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olivLaw · European equity research

Lime Technologies AB (publ) LIME.ST

Sweden · Nasdaq Stockholm · ISIN SE0011870195 · Vertical: Listed companies from Sweden

266.00SEK+0.95% · 1 dayClose 05 Nov 2026

Lime Technologies is a Swedish CRM software provider that delivers vertical-specific systems for companies in energy, real estate, wholesale and membership organisations, with growing focus on markets outside Sweden. With net revenue of 740 MSEK in 2025 and AI-driven customer communication products expanding, the company aims to strengthen its position in Nordic and European markets.

At the close of 05 Nov 2026, Lime Technologies AB (publ) (LIME.ST) stock was 266.00 SEK (+0.95% on the day), with market capitalisation 3.5 bn SEK, P/E 31.9 on diluted EPS of 8.35 SEK over the last 12 months, beta 0.46, 52-week range 178.00–344.00 SEK.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
3.5 bn SEK
shares as of 31 Dec 2025
P/E (TTM)
31.9
Diluted EPS TTM 8.35 · TTM to 31 Dec 2025
E/P (TTM)
3.14%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.46
Volatility (1y) 46%
52-week range
178.00344.00

Price history

Loading chart…

Technical reading

RSI (14)
55.6
strong (55–70)
Bollinger (20, 2)
251.09 – 277.31
in the upper half of the band · %B 0.57 · band width 9.9%
SMA 50 / 200
252.67 / 225.49
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
4.49 / 5.69
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+8.8%−0.6%+9.4 pp—
3 months+19.0%−4.2%+23.2 pp—
6 months+20.4%+4.3%+16.0 pp—
Year to date−7.3%+7.5%−14.8 pp—
1 year−23.8%+9.9%−33.7 pp−8.5%
3 years−4.3%+49.8%−54.2 pp+12.3%
5 years−24.0%+42.8%−66.8 pp—
Max drawdown (1y)
−48.3%
10 Nov 2025 → 12 Feb 2026
Max drawdown (5y)
−58.1%
10 Jun 2025 → 12 Feb 2026
Compound annual growth (5y)
−5.3%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 3-quarter history (min 34.4, median 47.7, max 55.3; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue577.1 m685.7 m739.8 m
Revenue YoYunavailable+18.8%+7.9%
Net income83.4 m89.4 m111.7 m
Net income YoYunavailable+7.2%+24.9%
Diluted EPS6.216.668.35
Diluted EPS YoYunavailable+7.2%+25.4%
net %14.4%13.0%15.1%
Free cash flow141.3 m196.0 m186.8 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
49.2 m SEK
Financial debt
85.0 m SEK
Net debt
35.8 m SEK
Equity
359.3 m SEK
Total assets
899.2 m SEK
Debt / equity
0.24x
Current ratio
0.53x
ROE
33.3%
ROA
12.3%
FCF margin
25.3%

Financial statements (source on every figure)

Revenue and net income (SEK)

