Interim report
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Interim report, January–September 2025 A quarter affected by customer migration Third quarter 2025 • Net sales amounted to EUR 33.7m (42.4), corresponding to a decrease of 20.4 percent, or 16.2 percent on a constant currency basis. • Gross profit amounted to EUR 29.3m (37 .3), corresponding to a gross margin of 86.9 percent (88.0). • EBITA amounted to EUR 6.3m (11.7) with an EBITA margin of 18.7 percent (27.5). • EBIT amounted to EUR -0.5m (3.1) with an EBIT margin of -1.6 percent (7.2). • EPS, before dilution amounted to EUR 0.00 (0.00). • Adjusted EPS, before dilution amounted to EUR 0.01 (0.03). • Cash flow from operating activities amounted to EUR 9.9m (1.7). January – September 2025 • Net sales amounted to EUR 108.9m (120.8), corresponding to a decrease by 9.8 percent, or 7.6 percent on a constant currency basis. • Gross profit amounted to EUR 95.6m (104.2) corresponding to a gross margin of 87.8 percent (86.3). • EBITA amounted to EUR 18.2m (20.3) with an EBITA margin of 16.7 percent (16.8). • EBIT amounted to EUR -2.5m (-10.5) with an EBIT margin of -2.3 percent (-8.7). • EPS, before dilution amounted to EUR 0.00 (-0.07). • Adjusted EPS, before dilution amounted to EUR 0.08 (0.04). • Cash flow from operating activities amounted to EUR 21.9m (8.0). Key financial ratios for the Group * Net sales growth for 2024 is impacted by changes in revenue recognition from gross to net sales. For more information, please refer to Note 11 Quarterly Summary. 2025 2024 2025 2024 2024 KEUR Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Net sales 33,712 42,355 108,936 120,837 166,195 Net sales growth* -20.4% -36.4% -9.8% -37.8% -37.6% Gross profit 29,304 37,287 95,643 104,225 144,466 Gross margin 86.9% 88.0% 87.8% 86.3% 86.9% Operating profit/loss before amortization (EBITA) 6,290 11,654 18,185 20,266 32,956 Operating profit/loss before amortization (EBITA) margin 18.7% 27.5% 16.7% 16.8% 19.8% FX gain/loss on operating items -313 -797 -1,519 -1,511 -915 EPS, before dilution 0.00 0.00 0.00 -0.07 -0.06 Adjusted EPS, before dilution 0.01 0.03 0.08 0.04 0.10 Net debt 9,237 78,572 9,237 78,572 83,703 Q3
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Cint Interim report | January–September 2025 2 Comments by the CEO A quarter affected by customer migration In the third quarter, we migrated our largest customers, which affected revenues, as did a challenging business climate. Fur- thermore, revenue was particularly high in the same quarter last year, affecting our year-on-year comparable. Sales and profitability Net sales for the third quarter decreased by 20.4 percent to EUR 33.7m. The weakening of the USD negatively impacted reported growth; in constant currency, sales declined by 16.2 percent compared to the same period last year. Sales in Cint Exchange decreased by 27.2 percent (23.7 percent in constant currency). Consistent with prior disclosures of migration risk , the decline primarily reflects the low point of our migration, but is also partly due to broader industry headwinds. Sales in our Media Measurement business decreased by 6.3 percent ( -0.4 percent in constant currency), reflecting both market uncertainty and a strong prior-year comparable. Some advertisers paused ad campaigns due to the tariff situation . It is also worth noting that Q3 last year saw a surge in ad spend- ing as campaigns were front -loaded to preempt the US elec- tions. EBITA amounted to EUR 6.3m in the quarter (11.7m in the third quarter last year) with an EBITA margin of 18.7 percent (27.5). The decline in profitability is a direct result of the lower sales volume. It is also important to note that the prior -year period included a one -time non-cash cost adjustment of EUR 2.0m related to our long-term incentive programs. Cash flow from operating activities amounted to EUR 9.9m (1.7), reflecting our continued operational discipline on working capital management. Our focus on collections yielded strong results, with accounts receivable decreasing by a further EUR 3.8m this quarter. This brings the total reduction to nearly EUR 40m since year -end. We ended the period with a total cash position of EUR 50.4m and total interest -bearing debt of EUR 59.6m after loan repayments of EUR 4.3m in the quarter. Consolidation The new Cint Exchange uses 20+ years of expertise, automa- tion, and AI to efficiently provide unparalleled access to real people for market research. Now that Cint Exchange is availa- ble to nearly all legacy Cint customers, our focus is shifting to the operational transfer of revenue. This is expected to occur successively over the following quarters. As part of their tran- sition, our clients are in the process of moving studies to the new Cint Exchange. We are actively supporting our largest customers through this fi nal phase, focusing on two key ob- jectives: deepening integration with these clients and acceler- ating new customer acquisition. It is important to distinguish the Cint migration from the up- grade cycle for existing Lucid customers. This transfer is scheduled in 2025 for some customers, with the main transfer in the first quarter of 2026. Since the new Cint Exchange is built on the Lucid technology stack, th is upgrade process is more straightforward. Investment in innovation We have launched the beta of Luci, our new AI Study Compan- ion, designed to increase the accessibility of our brand lift data and empower customers to analyze media campaign perfor- mance by asking natural language questions. By making it eas- ier to explore study data and get instant, insightful answers, we believe this innovation will drive deeper user engagement. Furthermore, we have entered a data partnership with Affinity Solutions for both our Measurement and Exchange customers. For Media Measurement