBITDA was SEK 2,673m (2,584) and increased 
organically by 8 percent, while currency effects had a 
negative impact of 4 percent. 
• Loss after tax was SEK -33m (-6,089). 
• Basic earnings per share were SEK -0.04 (-7.22) and diluted 
earnings per share were SEK -0.04 (-7.22). 
• Free cash flow was SEK 663m (1,620). 
 
 
 
Significant events in Q3 
• During the quarter, Sinch’s strong position within AI was 
confirmed as AI innovators across all regions now use the 
company’s API products. 
• Research firm Gartner named Sinch a Magic Quadrant Leader 
for CPaaS for the third year running.  
• Sinch is now live with RCS for Business together with the 
three largest mobile operators in the United States. 
 
 
 
• Daniel Morris was appointed as the new Chief Product 
Officer. 
• Sinch expanded its AI-driven platform Sinch Engage with RCS 
campaign creation and management capabilities. 
• The Extraordinary General Meeting resolved to implement a 
long-term incentive program as proposed by the Board of 
Directors.  
  
Sinch Group, SEKm 2025 2024 2025 2024 R12M 2024
Net sales 6,659 7,150 20,324 20,983 28,053 28,712
Gross profit 2,318 2,406 7,048 7,103 9,629 9,685
Gross margin 35% 34% 35% 34% 34% 34%
EBITDA 851 799 2,351 2,359 2,657 2,665
EBITDA margin 13% 11% 12% 11% 9% 9%
Adjusted EBITDA 915 923 2,673 2,584 3,675 3,586
Adjusted EBITDA margin 14% 13% 13% 12% 13% 12%
Basic earnings per share -0.01 -7.22 -0.04 -7.22 -0.42 -7.60
Diluted earnings per share -0.01 -7.22 -0.04 -7.22 -0.42 -7.60
Free cash flow 244 293 663 1,620 1,397 2,355
Free cash flow/share R12M, SEK 1.65 2.59 1.65 2.59 1.65 2.77
Net debt/adjusted EBITDA R12M, multiple 1.4 1.6 1.4 1.6 1.4 1.5
Q3 Jan-Sep
Q3 
2025

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

2 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
COMMENTS FROM THE CEO 
Improved profitability and positioned for long-term growth 
I am pleased to report organic earnings growth in the third quarter. 
Adjusted EBITDA was SEK 915 million, corresponding to an 8 
percent organic growth year on year. The Adjusted EBITDA margin 
expanded to a record high of 14 percent, driven by gross profit 
growth, cost control and increased synergies. Organic gross profit 
growth was 5 percent, in line with the previous quarter although 
the profile of this growth is not yet what we expect to deliver over 
time. Our strong cash generation enabled us to take an important 
step forward this quarter with the launch of our first share 
buyback program, underscoring our confidence in Sinch’s long-
term value. 
Market growth remains stable, but the structural shifts driven by 
conversational messaging and Artificial Intelligence (AI) are 
accelerating. We are at the forefront of this change. To date, our 
volume of RCS for Business messages has increased threefold 
compared to the same period last year. This growth is led by India, 
followed by Latin America, and early adopter markets in Europe. 
We are proud to see our clients Picard, Courir and Clarins have 
been nominated for retail technology innovation awards for their 
powerful RCS campaigns in the quarter. 
A major milestone was achieved in August when all major US Tier-1 
operators were live with RCS for Business. Reach is growing 
rapidly, with several brands already achieving over 75 percent RCS 
coverage among their customers, firmly establishing RCS as a 
viable and powerful alternative to SMS. The growing adoption of 
RCS for Business stimulates the broader market for conversational 
messaging. To complement our RCS Upscale offering, we have 
now launched WhatsApp Upscale. These developments 
accelerate the market for conversational messaging and reinforce 
the value of our channel-agnostic platform. Sinch is well 
positioned to help businesses navigate this complexity and 
connect with customers on any channel they choose. 
The use of AI in combination with conversational messaging is a 
strong driver of market growth and remains a central pillar of our 
strategy. We view AI agents as our newest customers and intend 
to power the last mile of agentic communication. We are not 
simply adding AI features, we are building an intelligent, AI-driven 
communications platform that creates new opportunities for our 
customers. In the quarter, we have seen market validation of this 
position and Sinch API-products are now powering leading AI-
innovators in all regions.  
In Americas, we saw strong organic gross profit growth of 8 
percent, driven by the successful turnaround of our Network 
Connectivity business and strong growth in Applications. The 
underlying growth in our API business was solid, but overall growth 
was dampened by competitive pressure among a few of our large 
enterprise customers. I am pleased with our intake of new 
enterprise accounts which is reducing customer concentration.
 
However, new business does take time to ramp so their 
contribution does not yet fully offset the effects of competitive 
pressure elsewhere.  
Gross profit in EMEA declined by 3 percent, which is below our 
expectations. Network Connectivity and Applications contributed 
positively to growth. API platform experienced continued solid 
growth in messaging, while our reduced focus on fixed price 
contracts burdened overall growth.  
In APAC, organic gross profit grew by 1 percent. We have strong 
momentum in our API business with enterprises, particularly as a 
world leading e-commerce enterprise became one of our largest 
regional customers. However, overall API growth was subdued by 
margin pressure from SMS in India. Within Applications, 
competitive pressure, especially in Australia, negatively affected 
gross profit growth.  
Our strategic initiatives are yielding results. The analyst firm 
Gartner recognized our industry leadership by naming Sinch a 
Leader in its CPaaS Magic Quadrant for the third consecutive year. 
We see strong traction with large enterprise customers, increasing 
in numbers with some 5 percent year on year. We continue to 
develop our self-serve offer which has delivered double-digit 
gross profit growth year to date. RCS for Business traffic has 
tripled year-on-year and has now been fully rolled-out in the US. 
In addition, our Email volumes have increased by 39 percent 
versus last year. Our partner and ecosystem activities support 
growth of conversational messaging, applications and our 
geographic expansion. Partners alone, have generated 5 percent 
gross profit growth year to date.  
Looking ahead, we remain confident in our strategy and our ability 
to deliver long-term sustainable and profitable growth. 
 
Stockholm, November 5, 2025 
Laurinda Pang 
CEO

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

3 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Sinch overview 
  
For a list and definitions of financial and operational measurements, please refer to page 30. 
1) Adjusted EBITDA and adjusted EBIT are alternative performance measures that are not defined under IFRS. See Note 2 for reconciliation and page 30 for 
definitions. 
2) The dilutive effect is not taken into account when financial performance is negative and outstanding warrants/stock options a re not considered when the 
company’s average share price is below the exercise price.  
3) In the calculation of this APM, net debt and adjusted EBITDA are both measured excluding IFRS 16 -related lease liabilities. See page 9 for comments. 
 
Free cash flow per share4, R12M (SEK) 
 
4) The Sinch Board of Directors measures long-term value creation through assessment of free cash flow per share. Free cash flow/share is an 
Alternative Performance Measure (APM) that is intended to measure the free cash flow generated by the business. The  chart above shows the 
development of this APM over time. 
Sinch Group, SEKm 2025 2024 2025 2024 R12M 2024
Net sales 6,659 7,150 20,324 20,983 28,053 28,712
Gross profit 2,318 2,406 7,048 7,103 9,629 9,685
Gross margin 35% 34% 35% 34% 34% 34%
EBITDA 851 799 2,351 2,359 2,657 2,665
EBITDA margin 13% 11% 12% 11% 9% 9%
Adjusted EBITDA¹ 915 923 2,673 2,584 3,675 3,586
Adjusted EBITDA margin 14% 13% 13% 12% 13% 12%
Adjusted EBITDA/gross profit 39% 38% 38% 36% 38% 37%
EBIT 242 -5,824 574 -5,503 270 -5,807
EBIT margin 4% -81% 3% -26% 1% -20%
Adjusted EBIT¹ 735 795 2,230 2,191 3,105 3,066
Adjusted EBIT margin 11% 11% 11% 10% 11% 11%
Profit or loss for the period -10 -6,095 -33 -6,089 -357 -6,413
Basic earnings per share, SEK -0.01 -7.22 -0.04 -7.22 -0.42 -7.60
Diluted earnings per share², SEK -0.01 -7.22 -0.04 -7.22 -0.42 -7.60
Cash flow from operating activities 395 437 1,151 2,039 2,055 2,944
Free cash flow 244 293 663 1,620 1,397 2,355
Free cash flow/share R12M, SEK 1.65 2.59 1.65 2.59 1.65 2.77
Net debt (+) / Net cash (-) 5,738 6,473 5,738 6,473 5,738 6,012
Net debt/adjusted EBITDA R12M, multiple³ 1.4 1.6 1.4 1.6 1.4 1.5
Equity ratio 60% 61% 60% 61% 60% 60%
Average number of employees 3,622 3,487 3,600 3,484 3,578 3,491
Average number of employees including consultants 4,122 4,037 4,118 4,107 4,105 4,096
Q3 Jan-Sep
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2022 2023 2024 2025

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

4 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Quarterly summary 
Adjusted EBITDA and adjustments in EBIT are reported below to clarify performance in underlying operations. See Note 2 
for more information. 
 
