Strong governance is what lets a bold strategy move with confidence. From our ownership structure to our board composition, we ensure that the people overseeing this business have skin in the game. And decades of experience to match.
Investors
Investors
We don’t chase growth. We build it.
We own business
software companies.
And shape them into
market leaders.
After decades of sustained growth, we have earned our position as an owner of business software leaders. Today, we use that foundation of deep industry expertise and compounding results to define what comes next.
LATEST RESULTS
Strong growth. Sustained momentum.
Customers
2.7M
↗
30.2% YoY growth
Sustained customer growth, with particularly strong momentum in Continental Europe
Continued growth in our customer base across all markets, with strong momentum particularly in Continental Europe, reflecting both the quality of our SMB offering, as well as regulatory tailwinds around e-invoicing and digital accounting
Double-digit customer growth in our Nordic Business Platforms, highlighting the significant runway seen in our most mature markets
Despite a mixed macroeconomic environment, churn remained stable, highlighting the mission-critical nature of our software.
ARR (M EUR)
€3,051
↗
+18.7% year-over-year
↗
+13.0% organic growth
Strong ARR growth across the portfolio, with National Business Platforms delivering standout performance
Business Segment continues to drive growth, with robust performance across all regions - including the Nordics, which delivered +10.3% organic growth.
Growth contribution from increased spending of existingcustomers accelerated as we continue to execute on our National Business Platforms strategy, as well as embedding AI in product set to drive improved upsell and cross-sell
Organic growth supplemented by M&A, albeit at a lower pace, with six acquisitions in H1 — focused on doubling-down in expansion markets
Adjusted EBITDA (M EUR)
€547
↗
+19.2% year-over-year
↗
+16.7% organic growth
Scalable model driving continued underlying operating leverage, with measures taken to enhance product development for the AI-era
Underlying margin expansion driven by the inherent scalability of the model, with disciplined cost growth as the business continues to scale
Programme to enhance development for the AI-era in the
Public segment generated non-recurring expenses negatively
impacting Adjusted EBITDA by EUR 10 million.
Free Cash Flow ahead of Adjusted EBITDA with 111 per cent
cash conversion, in line with regular seasonality driven by pre-
payments
We are AI-first
Automation solution that turns purchase invoices into a revenue engine. Generates more than 40M NOK in new annual revenue.
AI is now Holded’s third largest acquisition channel. Customer acquisition cost 75% lower than traditional paid search.
AI that moves from assistance to delegation. Automating complex accounting for Finnish accounting offices.
Uses AI to interpret documents, suggest accounts and assist with bookkeeping. Saves time and simplifies accounting.
A Virtual CFO for small businesses. Uses peer benchmark data to advise on business optimisation – creating value that goes beyond automation.
AI-native engineering reduced a 4,200-hour app rebuild to 400 hours. A model now being replicated across the group.
The work behind the numbers
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