BTS Group AB (publ) (BTS_B) Q2 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:02.355 Perfect. Thank you. Hello, dear investors. 00:00:02.355 -- 00:00:05.580 Thank you for joining. And for those of you I'll see later today, I'm looking forward 00:00:05.580 -- 00:00:10.124 to the time with you. Let's talk about Q2 2025. 00:00:10.487 -- 00:00:14.153 No doubt it was absolutely defined by a big problem, right? 00:00:14.153 -- 00:00:17.538 EBITDA dropped 23 percent in the second quarter. 00:00:17.538 -- 00:00:20.643 And if you unpack that, you will see that that is due to one issue. 00:00:20.643 -- 00:00:24.854 That is the operations of BTS North America. 00:00:24.854 -- 00:00:29.961 And within BTS North America's profit performance, we lost about $36.3 00:00:29.961 -- 00:00:35.548 million SEC in the second quarter. Half of that was due to one-time expenses 00:00:35.548 -- 00:00:40.195 of severance and legal fees associated with the sounding board acquisition and also part 00:00:40.195 -- 00:00:43.379 of the dropping unfavorable U.S. dollar exchange rate. 00:00:43.379 -- 00:00:48.766 The other drop was 100% because of the decline in revenue in North America. 00:00:48.766 -- 00:00:52.416 So what's been done in early June, actually, we did a reorg. 00:00:52.416 -- 00:00:56.127 So we have a new management team in place in BTS North America. 00:00:56.127 -- 00:00:59.275 I've gained six new direct reports as a result of that. 00:00:59.275 -- 00:01:03.768 And about our top 30 partners in the company have switched to their reporting to. 00:01:03.768 -- 00:01:06.592 We'll talk more about that in just a minute. 00:01:06.592 -- 00:01:08.776 But Q2 was also defined by something else. 00:01:08.776 -- 00:01:11.800 We set out this year to get back to double digit growth. 00:01:11.800 -- 00:01:16.527 And I'm very proud to say that two ...