 
 
 
 
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Net sales, SEKm 2023 2023 2024 2024 2024 2024 2025 2025 2025
Americas 4,523 4,651 4,247 4,460 4,554 4,849 4,431 4,155 4,199
EMEA 1,751 1,786 1,551 1,610 1,641 1,838 1,668 1,572 1,542
APAC 991 1,095 995 971 955 1,043 949 888 918
Total 7,265 7,532 6,792 7,041 7,150 7,729 7,049 6,616 6,659
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Gross profit, SEKm 2023 2023 2024 2024 2024 2024 2025 2025 2025
Americas 1,514 1,633 1,443 1,490 1,482 1,583 1,509 1,443 1,468
EMEA 564 504 504 505 536 574 518 516 499
APAC 355 390 364 391 388 425 380 363 351
Total 2,433 2,526 2,312 2,386 2,406 2,582 2,408 2,322 2,318
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Gross margin 2023 2023 2024 2024 2024 2024 2025 2025 2025
Americas 33% 35% 34% 33% 33% 33% 34% 35% 35%
EMEA 32% 28% 33% 31% 33% 31% 31% 33% 32%
APAC 36% 36% 37% 40% 41% 41% 40% 41% 38%
Total 33% 34% 34% 34% 34% 33% 34% 35% 35%
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
EBITDA, SEKm 2023 2023 2024 2024 2024 2024 2025 2025 2025
EBITDA, total 848 818 768 792 799 307 740 760 851
EBITDA margin 12% 11% 11% 11% 11% 4% 11% 11% 13%
Adjusted EBITDA, total 943 996 794 867 923 1,003 889 869 915
Adjusted EBITDA margin 13% 13% 12% 12% 13% 13% 13% 13% 14%
Adjusted EBITDA/gross profit 39% 39% 34% 36% 38% 39% 37% 37% 39%
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
EBITDA adjustments, SEKm (Note 2) 2023 2023 2024 2024 2024 2024 2025 2025 2025
Ac
quisition costs -2 -2 -2 -1 -2 -3 -2 -1 -1
Restructuring costs -14 0 -18 -55 -11 -9 -3 -1 -6
Integration costs -31 -23 -49 -39 -50 -71 -65 -51 -35
Costs of share-based incentive programs  -29 -52 0 -14 -27 4 -9 -17 -11
Operational foreign exchange gains/losses -12 -63 43 34 -33 93 -67 -35 -11
Other adjustments -9 -37 -1 0 -1 -711 -3 -4 0
Total EBITDA adjustments -95 -178 -26 -75 -124 -696 -149 -109 -64
Amortization of acquisition-related assets -526 -535 -481 -492 -496 -483 -476 -429 -428
Impairment of goodwill - - - - -6,000 - - - -
Total EBIT adjustments -621 -713 - 507 -568 -6,620 -1,179 -625 -538 -493

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

5 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
July – September 2025 
Organic growth is defined as growth in local currency and excluding acquisitions. No 
material acquisitions or disposals have been executed in the past 12 months. Accordingly, 
the differences between reported and organic growth for the third quarter are explained 
solely by exchange rate fluctuations.  
Net sales 
Net sales amounted to SEK 6,659m (7,150) and were unchanged on an organic YoY basis. 
Regionally, APAC made a positive contribution while Americas was unchanged and EMEA 
decreased. Net sales increased organically in the Applications and Network Connectivity 
product categories but decreased in API Platform. See Note 9. 
Currency effects had a negative impact of 7 percent, corresponding to SEK -516m.  
Gross profit 
Gross profit was SEK 2,318m (2,406) and increased organically by 5 percent YoY. The 
Americas and APAC regions contributed to organic growth, while EMEA declined. All 
product categories; Applications, API Platform, and Network Connectivity, contributed to 
organic gross profit growth.  
Stable net sales, a favorable product and market mix, and improved gross margins 
contributed to organic gross profit growth.   
Currency effects had a negative impact of 8 percent, corresponding to SEK -197m.   
The gross margin was 35 percent (34) for the quarter, with equal contributions from a 
favorable product mix and increased profitability on product level. The gross margin 
increased in Network Connectivity and was stable in the Applications and API Platform 
product categories. The gross margin increased in Americas but decreased in EMEA and 
APAC. 
 
Change in consolidated gross profit, Q3 2024 – Q3 2025 
 
2,406
121
-15
3
-197
2,318
Q3 2024 Americas EMEA APAC Currency Q3 2025
0
500
1,000
1,500
2,000
2,500
Organic
5%
Currency
-8%
 
Net sales for the quarter, SEK  
6.7 billion 
Gross margin 
35% 
Organic gross profit growth 
5%

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

6 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Operating expenses (Opex) 
Opex amounted to SEK 1,467m (1,607), corresponding to an organic decrease by 1 percent 
YoY. Decreased integration costs and operational foreign exchange gains had positive 
impact on Opex and currency effects had a positive impact of 8 percent, corresponding 
to SEK 124m.  
Adjusted Opex, defined as the difference between gross profit and adjusted EBITDA, 
amounted to SEK 1,403m (1,483). Currency effects had a positive impact of 8 percent, 
corresponding to SEK 120m. Adjusted Opex increased organically by 3 percent YoY. 
EBITDA 
Adjusted EBITDA amounted to SEK 915m (923). Currency effects had a negative impact of 
8 percent, corresponding to SEK -77m. Adjusted EBITDA increased organically by 8 
percent YoY. 
The adjusted EBITDA margin was 14 percent (13), driven by gross profit growth, increased 
efficiency and tighter cost control.  
Adjusted EBITDA was SEK 64m (124) higher than EBITDA for the quarter. The adjustments 
included operational foreign exchange losses of SEK -11m (-33), integration costs of SEK  
-35m (-50) and restructuring costs of SEK -6m (-11). See the quarterly summary and Note 
2 for more information. 
Adjusted EBITDA/gross profit was 39 percent (38) in Q3.  
EBITDA was SEK 851m (799) and increased organically by 16 percent, while currency 
effects had a negative impact of 9 percent, corresponding to SEK -74m, which was driven 
by the overall strengthening of SEK and the effect was primarily driven by our exposure to 
USD.  
The consolidated EBITDA margin was 13 percent (11).  
EBIT 
EBIT amounted to SEK 242m (-5,824). A goodwill impairment of SEK 6,000m attributable 
to the Applications product category had negative impact on EBIT in the comparison 
period.   
Acquisition-related amortization and impairments reduced EBIT by SEK -428m (-6,496). 
The amortization refers mainly to amortization of acquired customer relationships and 
acquired software.   
Adjusted EBIT (EBIT excluding EBITDA adjustments and amortization and impairments of 
acquisition-related assets) amounted to SEK 735m (795). See the quarterly summary and 
Note 2 for specifications. 
Other income and expense items 
Net financial expenses were SEK -69m (-139), including net interest expenses of SEK  
-66m (-114) and foreign exchange differences of SEK 8m (-17).  
Net loss for the quarter amounted to SEK -10m (-6,095). 
Cash flow 
Cash flow before the change in working capital amounted to SEK 692m (692). Cash flow 
was reduced by tax paid of SEK -131m (-99) and net interest paid and received of SEK 
-61m (-117).  
Cash flow from operating activities amounted to SEK 395m (437) and was increased by 
the change in working capital of SEK-296m (-255). Cash flow from changes in working 
capital for the quarter was affected by temporary variations in payment patterns, 
primarily involving one large customer, and increased payments to suppliers QoQ. 
Working capital is within normal variations and does not reflect any structural change.  
Cash used in investing activities was SEK -149m (-141) and was affected by investments of 
SEK -152m (-143), consisting primarily of capitalized development expenditure of SEK  
-115m (-87).  
Free cash flow amounted to SEK 244m (293) and the decrease was mainly due to the 
change in cash flow from operating activities. Cash conversion R12M was 38 percent, close 
to the guidance of 40-50 percent. 
 
Adjusted EBITDA margin  
14% 
 
Adjusted EBIT, SEK 
735 million 
Cash flow from operating activities, SEK 
395 million

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

7 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Cash flow used in financing activities was SEK -358m (87) for the quarter, where the 
change in borrowings improved net cash by SEK 421m (108) and buybacks of treasury 
shares and purchases under an equity swap contract related to incentive programs,  
reduced cash flow by SEK -760m (0). Net cash flow for the quarter was SEK -111m (382). 
Employees 
At the end of the quarter, the Group employed 4,109 (4,041) people, including consultants. 
The average number of employees and consultants in Q3 was 4,122 (4,037). The average 
number of employees was 3,622 (3,487), of whom 33 (33) percent were women.

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

8 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
January–September 2025 
Organic growth is defined as growth in local currency and excluding acquisitions. No 
material acquisitions or disposals have been executed in the past 12 months. Accordingly, 
the differences between reported and organic growth for the period are explained solely 
by exchange rate fluctuations.  
Net sales 
Net sales amounted to SEK 20,324m (20,983). Net sales increased organically by 2 
percent YoY. All regions and product categories contributed to organic growth. See Note 
9.  
The currency headwind was 5 percent, corresponding to SEK -1,085m.  
Gross profit 
Gross profit was SEK 7,048m (7,103). Gross profit increased organically by 4 percent YoY. 
Gross profit increased organically in all regions and all product categories. Higher net 
sales, a favorable product and market mix, and improved gross margins contributed to 
organic growth.  
The currency headwind was 5 percent, corresponding to SEK -356m.  
The gross margin was 35 percent (34) for the period. The gross margin was stable in EMEA 
and increased in Americas and APAC. The gross margin was stable in all product 
categories.  
Operating expenses (Opex) 
Opex amounted to SEK 4,697m (4,745), corresponding to organic growth of 4 percent 
YoY. The currency tailwind was 5 percent, corresponding to SEK 246m.  
The majority of Opex is attributable to direct and indirect employee benefits. Expenses 
were mainly impacted by operational currency losses compared to the same period last 
year.  
Adjusted Opex, defined as the difference between gross profit and adjusted EBITDA, 
amounted to SEK 4,375m (4,520). Adjusted Opex increased organically by 2 percent. The 
currency tailwind was 5 percent, corresponding to SEK 243m.  
EBITDA 
Adjusted EBITDA was SEK 2,673m (2,584)  and increased organically by 8 percent YoY. 
The currency headwind was 4 percent, corresponding to SEK -114m.  
Adjusted EBITDA was SEK 322m (225) higher than EBITDA for the period. The adjustments 
include integration costs of SEK -151m (-138), operational foreign exchange gains/losses of 
SEK -113m (44) and restructuring costs of SEK -11m (-84). See the quarterly summary and 
Note 2 for more information. 
The adjusted EBITDA margin was 13 percent (12). 
Adjusted EBITDA/gross profit was 38 percent (36) for the period.   
EBITDA amounted to SEK 2,351m (2,359). EBITDA increased organically by 4 percent. The 
currency headwind was 5 percent, corresponding to SEK -111m.  
The consolidated EBITDA margin was 12 percent (11).  
EBIT 
EBIT amounted to SEK 574m (-5,503). A goodwill impairment of SEK 6,000m attributable 
to the Applications product category had negative impact on EBIT in the comparison 
period.   
Acquisition-related amortization reduced EBIT by SEK -1,334m (-7,469) The amortization 
refers mainly to amortization of acquired customer relationships and acquired software.  
Adjusted EBIT (EBIT excluding EBITDA adjustments and amortization and impairments of 
acquisition-related assets) amounted to SEK 2,230m (2,191). See the quarterly summary 
and Note 2 for specifications. 
 
