Financial reports

Total revenue amounted to SEK 1,208 million (1,269) during the quarter. The development was mainly affected by weaker system sales and continued challenges in West and Central. At the same time, it is gratifying to see the development in the UK, where both the existing business and the acquired company BlakYaks contributed positively.

Our services business – with support and cloud services at its core – showed good development in Nordic & Baltics and the UK, which partly offset weaker development in West and Central. This confirms the value of our long-term focus on recurring revenue and close customer relationships.

During the quarter, new cloud agreements worth SEK 138 million (224) were signed. The decrease can be partly attributed to a strong third quarter in 2025. Nordic & Baltics and the UK showed positive development in cloud services, but this was not enough to fully compensate for the decline in West and Central.

Annual recurring revenue amounted to SEK 1,740 million (1,781), with the decrease mainly explained by a change in customer mix and terminated contracts, primarily in West and Central.

Adjusted EBITA amounted to SEK 84.9 million (80.2), corresponding to a margin of 7.0 per cent (6.3). The improvement is mainly attributable to a lower cost base and a positive contribution from BlakYaks in the UK.

A continued strong financial position has enabled the repurchase of 1,148,011 shares during the year within the framework of the Annual General Meeting’s mandate, and the Board of Directors proposes a dividend of SEK 2.60 (2.40) per share.

Reflections from my first year as CEO

When I took over as CEO, my top priority was to stabilise and strengthen the Group’s profitability. This meant ensuring continued good delivery in our stronger business areas and taking strong measures where profitability had been unsatisfactory for a long time. In parallel, we have worked during the year to review the Group’s strategy in order to create a better foundation for future growth and long-term competitiveness.

Business Unit Nordic & Baltics continued to deliver stable and good results during the year and ended 2025 at a high level. The acquisition of the Danish IT company Consular has further strengthened our position in the region. The underlying business also developed positively in the Business Unit UK, where the business area ended the year stronger than the previous year. The acquisition of BlakYaks has contributed both operationally and strategically and strengthens our position in the British market. For the Group as a whole, we achieved a continued high Net Promoter Score of 62 (62) in this year’s customer survey.

In order to reverse the trend in the Central and West business areas, which have shown volatile and unsatisfactory profitability for several years, a comprehensive cost efficiency programme was implemented during the year. The programme also included a review of the sales organisation with the aim of better adapting our cost structure to current market conditions and creating long-term sustainable conditions for profitability. In parallel, we have conducted a review of the product portfolio at Group level and implemented efficiency improvements and measures to reduce the cost base and increase efficiency throughout the Group.

The total cost of the cost efficiency programme implemented during the year amounted to approximately SEK 80 million, of which SEK 54 million was charged to the fourth quarter. The programme is expected to generate cost reductions of approximately SEK 80 million on a full-year basis, with full effect from mid-2026.

In 2025, we launched several new services, including Proact Hybrid Cloud AI and an enhanced Proact Managed Container Platform (PMCP), which strengthens our competitiveness in both the systems and services businesses.

At the same time, we received several awards, including the NetApp Global Partner Innovation Award. We were also appointed an authorised VMware Cloud Service Provider (VCSP) within the Broadcom Advantage Partner Program, making us one of the few partners in Europe that can continue to deliver and further develop VMware-based cloud services.

During the year, we also made several changes to the Group management team to ensure the right skills and strong leadership going forward. Jacob Kronborg, Managing Director of Proact Denmark, took over as interim Business Unit Director for Central Europe when Maria Gomez left the company, Åsa Regen Jansson took over as interim CFO and Niklas Jakobsson, former Managing Director of Dell Technologies Sweden, took over as the new Business Unit Director for Nordic & Baltics.

Overall, my first year as CEO has been characterised by a clear focus on cost reduction, efficiency improvements and strengthened governance. With this foundation in place, Proact is now entering the next phase of development with an increased focus on growth, scalability and recurring revenue.

Focus going forward – a stable foundation for profitable growth

In a time marked by geopolitical uncertainty and growing European concern about dependence on American cloud providers, our offering of secure, flexible hybrid infrastructure and locally based data management is more relevant than ever. Digitalisation, cloud migration and increased demands for security and compliance continue to drive demand and strengthen our role as a long-term partner to our customers. At the same time, we are facing a more cost-conscious market with longer decision-making processes and high demands for clear business value, which reinforces the need for efficiency, flexibility and a clear value proposition in our customer dialogues. In this market situation, we prioritise profitable business and long-term customer relationships over volume.

With a strong position in the Nordic & Baltic countries and the UK, the focus for 2026 is to drive profitable growth, while continuing the improvement work in Central and West. In parallel, the review of our product portfolio and customer offering continues, and we will present our conclusions during the year.

Finally, I would like to express my sincere thanks to our customers, partners and shareholders for your continued trust. Above all, I would like to thank all our employees for your commitment and professionalism – it is you who make Proact the strong company we are.

Solna 10 February 2026

Magnus Lönn
President & CEO