CombinedX

37.90 SEK

+2.43 %

Less than 1K followers

CX

First North Stockholm

IT Services

Technology

+2.43 %
+10.82 %
+1.88 %
+2.99 %
+8.29 %
-0.26 %
-0.26 %
-
-7.56 %

CombinedX is an IT consulting company that offers services within digital transformation, system development, data analysis, automation and cybersecurity. Customers are found in both private companies and public organizations. The company operates through several specialist companies in the Nordic region and participates in both local and cross-border projects. CombinedX was founded in 1993 and is headquartered in Karlstad.

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Market cap
738.24M SEK
Turnover
906.54K SEK
Revenue
947.7M
EBIT %
6.14 %
P/E
19.05
Dividend yield-%
2.64 %
Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
17.7
2026

Interim report Q2'26

5.11
2026

Interim report Q3'26

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Nordic IT sector: Getting better, but not quite at 20 yet
Analyst Comment by
Joni Grönqvist

Nordic IT sector: Getting better, but not quite at 20 yet

In Finland, revenue growth picked up towards the end of the year, surpassing that of the other Nordic countries for the first time in a long while.

DigiaDigital WorkforceGoforeNetum GroupSiili SolutionsSolteqVincitWitted MegacorpColumbusTrifork GroupAvensiaAddnode GroupBouvetB3 Consulting GroupCAG GroupCombinedXExsitec HoldingKnowitNetcompany GroupNNITProact IT GroupWebstep

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Nordic IT service sector Q2’25: Difficulties across geographies
Analyst Comment by
Joni Grönqvist, Frans-Mikael Rostedt

Nordic IT service sector Q2’25: Difficulties across geographies

In the rest of the Nordic countries, organic revenue development turned downward and profitability weakened in Q2. Thus, even applying the Rule of 20, the situation in the IT services market remains distinctly challenging, with only one company achieving good performance and two achieving satisfactory performance.

DigiaDigital WorkforceGoforeLoihdeNetum GroupSiili SolutionsSolteqTietoVincitWitted MegacorpAvensiaBouvetB3 Consulting GroupColumbusCombinedXExsitec HoldingKnowitNetcompany GroupNNITProact IT GroupTrionaTrifork GroupWebstep
In the IT service sector, a few Nordic companies achieved excellent performance measured by the 'Rule of 20'
Analyst Comment by
Joni Grönqvist

In the IT service sector, a few Nordic companies achieved excellent performance measured by the 'Rule of 20'

We examined Nordic, listed IT service companies with the 'Rule of 20' metric we launched, measured with which a few companies achieved excellent performance in 2024. On average, Finnish IT service companies fared worse last year than other Nordic companies. Overall, however, it can be said that 2024 was still challenging throughout the Nordics.

DigiaDigital WorkforceGoforeLoihdeNetum GroupSiili SolutionsSolteqTietoVincitWitted MegacorpBouvetNetcompany GroupAddnode GroupExsitec HoldingColumbusNNITWebstepAvensiaProact IT GroupCombinedXCAG GroupTrionaKnowitB3 Consulting Group
IT service sector: Market performance in Denmark and Norway better than in Finland and Sweden
Analyst Comment by
Frans-Mikael Rostedt, Joni Grönqvist

IT service sector: Market performance in Denmark and Norway better than in Finland and Sweden

In the rest of the Nordic countries, organic revenue development turned upwards and profitability was at a reasonably good level in Q2.

DigiaDigital WorkforceGoforeInnofactorLoihdeNetum GroupSiili SolutionsSolteqTietoVincitWitted MegacorpAvensiaBouvetB3 Consulting GroupColumbusCombinedXKnowitNetcompany GroupNNITProact IT GroupWebstep
Forum discussions
Q4 adjusted EBIT-% hit the average of the previous six years. Likewise for the full year. Quite okay, considering the market has been described as a bit quiet. Let’s also include Redari’s forecasts for the coming years. In their forecast, the EBIT-% for this year would improve to...
2/19/2025, 10:44 AM
by Kotipuutarhuri
6
CombinedX Q4 report was released today, the market at least liked it (+12%). The company still doesn’t report in English, so at least I have to interpret these through a translator. Last year’s downturn seems to be turning around, even though organic growth was still negative. However...
2/13/2025, 8:33 PM
by tonimerkki
5
Q1. A decent result against a strong comparison period. EBITA margin was 11.4%. Revenue grew by 6.5%. https://www.combinedx.com/globalassets/dokument/kvartalsrapporter/2025/combinedx-q1-2025-ver-20-final.pdf Interim Report Q1 2025 First quarter, January 1 – March 31 • Net sales were...
5/7/2025, 5:10 AM
by Kotipuutarhuri
4
In this quiet thread, one might update with information that is less company-specific, but still relevant to some Nordnet (Superloan) customers: A 20% lending value has been added for CombinedX.
3/11/2025, 12:58 PM
by tonimerkki
4
CombinedX’s profitability remained a bit low (adjusted EBIT % 3.1) in Q3. Redeye analyst comments can be found via the link. https://www.redeye.se/research/1047433/combinedx-q3-soft-quarter I’m wondering how concerned one should be about this lagging EBIT %. I recorded the quarterly...
11/7/2024, 4:34 PM
by Kotipuutarhuri
4
CombinedX AB (publ) has decided to bring forward the publication of the interim report for the period 1 January - 31 March 2025 (Q1). The report will be published on Wednesday, May 7, 2025, at 07:00 AM, instead of the previously communicated time (13:30 PM on the same day). The investor...
5/5/2025, 9:09 AM
by Geologiopiskelija
3
This news had slipped by, so I’m posting it here now. CombinedX has been making acquisitions in May. 12.5.2025 CombinedX: Acquiring a high-performing Norwegian/Swedish IFS specialist Redeye views the deal positively. "The deal values Align at 1.3x sales and 5.2x EBITA in 2024, excluding...
5/22/2025, 8:45 AM
by Kotipuutarhuri
2
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