Net sales for the period, SEK 
20.3 billion 
Gross margin 
35%

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

9 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Other income and expense items 
Net financial expenses were SEK -329m (-399), including net interest expenses of SEK  
-207m (-371) and foreign exchange differences of SEK -107m (-8).  
The Group's reported tax rate was 113 percent (-3). Group tax was impacted by a 
reduction of deferred tax assets amounting to SEK 180m. Excluding this reduction and 
acquisition-related amortizations impacting profit, the tax rate was 28 percent (33). 
The net loss for the period was SEK -33m (-6,089). 
Cash flow 
Cash flow before change in working capital amounted to SEK 1,797m (1,717). Cash flow was 
reduced by tax paid of SEK -576m (-303) and net interest paid and received of SEK 
-210m (-378).  
Cash flow from operating activities amounted to SEK 1,151m (2,039). The difference is 
mainly explained by a change in working capital of SEK -646m during the period, while 
cash flow from operating activities in the comparison period was improved by a total 
change in working capital of SEK 322m.  
Working capital at the end of the period was within normal variations but has increased 
since January 1 mainly due to the previously communicated temporary increase in 
prepaid expenses related to a cost optimization agreement with one of our largest 
suppliers. The temporary increase in prepaid expenses that ensued in Q1 amounted to 
SEK 270m at the end of Q3. 
Cash used in investing activities was SEK -485m (-421) and was affected by investments 
of SEK -488m (-418)m, consisting primarily of capitalized development expenditure of SEK 
-337m (-282).  
Free cash flow amounted to SEK 663m (1,620)  and the decrease consists mainly of 
changes in working capital. Cash flow during the same period last year was at a very high 
level. Cash conversion R12M was 38 percent, which is close to Sinch’s guidance of 40-50 
percent.  
Cash flow used in financing activities was SEK -1,078m (-1,467) for the quarter, where the 
change in borrowings reduced cash flow by SEK -243m (-1,388) and buybacks of treasury 
shares and purchases under an equity swap contract related to incentive programs 
reduced total cash flow by SEK -760m (0). Net cash flow for the period was SEK -413m 
(150). 
Liquidity and financial position 
Consolidated cash and cash equivalents as of September 30, 2025, amounted to SEK 
592m (1,108). 
Net debt amounted to SEK 5,738m (6,473) and includes IFRS 16-related lease liabilities of 
SEK 703m (813). One of Sinch’s financial targets is that net debt over time shall be below 
2.5 times adjusted EBITDA (measured on a rolling twelve-month basis, R12M). Excluding 
IFRS 16-related lease liabilities, net debt in relation to adjusted EBITDA R12M was 1.4x (1.6). 
This is a slight increase compared to the second quarter, primarily driven by the buybacks 
of shares during the third quarter.  
Sinch’s credit facility agreement was extended and refinanced in Q3, on existing terms. 
The change involved a new maturity date and reduction in the size of the facility, which 
entails a decrease in annual financing costs.    
As of September 30, Sinch had total available credit facilities of SEK 7,942m (11,123), of 
which the company had used SEK 3,702m (5,074). These consisted of: 
• A used loan of USD 100m that matures in February 2027. 
• Credit facilities of SEK 6,018m that mature in July 2028, of which SEK 2,638m had 
been used as of September 30, 2025. 
• Bank overdraft facilities of SEK 882m (903), of which SEK 22m (0) had been used as 
of September 30, 2025. 
• A money market loan of SEK 100m that matures in October, 2025. 
In addition to these, there are senior unsecured bonds in the amount of SEK 500m (1,173) 
that will mature in September, 2027, and commercial paper of SEK 1,434m (513) that will 
mature in less than 12 months.

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

10 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Financial liabilities decreased during the period by SEK -243m (-1,388). During the same 
period, the company’s net debt decreased by SEK -274m (-1,514).  
In total, Sinch had cash and cash equivalents of SEK 592m and unused loans, credit 
facilities, and overdraft facilities of SEK 4,240m as of September 30, 2025. 
Shares were issued in relation to employee stock options/warrants under the Group’s 
incentive programs. See Note 4. 
Equity as of September 30, 2025, amounted to SEK 24,524m (27,770), corresponding to 
an equity ratio of 60 percent (61). 
Share buyback and equity swap 
Supported by the mandate of the AGM held May 22, the Board of Directors announced on 
July 21 the decision to buy back shares corresponding to up to 10 percent of total shares 
outstanding in the company during the period prior to the 2026 AGM. The buyback is 
intended to adjust the company’s capital and equity structure to further increase 
shareholder value. Sinch bought back 15,279,642 shares in Q3 for a total of SEK 519m 
within the framework of the previously communicated buyback program, which 
corresponds to 1.8 percent of total shares outstanding.  
The total number of shares issued in Sinch is 844,935,967, of which the company now 
holds 15,279,642 treasury shares. 
During the third quarter, Sinch entered into a share swap agreement with a third party, 
which in its own name acquires and transfers shares in Sinch to employees who 
participate in long-term incentive programs. The total number of shares purchased during 
the period amounts to 10,857,000 shares, with a value of SEK 329m.  
Employees 
The average number of employees and consultants during the period was 4,118 (4,107). The 
average number of employees was 3,600 (3,484), of whom 33 (32) percent were women.

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

11 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Americas 
Americas is Sinch’s largest operating segment and contributes more than 60 
percent of consolidated net sales and gross profit. The region includes both 
North and Latin America with the US and Brazil being the largest contributing 
countries. 
 
 
 
Events  
• A leading player in artificial intelligence signed a contract with Sinch to manage its 
global email communications. 
• A major American retail chain expanded its partnership with Sinch through an 
upselling agreement for messaging services. 
• Sinch reached full RCS coverage among all American Tier 1 carriers, further 
strengthening the company’s market-leading position and making it possible for 
brands to reach over 75 percent of U.S. handsets with verified and interactive 
messaging. 
Net sales 
Net sales amounted to SEK 4,199m (4,554). Adjusted for currency effects, net sales were 
unchanged on organic basis. The currency headwind was 8 percent, corresponding to SEK 
-343m.  
Gross profit 
Gross profit was SEK 1,468m (1,482). Gross profit increased organically by 8 percent. The 
organic growth in gross profit was driven by all product categories. Network Connectivity 
delivered particularly strong organic growth during the quarter due to persistent margin 
improvements. The solid underlying growth in the API platform driven by a broader and 
expanding customer base, was partly offset by competitive pressure among a few large 
customers in the installed base, which held back overall growth. The currency headwind 
was 9 percent, corresponding to SEK -135m.   
The gross margin increased to 35 percent (33), driven by underlying profitability at the 
product level in API Platform and Network Connectivity. 
 
Americas, SEKm 2025 2024 2025 2024 R12M 2024
Net sales 4,199 4,554 12,785 13,260 17,634 18, 109
Gross profit 1,468 1,482 4,420 4,415 6,003 5,998
Gross margin 35% 33% 35% 33% 34% 33%
Q3 Jan-Sep
2025 2024 2025 2024 R12M 2024
Applications 284 305 863 848 1,216 1,201
API Platform 2,724 3,022 8,231 8,827 11,443 12,038
Network Connectivity 1,190 1,227 3,691 3,586 4,975 4,870
Total 4,199 4,554 12,785 13,260 17,634 18,109
Net sales by product category, 
SEKm 
Q3 Jan-Sep
2025 2024 2025 2024 R12M 2024
Applications 207 205 624 599 865 840
API Platform 798 863 2,477 2,567 3,369 3,459
Network Connectivity 462 413 1,320 1,249 1,770 1,699
Total 1,468 1,482 4,420 4,415 6,003 5,998
Gross profit by product 
category, SEKm 
Q3 Jan-Sep
Share of net sales 
 
 
Share of gross profit 
  
 
 
 
 
 
63%
63%

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

12 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
EMEA 
The EMEA operating segment serves Sinch customers across Europe, the 
Middle East and Africa with the main contributing countries being the UK and 
France. 
 
 
 
Events  
• Sinch entered a partnership with a leading AI company that entails integration of 
Sinch email and messaging services into their platform. 
• Agreement signed with a leading e-commerce platform in the Benelux for Chatlayer, 
Sinch's platform for conversational AI that enables companies to automate and 
improve customer dialogues through, for example, chatbots and voice assistants. 
• Sinch continued to drive the RCS transformation through Sinch RCS Tech Talks in 
partnership with Google in London, Stockholm, and Munich. 
• Customer relationships were reinforced through the Sinch Awards in Paris and 
participation in the industry event Google Roadshow in Paris. 
Net sales 
Net sales amounted to SEK 1,542m (1,641) and decreased organically by 2 percent year-
on-year. The currency headwind was 4 percent, corresponding to SEK -72m.  
Gross profit 
Gross profit was SEK 499m (536), corresponding to an organic decrease of 3 percent 
year-on-year. Applications and Network Connectivity continued to grow. The underlying 
core messaging business in API platform also delivered solid growth, however the region 
was impacted by our reduced focus on fixed-price contracts with operators. The 
currency headwind was 4 percent, corresponding to SEK -22m.  
The gross margin was 32 percent (33) for the quarter which was negatively impacted by 
lower profitability in certain products, mainly in API platform. This was mostly offset by a 
favorable change in product and customer mix.  
 
EMEA, SEKm 2025 2024 2025 2024 R12M 2024
Net sales 1,542 1,641 4,783 4,802 6,621 6, 640
Gross profit 499 536 1,533 1,546 2,107 2,119
Gross margin 32% 33% 32% 32% 32% 32%
Q3 Jan-Sep
2025 2024 2025 2024 R12M 2024
Applications 221 228 687 676 941 930
API Platform 1,176 1,260 3,682 3,666 5,102 5,086
Network Connectivity 145 153 413 459 579 624
Total 1,542 1,641 4,783 4,802 6,621 6,640
Net sales by product category, 
SEKm 
Q3 Jan-Sep
2025 2024 2025 2024 R12M 2024
Applications 158 160 478 467 649 638
API Platform 275 310 871 885 1,196 1,210
Network Connectivity 66 66 184 194 261 271
Total 499 536 1,533 1,546 2,107 2,119
Gross profit by product 
category, SEKm 
Q3 Jan-Sep
Share of net sales 
  
Share of gross profit 
  
 
 
23%
22%

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

13 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
APAC 
The APAC operating segment serves Sinch customers throughout the Asia-
Pacific region, with Australia and India as the largest contributing countries. 
 
