VO2Nasdaq StockholmAsset ManagementIFRS · SEK

VO2 Cap Holding

VO2 Cap Holding AB is a Swedish holding company headquartered in Stockholm whose group operates mainly in the Nordic digital media market. Through its subsidiaries, the group provides media sales, technology, and concept development services across the region.

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Revenue312m SEK
−9.7 %y/y
Operating profit (EBIT)13.1m SEK
+125.1 %y/y
EBIT margin4.2%
+19.3 ppy/y
Net income-19.4m SEK
+62.8 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-2000200400600m SEK2021: 292 m SEK2021: EBIT -10 m SEK20212022: 467 m SEK2022: EBIT 18 m SEK20222023: 345 m SEK2023: EBIT 8.1 m SEK20232024: 345 m SEK2024: EBIT -52 m SEK20242025: 312 m SEK2025: EBIT 13 m SEK2025TTM 2026: EBIT 14 m SEKTTM14
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Media sales and sales partnerships45 %

Commercial representation and sales services for digital media inventory and advertising solutions.

Advertising technology30 %

Technology services and tools used to support digital media monetization and ad delivery.

Concept and product development15 %

Development of media concepts, formats, and commercial offerings for the group and partners.

Group and corporate services10 %

Holding-company and shared services that support the operating subsidiaries.

Customers

VO2 sells primarily to advertisers, media buyers, and commercial partners that need access to digital media audiences and monetization tools. The group also serves publishers and media owners that outsource sales, technology, or commercial development functions. Demand is tied to Nordic media investment levels, campaign activity, and seasonal advertising patterns.

Advertisers and media agencies

They buy digital media inventory and campaign services to reach Nordic audiences efficiently.

Publishers and media owners

They use VO2 for sales representation, monetization support, and related technology.

Commercial partners

They engage VO2 for concept development, platform support, and media commercialization.

Strategy

VO2 appears focused on building a Nordic media and technology group through its operating subsidiaries and commercial capabilities. The group’s priorities are to expand its platform of sales, technology, and concept services while maintaining a structure that can benefit from scale across the region.

Grow the Nordic media and technology platformMedium term

Scale across related services can improve commercial reach and partner relevance.

Strengthen long-term ownership alignmentShort term

Incentive programs support retention and focus in a relationship-driven business.

Manage seasonal advertising exposureShort term

Quarterly results depend on media investment cycles and campaign timing.

Geography

VO2 is based in Stockholm and its operating subsidiaries are mainly active in Sweden, with additional activity across the rest of the Nordics. The business is exposed to regional media spending patterns, so performance depends on advertising demand in Nordic markets rather than a single country.

Risks

VO2 is exposed to cyclical Nordic advertising demand, which can cause quarterly volatility and make results sensitive to broader media investment trends. The group also faces execution risk from operating multiple subsidiaries and from maintaining relevance in a competitive digital media and ad-tech market.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Execution across a multi-subsidiary group2Dilution from share issuances3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cyclical advertising demandImpact: High

    Revenue fluctuates with total media investment and campaign timing.

    Exposure: Quarterly revenue and cash flow

  2. Execution across a multi-subsidiary groupImpact: MediumLikelihood: Low

    The business depends on coordinating several operating companies and service lines.

    Exposure: Operating efficiency and integration

  3. Dilution from share issuancesImpact: MediumLikelihood: Low

    Recent directed share issues increase the share count and can dilute existing holders.

    Exposure: Per-share earnings and ownership

  4. Seasonality in media buyingImpact: Medium

    The company notes Q2 and Q4 are historically stronger periods.

    Exposure: Quarter-to-quarter comparability

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Accounting

Judgemental items
Revenue recognition and contract balances

Services are generally billed after delivery, creating contract assets or liabilities.

Impact: Can shift revenue and working capital between periods

Seasonality and quarterly comparability

Media investment patterns make Q2 and Q4 stronger than other quarters.

Impact: Can distort trend analysis and margin interpretation

IFRS 16 leases

Office and operating leases create right-of-use assets and lease liabilities.

Impact: Affects EBITDA, depreciation, interest, and leverage metrics

Impairment testing

A holding structure with acquired subsidiaries may carry goodwill and intangibles.

Impact: Could create non-cash write-downs if performance weakens

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Last updated: 24/09/2026

VO2 Cap Holding (VO2) Revenue, Earnings & Financials 2025 – Clarifo