BTS Group AB Class B (SE:BTS.B)
:BTS.B
Top Page
BTS Group AB
(BTS.B)
Select Model
Select Model
Rating:67Neutral
Price Target:
kr159.00
▲(9.66% Upside)
Action:ReiteratedDate:02/23/26
The score is driven primarily by solid but recently weakening financial performance (notably the 2025 earnings and free-cash-flow drop). Offsetting this, valuation is attractive (moderate P/E and high yield) and the latest earnings call outlines a credible 2026 turnaround supported by cost savings and AI bookings, while technicals remain mixed with a weak longer-term trend despite near-term improvement.
Positive Factors
AI product traction and bookings
BTS’s AI product stack (Wonderway and new AI coaching offerings) creates a higher-margin, scalable revenue stream and recurring license-like bookings. $19.6m of AI bookings and wide deployment increase structural revenue diversification and improve margin optionality versus pure time-based consulting.
Negative Factors
2025 EBITDA collapse
A full-year 25% EBITDA drop signals structural margin and demand issues, not just transitory noise. Restoring prior profitability requires sustained revenue recovery and successful realization of cost and AI productivity initiatives, making execution risk meaningful over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
AI product traction and bookings
BTS’s AI product stack (Wonderway and new AI coaching offerings) creates a higher-margin, scalable revenue stream and recurring license-like bookings. $19.6m of AI bookings and wide deployment increase structural revenue diversification and improve margin optionality versus pure time-based consulting.
Read all positive factors
BTS Group AB (BTS.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr2.75B
Dividend Yield4.22%
Average Volume (3M)36.03K
Price to Earnings (P/E)21.5
Beta (1Y)0.41
Revenue Growth0.59%
EPS Growth-60.74%
CountrySE
Employees1,172
SectorIndustrials
Sector Strength72
IndustryConsulting Services
Share Statistics
EPS (TTM)2.82
Shares Outstanding18,543,018
10 Day Avg. Volume91,333
30 Day Avg. Volume36,029
Financial Highlights & Ratios
PEG Ratio-0.33
Price to Book (P/B)1.97
Price to Sales (P/S)1.05
P/FCF Ratio18.44
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)11.67
Revenue Forecast (FY)kr2.71B
BTS Group AB Business Overview & Revenue Model
Company Description
BTS Group AB (publ) operates as a professional services firm. It operates through BTS North America, BTS Europe, BTS Other Markets, and APG segments. The company offers a range of services that meet needs within strategy execution, leadership deve...
How the Company Makes Money
BTS primarily makes money by providing consulting and learning services to organizations. Revenue is generated from (1) design and delivery of customized training and strategy execution programs, where BTS is paid for advisory work, program develo...
BTS Group AB Earnings Call Summary
Earnings Call Date:Feb 20, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: 2025 was a weak year with no overall growth and a 25% EBITDA decline driven largely by North America and some Asia operations, and license revenues are under pressure. Offsetting these negatives are pronounced AI product and productivity breakthroughs (115 projects, ~28k users, $19.6M in AI bookings), clear signs of improving bookings in North America (~25–26% Q4 YoY), and expected cost savings that materially support 2026 EBITDA guidance. Management expects group and North America Q1 2026 year-over-year growth and frames 2026 as a rebound year, but execution and timing risks remain — overall the positives and negatives are roughly balanced.Positive Updates
AI innovation momentum and commercial traction
Wonderway acquisition platform deployed in 115 projects with ~28,000 users; launched AI super companion coach, Digital Mirror and three AI coaching offerings integrated with Teams/Slack/Salesforce; AI-related bookings of $19.6 million in 2025 expected to carry into 2026, creating a higher-margin product stream and new revenue base.
Negative Updates
Poor full-year 2025 financial performance
Fiscal year 2025 showed no revenue growth and a 25% decline in EBITDA year-over-year, representing a significant deterioration in overall profitability for the year.
Read all updates
Q4-2025 Updates
Positive
Negative
AI innovation momentum and commercial traction
Wonderway acquisition platform deployed in 115 projects with ~28,000 users; launched AI super companion coach, Digital Mirror and three AI coaching offerings integrated with Teams/Slack/Salesforce; AI-related bookings of $19.6 million in 2025 expected to carry into 2026, creating a higher-margin product stream and new revenue base.