 
 
Events  
• Key customer agreements extended with a global e-commerce company for email 
services and with a global bank for messaging services. 
• Sinch carried out targeted marketing activities including joint events with Apparel 21 
and the iMedia Future of Marketing Summit, as well as multiple initiatives aimed at 
reinforcing Sinch’s expert position. 
Net sales 
Net sales amounted to SEK 918m (955) and increased organically by 7 percent year-on-
year. The currency headwind was 11 percent, corresponding to SEK -100m.  
Gross profit 
Gross profit was SEK 351m (388) and increased organically by 1 percent. Organic gross 
profit growth was mainly driven by the API Platform product category, with several new 
large customers in core messaging. Also, within API platform, the India core messaging 
business stabilized sequentially but weakened year over year due to gross margin 
pressure. Within Applications, increased competition, particularly in Australia, as well as 
lower gross margins had a negative impact. The currency headwind was 10 percent, 
corresponding to SEK -40m. 
The gross margin was 38 percent (41) for the quarter. The gross margin was negatively 
impacted by lower profitability at the product level within Applications and API Platform.  
 
 
 
 
 
APAC, SEKm 2025 2024 2025 2024 R12M 2024
Net sales 918 955 2,755 2,920 3,798 3, 963
G
ross profit 351 388 1,094 1,142 1,519 1,568
Gross margin 38% 41% 40% 39% 40% 40%
Q3 Jan-Sep
2025 2024 2025 2024 R12M 2024
Applications 281 299 853 895 1,181 1,223
API Platform 613 628 1,829 1,948 2,514 2,633
Network Connectivity 24 28 74 77 103 106
Total 918 955 2,755 2,920 3,798 3,963
Net sales by product category, 
SEKm 
Q3 Jan-Sep
2025 2024 2025 2024 R12M 2024
Applications 164 189 512 558 716 762
API Platform 182 195 567 563 780 775
Network Connectivity 5 3 15 22 23 30
Total 351 388 1,094 1,142 1,519 1,568
Gross profit by product 
category, SEKm 
Q3 Jan-Sep
Share of net sales 
  
Share of gross profit 
   
 
 
 
 
14%
15%

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

14 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Consolidated income statement 
  
 
1) The dilutive effect is not taken into account when financial performance is negative and outstanding warrants/stock options a re not considered when 
the company’s average share price is below the exercise price.  
 
Consolidated statement of comprehensive income 
 
 
 
  
SEKm Note 2025 2024 2025 2024 R12M 2024
Net sales 9 6, 659 7,150 20,324 20,983 28,053 28,712
Other operating income 52 75 242 287 447 492
Work performed by the entity and capitalized 115 87 337 282 437 381
Cost of services sold -4,341 -4,744 -13,276 -13,879 -18,424 -19,026
Other external expenses -539 -575 -1,719 -1,718 -3,154 -3,152
Employee benefits expenses -1,033 -1,087 -3,207 -3,355 -4,235 -4,383
Other operating expenses -62 -109 -350 -241 -467 -358
EBITDA 851 799 2,351 2,359 2,657 2,665
Depreciation / amortization and impairment 5 -609 -6,623 -1,776 -7,862 -2,387 -8,473
EBIT 242 -5,824 574 -5,503 270 -5,807
Financial income 302 937 1,675 2,022 1,941 2,288
Financial expenses -371 -1,076 -2,005 -2,421 -2,299 -2,715
Profit or loss before tax 173 -5,963 245 -5,902 -89 -6,235
Current tax 100 -193 -322 -358 -461 -497
Deferred tax -283 61 44 171 193 319
Profit or loss for the period -10 -6,095 -33 -6,089 -357 -6,413
Attributable to: 
Owners of the parent -10 -6,094 -33 -6,089 -357 -6,413
Non-controlling interests 0 0 0 0 0 0
Q3 Jan-Sep
Earnings per share, SEK 2025 2024 2025 2024 R12M 2024
Basic -0.01 -7.22 -0.04 -7.22 -0.42 - 7.60
Diluted¹ -0.01 -7.22 -0.04 -7.22 -0.42 -7.60
Q3 Jan-Sep
SEKm Note 2025 2024 2025 2024 R12M 2024
P
rofit or loss for the period -10 -6,095 -33 -6,089 -357 -6,413
Other comprehensive income
Items that may subsequently be reclassified to profit 
or loss for the period 
Translation differences -220 -1,135 -3,178 162 -1,865 1,476
FX changes on increased net investments -31 -219 -637 -3 3 -301 303
Hedge accounting net investment 12 31 - 22 - 22 -
Tax effect on items in other comprehensive income 0 45 127 7 59 -61
Other comprehensive income or loss for the period -220 -1,309 -3,667 136 -2,085 1,718
Comprehensive income or loss for the period -231 -7,404 -3,700 -5,954 -2,441 -4,695
Attributable to: 
Owners of the parent -231 -7,404 -3,699 -5,953 -2,441 -4,695
Non-controlling interests 0 0 0 -1 0 0
Q3 Jan-Sep

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

15 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Consolidated statement of financial position 
  
Dec 31
SEKm Note 2025 2024 2024
ASSETS
Non-current assets
Goodwill 18,030 19,207 20,343
Customer relationships 10,266
 12,246 12,736
Operator relationships 109 150 147
Proprietary software 3,820 4,453 4,631
Other intangible assets 258 327 336
Property, plant and equipment 903 931 1,041
Right-of-use-asset 598 719 715
Financial assets 33 38 35
Other non-current receivables 42 45 53
Deferred tax assets 1,083 1,158 1,273
Total non-current assets 35,142 39,273 41,311
Current assets
Accounts receivable 6 4,108 4,182 4,503
Tax assets 323 286 214
Other current receivables 251 264 262
Prepaid expenses and accrued income 7 682 508 630
Cash and cash equivalents 592 1,108 1,083
Total current assets 5,956 6,348 6,692
TOTAL ASSETS 41,098 45,621 48,004
EQUITY AND LIABILITIES
Equity
Share capital 8 8 8
Other capital contributions 31,637 32,442 32,439
Reserves 2,345 4,430 6,012
Retained earnings including profit for the year -9,467 -9,111 -9,435
Equity attributable to owners of the parent 4 24,524 27,770 29,025
Non-controlling interests 0 0 1
Total equity 24,524 27,770 29,025
Non-current liabilities
Deferred tax liability 4,206 4,834 5,075
Provisions 8 532 56 348
Non-current liabilities, interest-bearing 3,691 3,336 3,459
Non-current liabilities, non-interest-bearing 16 21 22
Total non-current liabilities 8,445 8,247 8,904
Current liabilities
Provisions 8 215 - 390
Contract liabilities/Advance payments from customers 313 314 340
Accounts payable 1,097 1,418 1,821
Tax liability 96 139 241
Other current liabilities, interest-bearing 2,640 4,245 3,636
Other non interest bearing current liabilities 357 220 293
Accrued expenses and prepaid income 3,412 3,268 3,353
Total current liabilities 8,129 9,604 10,075
TOTAL EQUITY AND LIABILITIES 41,098 45,621 48,004
Financial instruments measured at fair value 
Derivative instruments with positive value  17              12              -
Derivative instruments with negative value 21              - 17              
Sep 30

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

16 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Consolidated statement of changes in equity 
   
 
SEKm
Share 
capital 
Other capital 
contributions Reserves 
Retained 
earnings  Total 
Non-controlling 
interests  
Total 
equity 
Opening balance Jan 1, 2024 8 32,382 4,294 -3,022 33,663 1 33,663
Profit or loss for the period -6,089 -6,089 0 -6,089
Other comprehensive income 136 136 0 136
Issued warrants 3 3 3
Share-based payments, net of tax 41 41 41
Shares issued for warrants 0 18 18 18
Issue expenses, net of tax -1 -1 -1
Closing balance Sep 30, 2024 8 32,442 4,430 -9,111 27,770 0 27,770
Opening balance Jan 1, 2025 8 32,439 6,012 -9,435 29,025 1 29,025
Profit or loss for the period -33 -33 0 -33
Other comprehensive income -3,667 -3,667 0 -3,667
Issued warrants 3 3 3
Share-based payments, net of tax 37 37 37
Shares issued for warrants 0 7 7 7
Repurchase of own shares -519 -519 -519
Equity swap -329 -329 -329
Issue expenses, net of tax -1 -1 -1
Closing balance Sep 30, 2025 8 31,637 2,345 -9,467 24,524 0 24,524
Attributable to owners of the parent

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

17 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Consolidated statement of cash flow 
  
1) Comprised mainly of depreciation, amortization and impairments and unrealized foreign exchange gains and losses.  
2) Interest paid and received is included in cash flow from operating activities.  
 
  
SEKm Note 2025 2024 2025 2024 R12M 2024
Profit or loss before tax 173 - 5, 963 245 -5,902 -89 -6,235
Adjustment for non-cash items¹ 650 6,754 2,128 7,922 3,119 8,914
Income tax paid -131 -99 -576 -303 -621 -348
Cash flow before changes in working capital 692 692 1,797 1,717 2,410 2,330
Change in working capital -296 -255 -646 322 -354 614
Cash flow from operating activities 395 437 1,151 2,039 2,055 2,944
Investments in property, plant and equipment and intangible 
assets -152 -143 -488 -418 -658 -589
Change in financial receivables 2 2 3 -3 -1 0 -16
Acquisition of Group companies - - - - 0 0
Cash flow from (-used in) investing activities -149 -141 -485 -421 -668 -604
Change in borrowings 421 108 -243 -1,388 -988 -2,133
Amortization lease liability -24 -31 -82 -98 -110 -126
Warrants/Employee Stock Options 4 5 10 6 19 11 25
Repurchase own shares and equity swap 4 -760 - -760 - -760 -
Cash flow from (-used in) financing activities -358 87 -1,078 -1,467 -1,846 -2,234
Cash flow for the period -111 382 -413 150 -458 105
Opening balance cash and cash equivalents for the period 717 734 1,083 1,012 1,108 1,012
Exchange rate differences in cash and cash equivalents -14 -9 -78 -55 -57 -34
Closing balance cash and cash equivalents for the period 592 1,108 592 1,108 592 1,083
Additional cash flow disclosures
Interest paid² -79 -133 -268 -423 -390 -545
Interest received² 18 17 58 45 77 64
Free cash flow 244 293 663 1,620 1,397 2,355
Q3 Jan-Sep

===== SIDA 18 =====

18 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Other disclosures 
   
1) The dilutive effect is not taken into account when financial performance is negative and outstanding warrants/stock option s are not considered when the 
company’s average share price is below the exercise price.  
2) If results had been positive, the weighted number of dilutive warrants would have been 4,362,877 (3,832,239) for the inter im reporting period.  
  
