bit more cautious in these times, but strong sellout in the market, and we are keeping our margin, as I said. Some of these numbers you can pay attention to. Also, we would like to emphasize one thing. We got a lot of questions on this one. As you can see right now, we are in this time where you can see our ARPU, so the average subscription price is going slightly down. In the appendix, which we have added to the presentation, you will see some key number. The ARPU in the Nordic market are keeping steady. Since we are adding more subscription outside Nordic, the price points are a little lower. We are still keeping the same percentage margin, but the price point on average is a little lower. So when you blend those two price point, that's the reason the ARPU is slightly declining.
But that's only short term, because when we are adding senior subscription and more youth subscription, that has a significantly higher price point. So right now, the ARPU is a little declining, not because the prices in the market are dropping, that's a strength, but we are selling more units outside the Nordic that, in general, just has a lower price point. That's temporary. So that's kids and youth, some kids key takeaway. I would also emphasize some few numbers when it comes to senior. As we said, M&A, part of our strategy. This quarter, our growth is driven by our acquisition of emporia. Kjetil will take you through some of the details. emporia actually contributed with NOK 76 million in this quarter. You will also see that Doro as isolated is down to NOK 220.
That mean that Doro now is to the normalized level when it comes to unit and revenue before our acquisition. As we emphasized, last year was in particular a strong quarter due to the sunset effect of 2G, a lot of sell-in to the channel. They are now to that normalized level before our acquisition, and from our point of view, also expected. If we add emporia, you will see the segment as a whole is up 13%. Just some numbers to keep in mind before we go into the financial update with Kjetil.
Thank you, Sten. Good morning. I will then go through some of the key financial numbers. As Sten said, some of the details of the segments is then attached in the appendix of the deck, and we will not go into them in detail. Let me start where we always start. We start with the number that also Sten mentioned, EBITDA after CapEx, NOK 64 million in this quarter, and that's up 8% compared to a year ago. Why are we doing this? Yes, because in our industry, the CapEx is representing mostly capitalization of development cost. So the EBITDA after CapEx is the real measure of what we are spending on, what we are contributing with in the EBITDA line. When you see the revenue is NOK 555, that's up 9%, as Sten said, and year to date, it's also up 3% year-over-year.
Device revenue up 9%, and year-over-year, it's up 1%. The service revenue continued to increase every quarter, and now we are on NOK 96 million in service revenue in the quarter. We have specified one-off this quarter, and that's the transaction cost related to the acquisition of NOK 5 million. If you adjust the EBITDA, as Sten said, with this NOK 5 million, we ended on NOK 77 million. We had also NOK 5 million in one-offs in Q3 2025 related to changes in the senior segment. EBITDA excluding one-offs is NOK 1 million up, NOK 77 million. Year-to-date, our EBITDA excluding one-offs, NOK 165 million versus NOK 164 million for the same period last year. When you look at the group numbers, this is then the five last quarters, and the group revenue, NOK 555 million, that's up NOK 45 million. Gross profit continued to increase with NOK 19 million year-over-year to NOK 282 million.
As you can see, the gross margin is quite steady. If you adjust for the quarter with the lower revenue numbers, the impact of the high-margin service revenue contributed to the overall gross profit to be higher. Last slide, you can see also the EBITDA by quarter, and the white square on top of it is adjusted for one-offs. When we go into the children and youth, I would like to pay attention to one thing. You can see that the revenue is up NOK 11 million to NOK 259 million. Please note that in Q3, the impact of currency is special in this quarter because the EUR has gone down. If you recalculate, you will have approximately NOK 20 million additional revenue in this segment if you adjust for currency.
Service revenue represents the second graph here, and as you see, the Annual Recurring Revenue increased with NOK 25 million year-over-year. The gross profit is also quite stable, even though we have a 55% gross margin in the quarter, compared to 52% a year ago. Another note when it comes to children and youth, we have a lot of group expenses that we have not allocated to the senior segment, so they are kept in the children and youth segment for practical purposes. When it comes to the senior segment, we have an increase in revenue of NOK 34 million year-over-year. Some of this is, as Sten said, linked to us consolidating emporia for the first time.
This number, and Kjetil will go a little bit more into it, but this number, this achievement that emporia did this quarter, is mainly because we were able to fund them, and they were having products available into the market. What's important for us is that we look at this as one segment, so that, for instance, in Germany, where both products from Doro and emporia are present, we will always try to optimize this. Going forward, we would like to focus on the segment and not split it into product categories. When it comes to profit and loss, you see that the profit before income tax ended on NOK 65 million in this quarter compared to NOK 46 million last year.
