Thinc Collective Q1: Stable first quarter on par with strong comparison year – continued focus on profitability, governance and scalability

Period January 1 – March 31, Group

• Net sales increased to SEK 81,723 thousand (SEK 79,976 thousand), corresponding to 2,2%
• Gross profit (Agency income) amounted to SEK 21,265 thousand (SEK 19,741 thousand), corresponding to an increase of 7,7%.
• Gross profit margin increased to 26,0% (24,9%)
• Operating profit before depreciation EBITDA amounted to SEK 1,643 thousand (SEK 2,381 thousand)
• Adjusted EBITDA excluding profit shares in the period for BANG Agency 2026 and 2025 amounts to SEK 1,939 thousand (SEK 1,941 thousand), corresponding to an EBITDA margin of 2,4% (2,4%)
• EBITDA margin for the period amounted to 2,0% (3,0%)
• Profit after net financial items for the period amounted to SEK -439 thousand (SEK 563 thousand).
• Net earnings per share after tax amounted to SEK -0,02 (SEK 0,04)
• Cash flow from operating activities amounted to SEK 5,045 thousand (SEK 738 thousand)
• Cash flow for the period amounted to SEK 567 thousand (SEK 174 thousand).
• Equity as of March 31, 2026 amounted to SEK 51,358 thousand (SEK 49,180 thousand)
• Cash and cash equivalents as of March 31, 2026 amounted to SEK 4,970 thousand (SEK 10,344 thousand)

Important events January 1 – March 31, 2026

• Thinc Collective wins assignment for VGR (Västra Götaland Region) at an estimated sales value of SEK 80 million during the 4-year contract period.
• Thinc Collective's collaboration with Granath Reklambyrå is developing and the intention is to become a partner in early 2027.
• Gothenburg & Co chooses Thinc Collective company Jetty for its digital event system.
• Thinc Collective enters into a share transfer agreement to sell its entire shareholding in Brand Arena Nordic Agency Group Agency AB.
• Thinc Collective acquires an additional 15% in Safir Communication.
• Thinc Collective company Context Media Stockholm is starting a collaboration with Fontana Food regarding brand-building communication.
• Thinc Collective – the company KKM wins an assignment worth SEK 5,8 million regarding communication with a focus on labor market issues and skills supply.

Important events after the end of the period

• Thinc Collective – the company KKM wins an assignment worth SEK 2,6 million regarding communication with a focus on social and economic sustainability.

Seasonal variations; Sales vary across quarters. Subsidiaries' sales fluctuate over the year in line with total media and communications investments in the market, with historically the second and fourth quarters being the strongest periods.

CEO has the floor 

• Sales increased by 2,2% in the first quarter.
• Agency income amounted to SEK 21,2 million (19,7) for the quarter, an increase of 7,7%.
• EBITDA amounted to SEK 1,6 million (2,4) for the quarter; adjusted EBITDA excluding profit shares for Brand Arena Nordic Group Agency (Bang) for 2026 and 2025 and which will be divested as of April 1, 2026, the corresponding outcome is SEK 1,9 million (1,9).

The first quarter of 2026 shows that Thinc Collective is stable even in a continued wait-and-see market. The reported EBITDA result is slightly lower than the previous year, but the underlying earnings trend is stronger than the reported outcome indicates. Adjusted for Brand Arena Nordic Group Agency (BANG Agency), which was part of the Group during the quarter but was divested as of April 1, the result is on par with the corresponding period in 2025. This should be seen in the light of the fact that the first quarter of 2025 was a strong quarter for both the Group and BANG Agency.

The development improved clearly in March after a weaker start to the year. Several companies showed stronger development during the month compared to January and February, which strengthens our view of the rest of the year. In the first quarter, sales increased by 2% compared to the previous year, with the Strategy Business Area accounting for a significant part of the growth. Agency income increased to SEK 21,2 million (19,7), which corresponds to 26% of sales (25%). Reported EBITDA for the quarter amounted to SEK 1,6 million (2,4 million). Adjusted EBITDA, excluding BANG Agency, amounted to SEK 1,9 million (1,9), which makes it clear that the remaining operations are developing stably and in line with the previous year despite a continued wait-and-see market situation.

Continued focus on quality, efficiency and specialist expertise

We operate in a market that rewards players who can combine strategic height with execution power and who can simultaneously demonstrate the ability to work smarter, more data-driven and more cost-effectively.