Sinch Group, SEKm 2025 2024 2025 2024 R12M 2024
Share information 
Basic earnings per share, SEK -0.01 -7.22 -0.04 -7.22 -0.42 -7.60
Diluted earnings per share, SEK¹ -0.01 -7.22 -0.04 -7.22 -0.42 -7.60
Basic weighted average number of shares 833,258,364 844,127,485 840,760,802 843,721,625 841,683,593 843,897,644
Diluted weighted average number of shares² 833,258,364 844,127,485 840,760,802 843,721,625 841,683,593 843,897,644
Total number of shares outstanding at the end of 
the period 818,799,325 844,183,424 818,799,325 844,183,424 818,799,325 844,506,034
Financial position 
Equity attributable to owners of the parent 24,524 27,770 24,524 27,770 24,524 29,025
Equity ratio 60% 61% 60% 61% 60% 60%
Investments in property, plant and equipment and 
intangible assets -152 -143 -488 -418 -658 -589
Cash and cash equivalents 592 1,108 592 1,108 592 1,083
Net debt (+) / Net cash (-) 5,738 6,473 5,738 6,473 5,738 6,012
Net debt/adjusted EBITDA R12M, multiple 1.4 1.6 1.4 1.6 1.4 1.5
EBIT margin 4% -81% 3% -26% 1% -20%
EBITDA margin 13% 11% 12% 11% 9% 9%
Employee information 
Average number of employees 3,622 3,487 3,600 3,484 3,578 3,491
Average number of employees, women 1,203 1,152 1,205 1,131 1,197 1,141
Percentage female 33% 33% 33% 32% 33% 33%
Q3 Jan-Sep

===== SIDA 19 =====

19 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Segment reporting 
An operating segment is defined as a business activity that is able to generate revenues and incur costs, whose operating results are 
regularly reviewed by the entity’s chief executive officer, and for which separate financial information is available. The Group’s operating 
segments are Americas, EMEA, and APAC. These three regions represent the domiciles of our customers. See also Definitions. Note that items 
below Gross profit are not allocated to the segments. See Note 2 for more information. 
 
 
 
 
 
 
 
Q3 2025, SEKm Americas EMEA APAC Other Group
Net sales 4,199 1,542 918 - 6,659
Cost of services sold - 2,731 -1,043 -566 - -4,341
Gross profit 1,468 499 351 - 2,318
Opex - - - -1,467 -1,467
EBITDA - - - 851 851
EBITDA adjustments - - - 64 64
Adjusted EBITDA - - - 915 915
Depreciation / amortization and impairment - - - - -609
EBIT - - - - 242
Net finance income or expense - - - - -69
Profit or loss before tax - - - - 173
Q3 2024, SEKm Americas EMEA APAC Other Group
Net sales 4,554 1,641 955 - 7,150
Cost of services sold - 3,072 -1,105 -567 - -4,744
Gross profit 1,482 536 388 - 2,406
Opex - - - -1,607 -1,607
EBITDA - - - 799 799
EBITDA adjustments - - - 124 124
Adjusted EBITDA - - - 923 923
Depreciation / amortization and impairment - - - - -6,623
EBIT - - - - -5,824
Net finance income or expense - - - - -139
Profit or loss before tax - - - - -5,963
Jan-Sep 2025, SEKm Americas EMEA APAC Other Group
Net sales 12,785 4,783 2,755 - 20,324
Cost of services sold - 8,365 -3,250 -1,662 - -13,276
Gross profit 4,420 1,533 1,094 - 7,048
Opex - - - -4,697 -4,697
EBITDA - - - 2,351 2,351
EBITDA adjustments - - - 322 322
Adjusted EBITDA - - - 2,673 2,673
Depreciation / amortization and impairment - - - - -1,776
EBIT - - - - 574
Net finance income or expense - - - - -329
Profit or loss before tax - - - - 245

===== SIDA 20 =====

20 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
 
 
  
 
 
  
Jan-Sep 2024, SEKm Americas EMEA APAC Other Group
Net sales 13,260 4,802 2,920 - 20,983
Cost of services sold - 8,845 -3,256 -1,778 - -13,879
Gross profit 4,415 1,546 1,142 - 7,103
Opex - - - -4,745 -4,745
EBITDA - - - 2,359 2,359
EBITDA adjustments - - - 225 225
Adjusted EBITDA - - - 2,584 2,584
Depreciation / amortization and impairment - - - - -7,862
EBIT - - - - -5,503
Net finance income or expense - - - - -399
Profit or loss before tax - - - - -5,902
R12M, SEKm Americas EMEA APAC Other Group
Net sales 17,634 6,621 3,798 - 28,053
Cost of services sold -11,630 -4,514 -2,279 - -18,424
Gross profit 6,003 2,107 1,519 - 9,629
Opex - - - -6,972 -6,972
EBITDA - - - 2,657 2,657
EBITDA adjustments - - - 1,018 1,018
Adjusted EBITDA - - - 3,675 3,675
Depreciation / amortization and impairment - - - - -2,387
EBIT - - - - 270
Net finance income or expense - - - - - 359
Profit or loss before tax - - - - -89
2024, SEKm Americas EMEA APAC Other Group
Net sales 18,109 6,640 3,963 - 28,712
Cost of services sold - 12,111 -4,521 -2,395 - -19,026
Gross profit 5,998 2,119 1,568 - 9,685
Opex - - - -7,020 -7,020
EBITDA - - - 2,665 2,665
EBITDA adjustments - - - 921 921
Adjusted EBITDA - - - 3,586 3,586
Depreciation / amortization and impairment - - - - -8,473
EBIT - - - - -5,807
Net finance income or expense - - - - -428
Profit or loss before tax - - - - -6,235

===== SIDA 21 =====

21 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Distribution of net sales 
   
 
 
 
 
 
 
 
Q3 2025, SEKm
Net sales by product category Americas EMEA APAC Group
Applications 284 221 281 786
API Platform 2,724 1,176 613 4,513
Network Connectivity 1,190 145 24 1,360
Total 4,199 1,542 918 6,659
Net sales allocation per point in time 
Over time 2,122 238 58 2,418
At one point in time 2,077 1,304 860 4,241
Total 4,199 1,542 918 6,659
Q3 2024, SEKm
Net sales by product category Americas EMEA APAC Group
Applications 305 228 299 832
API Platform 3,022 1,260 628 4, 910
N
etwork Connectivity 1,227 153 28 1,408
Total 4,554 1,641 955 7,150
Net sales allocation per point in time 
Over time 2,219 239 49 2,508
At one point in time 2,335 1,401 905 4,642
Total 4,554 1,641 955 7,150
Jan-Sep 2025, SEKm
Net sales by product category Americas EMEA APAC Group
Applications 863 687 853 2,403
API Platform 8,231 3,682 1, 829 13,742
Network Connectivity 3,691 413 74 4,178
Total 12,785 4,783 2,755 20,324
Net sales allocation per point in time 
Over time 6,476 726 190 7,391
At one point in time 6,310 4,058 2,566 12,933
Total 12,785 4,783 2,755 20,324
Jan-Sep 2024, SEKm
Net sales by product category Americas EMEA APAC Group
Applications 848 676 895 2,419
API Platform 8,827 3,666 1,948 14,441
Network Connectivity 3,586 459 77 4,122
Total 13,260 4,802 2,920 20,983
Net sales allocation per point in time 
Over time 6,597 707 190 7,494
At one point in time 6,663 4,095 2,731 13,488
Total 13,260 4,802 2,920 20,983

===== SIDA 22 =====

22 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
 
 
 
  
R12M, SEKm
Net sales by product category Americas EMEA APAC Group
Applications 1,216 941 1,181 3,337
API Platform 11,443 5, 102 2,514 19,059
Network Connectivity 4,975 579 103 5,657
Total 17,634 6,621 3,798 28,053
Net sales allocation per point in time 
Over time 8,769 990 271 10,030
At one point in time 8,865 5,631 3,527 18,023
Total 17,634 6,621 3,798 28,053
2024, SEKm
Net sales by product category Americas EMEA APAC Group
Applications 1,201 930 1,223 3,354
API Platform 12,038 5,086 2, 633 19,758
Network Connectivity 4,870 624 106 5,601
Total 18,109 6,640 3,963 28,712
Net sales allocation per point in time 
Over time 8,891 972 271 10,134
At one point in time 9,218 5,668 3,692 18,578
Total 18,109 6,640 3,963 28,712

===== SIDA 23 =====

23 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
Parent company 
Sinch AB (publ) owns and manages the shares attributable to the Sinch Group. The group's operational and strategic management functions 
have been centralized to the parent company. The parent company had 1 (4) employees at the end of the period. The parent company has 
no external business activities, and the risks are mainly related to the operations of the subsidiaries. 
Parent company income statement 
 
  
SEKm 2025 2024 2025 2024 R12M 2024
Net sales 205 155 503 454 645 595
Other operating income 1 4 7 12 14 19
Operating expenses
Other external expenses -238 -134 -577 -401 -928 -752
Employee benefits expenses -8 -13 -32 -31 -33 -32
Depreciation / amortization and impairment 0 -1 -2 -2 -2 -3
Other operating expenses -1 -5 -15 -11 -16 -12
EBIT -41 6 -115 21 -322 -186
Interest income and similar profit items 352 883 1,903 2,394 2,506 2,998
Interest expenses and similar loss items -346 -983 -2,110 -2,445 -2,591 -2,926
Profit after financial items -35 -94 -322 -30 -406 -114
Appropriations - - - - 184 184
Profit or loss before tax -35 -94 -322 -30 -222 70
Tax on profit for the period 9 19 67 6 22 -40
Profit or loss for the period -26 -74 -254 -24 -201 30
Q3 Jan-Sep

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Parent company balance sheet 
  