Margins

Income statement · SEK

Revenue
2023
577.1 m
2024
685.7 m
2025
739.8 m

esef· 26 Oct 2026verified

Operating income
2023
114.6 m
2024
134.3 m
2025
146.0 m

esef· 26 Oct 2026verified

Depreciation & amortisation
2023
66.2 m
2024
76.9 m
2025
81.5 m

esef· 26 Oct 2026verified

EBITDA
2023
180.7 m ≈
2024
211.2 m ≈
2025
227.5 m ≈

esef· 26 Oct 2026derived

Interest expense
2023
12.0 m
2024
20.3 m
2025
12.9 m

esef· 26 Oct 2026verified

Pre-tax income
2023
103.4 m
2024
115.0 m
2025
135.1 m

esef· 26 Oct 2026verified

Income tax
2023
20.1 m
2024
25.6 m
2025
23.4 m

esef· 26 Oct 2026verified

Net income
2023
83.4 m
2024
89.4 m
2025
111.7 m

esef· 26 Oct 2026verified

Diluted EPS
2023
6.21
2024
6.66
2025
8.35

esef· 26 Oct 2026verified

Weighted average diluted shares
2023
13.4 m
2024
13.4 m
2025
13.4 m

esef· 26 Oct 2026verified

Balance sheet · SEK

Cash
2023
30.0 m
2024
49.0 m
2025
49.2 m

esef· 26 Oct 2026verified

Current assets
2023
154.1 m
2024
168.4 m
2025
177.0 m

esef· 26 Oct 2026verified

Property, plant & equipment, net
2023
7.9 m
2024
8.6 m
2025
6.0 m

esef· 26 Oct 2026verified

Total assets
2023
696.9 m
2024
920.7 m
2025
899.2 m

esef· 26 Oct 2026verified

Long-term debt
2023
62.5 m
2024
145.0 m
2025
85.0 m

esef· 26 Oct 2026verified

Current liabilities
2023
272.8 m
2024
322.5 m
2025
332.6 m

esef· 26 Oct 2026verified

Total liabilities
2023
432.3 m
2024
609.2 m
2025
539.9 m

esef· 26 Oct 2026verified

Equity
2023
264.7 m
2024
311.5 m
2025
359.3 m

esef· 26 Oct 2026verified

Shares outstanding at year end
2023
13.3 m
2024
13.3 m
2025
13.3 m

esef· 26 Oct 2026derived

Cash flow · SEK

Operating cash flow
2023
142.5 m
2024
196.5 m
2025
187.0 m

esef· 26 Oct 2026verified

Capex
2023
1.2 m
2024
449.0 k
2025
215.0 k

esef· 26 Oct 2026verified

Free cash flow
2023
141.3 m ≈
2024
196.0 m ≈
2025
186.8 m ≈

esef· 26 Oct 2026derived

Investing cash flow
2023
-30.1 m
2024
-193.9 m
2025
-54.2 m

esef· 26 Oct 2026verified

Financing cash flow
2023
-118.3 m
2024
15.7 m
2025
-129.5 m

esef· 26 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
7.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
8.7%
computed by olivLawFY 2025
Net income growth (YoY)
24.9%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
25.4%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-4.7%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
30.7%
computed by olivLawFY 2025
EBIT margin
19.7%
computed by olivLawFY 2025
Net margin
15.1%
computed by olivLawFY 2025
FCF margin
25.3%
computed by olivLawFY 2025

Returns

ROE
33.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
12.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
30.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
25.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
35.8 m SEK
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
0.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
0.2x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
11.3x
computed by olivLawFY 2025

Liquidity

Current ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
187.0 m SEK
computed by olivLawFY 2025
Capital expenditure
215.0 k SEK
computed by olivLawFY 2025
Free cash flow
186.8 m SEK
computed by olivLawFY 2025
FCF conversion
167.3%
computed by olivLawFY 2025
Cash conversion
82.2%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
3.5 bn SEK
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
3.6 bn SEK
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
31.7x
computed by olivLawFY 2025
P/E (TTM)
31.9x
computed by olivLawFY 2025
Earnings yield
3.1%
computed by olivLawFY 2025
P/B
9.8x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
4.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
15.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBIT
24.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
4.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
18.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
5.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 65 / 100

A scoring methodology on indicators and valuation, not investment advice.

(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])

Closing price

266.00 SEK

05 Nov 2026Source: olivLaw, closing series

Market cap: 3.5 bn SEK

Key indicators

Market capitalisation
3.5 bn SEK
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
31.9x
computed by olivLawFY 2025
P/B
9.8x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
15.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROE
33.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
15.1%
computed by olivLawFY 2025
Revenue growth (YoY)
7.9%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

24/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 26 Oct 2026
verified 73derived 3

Score by group

  • Quality95
  • Balance sheet80
  • Valuation30

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Unattractive profile · Score 65/100

    FactorValueScoreWeight used
    ROIC · Quality30.1%96 (vs peers)14%
    Net margin · Quality15.1%89 (vs peers)9%
    FCF conversion · Quality167.3%100 (on a fixed band)9%
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheet0.2x100 (on a fixed band)14%
    Interest coverage · Balance sheet11.3x100 (on a fixed band)9%
    Current ratio · Balance sheet0.5x0 (on a fixed band)6%
    P/E (TTM) · Valuation31.9x31 (vs peers)14%
    EV/EBITDA · Valuation15.7x0 (on a fixed band)14%
    FCF yield · Valuation5.3%66 (on a fixed band)11%
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet80/100 · 3/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality95/100 · 3/3 factors with a value
    • Returns· partialunavailable · 0/2 factors with a value
    • Valuation30/100 · 3/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    Lime Technologies AB (publ) (LIME.ST). Latest full fiscal year: 2025; data up to 2025-12-31.

