Slide 1: Q2 Interim Report January – June 2025
Q2 BTS GROUP AB (PUBL) INTERIM REPORT JANUARY – JUNE 2025 New leadership for BTS North America – strong organic growth in BTS Europe and BTS Other markets April 1 – June 30, 2025 January 1 – June 30, 2025 • Net sales amounted to MSEK 721 (730). Currency • Net sales amounted to MSEK 1,368 (1,348). Cu
Slide 2: New leadership for BTS North America – strong organic growth in BTS Europe and BTS Other markets
New leadership for BTS North America – strong organic growth in BTS Europe and BTS Other markets BTS North America is expected to return to growth in the first half of 2026, after showing negative growth in the second quarter 2025. Our two other operating units showed strong organic growth in the qu
Slide 3: Competitive Coaching offering and AI adoption services
During the quarter, we acquired Nexo, a São Paulo-based increase over the same period in 2024. In addition, our consulting firm. The integration is on its way as planned Wonderway Verity platform, which provides AI conversa- and many of Nexo’s clients have expressed great interest tional practice in
Slide 4: Operations: Net sales by quarter
OPERATIONS NET SALES BY QUARTER April 1 – June 30, 2025 MSEK BTS’s second-quarter net sales amounted to MSEK 721 900 (730). Adjusted for changes in foreign exchange rates, 800 sales increased 7 percent, whereof 2 percent was organic. Growth varied between the units: BTS Europe 31 percent, 700 BTS Ot
Slide 5: Operating units
Profit before tax amounted to MSEK 90 (151) for the The outcome was affected positively by improved first half of the year. During the first quarter 2024, a pro- profit in BTS Other markets and BTS Europe, and nega- vision of earn-out related to the earlier acquisition of RLI tively by lower profit
Slide 6: Outcome per operating unit
OUTCOME PER OPERATING UNIT Net sales Apr–Jun Apr–Jun Jan–Jun Jan–Jun Jul–Jun Jan–Dec MSEK 2025 2024 2025 2024 2024/2025 2024 BTS North America 337 385 672 702 1,385 1,415 BTS Europe 132 104 246 207 508 470 BTS Other markets 223 200 387 362 798 773 APG 29 40 63 77 130 144 Total 721 730 1,368 1,348 2,
Slide 7: Market development, BTS North America, BTS Europe
Market development drive adoption of their AI tech in the flow of work. There Uncertainty about economic policy and tariff threats con- is experimentation happening across the industry and tributed to some challenges in North America and Europe our clients are valuing BTS four decades of simulation
Slide 8: APG
APG quarter. Investments in acquisitions of businesses Net sales for the second quarter amounted to MSEK 29 amounted to MSEK –32 (–35), where MSEK –17 (–18) was (40). Adjusted for changes in foreign exchange rates, attributable to the new acquisition and MSEK –15 (–17) to revenue decreased 21 perce
Slide 9: Financial position
Cash flow from financing activities for the first half of a press release on the same date. The acquisition encom- the year amounted to MSEK 0 (55). passes all operations including employees, technology, Total cash flow for the first half of the year amounted intellectual property, customer relation
Slide 10: Critical accounting estimates and assumptions
foreign exchange rates and credit risks. Political instability, The Board of Directors and the CEO declare that the armed conflicts, protectionism, and geopolitical tensions undersigned interim report provides a true and fair over- have increased in recent years. The Global Leadership view of the Co
Slide 11: Group income statement, summary
FINANCIAL INFORMATION GROUP INCOME STATEMENT, SUMMARY Apr–Jun Apr–Jun Jan–Jun Jan–Jun Jul–Jun Jan–Dec KSEK 2025 2024 2025 2024 2024/2025 2024 Net sales 720,569 729,550 1,367,712 1,348,325 2,821,441 2,802,054 Operating expenses –618,804 –605,283 –1,189,007 –1,144,287 –2,407,733 –2,363,013 Depreciatio
Slide 12: Group balance sheet, summary
GROUP BALANCE SHEET, SUMMARY KSEK 30 Jun 2025 30 Jun 2024 31 Dec 2024 ASSETS Goodwill 1,316,386 1,182,834 1,272,214 Other intangible assets 184,350 160,066 161,728 Tangible assets 176,129 204,177 193,082 Financial assets 30,084 28,416 38,591 Total non-current assets 1,706,949 1,575,493 1,665,615 Tra
Slide 13: Group cash flow statement, summary
GROUP CASH FLOW STATEMENT, SUMMARY Apr–Jun Apr–Jun Jan–Jun Jan–Jun Jul–Jun Jan–Dec KSEK 2025 2024 2025 2024 2024/2025 2024 Earnings before tax 54,851 86,750 89,749 151,085 406,249 467,584 Adjustments for non-cash items 44,833 29,254 80,458 37,690 156,360 142,139 Adjustment for extraordinary non-cash
Slide 14: Group changes in consolidated equity
GROUP CHANGES IN CONSOLIDATED EQUITY KSEK 30 Jun 2025 30 Jun 2024 31 Dec 2024 Opening balance 1,664,755 1,300,653 1,300,653 Dividend to shareholders –59,160 –55,281 –110,562 New issue – – – Other 1,690 1,524 4,311 Total comprehensive income for the period –117,217 162,188 470,353 Closing balance 1,4
Slide 15: Group consolidated key ratios
GROUP CONSOLIDATED KEY RATIOS Apr–Jun Apr–Jun Jan–Jun Jan–Jun Jul–Jun Jan–Dec KSEK 2025 2024 2025 2024 2024/2025 2024 Net sales 720,569 729,550 1,367,712 1,348,325 2,821,441 2,802,054 EBITA 84,495 110,385 143,072 168,876 338,983 364,788 EBITA margin 11.7% 15.1% 10.5% 12.5% 12.0% 13.0% EBIT 65,089 94
Slide 16: Definitions
DEFINITIONS Earnings per share Net debt/EBITA Earnings attributable to the parent company’s shareholders Net debt in relation to EBITA (rolling 12 months). divided by number of shares before dilution. Net debt ratio EBITA Net debt as a percentage of average equity. Operating profit before amortizati
Slide 17: Strategy made personal.
Strategy made personal. Inspiring and equipping people and organizations to do the best work of their lives. www.bts.com