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Change logo colour If you need to change the colour of the logo, right- click outside the work area, select Format Background from the context menu, and select Solid fill. You may ONLY use white or dark grey. Q3 Interim report January – September 2025 A reliable, present and independent European partner that combines deep technical expertise with local understanding. Proact 2025 Q3 Interim Report 1
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Agenda President & CEO Magnus Lönn CFO Noora Jayasekara Proact introduction Proact’s market Quarterly highlights Financial results Summary Proact 2025 Q3 Interim Report 2
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+ US office Proact is a leading IT expert helping customers secure business critical data via world-class hybrid cloud solutions Proact introduction Proact introduction Proact in brief • Founded in 1994, Proact has secured business critical data & pushed the limits of technology while delivering business agility for 3 decades • Serving ~4,000 medium and large enterprise customers across Europe • SEK ~4,739 million turnover with stable finances • Listed on Nasdaq Stockholm since 1999 (ticker: PACT) • A local trusted European partner with ~1,200 Employees with industry- leading skills & expertise • We support our customers at every step of their data journey. Our flexible deployment models enable delivery anywhere Hyper-scaler data center Proact data centers Customer data center Deployment models Start utilis ing the advan tages w ith Hybrid cloud Modern worksp ace Self-service and automati on Any app licati on. Anywhere. Flexib le & agi le scalabi lity Faster di gitali zati on & DevOp s ho stedp rivate p ublic Proact office Geographical footprint 8% 55% 14% 23% Revenue and EBITA development (SEKm) Revenue split, 2025 R12 Systems Support Services Consulting Services Managed Cloud Services (MCS) 2021 3,683 2025 R12 4,739 +29% 2025 R12 2021 197,5 282,3 +43% Revenue EBITA Proact 2025 Q3 Interim Report 3
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Proact is present in Northern Europe distributed across four Business Units; Hybrid cloud services through our four main delivery HUBs Proact introduction Proact geographical presence and business units Nordic & Baltics • c. SEK 2,648m revenue • 323 employees • 100+ sales employees • 150 cloud experts • 830 customers Central • c. SEK 729m revenue • 281 employees • 60 sales employees • 140 cloud experts • 545 customers UK • c. SEK 749m revenue • 287 employees • 70+ sales employees • 100 cloud experts • 423 customers West • c. SEK 730m revenue • 277 employees • 45 sales employees • 220 cloud experts • 382 customers SE UK NL DE Delivery success factors • Four main delivery HUBs across Europe • Managing customer data and infrastructure, regardless deployment (on -prem, private cloud, public cloud, hybrid combinations) • Proximity to our customers with local expert skills • Wide range of standardised and highly flexible tailor - made services • 24/7 helpdesk , cloud and security specialists • ServiceNow customer tooling • ISO certified Europe-based delivery HUBs Standardised and local Best-in-class security, processes and tools US office+ Note: Figures are estimates; Revenue showing rolling 12 months, incl. internal sales; No. of employees reflect FTEs Delivery hub Proact 2025 Q3 Interim Report 4
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We offer best-in-class services; Our broad offering enable us to support our customers wherever they are in their cloud journey Proact introduction Proact offering Systems Independent provider and value - added reseller of hardware and software, and system architectured solution Support services Premium support for the Systems business (high attach rate of c. 70% to system sales) Managed Cloud Services Wide range of services, such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Storage and Security, as well as modern platforms based on Kubernetes Consulting services Broad spectrum of services from strategic consulting services and solution architect design to installation (incl. Kubernetes and Public cloud transformation