clients, it unlocks the ability to con- nect survey data with transactional data from over 150 million US cardholde rs. This enables us to deliver mid -funnel out- comes by linking ad exposure to purchasing behavior, provid- ing clearer ROI on media spend. For Exchange customers, we can offer this targeting as an enhancement for brand tracking studies, enabling clients to survey verified purchasers of spe- cific products or brands. Looking ahead The third quarter was a challenging period, which we view as the low point in our consolidation. While the revenue impact was significant, we do not expect the same effect on sales from the migration going forward. As we enter the fourth quar- ter, we are seeing our go-to-market effectiveness improving. However, the uncertain market environment remains. With the most complex phases of the integration nearly behind us, our operational focus is shifting from consolidation to sta- bilization, innovation and new product development, as exem- plified by the recent launches of our Luci AI Study Companion and the Affinity Solutions data partnership . We are already seeing early traction from these initiatives, and will be dedicat- ing significant R&D resources going forward to further accel- erate our product roadmap. Our priority is to leverage our unified platform to drive com- mercial momentum and a return to growth, in line with the long-term ambitions of our Cint 2.0 strategic plan. Patrick Comer CEO
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Cint Interim report | January–September 2025 3 Group Financial Overview Net Sales Third quarter Net sales in the quarter amounted to 33.7m (42.4), correspond- ing to a decrease of 20.4 percent, or 16.2 percent on constant currency basis. Sales in Cint Exchange decreased primarily as a result of the migration of our customers. Media Measurement sales were stable in constant currency, negatively affected by strong comparables and an uncertain tariff situation, making some key advertisers to hold back on campaigns during the quarter. January–September Net sales amounted to 108.9m (120.8), corresponding to a de- crease by 9.8 percent, or 7 .6 percent on constant currency ba- sis. Gross Profit Third quarter Gross profit in the quarter amounted to EUR 29.3m (37.3) cor- responding to a margin of 86.9 percent (88.0). This primarily reflects lower sales. January–September Gross profit in the period amounted to EUR 95.6m (104.2) cor- responding to a margin of 87.8 percent (86.3). EBITA Third quarter EBITA in the quarter amounted to EUR 6.3m (11.7) and the EBITA margin was 18.7 percent (27 .5). Profitability softened as a result of decreased sales, partly mitigated by lower operating expendi- ture. The comparative prior year period benefited from a one- time non-cash cost adjustment of EUR 2.0m related to long-term incentive programs. Total cost for LTIP programs, in accordance with IFRS 2, had a cost of EUR 0.5m (-2.0) in the third quarter. The impact from the IFRS valuation is included in the personnel costs under General and Administrative expenses. Due to the global nature of the business, the company is exposed to currency fluctuations with most of the net sales in USD and EUR and a large part of the operating expenses in SEK and USD. During the quarter, net sales were impacted by EUR - 2.1m (-0.3) from currency fluctuations. The revaluation of bal- ance sheet items had a negative impact on the result of EUR - 0.3m (-0.8) during the quarter. This impact is included in EBITA. January–September EBITA amounted to EUR 18.2m ( 20.3) and the EBITA margin was 16.7 percent (16.8). Total cost for LTIP programs, in accordance with IFRS 2, in the period was EUR 1.0m (-1.2). During the period, net sales were impacted by EUR -2.9m (-0.2) from currency fluctuations. The revaluation of balance sheet items had a negative impact on the result of EUR -1.5m (-1.5) during the period. LTM net sales and growth by quarter LTM Operating profit/loss before amortization (EBITA) -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% ,0 50,000 100,000 150,000 200,000 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 LTM net sales Q growth, constant currency % 0.0% 10.0% 20.0% 30.0% ,0 10,000 20,000 30,000 40,000 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 LTM Operating profit/loss before amortization (EBITA) LTM Operating profit/loss before amortization (EBITA) over net sales, %
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Cint Interim report | January–September 2025 4 ltems affecting comparability To enable a more accurate tracking of the underlying perfor - mance, items affecting comparability, or non -recurring items, are included below the EBITA line. Please refer to note 10 Al- ternative Performance Measures for details of the non-recur- ring items split by category. Third quarter Items affecting comparability for the quarter amounted to EUR 0.0m (-1.3), of which EUR 0.0m (0.0) was related to cost effi- ciency program s and EUR 0.0m ( 0.0) related to integration costs. January–September Items affecting comparability for the period were positive and amounted to EUR 0.5m (-8.7) of which EUR 0.5m (-2.9) related to cost efficiency programs and EUR 0.0m (-4.5) related to in- tegration costs. Profit and Earnings Per Share Third quarter The operating loss (EBIT) in the quarter amounted to EUR -0.5m (3.1) with an operating margin of -1.6 percent (7.2). Loss for the quarter amounted to EUR -1.1m (0.4) and EPS (basic and diluted) was EUR 0.00 (0.00). Adjusted EPS (basic and diluted) was EUR 0.01 (0.03). January–September The operating loss (EBIT) in the period amounted to EUR -2.5m (-10.5) with an operating margin of -2.3 percent (-8.7). Profit for the period amounted to EUR 1.2m (-14.4) and EPS (basic and diluted) was EUR 0.0 (-0.07). Adjusted EPS (basic and di- luted) was EUR 0.08 (0.04).
