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Interim Report January - September 2021

·4-min read

Strong result and completed change of ownership

July - September 2021

  • Net sales increased by 16.9% to SEK 101.6 (86.9) million

  • SaaS revenue increased by 15.7% to SEK 44.5 (38.4) million

  • ARR amounted to SEK 177.3 million compared to SEK 174.6 million in the previous quarter

  • EBITDA amounted to SEK 13.2 (13.6) million. Adjusted for non-recurring items, EBITDA amounted to SEK 24.0 (13.6) million

  • Operating profit amounted to SEK 4.3 (5.3) million

January - September 2021

  • Net sales increased by 13.1% to SEK 298.1 (236.6) million

  • SaaS revenue increased by 10.2% to SEK 128.1 (116.3) million

  • EBITDA amounted to SEK 34.8 (18.4) million. Adjusted for non-recurring items, EBITDA amounted to SEK 54.4 (34.9) million

  • Operating profit amounted to SEK 8.4 (-7.6) million

Significant events during the quarter

  • On July 28, Hanover Active Equity Fund II S.C.A. SICAV-RAIF announced through Alpha Acquisition AB that their ownership exceeded 50% of the shares

  • On August 28, Hanover Active Equity Fund II S.C.A. SICAV-RAIF announced through Alpha Acquisition AB that their ownership exceeded 90% of the shares. Compulsory redemption of the remaining shares is ongoing

Significant events after the quarter

  • On October 7, ZetaDisplay AB (publ) held an extraordinary general meeting and a decision was made to make changes to the Board of Directors

  • On October 8, the shares in ZetaDisplay AB (publ) were delisted

CEO comment:

Strong result and completed change of ownership

ZetaDisplay's net sales amounted to SEK 101.6 (86.9) million. SaaS revenues amounted to SEK 44.5 (38.4) million and represented 43.8 (44.2) % of net sales. ARR corresponded to SEK 177.3 million and EBITDA was SEK 13.2 (13.6) million. Adjusted for non-recurring items related to the strategic review during the spring, EBITDA amounted to 24.0 (13.6) MSEK.

The increase in net sales is mainly explained by the acquisition of German NORDLAND systems GmbH. Gross profit for the period amounted to SEK 65.5 (45.9) million with a gross margin of 64.4 (52.8) %.

During the third quarter, we have seen increased activity in the market that we are responding to with a continued strong customer offering. The customer base has remained intact throughout the pandemic, and we see that the recovery in customer activity has become more apparent. The number of procurements has increased, and customers have started to plan for new projects to a greater extent.

The increase in activity in the market internation­ally and some lack of components have led to some delays in hardware deliveries. We have largely been able to handle the situation thanks to our strong position with leading suppliers and through coordination within the Group.

We continue to develop and launch new features and integrations in our software platform.

Our employees have increasingly returned to working from the offices in line with local restrictions and recommendations.

Change of ownership

During the quarter, the company has gone through a change of ownership. The management of ZetaDisplay together with the new owners look forward to promoting growth and creating long-term positive effects.


Developments over the past three months have confirmed that the market is recovering, and we are preparing for further growth for the remainder of the year.

Malmö, 8 November 2021

Per Mandorf

President and CEO

This report has been reviewed by the company's auditors. This interim report and auditors report of review of interim financial information is a translation of the original Swedish interim report that has been formally approved by the Board of Director

This interim report is such information that ZetaDisplay AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted, on the authority of Per Mandorf for publication on 8 November 2021 at 8:00 a.m.

Coming Financial Reporting Dates

Year End Report 2021: March 4th 2022

For further information, please contact:

Per Mandorf, President & CEO
Mobile: +46 704- 25 82 34

Jacob Stjernfält, CFO
Mobile: +46 768-75 41 77

Robert Bryhn, CMO
Mobile: +46 709-80 20 80

About ZetaDisplay

ZetaDisplay is a leader in the Nordic region and second in Europe. We actively drive the digital transformation in physical environments on a daily basis. Our solutions, concepts and software digitize, influence and inform people's behavior at the point of decision-making in shops, in public environments and in workplaces. Our solutions are known as Digital Signage which we develop and offer as SaaS solutions. We are a globally leading player that actively influences the development of the international Digital Signage market organically, through innovation and through acquisitions.

ZetaDisplay is headquartered in Malmö, has sales of approximately SEK 450 million and employs 200 people at ten offices in six European countries and the USA. In total, the company handles over 70,000 installations in more than 50 markets. ZetaDisplay is owned by the British investment company Hanover Investors. More information at and


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