services) Revenue streams1Selected expert skills (non-exhaustive) Cybersecurity solutions Proact has two 24/7 Security Operations Centers (SOCs) that protect Proact and customer infrastructure all day, every day Cloud Native services Through our Conoa brand, we help companies build the cloud native, container and Kubernetes infrastructure incl. Server as a Code and DevOps services Microsoft consulting Strong consulting expertise, supporting with digital transformation services based on "cloud -first" technologies from Microsoft Azure and Microsoft 365 AI infrastructure Proact can support customers on their AI journey, offering modern solutions that enable automation and innovation. 1.% of revenue rolling 12 months 2025 8% 23% 13% 55% Proact 2025 Q3 Interim Report 5
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Proact is well-positioned as a local trusted European partner - in an attractive growing market, with trends such as Cybersecurity and AI Proact’s market Market trends and development Strong drivers and favourable trends Large and fast-growing data volumes… …complemented by a strong Cybersecurity market growing double digits…(SEKb) …and supporting market statistics +40% p.a. AI and GenAI revenue growth 2022 -32 Cloud as a business necessity by 2028 Shift from being a technology disruptor Resilient market Limited impact by recession ~USD 14 trillion Global cost of cybercrime in 2028, rising from USD 9 trillion in 2024 Hybrid cloud adoption Digital transformation, AI and ML Information security Sustainability and Regulation Increased demand for Data Storage Cyber security market, forecast 2025-29 Sources: Gartner; Bloomberg; Statista; IDC WW Global DataSphere and Global StorageSphere 1,963 2,933 2024 2028 +11% 84,447 101,349 122,819 149,023 181,869 221,178 2022 20232021 2024 20262025 +45% +80% Proact 2025 Q3 Interim Report 6 Global data, forecast 2021-26 (Exabytes)
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We provide mission-critical services to customers across all industry verticals Proact introduction Proact offering DATA PROTECTION BACKUP & RECOVERY SECURITY OPERATIONS INCIDENT RESPONSE CYBERSECURITY & RESILIENCE TECHNOLOGY PORTFOLIO AI INFRASTRUCTURE CLOUD NATIVE & CONTAINERS MODERN INFRASTRUCTURE CORE INFRASTRUCTURE ON-PREMISES INFRASTRUCTURE DATA MANAGEMENT PRIVATE CLOUD INFRASTRUCTURE PUBLIC CLOUD INFRASTRUCTURE IMPLEMENT & VALIDATE DESIGEN & ARCHITECT ASSESS & ADVICE PROFESSIONAL SERVICES AS A SERVICE SERVICE MANAGEMENT PREMIUM SUPPORT TECHNOLOGY ONLY DELIVERY MODELS AVAILABILITY SCALABILITY EFFICIENCY SPEED SECURITY TRANSFORMATION KNOW-HOW ACCESS SUSTAINABILITY Proact 2025 Q3 Interim Report 7
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2025 Q3 highlights Quarterly highlights Total revenue 1 083.5 SEKm (1 132.5) Organic growth -4.5% (8.8) Recurring revenue 430.6 SEKm (426.0) Earnings per share 1.39 SEK (1.92) Adjusted EBITA 76.2 SEKm (79.3) Adjusted EBITA margin 7.0% (7.0) • Total contract value (TCV) for new cloud services amounted to SEK 248.4 million (102.3) – one of the highest in Proact's history. • After the end of the quarter, Proact was awarded the Global Partner Innovation Award 2025 by NetApp at NetApp Insight in Las Vegas, USA. The award recognises Proact's strong overall performance in cyber security. • After the end of the quarter, Proact signed an agreement to acquire Consular, strengthening the company's position in data infrastructure and cloud solutions in the Nordic market. Quarterly highlights Proact 2025 Q3 Interim Report 8
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Revenue declined by 4.3%, driven by a tough comparison in Nordics & Baltics and challenging market in West and Central, partly offset by UK growth Financial results Revenue development, Q3 2024 – Q3 2025 (SEKm) • Total revenue amounted to SEK 1,083.5 million. The decline reflects weaker system sales, strong prior -year comparatives in Nordic & Baltics, and challenging market conditions in West and Central - partly offset by higher UK revenue driven by BlakYaks. Organically, revenue declined by 4.5%. • System sales amounted to SEK 555.0 million, with lower volumes across all regions. Nordic & Baltics were