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Cint Interim report | January–September 2025 5 Cash flow and investments Third quarter Operating cash flow before changes in working capital in the quarter was EUR 10.0m (11.6). Interest paid in the quarter de- creased by EUR 1.7m compared with the same quarter last year due to loan repayments. Cash flow from changes in working capital was EUR -0.1m (-9.9) in the quarter. For further information regarding working capital, refer to the net working capital section. Cash flow from investing activities for the quarter was EUR - 4.4m (-4.6), consisting of investments in intangible fixed as- sets amounting to -4.5m (-4.7), attributable to capitalized de- velopment costs for the platform, investments in new features and functions to support future growth. For details on depreciation and amortization, please refer to note 7. Cash flow from financing activities amounted to EUR -4.7m (-4.1) during the quarter, mainly attributable to the scheduled loan amor- tization of EUR -4.3m. The net cash flow in the quarter was EUR 0.8m (-7 .0). January–September Operating cash flow before changes in working capital in the period was EUR 25.3m (19.5). Cash flow from changes in working capital was EUR -3.4m (-11.5) in the period. Cash flow from investing activities for the period was EUR -5.7m (-14.0), affected by investments in intangible fixed assets amounting to EUR -12.9m (-13.9). Cash flow from financing activities amounted to EUR 9.9m (-9.3), driven by the proceeds from the rights issue and repayment of loans. The net cash flow in the period was EUR 26.1m (-15.4). Net working capital Net working capital amounted to EUR 44.1m at the end of the period compared with EUR 45.6m as per June 2025, corre- sponding to a EUR 1.5m decrease. Accounts receivable was further reduced by EUR 3.8m. The continued reduction of ac- counts receivable stems from structural operational enhance- ments. The optimization of w orking capital , with a particular focus on reducing accounts receivable , remains a strategic priority. Net debt and financing activities The Group ended the third quarter with a total cash position of EUR 50.4m (23.4) and a total debt of EUR 59.6m (101.9) con- sisting of total borrowings and lease liabilities. The net debt / EBITDA at the end of the quarter was 0.2x. Since December 2021, Cint has a credit facility agreement with two Nordic banks. The facility had an initial USD 120m term loan with an original tenor of three years which was renegotiated and extended to March 2027, following the successful rights issue. As per the end of the third quarter, the outstanding loan amount was USD 66.5m equivalent to EUR 56.6m. Personnel At the end of the period, the total number of FTEs (employees and consultants) was 770 (901). The average number of FTEs in the quarter was 770 (904). The total number of employees was 728 (839) at the end of the period. The average number of employees during the quarter was 728 (842). Financial targets and dividend policy In January 2025, Cint adopted a new three-year strategy plan to enhance efficiency of the organization following the com - pletion of the platform consolidation during 2025 and to shift focus to profitable growth. The objectives of the new strategy are: win with the Exchange, accelerate new avenues for growth and streamline operations. Cint also adopted new financial tar- gets: • Sales growth target: Cint aims to achieve a medium term an- nual organic sales growth of >10 percent • Profitability target: Cint aims to achieve a medium term EBITA margin of 25 percent • Leverage target: Target net debt / EBITDA below 2.5x (This ratio may temporarily be exceeded, for example as a result of acquisitions) • Dividend policy: Cint aims to reinvest cash flows into growth initiatives and as such will not pay annual divi dends in the short-term • Sustainability target: Cint aims to achieve net -zero green- house gas (GHG) emissions across its operations by 2045, aligning with Sweden’s national climate targets and global best practices Parent Company The parent company’s activities are focused on direct or indi- rect holding of shares in the operational subsidiaries. In addi - tion, the parent company provides management services to the Group. The parent company has no external business ac- tivities, and the risks are mainly related to the operations of the subsidiaries. The parent company’s operating profit (EBIT) was SEK -0.5m (66.2) in the third quarter. The parent company’s net result was SEK -7.9m (38.6) in the quarter. The parent company’s financial position by end of the quarter, measured in terms of total eq- uity in relation to total assets ratio, was 83.7 percent (72.6) and it had a cash balance of SEK 102.0m (0.3), to be compared with a ratio of 69.4 percent and a cash balance of SEK 5.0m by end of December 2024.
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Cint Interim report | January–September 2025 6 Net sales development Business segments Cint Exchange gives customers instant programmatic connec- tions to millions of global respondents to conduct cost -effec- tive digital market research at speed and scale, delivered through automated matching of survey criteria and deep pro- filing data. Net sales in the Cint Exchange segment decreased by 27.2 percent to EUR 20.8m (28.5) in the quarter, or 23.7 percent on a constant currency basis. Sales were negatively affected by customer transitions as well as the market environment . Net sales for the first nine months decreased by 14.7 percent to EUR 73.6m ( 86.3), or 13.0 percent on a constant currency basis. Media Measurement delivers proprietary brand lift metrics and daily survey results for customers to measure digital campaign effectiveness and optimize their media performance in real-time. Net sales in the Media Measurement segment decreased by 6.3 percent to EUR 13.0m (13.8) in the quarter, or 0.4 percent on a constant currency basis. The sales performance reflects both market uncertainty and a strong prior -year comparable due to the US elections. Net sales for the first nine months in- creased by 2.4 percent to EUR 35.3m (34.5), or 6.0 percent on a constant currency basis. Regional development Net sales in the Americas region decreased by 20.4 percent to EUR 22.3m (28.0) in the quarter, or 15.9 percent on a constant currency basis as a result of lower sales in Cint Exchange and stable sales in Media Measurement. Net sales for the first nine