    Figures computed from the financial statements: revenue 739.8 m SEK in 2025; YoY growth 7.9%; net margin 15.1%; ROE 33.3%; net debt/EBITDA 0.2x.

    The estimated value range is 129.58–210.77 SEK per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 177.64 SEK, the price of 266.00 SEK leaves a potential of -33.2% (value / price − 1) and a margin of safety of -49.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

    olivLaw score 65/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • ROIC: 30.1%
    • Net margin: 15.1%
    • FCF conversion: 167.3%
    • Net debt / EBITDA: 0.2x
    • Interest coverage: 11.3x

    What contradicts it

    • Current ratio: 0.5x
    • EV/EBITDA: 15.7x
    • The price is above the estimated value range

    Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).

    Versus the vertical median

    Listed companies from Sweden · same country · compared with 39 companies

    Multiples and returns vs the median

    P/E
    31.9x
    vertical median 22.9x
    above median (+39.3%)
    EV/EBITDA
    15.7x
    vertical median 5.3x
    above median (+195.3%)
    P/S
    4.8x
    vertical median 1.1x
    above median (+327.1%)
    P/B
    9.8x
    vertical median 1.4x
    above median (+617.0%)
    ROE
    33.3%
    vertical median 7.4%
    above median (+350.7%)
    Net margin
    15.1%
    vertical median 4.3%
    above median (+251.2%)
    EBIT margin
    19.7%
    vertical median 6.0%
    above median (+228.3%)
    Revenue YoY
    7.9%
    vertical median 1.3%
    above median (+489.9%)
    Net debt/EBITDA
    0.2x
    vertical median 1.5x
    below median (−89.2%)
    Dividend yield
    —
    vertical median 2.5%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    ALFA.STAlfa Laval AB223.0 bn27.019.4%11.9%+4.1%+21% / +38%
    BOL.STBoliden Ab143.0 bn15.213.3%10.1%+4.8%+12% / +81%
    CAST.STCastellum Aktiebolag66.6 bn71.01.2%9.8%−2.6%+27% / +6%
    AAK.STAak Ab (publ)47.5 bn13.917.2%7.5%+2.2%−31% / −14%
    CAMX.STCamurus AB42.5 bn58.519.5%32.5%+21.3%+16% / +55%
    BRAV.STBravida Holding AB30.1 bn24.513.7%4.4%−4.9%+84% / +123%
    ASKER.STAsker Healthcare Group AB29.8 bn60.59.8%2.9%+11.7%−18% / unavailable
    ALLEI.STAlleima AB22.7 bn33.84.1%3.6%−5.4%+11% / +19%
    BURE.STBure Equity AB22.6 bn—-21.0%—unavailable+20% / +19%
    AQ.STAQ Group AB19.7 bn29.214.9%7.5%+6.0%+14% / +119%
    ALTRA.STAltra Fastigheter AB18.4 bn33.93.0%15.1%−2.2%+9% / +19%
    ATT.STAttendo AB (publ)16.8 bn20.715.1%4.3%+0.1%+34% / +223%
    AFRY.STAfry Ab14.9 bn18.76.2%3.1%−5.2%−17% / +4%
    ATRLJ-B.STAtrium Ljungberg AB14.0 bn17.12.9%23.9%−2.0%−33% / −44%
    ALIG.STAlimak Group AB (publ)12.7 bn21.38.2%8.8%−3.2%−18% / +50%
    ACAD.STAcadeMedia AB12.7 bn15.512.7%4.3%+9.7%+22% / +138%
    APOTEA.STApotea AB (publ)10.7 bn46.831.3%3.2%+10.1%+15% / unavailable
    BOOZT.STBoozt AB10.6 bn37.910.4%3.6%+0.5%+58% / +44%
    BUFAB.STBufab AB (publ)5.0 bn9.215.1%6.9%−7.4%+36% / +110%
    ACTI.STActive Biotech AB (publ)4.9 bn—-84.5%—unavailable−32% / −77%
    CEVI.STCellaVision AB4.7 bn30.818.0%20.2%+4.9%+20% / +12%
    COOR.STCoor Service Management Holding AB4.7 bn18.213.0%2.2%+16.7%+1% / +25%
    BHG.STBHG Group AB4.5 bn31.12.5%1.4%+6.2%−18% / +113%
    LIME.STLime Technologies AB (publ)3.5 bn31.933.3%15.1%+7.9%−17% / −9%
    CARA.STCarasent AB (publ)1.8 bn51.74.1%10.1%+24.9%−8% / +87%

