Nixu Corporation: Half-Year Financial Report For January 1 – June 30, 2023

Stock Exchange Release on August 10, 2023 at 8:30 AM EEST

Growth despite the challenging macroeconomic situation

Highlights for January–June 2023

  • DNV AS completed the tender offer for all shares and stock options.

  • Revenue: EUR 31,918 thousand (28,580), change 12%.

  • EBITDA: EUR -177 thousand (377), share of revenue: -1% (1%).

  • Adjusted EBITDA: EUR 1,614 thousand (352), share of revenue: 5% (1%).

  • EBIT: EUR -1,084 thousand (-553), share of revenue: -3% (-2%).

  • Adjusted EBIT: EUR 707 thousand (-578), share of revenue: 2% (-2%).

  • The company extended the maturity of its financing.

Key Figures

EUR thousand 1 Jan-30 Jun 2023 1 Jan-30 Jun 2022 1 Jan-31 Dec 2022
Revenue 31,918 28,580 60,222
Profit/loss for the period -1,058 -757 42
Earnings per share (EUR) ´-0.14 `-0.10 0.01
EBITDA -177 377 2,409
EBITDA, % of net sales ´-0.6% 1.3% 4.0%
Adjusted EBITDA1 1,614 352 2,480
Adjusted EBITDA, % of net sales1 5.1% 1.2% 4.1%
EBIT -1,084 -553 564
EBIT, % of net sales ´-3.4% ´-1.9% 0.9%
Adjusted EBIT1 707 -578 634
Adjusted EBIT %1 2.2% ´-2.0% 1.1%
1  Adjustment items are material items outside the ordinary course of business, 
which are costs/income related for example to reorganization and business combinations.
 January-June 2023 EBITDA included the non-recurring items EUR -1,791 (+25) thousand.
EUR thousand 30.6.2023 30.6.2022 31.12.2022
Equity ratio, % 28.0% 30.6% 30.6%
Net interest-bearing debt 3,038 3,879 3,199
Net gearing, % 26.1% 32.4% 25.2%

Teemu Salmi, CEO of Nixu:

The first half of 2023 shows continued profitable growth for Nixu despite a very challenging and tough macroeconomic environment. Revenue grew 12% for the group, amounting to EUR 31.9 (EUR 28.6) million and adjusted EBIT ended at EUR 707 (-578) thousand.

The challenging macroeconomic situation is portrayed by longer decision times by our clients, increasing uncertainty for Nixu. This was mentioned already when reporting our Q1 result this year. Despite this fact, our orders in Q2 ended up on par year-over-year, i.e., EUR 15.5 (15.8) million, while the same numbers for H1 were EUR 30.3 (30.9) million. Book-to-bill ratio in H1 ended at 95%, while the same number for Q2 isolated was 101%, showing that there is a positive change during the second half of H1; resulting in a slightly positive market development sentiment for H2 of 2023.

Looking at the different business segments and the mix of sales during 1H we see that all segments are growing year-over-year:

Nixu Certification growing by 39%.

Managed Services growing by 37%.

Professional Services growing by 4%.

Identity and Access Management growing by 1%.

Managed Services and recurring revenue streams are growing steadily as a proportion of the total revenue, which is one of the cornerstones of the Next Nixu strategy launched earlier this year.

The underlying development and need for cybersecurity services are there. The Nixu sales is developing favorably, apart from Sweden, and the market maturity for outsourcing cybersecurity operations is increasing. This together with increasing cybersecurity regulation and evolving cyber threats, are factors for our clients to enhance their cybersecurity posture and increase investments.

From a market perspective Finland is showing a growth of 17%, Denmark 16% and Benelux 69%. Sweden declined by 22%.

During the first half DNV announced a public tender offer process to acquire all outstanding shares and stock options in Nixu. At the end of June the result was that 98.3 percent of all outstanding shares and stock options were acquired and hence a de-listing process of Nixu from the Nasdaq stock exchange could be started. This process is now initiated and will be completed in due course.

Nixu is well positioned to continue the execution of the Next Nixu strategy and I would like to take the opportunity to thank all Nixu employees, our clients, and investors for their continued trust.

Financial Guidance for 2023

Nixu estimates its revenue to be EUR 66-70 million and profitability to improve.


Analysts, investors and the media will be offered the opportunity to listen to a short summary about the result and ask questions by participating in an English-language webcast to be held on Thursday, 10 August 2023 at 10.00 a.m. Questions will be answered by CEO Teemu Salmi and CFO Janne Kärkkäinen.

Nixu Corporation