  
Dec 31
SEKm 2025 2024 2024
ASSETS
Non-current assets
Intangible assets 0 2 2
Property, plant and equipment 0 0 0
I
nvestments in group companies 16,173 16,173 16,173
Non-current receivables, Group companies 1,224 5,321 5,749
Other long-term receivables - 1 1
Total financial assets 17,397 21,494 21,923
Deferred tax assets 75 - 3
Total non-current assets 17,472 21,497 21,928
Current assets
Receivables from Group companies 23,855 20,682 20,872
Tax assets 76 88 51
Other current receivables 25 27 61
Prepaid expenses and accrued income 31 89 21
Cash and bank balances 8 261 28
Total current assets 23,995 21,147 21,034
TOTAL ASSETS 41,467 42,644 42,962
EQUITY AND LIABILITIES
Share capital 8 8 8
Total restricted equity 8 8 8
Share premium reserve 33,379 34,204 34,210
Retained earnings -3,936 -3,964 -3,965
Profit or loss for the period -254 -24 30
Total non-restricted equity 29,188 30,216 30,275
Total equity 29,196 30,224 30,283
Untaxed reserves 85 94 85
Deferred tax liability - 2 -
Total untaxed reserves and provisions 85 97 85
Non-current liabilities
Liabilities to credit institutions 3,061 2,595 2,703
Total non-current liabilities 3,061 2,595 2,703
Current liabilities
Accounts payable 2 5 15
Tax liability 8 - 11
Liabilities to Group companies 6,450 5,525 6,278
Liabilities to credit institutions 2,543 4,148 3,532
Other current liabilities 89 2 19
Accrued expenses and prepaid income 31 48 35
Total current liabilities 9,124 9,727 9,890
TOTAL EQUITY AND LIABILITIES 41,467 42,644 42,962
Sep 30

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Note 1. Accounting Policies 
The consolidated financial statements have been prepared in 
accordance with International Financial Reporting Standards (IFRS). 
The interim report has been prepared in accordance with IAS 34 
Interim Financial Reporting and the applicable provisions of the 
Annual Accounts Act. Disclosures in accordance with IAS 34 
Interim Financial Reporting are provided in notes and elsewhere in 
the interim report. The interim report for the parent company has 
been prepared in accordance with the Annual Accounts Act, which 
is in accordance with RFR 2 Accounting of Legal Entities. The 
accounting policies and estimation methods are unchanged from 
those applied in the 2024 Annual Report. The financial statements 
are presented in SEKm unless otherwise specified. Amounts and 
calculations presented in the tables are rounded off and may not 
precisely match the figures presented in the financial statements 
and notes.  
New standards and interpretations in 2025 
The new or amended IFRS standards applicable in 2025 and later 
have had no material impact on Sinch financial statements. Risks 
and uncertainties relevant to Sinch are described in the 2024 
Annual Report. 
New and amended IFRS not yet effective 
IASB has published the following new or revised standards, of which 
IFRS 18 and IFRS 19 have not yet been adopted by the EU:  
• IFRS 18 Presentation and Disclosures in Financial Statements 
• IAS 21 The Effects of Changes in Foreign Exchange Rates 
• IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: 
Disclosures  
• IFRS 19 Subsidiaries without Public Accountability: Disclosures 
In April 2024, IASB published the new IFRS 18 standard Presentation 
and Disclosures in Financial Statements, which will supersede IAS 1 
Presentation of Financial Statements. IFRS 18, if adopted by the EU, 
will become mandatorily effective January 1, 2027, and will be 
applied retrospectively in both annual and interim reports. 
The new standard introduces three areas with new requirements 
aimed at increasing the comparability, transparency, and usability 
of financial reports. The first area sets new requirements for the 
structure of the consolidated statement of profit or loss 
(statement of comprehensive income) through the introduction of 
three new categories and requires entities to present two new 
defined subtotals, “Operating profit” and “Profit before financing 
and income taxes.” The second area introduces new principles and 
expanded guidance on presentation and disclosures in the financial 
statements, including guidance concerning now entities can 
determine whether information about an item should or should not 
be included in the primary financial statements. The third area that 
IFRS 18 introduces entails new requirements for disclosures about 
certain key figures that the company uses in its external financial 
communication, i.e. Management-defined performance measures 
or “MPMs.” Consequent upon the implementation of IFRS 18, there 
will be amendments to other standards, such as IAS 7 Statement of 
Cash Flows, IAS 34 Interim Financial Reporting and IAS 33 Earnings 
per Share. 
Sinch has begun a preliminary assessment of the impacts of IFRS 18 
and will continue to assess the impacts in 2025. The 
implementation of IFRS 18 is going to require changes to the 
structure of the consolidated statement of comprehensive income 
(profit or loss) and assessments related to the presentation of 
items in the financial statements and disclosures in notes. The 
format of the statement of cash flow will also be affected by the 
implementation of IFRS 18. The implementation of IFRS 18 will also 
entail identification of MPMs that are relevant to the Group and 
compilation of disclosures concerning these performance 
measures in notes.  
The other amendments have been determined as having no 
material impact on the consolidated or parent company financial 
statements in the period of initial application. None of the new or 
revised standards have been early applied by the Group. 
Receivables and accrued revenues 
Accounts receivable (both billed and unbilled) have an 
unconditional right to payment. Revenues based on an 
unconditional right to payment must be reported as unbilled 
receivables if the amounts have not been billed as of the reporting 
date, while revenues that have been billed are shown as billed 
receivables on the balance sheet. Most customers are billed 
monthly in arrears (after services are rendered) and the unbilled 
receivables are converted to billed receivables a few days after the 
close of books. 
Contract assets referring to accrued revenue have a conditional 
right to payment, which means for example that Sinch must first 
satisfy a final contractual obligation before an unconditional right 
to payment is established.  
Financial assets and liabilities 
Financial assets and liabilities are recognized at amortized cost, 
which is deemed to constitute their fair value because a majority of 
loan financing is carried at a three-month rate.  
Related-party transactions 
There have been no significant changes in the relationships and 
transactions with related parties compared to that disclosed in the 
2024 Annual Report. 
Hedging of currency risk in foreign net investments 
In Q2 2025, net investments in foreign subsidiaries were partially 
hedged by means of derivative instruments and foreign currency 
loans that are translated to the closing rate on the reporting date. 
Exchange rate differences arising from financial instruments used 
as hedging instruments in a hedge of net investments in foreign 
subsidiaries are recognized, to the extent the hedge is effective, in 
other comprehensive income and accumulated in the translation 
reserve in equity. When a subsidiary is sold, the cumulative value 
change related to the sold business and to the financial 
instruments used to currency hedge the net assets is moved from 
the translation reserve in equity to profit or loss for the year.   
Share buyback 
Based by the mandate of the AGM held May 22, 2025, the Board of 
Directors of Sinch AB announced its decision to buy back shares 
equal to up to 10 percent of total shares outstanding in the 
company. Upon buyback of treasury shares, equity is reduced by 
the consideration paid including any transaction costs.  
Share-based payments 
Sinch entered into an equity swap contract in Q3 to meet its future 
commitment to offer up to 12.8 million shares to participants in LTI 
2025, provided vesting conditions are met. The employee incentive 
program is secured through an agreement to buy back own shares 
(total return swap). The contract with a third party entails the 
parent company to buy its own equity instruments (treasury 
shares) at a predetermined price. The equity swap contract is thus 
classified as an equity instrument, and the corresponding amount 
is accounted for as a reduction in equity. The outcome upon sale is 
not recognized in the income statement, but rather as a change in 
equity. Interest paid under the equity swap contract is recognized 
as a financial expense on the income statement.

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Note 2. Operating profit 
EBITDA and EBIT adjustments are intended to clarify performance 
in underlying operations. The adjustments include acquisition 
costs, integration costs, operational foreign exchange gains/losses, 
restructuring costs, costs of share-based incentive programs, and 
non-recurring adjustments.  
The costs of incentive programs are clarified and divided into 
payroll costs and social insurance costs, where payroll costs are, 
in accordance with IFRS 2, an estimated cost that does not affect 
cash flow and social insurance costs fluctuate with Sinch’s price 
per share. Excluding these costs from adjusted EBITDA ensures 
that short-term changes in the share price do not impede analysis 
of the underlying business and makes it easier to relate adjusted 
EBITDA to Sinch’s cash flow. 
 
Reconciliation items related to operating profit 
 
 
 
1) Reported as other external expenses. 
 
2) Reported as employee benefits expenses. 
 
3) Reported as other operating income or other operating expenses.  
 
EBITDA adjustments, SEKm 2025 2024 2025 2024 R12M 2024
Acquisition costs -1 -2 -4 -4 -7 -7
R
estructuring costs -6 -11 -11 -84 -19 -93
Integration costs -35 -50 -151 -138 -222 -209
Costs of share-based incentive programs  -11 -27 -37 -41 -33 -37
Operational foreign exchange gains/losses -11 -33 -113 44 -20 137
Other adjustments 0 -1 -6 -2 -717 -713
Total EBITDA adjustments -64 -124 -322 -225 -1,018 -921
Amortization of acquisition-related assets -428 -496 -1,334 -1,469 -1,817 -1,952
Impairment of goodwill - -6,000 - -6,000 - -6,000
Total EBIT adjustments -493 -6,620 -1,656 -7,694 -2,835 -8,873
Q3 Jan-Sep
Integration costs, SEKm 2025 2024 2025 2024 R12M 2024
Employee benefits expenses, external resources -4 -11 -2 5 -22 -40 -37
External consultants -24 -37 -108 -113 -153 -157
Other -7 -1 -18 -3 -29 -14
Total integration costs per category¹ -35 -50 -151 -138 -222 -209
Q3 Jan-Sep
Costs of share-based incentive programs, SEKm 2025 2024 2025 2024 R12M 2024
Cost of vested employee stock option -7 -18 -25 -42 -36 -53
Social insurance costs -4 -9 -12 1 3 16
Total costs for share-based incentive programs per category² -11 -27 -37 -41 -33 -37
Q3 Jan-Sep
Operational foreign exchange gains/losses, SEKm 2025 2024 2025 2024 R12M 2024
Realized foreign exchange gains/losses -3 -13 -78 4 -34 48
Unrealized foreign exchange gains/losses -8 -20 -34 40 14 89
Total operational foreign exchange gains/losses per category³ -11 -33 -113 44 -20 137
Q3 Jan-Sep
Other adjustments, SEKm 2025 2024 2025 2024 R12M 2024
Other historical tax related expenses - - -3 - -703 -700
Other 0 -1 -3 -2 -14 -13
Total other adjustments 0 -1 -6 -2 -717 -713
Q3 Jan-Sep