    1- and 3-year price returns: for LIME.ST from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (SEK)

    Estimated priceBearBaseBull
    1 years
    163.55
    Total return -39% · Per year -39%
    288.68
    Total return 9% · Per year 9%
    434.22
    Total return 63% · Per year 63%
    3 years
    169.70
    Total return -36% · Per year -14%
    335.99
    Total return 26% · Per year 8%
    553.30
    Total return 108% · Per year 28%
    5 years
    176.08
    Total return -34% · Per year -8%
    391.04
    Total return 47% · Per year 8%
    705.03
    Total return 165% · Per year 22%
    What moves the 3-year price the most
    • Exit P/E± 84.00
    • Net margin± 58.80
    • Annual revenue growth± 46.75
    • Annual dilution± 4.94

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Lime Technologies is a Swedish CRM software provider that delivers vertical-specific systems for companies in energy, real estate, wholesale and membership organisations, with growing focus on markets outside Sweden. With net revenue of 740 MSEK in 2025 and AI-driven customer communication products expanding, the company aims to strengthen its position in Nordic and European markets.

    SWOT

    Strengths

    • Established position in four specialised verticals, with Lime CRM making up most revenue and a very high recommendation rate for support in customer surveys.
    • Strong integration between products, including Lime Connect and Lime CRM, which gives customers a unified experience and creates switching barriers.
    • In-house development capacity and the ability to build custom integrations, a point customers such as Prisjakt value, supporting quick adaptation to market needs.

    Weaknesses

    • Reliance on one main product means Lime CRM's performance strongly influences the group's overall result.
    • Office and staff costs are significant, and margin pressure could become visible if revenue grows more slowly than expenses.
    • International expansion is still early in some markets, meaning limited coverage and low brand recognition outside Sweden.

    Opportunities

    • Expansion in Germany, Poland and the Netherlands could raise the share of revenue from outside Sweden, if integrations and acquisitions turn into new customers.
    • Demand for automation and AI in customer communication could favour products like Lime Connect, especially in existing verticals.
    • Government programmes and club digitisation may open new markets for Lime Sportadmin, including beyond Sweden.

    Threats

    • Competition from global CRM platforms with large development budgets could reduce the company's market share in enterprise segments.
    • Currency movements between the Swedish krona and the currencies of the countries where the company operates could affect reported revenue and results.
    • Dependence on the economies of the Nordic and European markets exposes the company to customers cutting software investment during slowdowns.

    Risks

    • Concentration on one producthigh

      Lime CRM generates most of the revenue, so a technical problem, the loss of major customers or a pricing change could affect the result of the whole group.

    • Currency riskmedium

      Revenue and costs are realised in several currencies, and exchange rate fluctuations can change results reported in Swedish kronor.

    • Competitive pressure in AIhigh

      If global platforms launch superior AI features at lower prices, Lime could lose new customers or might have to reduce its prices.

    • Data security riskmedium

      The platforms handle sensitive customer data, and a security incident could harm reputation and contractual relationships, even though the company holds ISO certification.

    • Dependence on acquisitionslow

      Part of the historical growth has relied on acquisitions. If integration of newly acquired companies runs into difficulties, results could be weaker than expected.

    Investment thesis

    What would need to be true (bull case)

    • If Lime CRM keeps its position in existing verticals and successfully transfers its products to Central European markets, revenue growth could continue, in line with the company's expansion history.
    • Building AI features into Lime Connect and the CRM platform could increase value for customers and could support better margins over the longer term.
    • The move to subscriptions provides recurring revenue, and the high recommendation rate for support suggests good customer retention, which could stabilise cash flows.

    What would break the thesis

    • If global CRM platforms expand their vertical offerings, Lime could lose its niche advantage and might need to increase spending on marketing and development.
    • Rising staff and office costs could compress margins if new revenue does not offset these expenses.
    • International expansion faces market entry costs and limited brand recognition, which could delay its contribution to results.