affected by large prior-year deals, while softer markets and sales execution issues impacted West and Central. Organically, system sales declined by 7.9%. • Service revenue increased to SEK 528.4 million, supported by strong consulting and cloud services in Nordic & Baltics and higher UK revenue from BlakYaks, partly offset by weaker sales in West and Central. Organically, service revenue declined slightly by 0.1%. Note: Other incl. currency adjustments -2,8 Support Services 7,4 Systems -60,6 1.132,5 1.083,5 Managed Cloud Services Revenue Q3 2024 Revenue Q3 2025 Other -1,6 Consulting Services 8,6 -4,3% CentralUKNordic & Baltics 1.132,5 1.083,5 -40,0 West -19,9 Revenue Q3 2025 Other 3,6 -25,1 32,4 Revenue Q3 2024 Revenue by revenue stream (SEKm) Revenue by Business Unit (SEKm) Proact 2025 Q3 Interim Report 9
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Share of recurring revenue at an 8.3% CAGR from 2020, currently making up 36% of total revenue Financial results Annualised recurring revenue development, 2020-2025 (SEKm) • New cloud contracts were signed at a total value of SEK 248.2 million (102.3. • Total cloud revenue decreased to SEK 269.1 million, which is mainly explained by higher customer turnover in West and Central. Nordic & Baltics and the UK showed positive development but were unable to fully compensate for the decline. • Recurring revenue amounted to SEK 430.6 million (426.0). • Annualised recurring revenue (ARR) amounted to SEK 1,722.5 million (1,704.1, driven by strong growth in support services. Note: Other incl. currency adjustments. Annual rate relative to rolling 12 months in 2025. 1.800 1.500 1.200 900 600 300 0 1.722,5 1.156,5 SEKm 1.551,5 1.747,6 1.781,0 1.306,8 202520242023202220212020 8,3% Proact 2025 Q3 Interim Report 10 32% 37% 33% 36% 36% 36% ARR as% of total revenue
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Adjusted EBITA declined by 3.9%, mainly due to lower revenues, while the margin remained stable at 7.0% Financial results Adjusted EBITA development, Q3 2024 – Q3 2025 (SEKm) EBITA margin,% 79.3 76.2 12.9 9.2 Other -8.8 Adj EBITA Q3 2025 Central -8.0 WestAdj EBITA Q3 2024 UKNordic & Baltics -8.4 -3.9% 7.07.0 Proact 2025 Q3 Interim Report 11 Note: Other incl. currency adjustments • Adjusted EBITA amounted to SEK 76.2 million (79.3), which is mainly explained by lower revenues. • The adjusted EBITA margin remained flat at 7.0% (7.0). • Earnings were negatively affected by lower sales volumes in Nordic & Baltics and a challenging market situation in West and Central. • We have taken strong measures to reverse the negative trend – both through initiatives to increase revenue and through Group -wide actions to strengthen profitability. Particular focus on West and Central, where the challenges are greatest. This will give effect over time.
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Net cash decreased from SEK 330 million in December 2024 to SEK -9 million by Q3 2025 driven by M&A and share repurchases Financial results Net cash development Q3 2024 – Q3 2025 (SEKm) Cash flow from operations Capital structure adaption and shareholder value creation 330 -9 160 166 -101 Amortisation leasing and other -8 2024 Q4 Dividend and share repurchases -25 FX 2025 Q3 -146 CapEx -6 M&A -207 Working Captial -115 Tax -58 Depreciation and other non-cash EBIT Interest Proact 2025 Q3 Interim Report 12 • During the third quarter, cash flow amounted to SEK -121.5 million (41.9), of which SEK -28.1 million (82.9) was from operating activities. • Cash flow from investing activities amounted to SEK 0.0 million ( -3.8), with the quarter being positively affected by adjustments to acquisitions of businesses and negatively affected by investments in tangible and intangible fixed assets. • Cash flow from financing activities amounted to SEK -93.4 million (-37.2), mainly attributable to amortisation of lease liabilities of SEK -29.0 million (-32.3) and repurchase of own shares of SEK -51.7 million (-2.0). • Net cash reduction was mainly driven by M&A, share repurchases, and lease amortisation. Operating cash flow was impacted by working capital movements related to timing effects and tougher payment terms.