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Note 3. Pledged assets and contingent liabilities 
Pledged assets amounted to SEK 68m (127) and contingent liabilities amounted to SEK 34m (32). Pledged assets amounted to SEK 126m 
and contingent liabilities to SEK 32m on December 31, 2024. 
Note 4. Incentive programs 
Within the framework of LTI 2024, adopted by the AGM on May 
16, 2024, senior executives and key employees within Sinch were 
granted 277,500 warrants in Q1 and 250,000 employee stock 
options in Q2. The warrants were granted at market value 
corresponding to subscription prices of SEK 9.40, SEK 9.44, and 
SEK 9.87 for the respective series. The maximum number of 
instruments in LTI 2024 is 17,100,000. 
Within the framework of LTI 2025 adopted by the EGM on 
August 14, 2025, senior executives and key employees within 
Sinch were granted 10,680,800 employee stock options in Q3. 
The maximum number of instruments in LTI 2025 is 12,800,000. 
Sinch entered into an equity swap contract with a third party in 
Q3, 2025, to hedge the expected financial exposure of LTI 2025. 
As of September 30, the equity swap consisted of 10,857,000 
shares corresponding to SEK 329m. 
In Q3, 271,473 options from LTI 2022, 3,126 options from LTI 
2023, and 15,624 options from LTI 2024 were exercised, where 
each option carried 1 share. The exercise prices were, 
respectively, SEK 14.654, SEK 27.13, and SEK 21.63 per share.  
In relation to this, 290,223 shares will be registered in Q4 and 
Sinch will thereby gain an additional SEK 4m in equity through 
the exercise. 
The total costs of incentive programs recognized in profit or loss 
for Q3 amounted to SEK  - 11m ( -27). Payroll costs for vested 
employee stock options in all programs were included in profit or 
loss in the amount of SEK -7m (-18) with a corresponding increase 
in equity. Social insurance costs, based on the share price and the 
vesting period, reduced profit by SEK -4m (-9) and resulted in an 
increased provision in the statement of financial position. 
Total costs for the incentive programs amount to SEK -37m (-41) 
for the period of January-September, 2025. Payroll costs for 
vested employee stock options in all programs were included in 
profit or loss in the amount of SEK -25m (-42) with a 
corresponding increase in equity. Social insurance costs, based 
on the share price and the vesting period, reduced profit by SEK 
-12m (1) and resulted in an increased provision in the statement 
of financial position.   
The performance criterion of adjusted EBITDA/share amounted 
to SEK 1.09 (1.09) for Q3 and to SEK 3.16 (3.05) for the period of 
January-September. 
The potential dilutive effect, calculated based on the exercise 
price of the options in relation to the average share price during 
the period, was 0.9 percent (0.5) upon exercise of all 
outstanding warrants and employee stock options when the 
exercise price is lower than the share price on the reporting 
date. See Note 9 of the 2024 Annual Report for further 
disclosures regarding the Group’s incentive programs LTI 2020, 
LTI II 2020, LTI 2021, LTI II 2021, LTI 2022, LTI 2023, and LTI 2024,
Note 5. Depreciation, amortization and impairments 
Goodwill is tested for impairment annually in connection with 
updated business plans in the third quarter. Impairment tests 
are also performed when there is an indication that the asset 
has decreased in value.  
There were no indications of goodwill impairment in the cash 
generating units in Q3 2025. 
 
Depreciation, amortization and impairment, SEKm 2025 2024 2025 2024 R12M 2024
Amortization acquired customer relationships -284 -319 -885 -939 -1,195 -1,249
Amortization acquired operator relationships -8 -8 -26 -26 -32 -32
Amortization acquired trademarks -11 -23 -33 -69 -54 -90
Amortization acquired software -126 -145 -390 -435 -536 -581
Impairment of goodwill - -6,000 - -6,000 - -6,000
Total acquisition-related amortization and write-downs -428 -6,496 -1,334 -7,469 -1,817 -7,952
Amortization proprietary software -102 -51 -215 -148 -268 -200
Amortization licenses -1 -1 -9 -4 -3 1
Amortization other intangible assets 0 1 0 0 0 0
Depreciation property, plant and equipment -50 -42 -133 -128 -176 -171
Depreciation right-of-use assets -27 -34 -88 -103 -122 -138
Impairments 0 0 2 -10 -1 -13
Total amortization/depreciation and impairment -609 -6,623 -1,776 -7,862 -2,387 -8,473
Q3 Jan-Sep

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Note 6. Accounts receivable 
 
Note 7. Prepaid expenses and accrued income 
 
Note 8. Provisions 
 
Sinch presented a non-recurring provision of SEK 700m in Q4 2024, reported in the table above as short- and long-term provisions for other 
taxes. There was no material change in total provisions in Q3, 2025, but a reclassification occurred between current and non -current 
provisions based on a changed assessment of settlement dates.  
Note 9. Net sales by product category 
 
Note 10. Gross profit by product category 
 
Dec 31
Accounts receivable, SEKm 2025 2024 2024
Unbilled receivables 1,799 1,920 2,023
Receivables, billed 2,438 2,396 2,607
Expected credit loss allowance -130 -133 -128
Total accounts receivable 4,108 4,182 4,503
Sep 30
Dec 31
Prepaid expenses and accrued income, SEKm 2025 2024 2024
Accrued revenue from contracts with customers 61 48 52
Other accrued income and prepaid expenses 621 460 578
T
otal accrued income and prepaid expenses 682 508 630
Sep 30
Dec 31
Provisions, SEKm 2025 2024 2024
Provision for social security expenses, ESOP 27 32 17
Provision for restructuring costs 7 5 3
P
rovision for other taxes 494 - 310
Other non-current provisions 4 19 18
Total non-current provision 532 56 348
Provision for other taxes 206 - 390
Other current provisions 9 - -
Total current provision 215 - 390
Total provisions 747 56 738
Sep 30
Net sales by product category, SEKm 2025 2024 2025 2024 R12M 2024
Applications 786 832 2,403 2,419 3,337 3,354
API Platform 4,513 4,910 13,742 14,441 19,059 19,758
Network Connectivity 1,360 1,408 4,178 4,122 5,657 5,601
Total net sales 6,659 7,150 20,324 20,983 28,053 28,712
Q3 Jan-Sep
Gross profit by product category, SEKm 2025 2024 2025 2024 R12M 2024
Applications 529 554 1,613 1,624 2,230 2,240
API Platform 1,255 1,369 3,915 4,014 5,345 5,445
Network Connectivity 534 483 1,519 1,465 2,054 2,000
Total gross profit 2,318 2,406 7,048 7,103 9,629 9,685
Q3 Jan-Sep

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Note 11. Adjusted Opex by function 
Sinch reports Group costs by nature; see the Consolidated Income Statement on page 14. Further information is provided in Note 11, in 
which operating expenses are distributed by function. The R&D expenses described below include the costs of technical operations. See 
page 30 for further details about the function definitions applied by Sinch. 
 
Note 12. Financial risk management 
Currency risk arises in the translation of the net assets of foreign subsidiaries to the parent company's functional currency (“translation 
exposure”).  Sinch began to apply hedge accounting in Q2 2025 in accordance with IFRS 9 with regard to net investments in foreign 
subsidiaries by means of raising currency loans and derivative instruments in the corresponding currency in order to reduce volatility in 
recognized profit or loss. No ineffectiveness in the hedging relationship had impact on profit or loss for the period. At the end of the period, 
net assets in USD had been hedged in the amount of USD 327m.  
The translation reserve in consolidated equity includes all exchange rate differences that arise upon translation of financial statements in a 
currency other than SEK, which is the Group's presentation currency. As of September 30, 2025, the translation reserve on the 
consolidated statement of financial position includes exchange rate differences of SEK 31m, before tax, that arose upon revaluation of 
liabilities taken up as hedging instruments for a net investment in a foreign operation.  
More information about risks and risk management is provided in the 2024 Annual Report. 
  
Adjusted Opex by function, SEKm 2025 2024 2025 2024 R12M 2024
Sales & marketing expenses -402 -421 -1,279 -1,331 -1,695 - 1,747
Research & development expenses -676 -723 -2,092 -2,189 -2,864 -2,960
General & administrative expenses -324 -338 -1,004 -1,000 -1,395 -1,392
Total adjusted Opex -1,403 -1,483 -4,375 -4,520 -5,954 -6,099
EBITDA adjustments -64 -124 -322 -225 -1,018 -921
Total Opex -1,467 -1,607 -4,697 -4,745 -6,972 -7,020
Q3 Jan-Sep

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Definitions 
Regions 
Effective January 1, 2024, the new Sinch operating model and 
operating segments are based on three geographical regions: 
Americas, EMEA, and APAC. The regions represent the domiciles of 
our customers. 
Product categories 
Sinch discloses supplementary financial information across three 
product categories. 
Applications 
This product category targets business users and consists of 
software applications for customer engagement, supporting use 
cases across marketing, operations, and customer care.  
API Platform 
Products within this category target developers and product 
managers. APIs allow businesses to trigger mobile messaging, 
voice calling, and emails, from their own internal or third-party IT 
systems. 
Network Connectivity 
Network Connectivity products target telecom operators and 
wholesale voice buyers. The portfolio primarily includes voice and 
messaging interconnect services, operator software, and services.  
Financial measurements defined under 
IFRS: 
Earnings per share, basic and diluted  
Definition: Net profit for the period attributable to owners of the 
parent divided by the volume-weighted average number of shares 
outstanding in the period before/after dilution. 
Financial measures not defined under 
IFRS: 
The company presents certain financial measurements that are 
not defined under IFRS. The company believes that these 
measurements provide useful supplemental information to 
investors and the company’s management for reasons including 
that they enable evaluation of the company’s performance. 
Because not all companies calculate financial measurements in 
the same way, these are not always comparable to measurements 
used by other companies. These financial measurements should 
therefore not be considered a substitute for measurements 
defined under IFRS. For a reconciliation of these financial 
measurements and organic growth, please refer to 
investors.sinch.com.  
Gross profit  
Definition: Net sales less the cost of services sold. 
Purpose: A large share of Sinch’s cost of services sold consists of 
traffic fees paid to mobile operators. Operator traffic fees differ 
significantly from one country to the next. Consequently, changes 
in traffic patterns and the volume mix can have high impact on net 
sales and the gross margin even though there is no effect on gross 
profit in absolute numbers. 
Gross margin  
Definition: Gross profit in relation to net sales.  
Purpose: The gross margin reflects the percentage of sales that 
comprises internal value creation and is not passed on to 
suppliers. 
Gross profit growth 
Definition: Gross profit for the year divided by gross profit in the 
preceding year. 
Operating expenses (Opex) 
Definitions: Opex is defined as the difference between gross profit 
and EBITDA and consists of the following items: Other operating 
income, Work performed by the entity and capitalized, Other 
external expenses, Employee benefits expenses, and Other 
operating expenses.  
EBITDA 
Definition: Profit for the period before financial income, financial 
expenses, tax and depreciation, amortization, and impairments of 
property, plant, and equipment and intangible assets.  
Purpose: Enables comparisons of profitability over time, 
regardless of the effects of the rate of depreciation and 
amortization of non-current assets, financing structure and the 
corporation tax rate.  
EBIT 
Definition: Profit for the period before financial income, financial 
expenses, and tax. 
Adjusted operating expenses (adjusted Opex) 
Definition: adjusted Opex is defined as the difference between 
gross profit and adjusted EBITDA and consists of the following 
items: Other operating income, Work performed by the entity and 
capitalized, Other external expenses, Employee benefits expenses, 
Other operating expenses, and EBITDA adjustments.  
Sales & marketing expenses 
Definition: Expenditures associated with promoting and selling our 
products, including acquiring new customers, and managing 
existing customer relationships.  
Research & development expenses 
Definition: Expenditures associated with the development, 
improvement, and technical operations of our products, net of 
capitalized software development.  
General & administrative expenses 
Definition: Expenditures for support functions such as finance, 
human resources, facilities, information technology, and other 
administrative functions. 
Acquisition costs 
Definition: Acquisition costs are such costs incurred as a 
consequence of a business combination. 
Integration costs 
Definition: Integration costs arise mainly in connection with 
business combinations and in connection with the creation of a 
common IT infrastructure. The nature of the costs consists of 
alignment of processes, brands and technical systems. The costs 
are of a non-recurring nature but, unlike restructuring costs, they 
are connected to the entity’s current and future operations. As of 
2024, integration costs include only external costs and resources.