During the quarter, we also see that the development differs between companies and segments. Nowa Kommunikation, Context Media and KKM shows improved earnings performance at the end of the quarter compared to the previous year, while Safir Communication and FAB Agency face very strong comparative figures from 2025. Empower and Websearch At the same time, it shows clear improvements compared to the corresponding quarter last year. This underlines the importance of following developments closely, both at the company and business area level.

Thinc Collective is not a traditional agency group, but a communications and technology-related group where different operations contribute in different ways throughout the year. Our ambition is to continue directing capital, expertise and focus where we see the greatest potential, while further developing the group's common offering and long-term scalability.

Strengthened structure and clearer focus in the group

During the quarter, we acquired an additional 15% of Safir Communication and owns a total of 64% of the shares in the company after the transaction. This will consolidate Safir from the date of entry on April 1. Safir has had a stable level of profitability in recent years and has gradually strengthened the organization in a good way. Our cooperation is developing positively and Safir constitutes an important part of the group's continued development, through its strong expertise in Investor Relations and strategic communication.

In addition, together with the owners of BANG Agency, we have concluded that the business is best developed outside the group. The expected synergies have not been realized according to plan and the planned co-location with our other businesses has not been implemented. Thinc Collective has therefore chosen to divest its holding to the previous owners. The deal strengthens cash flow and at the same time contributes to a clearer focus on the group's core business and long-term priorities.

Nowadays has left the group in terms of ownership as of January 1, 2026, but will remain in the business through collaboration agreements. This is also part of the more focused structure we are working towards, where each company and collaboration will contribute clearly to business, competence, customer benefit and profitability.

The parent company's result during the quarter amounted to SEK -3,2 million, compared to SEK -3,6 million the previous year. The parent company is home to most of the group's central costs and the development clearly reflects the cost-saving measures implemented over the past year. The effect of these measures is expected to gradually have a greater impact during the remainder of 2026, creating better conditions for stronger profitability going forward.

Operational efficiency as the basis for continued value creation

We continue to prioritize agency revenue, margin and efficiency over pure revenue growth. Revenue is important, but it is our ability to generate high agency revenue, deliver efficiently and convert assignments into profitability and cash flow that drives long-term value creation in the Group.

Key figures such as agency revenue per employee and EBITDA per employee are therefore central to our management. They provide a clear picture of the efficiency of the business, resource utilization, project management and operational quality. In a market where customers have higher demands and where investments are increasingly scrutinized, these factors are crucial to our ability to gradually strengthen margins, profitability and competitiveness over time.

Technology and AI strengthen offering and scalability

The strategic priorities we communicated in 2025 remain intact. AI, technology support, packaging and more scalable business models remain central to Thinc Collective's long-term competitiveness. It's not just about streamlining internal processes, but about developing services and ways of working that give customers clearer business benefits, faster insights and better decision-making.

Customers are increasingly demanding partners who can help them prioritize correctly, navigate a rapidly changing communications landscape and translate data, technology and creativity into actual impact. Thinc Collective has a clear position there. Our ambition is to combine the advisory agency's understanding of the customer's business with technology's opportunities for efficiency, learning and scalability. Thinc Collective's strength also lies in the breadth and balance of the offering, but also in our ability to further develop technology and AI-driven solutions that strengthen both customer benefit and competitiveness. We not only use AI in our deliveries, but also develop our own tools and solutions for customers and partners. During the quarter, we continued to develop a more scalable and product-oriented offering alongside our traditional services. Examples of solutions include tools for accessibility analysis, AI-based search analysis and recommendation services, as well as new solutions in optimization and content production.

Good position for the rest of 2026

We enter the second quarter of the year with a strengthened structure, a clearer picture of the underlying profitability and a continued strong focus on deals that contribute to agency revenue and results. The development during the end of the quarter shows that the group has the ability to adapt quickly when market activity increases, and that several companies already during the last month of the quarter showed an improved development compared to the beginning of the year. Overall, the first quarter shows that Thinc Collective is stable. The reported development is affected by structural changes and strong comparative figures from the previous year, but the underlying business is developing in line with 2025 excluding BANG Agency. With a stronger and more focused group structure, improved development in several companies and continued focus on efficiency, packaging and sales, our goal is to gradually strengthen both margin and results in the coming quarters.

Anders Wallqvist, CEO
Gothenburg in May 2026