months decreased by 7 .5 percent to EUR 71.0m (76.8), or 4.7 per- cent on a constant currency basis. Net sales in EMEA decreased by 21.9 percent to EUR 9.0m (11.6) in the quarter, or 19.3 percent on a constant currency ba- sis as a result of lower sales in Cint Exchange and Media Meas- urement. Net sales for the first nine months decreased by 9.4 per- cent to EUR 30.7m (33.9), or 8.7 percent on a constant currency basis. Net sales in APAC decreased by 14.6 percent to EUR 2.4m (2.8) in the quarter, or 5.4 percent on a constant currency basis as a result of lower sales in Cint Exchange partly offset by higher sales in Media Measurement. Net sales for the first nine months decreased by 29.2 percent to EUR 7 .2m (10.2), or 26.3 percent on a constant currency basis. Completed surveys Completed surveys fell to 155 million over the last year, repre- senting a 23.6% reduction in volume. This result is driven by several key factors: • Platform transition: Direct comparisons to previous years are challenging due to our ongoing initiative to integrate new platforms and decommission legacy systems. • Strategic shift: We are deliberately focusing on higher-value surveys. By implementing stricter quality criteria, we are en- hancing the integrity of our platform and improving the profitability of each survey. • Election year impact: 2024 being an election year contri - buted to a higher volume of lower-value surveys, which inf- luenced the overall numbers. Net sales by business segment, (KEUR) Net sales by region, (KEUR) Net sales by region (Q3-2025) Completed surveys LTM, million ,0 10,000 20,000 30,000 40,000 Media measurement Cint Exchange Q3-24 Q3-25 ,0 10,000 20,000 30,000 APAC EMEA Americas Q3-24 Q3-25 Americas 66% EMEA 27% APAC 7% 197 186 172 155 0 50 100 150 200 250 Q4-24 LTM Q1-25 LTM Q2-25 LTM Q3-25 LTM
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Cint Interim report | January–September 2025 7 Other information Significant events during and after the quarter No significant events occurred during or after the end of the quarter to date. Share capital and shareholders As of 30 September 2025, the share capital of Cint amounted to SEK 35,497,638, apportioned among 354,976,383 shares. In the first quarter of 2025, the number of shares increased com- pared to the year-end 2024, as a result of Cint’s rights issue of 141,990,553 shares. The company’s five largest shareholders on 30 September 2025 were Bolero Holdings (29 .6 percent), DNB Asset Man- agement AS (8.5 percent), Nordic Capital through companies (6.2 percent), Fourth Swedish National Pension Fund (6.0 per- cent) and Janus Henderson Investors ( 5.3 percent). For more information about Cint’s ownership structure, see investors.cint.com. Seasonality There are certain seasonal variations whereby net sales and profits are somewhat tilted towards the second half of the year, driven by variations in demand. The fourth quarter is usually the strongest quarter in terms of net sales and profit as it coin- cides with the needs of our customers for insight during major holidays, sales discount days and budget discussions. ESG Cint’s sustainability impact is represented in the company’s sustainability strategy through the three focus areas: 1) We are fair and equal, 2) We create business value, and 3) We reduce our environmental impact. These constitute the core of Cint’s sustainability work, and thanks to close integration with the company business model, they play a natural part in all Cint’s operations. Continuous work on KPIs and measurement entails refining existing metrics while also integrating new require - ments. Further to this, the company is preparing itself to be fully compliant with CSRD reporting requirements. New long-term share-based incentive program At the annual general meeting held on May 13, 2025, it was re- solved to establish a new long -term incentive program (“LTIP 2025”). The LTIP 202 5 comprises in total up to 9,247,128 re- stricted stock units (“RSUs”) which will be awarded free of charge to members of group management and other employ- ees as allocated by the board of directors. Each RSU entitles the holder to one share in the Company. The RSUs will fully vest after three years from the date of award, subject to both performance and continued employment. The program was launched during the third quarter of 2025. In order to secure the Company's obligation to deliver shares and to cover costs under the LTIP 202 5, the general meeting resolved to issue and transfer up to 11,096,554 warrants of se- ries 2025/2028. The maximum dilution effect will be approxi- mately 3. 0 percent if all 11,096,554 warrants of series 2025/2028 are exercised for subscription of 11,096,554 new shares in the Company.
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Cint Interim report | January–September 2025 8 Financial statements Condensed consolidated income statement Condensed consolidated statement of other comprehensive income 2025 2024 2025 2024 2024 KEUR Note Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Net Sales 4 33,712 42,355 108,936 120,837 166,195 Cost of services sold -4,408 -5,068 -13,293 -16,612 -21,728 Gross profit 29,304 37,287 95,643 104,225 144,466 Sales and Marketing Expenses 9 -7,412 -8,428 -23,358 -32,295 -42,220 Research and Development Expenses 9 -6,004 -7,311 -21,831 -21,066 -29,308 General and Administrative Expenses 9 -9,302 -9,105 -30,522 -29,153 -40,233 Other operating income/expenses -296 -789 -1,746 -1,445 250 Operating profit/loss before amortization (EBITA) 6,290 11,654 18,185 20,266 32,956 Amortization and impairment on acquisition related assets 7 -6,835 -7,254 -21,202 -22,004 -29,466 Items affecting comparability -0 -1,337 504 -8,725 -12,579 Operating profit/loss (EBIT) -545 3,063 -2,512 -10,463 -9,090 Net financial income/expenses 8 -753 -2,910 2,623 -8,295 -10,782 Earnings before tax -1,298 153 111 -18,758 -19,871 Income tax expense 203 278 1,071 4,400 8,010 Profit/loss for the period -1,096 432 1,182 -14,359 -11,862 Profit/loss for the period attributable to: Parent Company shareholders -1,096 432 1,182 -14,359 -11,862 2025 2024 2025 2024 2024 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Profit/loss for the period -1,096 432 1,182 -14,359 -11,862 Other comprehensive income Items that may be transferred to income Exchange differences on translation of foreign operations -797 -16,933 -44,885 -2,839 25,376 Hedge accounting of net investments 202 5,663 12,301 1,552 -9,522 Tax effect from items in OCI 18 -1,106 -2,338 -177 1,794 Other comprehensive income for the period -577 -12,376 -34,921 -1,464 17,648 Total comprehensive income for the period -1,673 -11,945 -33,740 -15,823 5,786