The depreciation and amortization is slightly up in this quarter, also compared to previous quarters this year, and that is related both to the acquisition of emporia and the depreciation of fixed assets in emporia. A very important metrics is that we need to keep the cost in percent down compared to the LTM of revenue. As you can see here, we keep it on the 40% level. These numbers, NOK 210 million in operational expenses, also include the one-offs of NOK 5 million in acquisition cost in the quarter. When it comes to the balance sheet, we have the acquisition loan that we took when we acquired Doro. It is now NOK 761 million. We started on EUR 82 million, and now it is down. Current liability to financial institution is NOK 453, and that is up NOK 430 in Q2 2026.
Main reason is that we have increased the supply chain financing to be able to fund the inventory buildup in emporia and the availability of the products in these markets. You can also see that the account receivable is up to NOK 244, and that is mainly because of the push into the market of emporia products. The last thing I should mention here is that we have a pretty good level of the inventory now, and NOK 340 million is actually down compared to last quarter. In Q3, we had quite a lot of items in the cash flow, and we started the quarter with NOK 537 million in the bank. We added the profit before tax of NOK 65 million. We spent some on change in working capital, mainly related to increased account receivable. When it comes to investing activities, the NOK 83 million is linked to two things.
The main part is linked to the debt that emporia had to their bank for the supply chain financing, and the other part was linked to subordinate debt in the company. So we paid during that Q3, NOK 83 million to take over emporia here. In addition, we have also NOK 25 million that we will pay on the subordinate debt to the loan holder in a couple of years' time. Then we have NOK 35 million of settlement of the hybrid loan. We mentioned it in the Q2 report, but I would still like to explain it again. It was a SEK 50 million loan that was granted to Careium as a spinoff from Doro in 2021. It had no maturity and no repayment schedule. So we accepted to get SEK 35 million in cash and waive the rest.
That gives a loss of NOK 16 million in the financial items, but we then have in return then certain cash in our bank, and we remove credit and timing risk. When it comes to the financing activities, in this quarter, we have also paid down on our acquisition loan, NOK 72 million. We have bought 500,000 shares, our own shares in the market, for NOK 13 million, and that is in the cash flow of the quarter of NOK 450 million. To sum up the quarter, we started and I think I am going to stop there. Kjetil?
Good morning, everyone. I have been with the business now in Linz in Austria since the summer, since we concluded the acquisition, and it is a great team there. They are super enthusiastic. They have become a member of a larger group and see the opportunities with a lot of new services. Funding is in place, and we really give full power to make this a success. You can see it from the numbers that we have sold more than 100,000 mobile phones in the first consolidated quarter. The EBITDA and EBT was positive in the quarter, both in July, August, and September. We have launched the new 5G phone that I presented last time. You saw also from Knut's numbers that accounts receivables are up, inventory overall is down. That means that the products that we bought, they went straight out the door immediately.
We got this very fun situation at the beginning where we had goods in China, we paid for them, got them to Austria, and straight out into the channels, which was really a flying start. With the acquisition, we have entered into some new markets. We have been present with the kids watches and with Doro in the German market, and also partly in Switzerland and in Austria with our watches. Now we have also entered in a much larger scale into Italy, which is actually the fourth-biggest market of emporia, in addition to Germany, the biggest one, and then Austria and Switzerland are our new market slots. When it comes to the smartphone, that has really helped us. The company has not spent much on marketing, but very much press attention. emporia is a company with 35 years history in Austria and in the region of Oberösterreich.
It is really a well-known company, even if it is not that big. It is a mobile manufacturer based in Austria, which is not so very common. We got a lot of attention, Scandinavians coming and buying this company, and we had a lot of press articles, not only because of the transaction, but because we introduced the first 5G phone that was very, very well received. I gave some numbers last time, but actually we got more than 70 press articles in magazines and newspapers with more than 35 million readers. We also have regained trust from our business partner, meaning the distributors, telcos, and retailers, because we have now proven that we actually could deliver and that we are consistent with our story. I would say this is so far a very, very good acquisition.
