I.A.R. Systems Group AB (publ) Interim Report January – March 2025

First quarter January – March 2025

• Net sales were SEK 124.2m (119.7), with growth of 3.7%, or 3.0% in local currency.
• EBITDA of SEK 38.6m (46.9), corresponding to an EBITDA margin of 31.1% (39.2).
• Adjusted EBITDA of SEK 42.0m (49.0), corresponding to an adjusted EBITDA margin of 33.8% (40.9).
• Operating profit of SEK 25.5m (32.1), corresponding to an operating margin of 20.5% (26.8).
• Adjusted operating profit of SEK 28.8m (34.2), corresponding to an adjusted operating margin of 23.2% (28.6).
• Capitalized work on own account amounted to SEK 12.7m (10.3).
• In a year-on-year comparison, currency translation had a positive impact of SEK 0.8m on net sales and a negative impact of SEK 0.1m on operating profit for the period, based on income and costs in local subsidiaries.
• Cash flow from operating activities amounted to SEK 23.7m (32.7).

First quarter in brief

• IAR’s new cloud-enabled subscription offering was launched at Embedded World in Nuremberg in March. This will ultimately result in increased ARR and higher growth.