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Cint Interim report | January–September 2025 9 Condensed consolidated statement of financial position 2025 2024 2024 KEUR 30 Sep 30 Sep 31 Dec ASSETS Non-current assets Goodwill 147,581 154,037 163,979 Other intangible assets 221,972 253,311 264,380 Right-of-use assets 3,067 2,711 3,237 Equipment, tools and installations 302 815 706 Other financial assets 903 1,289 1,122 Deferred tax assets 29,196 27,470 31,359 Total non-current assets 403,022 439,632 464,783 Current assets Accounts receivable 80,318 103,787 120,038 Other receivables 3,379 3,059 6,224 Prepaid expenses and accrued income 16,183 29,339 26,111 Cash and cash equivalents 50,397 23,376 26,408 Total current assets 150,278 159,561 178,781 TOTAL ASSETS 553,299 599,193 643,564 2025 2024 2024 KEUR 30 Sep 30 Sep 31 Dec EQUITY Total equity attributable to the shareholders of the parent company 389,940 349,343 370,715 LIABILITIES Non-current liabilities Borrowings 39,545 81,424 92,546 Other provisions 321 - 180 Lease liabilities 1,574 1,338 1,750 Deferred tax liabilities 44,595 53,902 55,812 Total non-current liabilities 86,036 136,665 150,288 Current liabilities Borrowings 17,046 17,861 14,399 Lease liabilities 1,469 1,326 1,417 Accounts payable 31,139 52,265 62,269 Current tax liabilities 3,419 1,034 1,689 Other current liabilities 2,469 5,011 4,181 Accrued expenses and deferred income 21,781 35,689 38,608 Total current liabilities 77,323 113,186 122,561 TOTAL EQUITY AND LIABILITIES 553,299 599,193 643,564
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Cint Interim report | January–September 2025 10 Condensed consolidated statement of changes in equity Equity attributable to the equity holders of the parent company KEUR Share capital Additional paid in capital Hedging reserve Reserves Retained earnings, including profit/loss for the period Total equity Opening balance, 1 Jan 2024 2,165 1,165,655 -5,819 4,442 -800,468 365,974 Profit/loss for the period Jan-Sep - - - - -14,359 -14,359 Other comprehensive income - - 1,375 -2,839 - -1,464 Total comprehensive income - - 1,375 -2,839 -14,359 -15,823 Share-based incentive program (IFRS 2) - -809 - - - -809 Closing balance, 30 Sep 2024 2,165 1,164,846 -4,444 1,603 -814,827 349,343 Profit/loss for the period Oct-Dec - - - - 2,497 2,497 Other comprehensive income - - -9,103 28,215 - 19,112 Total comprehensive income - - -9,103 28,215 2,497 21,609 Share-based incentive program (IFRS 2) - -237 - - - -237 Closing balance, 31 Dec 2024 2,165 1,164,609 -13,547 29,818 -812,330 370,715 Profit/loss for the period Jan-Sep - - - - 1,182 1,182 Other comprehensive income - - 9,964 -44,885 - -34,921 Total comprehensive income - - 9,964 -44,885 1,182 -33,740 New share issue 1,295 53,081 - - - 54,375 Transaction cost net of tax -2,347 - - - -2,347 Share-based incentive program (IFRS 2) - 936 - - - 936 Total transactions with shareholders 1,294.65 51,670 - - - 52,965 Closing balance, 30 Sep 2025 3,460 1,216,279 -3,583 -15,067 -811,148 389,940
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Cint Interim report | January–September 2025 11 Condensed consolidated statement of cash flows 2025 2024 2025 2024 2024 KEUR Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Cash flow from operating activities Operating profit/loss -545 3,063 -2,512 -10,463 -9,090 Adjustments for non-cash items 12,111 10,888 34,139 37,845 52,743 Interest received 344 13 488 257 368 Interest paid -1,139 -2,807 -4,648 -8,579 -11,260 Income tax paid -790 448 -2,149 439 334 Cash flow from operating activities before changes in working capital 9,982 11,605 25,318 19,499 33,095 Change in accounts receivable 995 -235 29,104 -13,449 -27,089 Change in other current receivables 3,687 -5,560 9,266 -3,326 -790 Change in accounts payable -300 -2,824 -27,089 10,570 17,574 Change in other current liabilities -4,452 -1,284 -14,700 -5,343 -7,509 Cash flow from changes in working capital -70 -9,903 -3,419 -11,547 -17,814 Cash flow from operating activities 9,912 1,702 21,899 7,952 15,280 Cash flow from investing activites Acquisitions of intangible assets -4,477 -4,653 -12,877 -13,893 -18,475 Acquisitions of tangible assets 49 -19 34 -152 -153 Acquistions of entites - -0 - -0 - Change in other financial assets 26 24 7,117 29 239 Cash flow from investing activities -4,402 -4,649 -5,726 -14,016 -18,389 Cash flow from financing activities Repayment of loans -4,283 -3,554 -40,706 -7,781 -7,781 Repayment of lease liabilities -459 -528 -1,377 -1,560 -2,001 New shares issue - - 54,375 - - Transaction cost new share issue -3 - -2,347 - - Cash flow from financing activities -4,745 -4,082 9,945 -9,340 -9,782 Net cash flow 765 -7,029 26,117 -15,404 -12,891 Decrease/increase of cash and cash equivalents Cash and cash equivalents at the beginning of the period 49,802 30,751 26,408 38,862 38,862 Currency translation difference in cash and cash equivalents -169 -346 -2,128 -81 437 Cash and cash equivalents at the end of the period 50,397 23,376 50,397 23,376 26,408
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Cint Interim report | January–September 2025 12 Condensed parent company income statement Condensed parent company balance sheet 2025 2024 2025 2024 2024 KSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Net sales - 17,626 6,224 33,404 31,817 General and Administrative Expenses -6,024 -10,022 -35,250 -26,639 -39,526 Other operating income/expenses 5,533 58,582 155,853 -4,666 -108,944 Operating profit/loss -491 66,185 126,826 2,099 -116,653 Interest expenses and similar profit/loss items -10,824 -29,843 -22,340 -101,984 -145,655 Total net financial items -10,824 -29,843 -22,340 -101,984 -145,655 Earnings before tax -11,316 36,342 104,486 -99,885 -262,308 Taxes for the period 3,420 2,286 -24,570 18,165 34,970 Net loss/profit for the period -7,896 38,627 79,917 -81,719 -227,338 2025 2024 2024 KSEK 30 Sep 30 Sep 31 Dec ASSETS Non-current assets Shares in subsidiary 4,202,132 4,202,132 4,202,132 Deferred tax assets 75,597 83,362 100,167 Intercompany non-current assets 26,932 27,392 27,907 Total non-current assets 4,304,661 4,312,885 4,330,206 Current assets Intercompany receivables 323,005 417,490 419,982 Other current receivables 4,511 23,033 4,431 Prepaid expenses and accrued income 3,562 4,019 4,597 Total current receivables 331,077 444,542 429,010 Cash and cash equivalents 102,044 282 4,983 Total current assets 433,122 444,824 433,993 TOTAL ASSETS 4,737,783 4,757,709 4,764,199 2025 2024 2024 KSEK 30 Sep 30 Sep 31 Dec EQUITY AND LIABILITIES Total restricted equity 35,498 21,298 21,299 Total non-restricted equity 3,931,869 3,431,846 3,285,223 Total equity 3,967,366 3,453,144 3,306,521 Non-current liabilities External loan 437,232 920,096 1,063,033 Total non-current liabilities 437,232 920,096 1,063,033 Current liabilities External loan 188,470 201,824 165,393 Accounts payable 2,831 4,498 4,971 Intercompany liabilities 138,814 155,131 210,896 Other liabilities 390 17,509 9,047 Accrued expenses and deferred income 2,680 5,506 4,337 Total current liabilities 333,185 384,468 394,645 TOTAL EQUITY AND LIABILITIES 4,737,783 4,757,709 4,764,199
