Interim Report January - June 2023

Continued growth in SaaS Revenue in the second quarter

April – June 2023

  • Net sales were stable with last year at SEK 126.9 (126.0) million
  • SaaS revenues increased by 14.0% to SEK 53.7 (47.1) million
  • ARR amounted to SEK 218.8 (187.9) million
  • Reported EBITDA grew by 15.3% to SEK 9.8 (8.5) million
  • Adjusted EBITDA increased by 5.5% to SEK 15.3 (14.5) million
  • Operating profit improved by SEK 1 million, to SEK -0.2 (-1.2) million

January – June 2023

  • Net sales increased by 3.9% to SEK 246.5 (237.2) million
  • SaaS revenues increased by 10.2% to SEK 103.7 (94.1) million
  • Reported EBITDA was in line with the prior year at SEK 13.5 (13.9) million
  • Operating profit was SEK -6.8 (-5.7) million

Significant events during the quarter

  • Michael van Straten resigned his role as CFO and Jog Dhody was appointed interim CFO in his place.

Significant events after the second quarter

  • The Group secured a SEK 50 million Revolving Credit Facility with Nordea Bank and leverage covenants are aligned with the Bond. The facility also includes a new Interest Cover covenant for which the Group has substantial headroom. The Group does not require this facility to meet any working capital requirements; this facility will however allow to fund M&A activities.

CEO comment

 Stable sales and continued SaaS growth

Net sales for the quarter amounted to SEK 126.9 (126.0) million. SaaS revenues were SEK 53.7 (47.1) million and represented 42.3% (37.4%) of net sales. Reported EBITDA was SEK 9.8 (8.5) million. Adjusted for Hanover costs and non-recurring items, EBITDA amounted to SEK 15.3 (14.5) million.

Our second quarter was characterized by stable sales and continued growth in SaaS revenues.

During the quarter we have seen continued expansion of our international customer activity as well as some customer project delays. During the quarter, we expanded our work across the whole group focusing on key enterprise customer development and the strengthening of our service and product range. We also strengthened our country management organizational set-up to further local growth and local market specific focus. The on-going investment continues in our software and product offering concurrent with our operations and sales functions development activities.


Our long-term plan and investment initiatives for scalable international growth are further strengthening our position. As a result, we continue to see increased organizational efficiency and new opportunities taking shape in the medium term. At the same time, we’re effectively handling delayed lead times in some customer projects.

We continue to actively monitor market development and to manage costs diligently whilst prioritizing key investments for long-term growth. I would like to thank all our co-workers for their tireless commitment and thank our customers for their continued trust.

Malmö, August 31, 2023
Per Mandorf
President and CEO

This report has not been subject to review by the company's auditor. This 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 31 August 2023 at 08:00 CET

Upcoming reporting sessions

ZetaDisplay AB (publ) interim report January – September will be published on in November, week 48. 

For further information please contact:

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

Jog Dhody, Interim CFO
Mobile: +44 778 652 0802

Robert Bryhn, CMO / Head of Communication
Mobile: +46 709-80 20 80


About ZetaDisplay

ZetaDisplay is a leader in the Nordic region and second in Europe and we 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 time of decision-making in stores, in public environments and in workplaces. Our solutions are known as Digital Signage which we develop and offer as SaaS solutions. We are a global leader that actively influences the development of the international Digital Signage market organically, through innovation and through acquisitions.
ZetaDisplay is based in Malmö, has a turnover of approximately SEK +500 million and employs 200 employees in offices in six European countries. In total, the company manages over 80,000 installations in more than 50 markets. ZetaDisplay is owned by the investment company Hanover Investors. More information at and