The company was undercapitalized, and that was the first thing we did to equip the business with working capital to drive the revenue. My task in addition to get this started again is to lead the integration project. We are now one organization. We bring emporia from being a separate business into become a part of the integrated organization and the working processes. We have, on the product side, made now a transition plan to have less different platforms to optimize the product portfolio, and we also then see the opportunity now to utilize the 5G products also for the Doro brand, and that is a very, very big synergy because the development cost of a 5G phone is high. We also have started with integrating the system, and that is also a prerequisite to take out some additional synergies when it comes to logistics and after-sales.
You also see from the lower corner there on the right-hand side that we have also already made some changes in how the company communicates to the market with new branding on the product packaging. This is the 5G phone that I presented last time, but in the ME version, which is a variant. So, actually, as we now continue with production week by week, you will gradually see that we introduce the new packaging on the different phones. Also the phones have emporia by Xplora stamp on the flip side. We have also done things when it comes to internal communication, when it comes to email addresses, so that people feel that they are a part of a bigger organization right away. So quite a quick process. For us, this is a bolt-on acquisition that can go quite quickly.
When it then comes to the senior SIM and services, this is also an example of synergies. We set up a full MVNO for the Doro brands after the acquisition. So instead of starting all over again, we can be much quicker to the market. We actually have now changed it to Xplora Connect when we talk about emporia. We cannot have Doro together with the emporia brand for connectivity. So we launch emporia with Xplora Connect, and we have already shipped the products now into Amazon with German SIM cards, and they're starting the Black Week activity now in about two weeks. We have also prepared the web shop, set it all up for Germany. We are just waiting for additional SIM cards, so we should be able to launch also the web shop in December. We have also progressing with retailers. So we are in good discussions.
We saw that it took very long time for us to develop the point of sales system for in-store activation for the Doro brand. We can now have a much shorter process by utilizing the learnings that we did with Doro in that process. So that means that we are in talks, we are progressing, we are planning for that as well. When it comes to the premium services for senior, we spent some time developing this first for the Doro brand. Now, we will also see very shortly that we introduce this for the emporia brand. So we have adopted the settings and the application for the E8, the 5G phones, and we target to launch this now in December. We have it ready, and we will bundle that with the services initially as a standalone, and then also start with the SIM cards.
This targets both existing and new customers. I will not repeat the different functionalities, but you remember that this is a tool for the guardian or the elderly person to help and assist and locate the senior user. For the senior user, it builds a lot of trust and security around staying connected in an easy way, share the location with the family, and also share the screen for assistance. So you see some screenshots here on how it works. Good. That was a quick update from my side.
Excellent. Thank you, Kjetil . As you can see, we are taking a lot of learnings from buying a big company, actually larger than ourselves, Doro, now also having bolt-on acquisitions where we take all this learning, create a fast-track model. Expect lots of progression to come. Looking forward, I would like to point out a couple of very important things. As we said last time, one thing is to deliver short-term results. We always expect high growth, magical numbers to happen every single quarter. But for us as a business, more so important is to make sure that we have a long-term, sustainable, secure strategy. Going into this market, we saw one very important thing by making this bolt-on acquisition and securing the platform both for kids and senior. What we have managed to accomplish right now is basically to secure roughly 1.8 million units annual sales.
That doesn't mean at all we are not planning to grow that number itself. Let me come back to that in a second. But it's a really strength for a company to have that as a foundation in the market as it is right now. 500,000 from Xplora, one million from Doro, and 300,000 from emporia. That's our base. Of course, the key target for us now is to drive the short-term growth to add service revenue on top of that solid base of units. Of course, we can then add units on top of that afterward. In a second, I will also showcase to you why we feel quite comfortable that we will continue to grow.
Because what we have done during Q1, Q2, and now Q3 is that we have created a really strong product portfolio, I will showcase some a little bit later, consolidating all these product platforms we now have acquired. By the acquisition, we can also enter into new markets for a very low cost, and we will also have quite a lot of synergy that also Kjetil pointed out. One thing is synergy when it comes to revenue, but we are also on target with our NOK 50 million OPEX synergy. Roughly NOK 20 million will be released throughout this year, and the remaining NOK 30 million, so the full NOK 50 million will have a full year effect in 2027. That's kind of our base. Before I go into some of this, I know it's a lot of excitement related to the rollout of the senior. We are not getting beyond that, of course.
As Kjetil was saying, it has taken some time, roughly 18 months, in fact, from when we started until we were live selling in the retail store. As you know, the retail store we are now live in is POWER. POWER is roughly 130 stores. The one thing the team has done a tremendous job to execute is to see, can we do well in this one store when we started the pilot? Because we know a couple of things from working with retail some years. If something work in one store, most likely it will work in the remaining store for that retailer. If it work in one retail chain, at least in that region, it will work in other retail chain as well. Our long-term recipe is the following.