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Cint Interim report | January–September 2025 13 Notes Note 1 General information Cint Group AB (publ) (”Cint”), Corp. Reg. No 559040 -3217 is the Parent Company registered in Sweden with its main office in Stockholm at Drottninggatan 32, 111 51 Stockholm, Sweden. Unless otherwise stated, all amounts are in thousands of EUR (KEUR). Data in parentheses pertain to the comparative period. This interim report was authorized for issue by the board of directors on 24 October 2025. Note 2 Summary of significant accounting policies Cint applies International Financial Reporting Standards (IFRS) as adopted by the EU. The accounting policies applied are consistent with those described in the 2024 Annual Report for Cint Group AB (publ). This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The Parent Company’s interim report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s recommendation RFR 2. Segment reporting Cint’s chief operating decision maker (CODM) is represented by the chief executive officer (CEO) who monitors the operating result for the Group to manage the organization and evaluate resources. The assessment of the Group’s operation is based on the financial information reported to the CEO. The financial information reported to the CEO refers to the Group on a consolidated basis si nce the Group's offerings comprise the c ompany’s single platform. Therefore, the Company operates in one operating segment, a ll required financial segment information can be found in the consolidated financial statements. Note 3 Risk and uncertainties An account of the Group’s material financial and business risks can be found in the administration report and under note 3 in the 2024 Annual Report. Note 4 Distribution of net sales Note 5 Related party transactions No transactions between Cint and related parties that materially affected the financial position or results have taken place. 2025 2024 2025 2024 2024 Net sales by region Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Americas 22,262 27,952 71,028 76,762 105,988 EMEA 9,025 11,563 30,715 33,919 46,702 APAC 2,424 2,840 7,193 10,157 13,505 Total 33,712 42,355 108,936 120,837 166,195 2025 2024 2025 2024 2024 Net sales by business segment Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Cint Exchange 20,758 28,533 73,587 86,317 116,824 Media Measurement 12,953 13,822 35,349 34,520 49,370 Total 33,712 42,355 108,936 120,837 166,195
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Cint Interim report | January–September 2025 14 Note 6 Earnings per share (1) Net of tax effect Note 7 Depreciations, amortizations and impairments Note 8 Financial income and expenses 2025 2024 2025 2024 2024 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Earnings per share before dilution, EUR 0.00 0.00 0.00 -0.07 -0.06 Earnings per share after dilution, EUR 0.00 0.00 0.00 -0.07 -0.06 Calculation of earnings per share: Earnings attributable to Parent Company shareholders, KEUR -1,096 432 1,182 -14,359 -11,862 Total -1,096 432 1,182 -14,359 -11,862 Weighted average number of ordinary shares 354,976,383 212,981,851 354,976,383 212,981,851 212,985,830 2025 2024 2025 2024 2024 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Adjusted Earnings per share before dilution, EUR 0.01 0.03 0.08 0.04 0.10 Adjusted Earnings per share after dilution, EUR 0.01 0.03 0.08 0.04 0.10 Calculation of adjusted earnings per share Earnings attributable to Parent Company shareholders, KEUR -1,096 432 1,182 -14,359 -11,862 Adjustment for items affecting comparability(1), KEUR 0 1,062 400 6,927 9,988 Add-back of amortization of intangible assets from acquisitions(1), KEUR 5,250 5,571 16,283 16,899 22,630 Total 4,154 7,065 17,865 9,468 20,756 Weighted average number of ordinary shares 354,976,383 212,981,851 212,985,830 212,981,851 212,985,830 2025 2024 2025 2024 2024 KEUR Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Depreciation on tangible assets -566 -698 -1,737 -2,067 -2,646 Depreciation on capitalized development costs -2,692 -2,513 -7,922 -7,120 -9,830 Depreciation included in EBITA -3,259 -3,211 -9,658 -9,187 -12,476 Amortization and write-downs -6,835 -7,254 -21,202 -22,004 -29,466 Impairment of goodwill - - - - - Amortization and impairment on acquisition related assets -6,835 -7,254 -21,202 -22,004 -29,466 2025 2024 2025 2024 2024 KEUR Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Interest income 344 13 488 257 368 Non recurring gain on divestment of minority investment - - 6,956 - - Interest expenses -1,090 -2,610 -4,512 -8,113 -10,599 Realized and unrealized currency effects 42 -116 -172 27 163 Other financial expenses -49 -197 -136 -465 -714 Financial income/expenses net -753 -2,910 2,623 -8,295 -10,782
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Cint Interim report | January–September 2025 15 Note 9 Expense by type of cost 2025 2024 2025 2024 2024 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Personnel costs -5,927 -6,886 -18,852 -27,380 -35,579 Other external expenses -1,486 -1,541 -4,506 -4,915 -6,641 Total Sales and Marketing Expenses -7,412 -8,428 -23,358 -32,295 -42,220 Personnel costs -1,511 -3,402 -8,384 -9,429 -13,185 Other external expenses -1,801 -1,397 -5,526 -4,517 -6,293 Depreciation of capitalized development cost -2,692 -2,513 -7,922 -7,120 -9,830 Total Research and Development Expenses -6,004 -7,311 -21,831 -21,066 -29,308 Personnel costs -3,635 -1,526 -13,007 -9,959 -14,502 Other external expenses -5,100 -6,880 -15,778 -17,126 -23,085 Other depreciation -566 -698 -1,737 -2,067 -2,646 Total General and Administrative Expenses -9,302 -9,105 -30,522 -29,153 -40,233
