The board of directors proposes a dividend to shareholders of SEK 0,15 (0,00) per share for the financial year 2025. The dividend amounts to SEK 2,650 thousand, which corresponds to 76% of the year's profit after tax.
Sales vary across quarters. Subsidiaries' sales fluctuate throughout 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
The fourth quarter's performance was strong and in line with our expectations. The subsidiaries' sales follow the seasonal variations in the market's media and communications investments, with quarters two and four historically being the strongest periods. Against this background, it is particularly pleasing that during the quarter we managed to increase our total agency revenue by 15% to SEK 25,1 million (21,7) and our EBITDA margin to 5,1% (3,7%) corresponding to SEK 4,8 million (3,9).
Cumulatively, 2025 appears to be one of our strongest years to date. Growth in agency revenue (+10%) and an improved gross margin to 27,6% (23,4%) result in an EBITDA result of SEK 12,8 million (8,2). The larger companies in the group are the ones that contribute most to the profit improvement, but we also see margin improvements in almost all companies.
The fact that we are performing so well despite a wait-and-see market is a strength in itself. The result means that we are approaching our long-term EBITDA target of 7% and that the Board, based on this year's development, intends to propose to the Annual General Meeting a dividend of SEK 0,15 per share (-). With an improved economic environment in 2026, our goal is to achieve further improvements in both earnings and sales growth.
The Market and the Thinc Collective
We offer a complete communication service, which is one of our greatest strengths. However, our combination of communication services can make direct industry comparisons more complex, so we also follow the development segment by segment. Media agencies in Sweden increased their turnover by 1% in 2025, which is in line with Thinc's media agencies. (Source: Sveriges Mediebyråer). What distinguishes Thinc from the rest is the margin development, where we have improved profitability at a faster pace than the market.
Advertising agencies generally work in an environment with pressured profitability, which has also been noted in the industry media. Here Thinc stands out in that our creative advertising agencies developed stronger in 2025 compared to 2024. PR agencies in Sweden have generally experienced weaker development in 2024–2025 with deteriorating profitability as a result, but the market is also showing signs of improved activity from the third quarter of 2025. Here too, Thinc stands out, where our strategic PR agencies delivered a strong full year in 2025.
Technology, packaging and products
Development is critical to both our long-term competitiveness and profitability, as well as to demonstrate our ability to transform the business and service delivery towards more cost-effective execution and increased opportunities for recurring revenue. 2025 was the year we went from learning and implementing AI tools to truly mastering them so that they contribute to both higher profitability and increased customer satisfaction. We have not only increased profitability, but also reduced our churn.
AI as a driver for scalability and customer value
In addition to perhaps the most obvious thing about AI, doing things faster and thus enabling higher capacity without a corresponding increase in costs or streamlining the existing cost base, the technology also provides deeper insights through advanced data processing.
At the same time, the service sector must continue to demonstrate its clear value to customers. On the one hand, there is the risk that customers will increasingly use the tools themselves and thus not hire, for example, lawyers and technical project managers – or, in our case, communicators – to the same extent.
On the other hand, customers' time, resources, insights and interest remain limited. The need for qualified advice, prioritization and strategic guidance remains, regardless of the tools available. Overall, this means a continued need to hire a partner who can solve problems and challenges to achieve set goals. Examples of this are our tools around accessibility or so-called AI search and how we now optimize and improve customers' media purchases.
In 2025, we demonstrated that we have succeeded in this and that we continue to have customers' trust to guide them through the rapidly changing landscape, regardless of what tools or technologies are introduced to the market.
Productization and recurring revenue
One of the most critical factors for success in the service sector is creating the conditions for repurchases and recurring revenues. AI reinforces and improves this way of working by collecting, structuring and making expertise available in a more efficient way. An example is McKinsey’s AI tool “Lilli”, which collects the entire expertise of the company and offers it to customers in a new and more scalable way.
In parallel, we are therefore working to package parts of our offering in more standardized deliveries and subscription arrangements. The aim is to increase clarity for the customer, improve scalability and gradually increase the proportion of recurring revenue. The effect is still limited in absolute terms, but we see this as a strategically important investment for more stable revenue streams over time.
Reconciliation against financial targets
Our traditional view that turnover is a sign of success needs to be nuanced. It is not unimportant, but agency revenue (TB1), that is, our ability to convert our clients' total budget into our own revenue and profit, should be valued more highly. From that perspective, it is gratifying that we reached our financial target of an increase in agency revenue of at least 10% during the year.
The EBITDA margin is well on track to reach the long-term target of 7% by 2030. In 2025, the EBITDA margin has increased to 4,2% (2,5%), confirming that our efficiency improvements are having an impact. I have high hopes that this improvement will continue in the coming years, so that we gradually reach our long-term target.
In terms of gearing, we are well within our target of 1,8 times, measured as net debt to adjusted EBITDA, compared to the target of 2,5. This gives us financial freedom and a stable platform for continued development.
We intend to meet our dividend target of at least 30% of profit after tax through the board's proposal of SEK 0,15 per share, which corresponds to SEK 2,6 million in total dividends and thus 76% of profit after tax.
The board has reviewed the financial targets and decided to keep them unchanged for the period 2026–2030, reflecting our confidence in the business model and strategic direction.
Our immediate future
Together with global partners, we have now completed several strategic packages, where Thinc becomes the exclusive partner for the Nordic market. This applies to B2B, media agency and PR agency operations. These collaborations will be launched in the spring of 2026 and are expected to contribute to increased business volume and more customer assignments locally.
We have also had success with our AI tools outside of Sweden, which is expected to generate licensing revenue and attract new customers. One example is our so-called ABM (Account-Based Marketing), or lead generation, where we target the customer's management and sales department more than just the marketing function. This creates new contact areas, new customer segments and additional revenue opportunities.
Overall, these initiatives, combined with our efficiency measures and new ways of working that allow us to handle more customers with the existing organization, mean that we enter 2026 with expectations of continued improved margins and stronger results.
Anders Wallqvist, CEO
Gothenburg in February 2026
For further information, please contact:
Anders Wallqvist, CEO, Thinc Collective AB
070-722 08 42
anders.wallqvist@thinccollective.se