Read all positive updates
Company Guidance
The guidance stressed a clear turnaround: BTS expects Q1 2026 year‑over‑year growth for both the group and North America, with North America returning to moderate organic revenue growth in H1 and “significantly better” Q1 EBITDA (defined as +15% or more YoY); full‑year 2026 EBITDA is guided to be better than FY2025 (FY2025 had no growth and a 25% EBITDA decline). Management expects double‑digit revenue growth in Europe and Other Markets, and noted AI‑driven tailwinds including $19.6m of AI bookings in 2025, Wonderway deployed in 115 projects with 28,000 users, and NA Q4 bookings roughly +25–27% YoY (over +40% before adjusting for one non‑renewal). Cost actions in 2025 included SEK 8m (Q2/Q3) + SEK 10m (Dec) severance (SEK18m total) and AI productivity savings that produced ~$5.0m and $2.6m operating cost reductions, with a conservative further savings estimate of ~$1.0m (SEK10m) in 2026 (majority hitting Q3); license dynamics are mixed (old content licenses ≈2% of revenue, historical license share ~10% now ~7%), and valuation sits near 7x 2025 EBITDA.BTS Group AB Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.70B | 2.80B | 2.68B | 2.53B | 1.92B |
| Gross Profit | 213.96M | 1.24B | 1.18B | 1.13B | 885.16M |
| EBITDA | 357.17M | 439.04M | 421.92M | 423.04M | 410.04M |
| Net Income | 132.51M | 386.96M | 214.81M | 198.41M | 214.70M |
Balance Sheet | |||||
| Total Assets | 3.17B | 3.36B | 2.96B | 2.76B | 2.49B |
| Cash, Cash Equivalents and Short-Term Investments | 625.94M | 703.33M | 532.32M | 577.06M | 594.43M |
| Total Debt | 579.80M | 589.24M | 449.51M | 367.77M | 265.77M |
| Total Liabilities | 1.73B | 1.70B | 1.66B | 1.54B | 1.51B |
| Stockholders Equity | 1.45B | 1.66B | 1.30B | 1.21B | 983.25M |
Cash Flow | |||||
| Free Cash Flow | 154.45M | 385.95M | 165.65M | 138.82M | 292.70M |
| Operating Cash Flow | 212.80M | 385.95M | 165.65M | 199.01M | 312.05M |
| Investing Cash Flow | -186.61M | -188.47M | -105.37M | -75.91M | -181.89M |
| Financing Cash Flow | -19.55M | -51.31M | -84.41M | -208.28M | -160.64M |
BTS Group AB Technical Analysis
Neutral
145.00
Price Trends
130.82
Positive
137.07
Positive
165.58
Negative
Market Momentum
3.24
Negative
55.39
Neutral
66.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BTS.B, the sentiment is Neutral. The current price of 145 is above the 20-day moving average (MA) of 140.33, above the 50-day MA of 130.82, and below the 200-day MA of 165.58, indicating a neutral trend. The MACD of 3.24 indicates Negative momentum. The RSI at 55.39 is Neutral, neither overbought nor oversold. The STOCH value of 66.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:BTS.B.
BTS Group AB Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | kr2.75B | 21.49 | 8.93% | 4.22% | 0.59% | -60.74% | |
64 Neutral | kr5.54B | 21.43 | 10.13% | 3.29% | -0.69% | -14.04% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | kr3.69B | 16.44 | 10.98% | 2.68% | 7.23% | 1.27% | |
52 Neutral | kr57.10M | -10.02 | -15.25% | ― | -0.97% | 41.20% | |
51 Neutral | kr3.56B | -24.33 | -3.72% | ― | -27.41% | 49.11% | |
44 Neutral | kr277.23M | -2.12 | -20.69% | ― | -79.18% | -257.25% |
* Industrials Sector Average
SE:BTS.B
BTS Group AB
141.80
-85.65
-37.66%
SE:BRILL
Brilliant Future AB
4.14
-0.22
-5.05%
SE:SES
Scandinavian Enviro Systems AB
0.25
-1.09
-81.22%
SE:VESTUM
Vestum AB
9.46
0.42
4.65%
SE:REJL.B
Rejlers AB Class B
161.40
-2.84
-1.73%
SE:COOR
Coor Service Management Holding AB
58.25
28.02
92.70%
BTS Group AB Corporate Events
BTS Group Flags 2025 Slump but Banks on AI and Turnaround for 2026 Recovery
Feb 20, 2026
BTS Group AB reported a weak 2025, with full-year net sales slipping to MSEK 2,703 and EBITA down 25%, as currency headwinds, restructuring tied to AI-driven rationalisation, and lower sales in North America weighed on margins and earnings. Profit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.