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Cint Interim report | January–September 2025 16 Note 10 Alternative Performance Measures Certain information in this report that management and analysts use to assess the Group's development is not defined in IFRS. Management believes that this information makes it easier for investors to analyze the Group's earnings trend and financial position. Investors should consider this information as a supplement to, rather than a replacement of, the financial reporting in accordance with IFRS. 2025 2024 2025 2024 2024 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Net sales previous period 42 355 66 570 120 837 194 241 266 538 Net sales current period 33 712 42 355 108 936 120 837 166 195 Net sales growth -20,4% -36,4% -9,8% -37,8% -37,6% Of which currency effects -2 145 -265 -2 895 -214 703 Organic growth constant currency, % -16,2% -36,1% -7,6% -37,7% -37,8% Cost of services sold -4 408 -5 068 -13 293 -16 612 -21 728 Gross profit 29 304 37 287 95 643 104 225 144 466 Gross margin 86,9% 88,0% 87,8% 86,3% 86,9% Total customer spend 66 121 88 761 214 767 258 719 352 166 Net sales 33 712 42 355 108 936 120 837 166 195 Operating profit/loss -545 3 063 -2 512 -10 463 -9 090 Operating margin, % -1,6% 7,2% -2,3% -8,7% -5,5% Items affecting comparability 0 1 337 12 525 8 725 12 579 Amortization and impairment on acquisition related items 6 835 7 254 21 202 22 004 29 466 Operating profit/loss before amortization (EBITA) 6 290 11 654 18 185 20 266 32 956 Operating profit/loss before amortization (EBITA) margin, % 18,7% 27,5% 16,7% 16,8% 19,8% Items affecting comparability by category Cost for strategic projects - - -494 2 875 6 648 Integration costs - - - 4 512 4 512 Other - 1 337 -10 1 338 1 419 Items affecting comparability by category - 1 337 -504 8 725 12 579 FX gain/loss on operating balance sheet items -313 -797 -1 519 -1 511 -915 Operating profit/loss before amortization (EBITA), excl FX gain/loss on operating balance sheet items 6 603 12 451 19 705 21 777 33 871 Operating profit/loss before amortization (EBITA) margin, excl FX gain/loss on operating balance sheet items 19,6% 29,4% 18,1% 18,0% 20,4% Accounts receivable 80 318 103 787 80 318 103 787 120 038 Other current receivable 19 196 31 614 19 196 31 614 29 900 Accounts payable -31 139 -52 265 -31 139 -52 265 -62 269 Other current liabilities -24 250 -40 700 -24 250 -40 700 -42 788 Net working capital 44 125 42 436 44 125 42 436 44 881 Other interest-bearing liabilities (Borrowings) 56 591 99 285 56 591 99 285 106 945 Lease liabilities - Long term 1 574 1 338 1 574 1 338 1 750 Lease liabilities - Short term 1 469 1 326 1 469 1 326 1 417 Total interest-bearing debt 59 635 101 949 59 635 101 949 110 111 Cash and cash equivalents 50 397 23 376 50 397 23 376 26 408 Net debt 9 237 78 572 9 237 78 572 83 703 Alternative performance measures, KEUR
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Cint Interim report | January–September 2025 17 Note 11 Quarterly Summary The board of directors and executive management of Cint believes that the information provided below is of material importanc e to investors. Unless stated otherwise, the information and the calculations below derive from the Company’s internal accounts and has neither been audited nor reviewed by the Company’s auditor. The Profit and Loss format was updated as of Q1 2024, particularly with respect to revenue recognition, which transitioned from reporting a substantial portion of revenue streams on a gross basis to reporting all significant revenue streams net. Consequently, the reported figures for net sales growth on a year -over-year basis, rolling 12-month sales, and any metrics derived from these figures are not comparable to prior periods. For further information regarding the presentation format for the income statement, see the Cint Group Annual and Sustainability Report 2024. 2025 2024 2023 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Net sales 33,712 39,307 35,918 45,357 42,355 42,068 36,414 72,298 66,570 Net sales growth, % -20.4% -6.6% -1.4% -37.3% -36.4% -38.0% -39.2% -10.0% -10.4% Gross profit 29,304 34,914 31,424 40,241 37,287 36,592 30,345 46,203 41,386 Gross margin, % 86.9% 88.8% 87.5% 88.7% 88.0% 87.0% 83.3% 63.9% 62.2% Operating profit/loss before amortization (EBITA) 6,290 8,178 3,717 12,690 11,654 7,119 1,492 12,226 9,230 Operating profit/loss before amortization (EBITA), % 18.7% 20.8% 10.3% 28.0% 27.5% 16.9% 4.1% 16.9% 13.9% Amortization and impairment on acquisition related items 6,835 6,964 7,403 7,462 7,254 7,316 7,434 419,897 27,152 Items affecting comparability 0 -450 -54 3,854 1,337 4,900 2,487 3,806 3,452 Operating profit/loss (EBIT) -545 1,665 -3,631 1,374 3,063 -5,097 -8,430 -411,477 -21,374 Operating margin (EBIT), % -1.6% 4.2% -10.1% 3.0% 7.2% -12.1% -23.1% -569.1% -32.1% Rolling 12-month Net sales 154,293 162,937 165,698 166,195 193,135 217,350 243,083 266,538 274,582 Gross profit 135,884 143,868 145,545 144,466 150,428 154,526 160,579 166,174 168,695 Operating profit/loss before amortization (EBITA) 30,875 36,240 35,181 32,956 32,492 30,068 29,286 28,704 26,842 Gross margin, % 88.1% 88.3% 87.8% 86.9% 77.9% 71.1% 66.1% 62.3% 61.4% Operating profit/loss before amortization (EBITA) margin, % 20.0% 22.2% 21.2% 19.8% 16.8% 13.8% 12.0% 10.8% 9.8% KEUR
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Cint Interim report | January–September 2025 18 24 October 2025 Patrick Comer CEO This report is published in Swedish and English. In case of any differences between the English version and the Swedish origi nal text, the Swedish version shall apply. For more information, please contact Niels Boon, CFO niels.boon@cint.com Patrik Linzenbold, Head of IR patrik.linzenbold@cint.com Report presentation The report will be presented via a webcast conference call on 24 October at 10.00 a.m. CEST. Link to the live webcast: webcast Link to the conference call: telco The presentation will be available in connection to the conference call and a replay will be available later the same day Financial calendar Year-end report 2025: February 19, 2026 Annual and Sustainability report 2025: March 30, 2026 Publication This disclosure contains information that Cint Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for pub- lication, through the agency of the con- tact persons set out above at 08.00 a.m. CET on 24 October 2025.