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Revenue in Nordic & Baltics declined due to weaker system sales, while the service business continued to grow Financial results Business Unit deep-dive: Nordic & Baltics • Denmark , Estonia, Finland, Latvia, Norway, Sweden and the US 54% Nordic & Baltics Share of total revenue 1 • Nordic & Baltics reported a 4.4% decrease in revenue to SEK 540.5 million (565.6), mainly driven by lower system sales compared with a strong quarter last year. The decrease was partially offset by strong growth in the service business. • Organic revenue decreased by 3.2% (2.3). • System revenue decreased by 10.5% to SEK 328.8 million (367.3), mainly due to several large system deals in the comparison period. • Service revenue increased by 6.9% to SEK 211.4 million (197.7), offset by a decrease in consulting services. • Cloud service revenue increased by 12.5% to SEK 69.7 million (62.0). • Support revenue increased by 10.6% to SEK 112.5 million (101.7) • Consulting service revenue decreased by 14.4% to SEK 29.1 million (34.0). • Adjusted EBITA decreased by 13.0% to SEK 55.8 million (64.2) as a result of the decline in the systems business. The adjusted EBITA margin decreased to 10.3% (11.3). Financial development Comments SEKm Q3 2025 Q3 2024 Change (%) Revenue 540.5 565.6 -4.4% Adjusted EBITA 55.8 64.2 -13.0% Adjusted EBITA margin (%) 10.3% 11.3% -1.0% 10.610.4 300 600 900 0 0 5 10 15 EBITA margin (%) 7.0% Q1 6.3% Q2 6.4% Q3 6.1% Q4 5.8% Q1 6.3% Q2 6.2% Q3 Revenue (SEKm) Q4 7.4% Q1 7.8% Q2 8.3% Q3 7.9% Q4 8.9% Q1 9.0% Q2 9.2% Q3 10.3% Q4 10.4 Q1 Q2 Q3 Q4 6.9% Revenue Adjusted EBITA LTM 20252024202320222021 Proact 2025 Q3 Interim Report 13 1.% of revenue 2025
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UK revenue up 19.0%, driven by strong performance in both systems and services – BlakYaks acquisition contributes positively to results Financial results Business Unit deep-dive: UK • United Kingdom 16% UK Share of total revenue 1 Financial development Comments SEKm Q3 2025 Q3 2024 Change (%) Revenue 203.0 170.7 19.0% Adjusted EBITA 15.9 3.0 430% Adjusted EBITA margin (%) 7.8% 1.8% 6.1% • The UK reported a 19.0% increase in revenue to SEK 203.0 million (170.7), due to strong performance in the systems and services business. BlakYaks contributed positively to revenue with SEK 28.1 million (0.0). • Organic revenue growth was 8.4% (10.4). • System revenue increased by 11.0% to SEK 86.9 million (78.3). • Service revenue increased by 25.7% to SEK 116.1 million (92.4). • Support revenue decreased by 3.8% to SEK 19.9 million (20.6). • Cloud service revenue increased by 8.6% to SEK 68.6 million (63.1). • Consulting revenue increased by 219.9% to SEK 27.7 million (8.7). • Adjusted EBITA increased to SEK 15.9 million (3.0), with an adjusted EBITA margin of 7.8% (1.8). BlakYaks Ltd contributed positively to adjusted EBITA with SEK 12.1 million and a strong adjusted EBITA margin of 43.1%. 300 0 0 5 10 15 Q1 5.0% Q2 4.8% Q3 5.2% Q4 4.1% 5.6% Q1 4.4% Q4 Revenue (SEKm) 3.6% 5.5% Q3 3.2% Q3 Q4 3.6% 6.5% Q1 4.1% Q2 Q2 3.9% 6.3% Q3 3.7% Q1 Q4 0.9% Q1 2.7% 6.3% Q2 Q3 Q4 4.4% EBITA margin (%) Q2 Revenue Adjusted EBITA LTM 20252024202320222021 14 1.% of revenue 2025 Proact 2025 Q3 Interim Report
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West West sees double-digit revenue decrease as systems and services decline - targeted measures are underway to reverse the trend Financial results Business Unit deep-dive: West • The Netherlands and Belgium 15% Share of total revenue 1 Financial development Comments SEKm Q3 2025 Q3 2024 Change (%) Revenue 175.6 215.6 -18.6% Adjusted EBITA 0.6 9.4 -93.7% Adjusted EBITA margin (%) 0.3% 4.4% -4.0% • West reported an 18.6% decrease in revenue to SEK 175.6 million (215.6), due to a decline in both the systems and services businesses. • Systems revenue decreased by 36.2% to SEK 42.3 million (66.3). • Service revenue decreased by a total of 10.7% to SEK 133.1 million (149.1). • Cloud service revenue decreased by 7.2% to SEK 95.3 million (102.7). • Support revenue decreased by 15.1% to SEK 14.5 million (17.1). • Consulting revenue decreased by 20.5% to SEK 23.3 million (29.3) due to resource challenges. • Adjusted EBITA amounted to SEK 0.6 million (9.4), corresponding to an adjusted EBITA margin of 0.3% (4.4). • Targeted measures are underway to reverse the trend, and we are seeing early signs of a gradual recovery. 300 10 -5 0 5 0 15 Q1 1.4% Q2 1.7% Q3 3.4% Q4 5.0% Q1 6.0% Q2 6.0% Q3 5.6% Q4 1.9% Q1 3.5% Q2 2.8% Q3 2.8% Q4 4.1% Q1 4.8% Q2 5.3% Q3 4.3% Q4 -4.2% Q1 0.8% EBITA margin (%) Q2 Q3 Q4 -0.3% Revenue (SEKm) 4.8% Revenue Adjusted EBITA LTM 20252024202320222021 15 1.% of revenue 2025 Proact 2025 Q3 Interim Report
