BTS Group AB (publ) (BTS_B) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning all and good evening Jessica. It's Daniel Toshin here from ABG who will host this morning's conference call with BTS and the CEO, Jessica Schoon. So very much welcome for all joining. Analysts have joined through a separate link, so you should be able to ask questions verbally in the Q&A session. I will open up for that in the end. But just say welcome to Jessica and feel free to go ahead and present the Q3 report. Thank you very much. Super. Thank you very much, Daniel. Hello, BTS investors. Welcome to the Q3 report from BTS. We're not happy with the quarter. It was a tough quarter. At the group level, we grew 3%, but we had a profit decline of negative 16% if you adjust for foreign currency exchanges and negative 25% if you include the currency effect. So let's walk you through and kind of demystify what's behind the profit drop in the third quarter. There's really two big reasons. Number one is something I'm going to tell you about in North America, and number two is negative currency effect. So North America, you can see the decline of 10.3 million SEC in the third quarter. One big reason for this, 65% behind North America's drop. has to do with one particular customer engagement sold through our APG channel of a more traditional BTS product. And the reason why this was particularly painful is because it's kind of a pure license play, which means the value drops, the vast majority drops at the bottom line compared to our other services. And when you compare this license revenue through the APG channel in this quarter compared to a year ago, it had a significant impact on the profit. If you look at the impact of the weak dollar, it's about 28% behind North America's profit drop. If we look at BTS other markets, it's really two things. One is we decide...