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Restructuring costs  
Definition: Restructuring costs comprise direct costs related to 
restructuring and have no connection with the company’s current 
operations. Restructuring costs include mainly the costs of laying 
off employees and indirect costs related to the layoffs.  
Adjusted EBITDA 
Definition: EBITDA excluding acquisition costs, integration costs, 
restructuring costs, operational foreign exchange gains/losses, 
costs of share-based incentive programs and non-recurring 
adjustments. 
Purpose: Enables comparison of profitability over time in 
underlying operations.  
Adjusted EBITDA/gross profit 
Definition: The measure shows the company’s adjusted EBITDA as 
a percentage of gross profit. In addition to net sales, the cost of 
services sold is included in gross profit. 
EBITDA margin /adjusted EBITDA margin  
Definition: EBITDA/adjusted EBITDA in relation to net sales.  
Amortization/depreciation of acquisition-related assets 
Definition: Amortization of acquired intangible assets/depreciation 
of acquired property, plant, and equipment. Depreciation of 
property, plant, and equipment and amortization of other 
intangible assets are included in acquisition-related 
amortization/depreciation, as this is a measure of the use of 
resources necessary to generate profit. 
Adjusted EBIT 
Definition: EBIT after the same adjustments as for adjusted EBITDA 
and excluding depreciation/amortization and impairments of non-
cash acquisition-related property, plant, and equipment and 
intangible assets.  
Purpose: Enables comparison of profitability over time, regardless 
of amortization/depreciation and impairment of acquisition-
related property, plant, and equipment, and intangible assets, and 
independently of financing structure and the corporation tax rate.  
EBIT margin/adjusted EBIT margin 
Definition: EBIT/adjusted EBIT in relation to net sales.  
Net margin  
Definition: Net profit for the year in relation to net sales.  
Purpose: The net margin is a performance indicator that indicates 
the size of the company’s profit in relation to its turnover, which is 
useful to assess the efficiency of the company’s operations. 
Interest-bearing liabilities 
Definition: Bond loans, bank loans, overdraft facilities, commercial 
paper, and lease liabilities.  
Purpose: Used to calculate net debt.  
Net debt 
Definition: Interest-bearing liabilities less cash and cash 
equivalents.  
Purpose: Used to track the debt trend and visualize the size of 
refinancing requirements.  
Net debt/adjusted EBITDA R12M 
Definition: Net debt divided by adjusted EBITDA, past 12 months. 
Net debt and adjusted EBITDA are both measured excluding IFRS 
16-related lease liabilities. 
Purpose: Shows how many years it would take to pay off the 
company’s debts presuming that net debt and adjusted EBITDA 
are constant and with no consideration of other cash flows.  
Equity ratio 
Definition: Equity as a percentage of total assets.  
Purpose: Illustrates the company’s financial position. A good 
equity/assets ratio equips the company to manage periods of 
economic downturn and the financial basis for growth.  
Free cash flow 
Definition: Cash flow from operating activities after net 
investments in property, plant, and equipment and intangible 
assets during the period. 
Free cash flow per share 
Definition: Free cash flow divided by the volume-weighted 
average number of shares outstanding for the period after dilution. 
Purpose: Measures free cash flow per share generated by the 
business. 
Cash conversion 
Definition: Free cash flow divided by adjusted EBITDA.  
Purpose: Measures the free cash flow generated by the business 
in relation to profitability in underlying operations. 
Operational measurements 
Percentage female 
Definition: Average number of women in relation to the average 
total number of employees during the period, recalculated as full-
time equivalents. 
Average number of employees and consultants 
Definition: Average number of employees and consultants during 
the period, recalculated as full-time equivalents.  
Organic growth  
Definition: Growth in local currency and excluding acquisitions. 
Purpose: Sinch’s presentation currency is SEK, while a large 
portion of revenues and costs are in other currencies. Growth 
adjusted for acquired entities and currency effects shows 
underlying growth. Acquisitions are considered part of organic 
operations after 12 months. 
R12M 
Definition: Sales, earnings or other results for the past 12 months. 
Total shares outstanding 
Definition: Total number of ordinary shares and preference shares 
at the end of the period.  
Terms and acronyms 
For definitions of terms and acronyms, please see 
investors.sinch.com.

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32 of 34 INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
sinch.com 
About Sinch 
Sinch is pioneering the way the world communicates. More than 
175,000 businesses – including many of the world’s largest tech 
companies – rely on Sinch’s Customer Communications Cloud to 
improve customer experience through mobile messaging, voice 
and email.  
Sinch’s operating segments are Americas, EMEA, and APAC. 
Sinch’s products are divided into three categories: Applications, 
API Platform, and Network Connectivity. 
Sinch has been profitable and fast-growing since it was founded 
in 2008. The company is headquartered in Stockholm, Sweden, 
and its stock is traded on NASDAQ Stockholm: XSTO:SINCH. Read 
more at sinch.com. 
Forthcoming reporting dates 
Year-end report, Jan–Dec 2025  February 17  
Interim report Q1, Jan–Mar 2026  May 7 
Interim report Q2, Jan–Jun 2026  July 22 
Interim report Q3, Jan–Sep 2026  November 5 
Annual Report and Sustainability Report  
Annual Report and Sustainability Report 2025 April 2026 
AGM   
The Annual General Meeting will be held at 10:00 A.M. CEST on 
Thursday, May 21, 2026, at Sinch headquarters, Lindhagensgatan 
112, Stockholm. 
Risk assessment 
Sinch is, like all businesses, exposed to various types of risks in its 
operations. Growth in combination with rapid and continuous 
changes in the business environment has made it necessary to 
increase focus on risks and risk management. Sinch has created 
an ERM (Enterprise Risk Management) process to identify and 
control risks, and to ensure that required controls and procedures 
are established to safeguard the assets and interests of the 
company. Sinch has defined five types of risks under this 
framework: Strategic, Operational, Legal & Compliance, Financial, 
and External.  
More information about risks and risk management is provided in 
the 2024 Annual Report.  
Outlook 
As a general rule, Sinch does not publish forecasts but recognizes 
that the effects of geopolitical uncertainty and a volatile 
macroeconomic environment are expected to persist in 2025. The 
new tariffs presented in early 2025 apply to goods and have not 
affected Sinch’s services. Despite significant macroeconomic 
change during the past couple of years, Sinch has remained an 
industry leader with good underlying profitability and robust cash 
flows.   
Forward-looking statements 
This report contains statements concerning, among other things, 
Sinch's financial position and earnings as well as statements 
regarding market conditions that may be forward-looking. Sinch 
believes that the expectations reflected in these forward-looking 
statements are based on reasonable assumptions. Forward-
looking statements, however, include risks and uncertainties and 
actual outcomes or consequences may differ materially from 
those expressed. Other than as required by applicable law, 
forward-looking statements apply only on the day they are 
presented and Sinch does not undertake to update any of them in 
light of new information or future events. 
Assurance 
The Board of Directors and the CEO certify that the interim report 
gives a true and fair view of the company's and the Group's 
operations, position and results, and describes significant risks 
and uncertainties faced by the company and the companies 
included in the Group. 
Headquarters 
Sinch AB (publ) 
Lindhagensgatan 112 
112 51 Stockholm, Sweden 
Corporate ID 556882-8908  
sinch.com

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Invitation to webcast and phone conference 
Sinch will present the interim report in a webcast and phone conference on Wednesday, 
November 5, 2025 at 2:00 P.M. CET. Watch the presentation at 
investors.sinch.com/webcast.  
If you wish to participate via phone conference, follow the link below to register: 
https://conference.inderes.com/teleconference/?id=5005056. After you register, you will 
be given a phone number and conference ID to log into the conference. 
 
For additional information, please contact: 
Mia Nordlander 
Head of Investor Relations & Sustainability 
Mobile: +46 73 511 53 95 
E-mail: mia.nordlander@sinch.com  
Jonas Dahlberg 
Chief Financial Officer 
E-mail: investors@sinch.com 
 
 
Stockholm, November 5, 2025 
Erik Fröberg 
Board Chair 
Björn Zethraeus 
Director 
Kristina Willgård 
Director  
Lena Almefelt 
Director  
Mattias Stenberg 
Director  
Renée Robinson Strömberg 
Director  
Laurinda Pang 
President and CEO   
 
 
Note: Sinch AB (publ) is required to publish the information in this report pursuant to the 
EU Market Abuse Regulation. The information was released for publication by the contact 
person above on November 5, 2025, at 7:30 A.M. CET.  
This report is published in Swedish and English. In case of any differences between the 
English version and the Swedish original text, the Swedish version shall apply.

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Review Report 
 
Introduction 
We have reviewed the interim report for Sinch AB (publ) for the period January 1 - September 30, 2025. The Board of Directors and the 
President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts 
Act. Our responsibility is to express a conclusion on this interim report based on our review. 
 
Scope of Review 
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial 
Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for 
financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially 
less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed 
in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an 
audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based 
on an audit. 
 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, 
prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the 
Annual Accounts Act.  
 
 
Stockholm, 2025-11-05 
 
Deloitte AB 
 
Signature on Swedish original 
 
 
Johan Telander 
Authorized Public Accountant