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• Germany and Czechia 15% Central Share of total revenue 1 Financial development Comments SEKm Q3 2025 Q3 2024 Change (%) Revenue 190.3 210.2 -9.5% Adjusted EBITA -2.4 5.7 -141.7% Adjusted EBITA margin (%) -1.2% 2.7% -3.9% • Central reported a 9.5% decline in revenue to SEK 190.3 million (210.2), due to declines in both the systems and services businesses. • Systems revenue decreased by 7.8% to SEK 95.8 million (103.9), compared with a strong comparison period. • Service revenue decreased by 10.2% to SEK 94.5 million (105.1). • Cloud service revenue decreased by 13.3% to SEK 59.8 million (69.0), with new agreements failing to compensate for the previous high customer turnover. • Support revenue increased by 2.1% to SEK 15.4 million (15.1). • Consulting revenue decreased by 8.6% to SEK 19.3 million (21.1). • Adjusted EBITA amounted to SEK -2.4 million (5.7), with a negative adjusted EBITA margin of -1.2% (2.7). The decrease is linked to lower sales and a cost base that is not adapted to the current business climate. Targeted measures are underway to reverse the trend, and we are seeing early signs of a gradual recovery. Central revenue declines as cloud and consulting services decreases - targeted measures are underway to reverse the trend Financial results Business Unit deep-dive: Central 300 10 -5 0 5 0 15 Q1 8.0% Q2 8.4% Q3 8.0% Q4 5.8% Q1 6.6% Q2 6.0% Q3 5.8% Q4 7.6% Q1 4.9% Q2 4.0% Q3 4.1% Q4 3.7% Q1 4.3% Q2 4.6% Q3 3.5% Q4 -1.1% EBITA margin (%) Q1 0.9% Q2 Q3 Q4 -0.2% Revenue (SEKm) 5.7% Revenue Adjusted EBITA LTM 20252024202320222021 16 1.% of revenue 2025 Proact 2025 Q3 Interim Report
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We continue to make good progress against our long -term financial targets on a full-year basis Financial results Financial development and long-term financial targets Sales Adj EBITA Leverage ROCE Dividends 3,525 4,757 4,847 4,864 4,739 34.9% 2022 1.9% 2023 -3.0% 2024 -2.6% 2025 LTM 0.3% 2021 8% 197 313 285 351 311 6.6% 2022 5.9% 2023 5.6% 2024 6.6% 2025 LTM 7.2% 2021 12% 2020 35% 2021 27% 2022 31% 2023 30% 2024 34% 2025 32% 2021 17.2% 2022 16.3% 13.4% 19.7% 2024 14.1% 20252023 80 330 2022 2023 20242021 -9 -261 -227 2025 Sales growth per annum 10% Adj EBITA margin 8% Net debt / EBITDA <2 x Return on capital employed 20% Dividends as share of profit after tax 25-35% 0.75 0.48 -0.17 -0.02-0.06 Sales Y-o-Y growth Sales adj EBITA margin adj EBITA Net debt Leverage ROCE Dividends 17Proact 2025 Q3 Interim Report
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Improvement, resilience and long -term growth • The cost efficiency programme has been implemented, and the next phase is being prepared to create a long -term sustainable cost structure. • Focus on strengthening profitability, increasing capacity for action and enabling continued investment in growth and innovation. We have a clear direction and are seeing concrete progress. • We are operating in a time characterised by geopolitical unrest, regulatory changes and an increased focus on digital sovereignty, which creates both challenges and opportunities. • Our model as a reliable, independent European partner with a local presence and deep technical expertise is becoming increasingly relevant, while the need for security, control and trust in data infrastructure is growing. • Strong development in the Nordic & Baltic countries and a positive trend in the UK, with a high TCV level in cloud services showing growth potential. • The commercial breakthrough for the AI initiative shows that the strategy is working. • Together with our skilled employees, we are continuing our journey of improvement with a focus on profitable growth, increased customer value and long -term competitiveness. 18 Summary Proact 2025 Q3 Interim Report
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Change logo colour If you need to change the colour of the logo, right- click outside the work area, select Format Background from the context menu, and select Solid fill. You may ONLY use white or dark grey. Thank you! Contacts Magnus Lönn, President & CEO magnus.lonn@proact.eu Noora Jayasekara, CFO noora.jayasekara@proact.eu Christopher Ramstedt, Group Communications Manager christopher.ramstedt@proact.eu 19Proact 2025 Q3 Interim Report