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Cint Interim report | January–September 2025 19 Auditor’s report To the Board of directors in Cint Group AB (publ), corporate identity number 559040-3217 Introduction We have conducted a limited review of the condensed interim financial information (interim report) for Cint Group AB (pub) as of September 30, 2025, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited 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 limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an aud it. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited 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 com- pany in accordance with the Annual Accounts Act. Stockholm, 24 October 2025 Öhrlings PricewaterhouseCoopers AB Niklas Renström Oskar Thorslund Authorized Public Accountant Authorized Public Accountant Auditor-in-charge This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
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Cint Interim report | January–September 2025 20 About Cint Cint is a global leader in research and measurement technology connecting brands, researchers, academics, or anyone with a question, to a network of over 800 suppliers representing mil- lions of engaged respondents in 130+ countries . The Cint Ex- change empowers users to gather insights at scale to build busi- ness strategies, develop research-enabled solutions, publish credible research, and more. Lucid Measurement by Cint, our ad- vanced set of media measurement solutions, gives advertisers, media owners, and agencies the tools to measure the effective- ness and brand lift of cross-channel advertising campaigns in real time to optimize media performance while campaigns are live. Both products leverage Cint’s global network of suppliers in- cluding panel providers, mobile apps, loyalty programs, and other online communities. These companies use our audience mone- tization tools to monetize their communities by matching them to survey opportunities. At Cint, we’re feeding the world’s curiosity Cint has a team of more than 700 FTEs in a number of global offices, including Stockholm, Barcelona, Berlin, Gurgaon, Lon- don, New York and New Orleans. 130+ countries 700+ FTEs
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Cint Interim report | January–September 2025 21 Definitions Alternative performance measures Definition Reason for use of measures Adjusted earnings per share (EPS) Profit/loss for the period adjusted for items affecting comparability (net of tax effect), add-back of amortization of intangible assets from acquisitions (net of tax effect) and inter- est attributable to preference share. Adjusted EPS shows the company’s under-lying operative profit generation capability per share. B2B customers Total registered as new and active customers in the last 12 months. - Connected respondents Total registered as new and active panelists in the last 12 months. - EBITA Operating profit/loss before amortization of acquisition related assets. The operating profit/loss before amortization of acquisition related assets is presented to assess the Group’s operational activities and defines the underlying business performance. Whereas depreciation of capitalized development costs for the platform is included in EBITA, non-recurring items (NRI) are excluded for better comparability. EBITA margin EBITA in relation to the Company’s net sales. EBITA in relation to net sales. To readers of financial reports, the measure is an indicator of a company’s earning ability. Gross margin Gross profit as a percentage of net sales. The measure is an indicator of a company’s gross earning ability. Gross profit Net sales for the period reduced by the total cost of services sold. Gross profit is the profit after deducting the costs associated with providing the services. Items affecting comparability Significant and unusual items. Refers to items that are reported separately as they are of a significant nature, affect comparison and are considered unusual to the Group’s ordinary operations. Examples are ac- quisition-related expenses and restructuring costs. Net debt Interest-bearing non-current and current lia- bilities less financial assets. The measure shows the Company’s real level of debt. Net sales growth Change in net sales compared to same period previous year. The measure shows growth in net sales compared to the same period during previous year. The measure is a key ratio for a company within a growth industry. Net working capital Current assets less current liabilities. The measure is used since it shows the tie-up of short-term capital in the operations and facilitates the understanding of changes in the cash flow from operating activities. Organic net sales growth Change in net sales compared to same period previous year adjusted for acquisitions/divestments/discontinued busi- nesses. The measure shows growth in net sales adjusted for acquisitions, divestments and discontinued business during the last 12 months. Acquired businesses are included in or- ganic growth once they have been part of the Group for four quarters. The measure is used to analyze underlying growth in net sales. Operating margin Operating profit/loss in percentage of net sales. Operating profit/loss in percentage of net sales. To readers of financial reports, the measure is an indicator of a company’s earning ability. Operating profit/loss Profit for the period before financial income, financial expenses and tax. Net sales less total operating expenses. Operating profit is relevant for investors to understand the earnings trend be- fore interest and tax. Total customer spend Total amount spent and processed on the platforms including total project value and any take-rates or fees -