Interim report January – June 2021


Strong growth and results – strategic review completed

April – June 2021

  • Net sales increased 46.5% to SEK 108.7 (74.2) million
  • SaaS revenue increased 13.4% to SEK 43.5 (38.3) million. Organic growth at fixed exchange rates is 4.2%
  • ARR amounted to SEK 174.6 million compared to SEK 173.5 million in the previous quarter
  • EBITDA amounted to SEK 10.1 (11.1) million. Adjusted for non-recurring items, EBITDA amounted to SEK 17.1 (11.1) million
  • Operating profit amounted to SEK 1.1 (2.7) million
  • Earnings per share before and after dilution are -0.21 (-0.06) and -0.21 (-0.06) SEK respectively

JanuaryYesJune 2021

  • Net sales increased 11.2% to SEK 196.5 (176.6) million
  • SaaS revenue increased 7.5% to SEK 83.6 (77.8) million. Organic growth at fixed exchange rates is 3.2%
  • EBITDA amounted to SEK 21.6 (4.9) million. Adjusted for non-recurring items, EBITDA amounted to SEK 30.5 (21.4) million
  • Operating profit amounted to SEK 4.1 million (-12.9) million
  • Earnings per share before and after dilution amounted to SEK -0.13 (-0.61) and -0.13 (-0.61) respectively

Highlights of the quarter

  • ZetaDisplay wins Global Digital Signage Award with Norwegian SNØ
  • ZetaDisplay signs additional contract under existing framework agreement with Swedish Match
  • ZetaDisplay concludes new delivery agreement with PostNord Group AB covering Sweden, Norway, Denmark and Finland
  • ZetaDisplay AB’s Board of Directors Nominating Committee unanimously recommends that the company’s shareholders accept the public offer made by Hanover Equity Fund II on June 28 through Alpha Acquisition AB

Important events after the quarter

  • The subscription period for the public offering of Hanover Equity Fund II is expected to end by September 3, 2021

CEO Commentary
Strong growth and results – strategic review completed

ZetaDisplay report Sales amounted to SEK 108.7 (74.2) million, which is a raise of 46.5% compared to the same periodd last year. SaaS revenue was rising at SEK 43.5 (38.3) million and represented 40.0 (51.6) % fillet Sales. ARR corresponded to SEK 174.6 million and EBITDA has been SEK 10.1 (11.1) million. Adjusted for non-recurring items related to the strategic review during the spring, EBITDA amounted to 17.1 (11.1) MSEK.

The increase in net sales is almost as much attributable to organic growth as it was to the acquisition of Germany’s NORDLAND systems GmbH earlier this year. Project sales increased by 81.8% compared to the corresponding period last year and correspond to SEK 65.3 (35.9) million. Gross profit amounted to SEK 65.4 (47.5) million, which corresponds to a gross margin of 60.2 (63.9)%. The margin was affected by a higher proportion of project sales compared to the previous year.

Increase in market activity

The customer base has remained intact throughout the pandemic, in the last quarter we have seen that the recovery has become more tangible. Projects suspended during the pandemic have resumed, the number of tenders has increased, and customers have started planning for new projects or additional investments. During the quarter we announced new contracts with Swedish Match and PostNord Group which are in line with the takeover.

International framework agreements continue to evolve as planned. Several new facilities in existing markets, such as North America, were added. Additionally, deployments to the UK and South America have expanded our global presence.

The increased activity in the international market and a certain shortage of components resulted in delays in deliveries of equipment. We were largely able to manage the situation thanks to our strong position with the main suppliers and to coordination within the Group. Delivery issues may continue into the fall, but we are prepared to be able to deal with the effects on an ongoing basis.

A stronger offer

We continue to invest in our organization and our offering to create new growth. In the spring, we expanded and strengthened our sales teams in all countries to meet growing demand. In accordance with the plan, we have developed and launched new features and integrations for our software products.

During the quarter, we also launched our European service catalog. The service catalog is being introduced step by step and should support sales through a standardized structure and harmonized pricing. The range of professional services supports our facilities and develops new relationships with clients. The service catalog offer and its packaging are valid for the entire Group, which increases scalability and customer benefit.

During the quarter, our employees mainly worked from home. As demand increases and local pandemic regulations change, we are actively working to ensure that our employees can return to our offices. This is a step-by-step process that should be completed in the fall.

Strategic review completed

On March 31 of this year, ZetaDisplay’s Board of Directors announced its decision to conduct a review of various strategic options in order to create the best possible value for shareholders. This process culminated on June 28 in a public offering of Hanover Active Equity Fund II. The subscription period for the offer is expected to end by September 3. For the management of ZetaDisplay, the process is another sign of the attractiveness of the market segment, of our business model and of our position in the market. The offering is intended to foster growth and create positive long-term effects for all stakeholders. In our quarterly and annual reports we have made reference to continued consolidation of our industry. We welcome the continued support for our growth ambitions.


In previous quarterly reports, we assessed a significant increase in demand in the second half of the year. The past three months have confirmed the market recovery and we are preparing for further growth in the second half of the year. During 2020 and early 2021, we changed our internal processes and our organization, we continued to invest in our offer. We recruited for growth and acquired a leading company in the German market. We are ready to strengthen our position and our market share. At the same time, we are approaching our financial targets of SEK 200 million in SaaS revenue and SEK 100 million in EBIT by the end of 2022.

I am very proud of our performance during the quarter, employee engagement, customer confidence and progress on our strategic priorities.

I look forward to the second half of 2021 with confidence.

By Mandorf

President and CEO

The Board of Directors and the Chief Executive Officer ensure that the half-year report gives a true and fair view of the situation and results of the parent company and of the Group and describes the significant risks and uncertainties to which the Parent Company and the companies forming part of the Group are facing.

Malmö July 19, 2021

By Mandorf
President and CEO
Mates johansson
President of the council
Anders Moberg
Crew member
Anders Pettersson
Crew member
Finnish Følling
Crew member
Ingrid Jonasson Blank
Crew member
Leander rug
Crew member
Mia alholm
Crew member
Trond Gunnar Christensen
Crew member

This report has not been reviewed by the Company’s statutory auditor.

This interim report is information that ZetaDisplay AB is obliged to make public in accordance with EU Market Abuse Regulation and Securities Market Law.

Information has been submitted, under the authority of Per Mandorf, for publication July 19 at 8:00 a.m. THIS IS

For more information, please contact:

Per Mandorf, President and CEO
Mobile: +46 704-25 82 34
Email: [email protected]

Jacob Stjernfält, CFO
Mobile: +46 768-75 41 77
Email: [email protected]

Daniel Oelker, CCO
Mobile: +46 708-45 80 54
Email: [email protected]

About ZetaDisplay

ZetaDisplay acts at the heart of the digital transformations of physical environments. We help encourage people’s behavior at the point of decision in retail environments, public spaces and work environments. Our solutions are known as Digital Signage which we develop and offer as SaaS solutions. We are a European leader and intend to continue consolidating the market organically and through acquisitions.

ZetaDisplay is headquartered in Malmö. The company generates a turnover of approx. 450 million SEK and employs 200 people in ten offices in six European countries and the United States. In total, the company manages more than 70,000 installations in more than 50 markets. The share is listed on Nasdaq Stockholm [ZETA]. More information on

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