    What to watch

    • Development of revenue and margin for Lime CRM and for markets outside SwedenQ1 2027
    • Adoption of Lime Connect and Lime Go and their effect on recurring revenue2027
    • Staff and office costs relative to revenue growthnext 10-K
    • Results of recent acquisitions, particularly Plan Plan and Userlike2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Lime Technologies develops and sells CRM software and related solutions for companies, organised around four core verticals: energy, real estate, wholesale and membership. According to the 2025 annual report, Lime CRM accounts for 70 % of net revenue, and the company has moved from upfront licences to a subscription (SaaS) model. The group is headquartered in Lund and has 12 offices across six countries.

    The company was founded in Lund in 1990 and listed on Nasdaq Stockholm in December 2018, after being owned by a private equity firm from 2014. Its growth strategy rests on verticalisation, acquisitions (including Userlike, Sportadmin and Plan Plan) and expansion into Norway, Finland, Denmark, the Netherlands and Germany. Recruitment has grown each year, with 121 hires in 2025.

    The group has several business units: Lime Go for B2B sales teams in the Nordics, Lime Connect for AI-driven customer communication and Lime Sportadmin for sports club administration. This structure allows products to work with Lime CRM and extends the offering to new customers.

    Segments

    Lime CRM

    Lime CRM is the group's main product and represents 70 % of net revenue, delivered in verticals for energy, real estate, wholesale and membership organisations. The platform integrates with ERP systems and external data services, and customers can adapt their workflows.

    Lime Connect and Lime Go

    Lime Connect brings customer channels (web chat, WhatsApp, SMS) into one inbox with AI chatbots and routing to human agents, while Lime Go gives sales tools to small and mid-sized companies in Sweden, Norway and Denmark. Both products are described as under continuous development with AI features.

    Lime Sportadmin

    Lime Sportadmin is an administration platform for sports clubs, with automatic payments, attendance tracking and integration with Fritidskortet, a Swedish government initiative. The company extended the product into the Netherlands through the acquisition of Plan Plan, opening access to the European club software market.

    Market context

    The company operates in the CRM market for small and mid-sized businesses in Northern Europe and other parts of Europe, where competition is fragmented between local and global vendors. The annual report points to growing demand for AI in customer communication and for vertical tools, which could support growth if the company stays competitive on cost and functionality.

    Markets outside Sweden are a priority in the group's strategy, and their share of revenue could rise if expansion in Germany, Poland and the Netherlands meets its targets. Sportadmin and Lime Go address smaller segments, while Lime CRM remains the main revenue driver.

    Trends

    • Artificial intelligence in CRMmixed

      Lime has built AI into chatbots, automation and conversation routing, and customers such as Prisjakt report time savings from automatic summaries of conversations. AI adoption could increase demand for unified platforms, but could also put pressure on prices if the market becomes more competitive.

    • Digitalisation of public and club administrationtailwind

      Initiatives such as Fritidskortet and the digitisation of sports club management create demand for products like Sportadmin, especially as the company expands in Europe. Results depend on how widely local clubs adopt these programmes.

    • Shift to the SaaS modelmixed

      Moving from one-off payments to subscriptions gives more predictable recurring revenue, but delays short-term cash receipts and can make comparison with earlier periods harder. The net effect depends on customer retention.

    • Pressure from staff and office costsheadwind

      Rising headcount and office rent costs, including in Lund, Stockholm and Cologne, could reduce margins if revenue does not grow at the same pace. The company reported solid recruitment momentum, but also pressure on fixed costs.

    Competitive position

    Lime competes with CRM and customer communication providers offering general or industry-specific solutions, both local and international. The company's stated advantage lies in deep vertical knowledge and faster implementations, but competition from global platforms with AI features remains intense.

    In Nordic markets Lime faces local software vendors for small and mid-sized businesses, and in Central Europe established CRM players. Differentiation depends on integration with local ERP systems and on Nordic company data, where the company offers access to Dun & Bradstreet data.

    • SalesforceCRM

      Global CRM platform with extensive AI features, present in every market where Lime operates, but with a more general approach than Lime's specialised verticals.

    • HubSpotHUBS

      CRM and marketing automation provider focused on small and mid-sized businesses, an important segment for Lime Go and Lime Connect as well.

    • Intercom

      Customer communication platform with chatbots and automation, a direct competitor to Lime Connect; it was used by the Prisjakt customer before migrating to Lime.

    News & filings

    In the press

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Lime Technologies AB (publ) · 31 Dec 2025

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.