We are very dedicated to make sure that we really can find the blueprint how to sell and convert SIM card in this retail chain, because then we use that blueprint to replicate into the next one, because we actually have a short window of time to make sure that this is profitable for us and for the retail chain. The number we would like to share with you today is that we always had this as a very compelling target. If we can convert 20%-25% of the units we are selling attached with SIM card, we have a very, very profitable business. Now we can present to you today with the retail stores within POWER that has been through the training, where our team has made sure to learn them the right way to sell, they have started to sell.
The stores that really have adapted that have a strong conversion rate, and we would not have presented this number if not that was with a solid framework and base around it. The only thing, of course, is this is POWER, and as I will show you on the next page, POWER represent one chain in one of the smallest markets for Doro. As we can see the breakdown, our foundation is now roughly 1.3 million senior units across all our markets. If you break down the number from first half year, Nordic represent roughly 12% of that, and Norway present 5% of that.
POWER is not the biggest retailer in that market, but POWER has been of tremendous help because of their size and their willingness to learn and adapt to allow us to establish that blueprint, how to sell, how to execute, how to make sure that that number is tangible. What we present today in POWER with the store that execute well, we are way above that target on a solid base, and it is increasing week by week. That is the number to share, and I know we will work really hard to make sure to now replicate that into the next retailer, such as what Kjetil alluded to a second ago. What also makes me really excited for next year and for our next growth journey is the following. I try to avoid using the word soft consumer market today, and I will not do that either.
Being able to deliver the number we are doing this quarter and last quarter is solid with the margin that we also have kept. But in parallel of doing that, our team has also secured a couple of long-term, very strategic important initiatives. Because what we have been doing the last couple of quarters, and of course finalizing as we speak, is that we have taken quite a large product portfolio, a lot of SKUs. We have had our best people from tech, sales, and marketing to consolidate all the best products. How can we optimize and streamline this from a financial point of view? What are the product and services we are missing? We are now finalizing a really strong, compelling product lineup for next year. Why is that important? Recall, Xplora on our end, in 2027, it is three years since we introduced new product.
We had a quite significant CapEx investment some years ago, and we said, This is the product portfolio we'll capitalize on the next couple of years. It's now time we're introducing new product. What do we know? New product always drive sales. The last couple of years, we have grown quite a lot. We have also had some issue when it comes to customer support, returns, and some of the product and market area. Of course, with our new product, we have taken all the learnings. The product will be better. They will have less return. They will have less stress on our customer support. More sales, more profitability, and less inbound to customer support as well. We have also taken all the learnings from our new category, youth. We have doubled our sales on XploraOne.
We are basically now ends of the volumes we have available, but we have taken all that insight, all the interest from the market, utilized for what it's worth. The product portfolio and competence from Doro and emporia to bring a new next version into the market next year. Of course, the products from emporia, Kjetil mentioned, the best product from Doro, they will be in the market next year. Streamlined, optimized, more profitable, new product, always sell more. We are really exciting about that. Of course, growth will come from subscription, now having the proof point from senior, youth, and new kids products. The good thing, what we get from free buying company, of course, also into new markets that emporia represents, we will, of course, use that to introduce our kids watches, our youth product.
We have the retailer, we have the distribution, we have the know-how from that market, so we can also grow into new market for a very low cost. One thing is synergy cost-wise when it comes to buying new companies, because we can always reduce costs due to synergy, but the more interesting synergy with buying companies is, of course, from Doro, France has been one of their strongest markets. Fresh out of the press, a couple of days ago, in fact, the brilliant, very seasoned French sales team from Doro secured big announcement when it come to bringing our Xplora kids product into their retailer. Large announcement from Fnac, key retailer in the market, are now bringing our kids and youth product into the market as well.
I think I would like to just bring this news to the audience that we have remained firm on our price and margin. With our introduced M&A strategy, we have been able to also grow in the market environment where we are, but we have also strategically allowed ourself to develop these items in order to go into 2027 to really kick some ass, to say it in Swedish. We look forward to that. With that, to end with the outlook, that with the insights we now have from the senior conversion in POWER, we remain firm on our one million target subscription end of 2029, of which 200,000 to come from senior. We are introducing these growth engines we put on the outlook, so you can judge us if we deliver.
And of course, we also remain firm on the comparable OPEX level, NOK 50 million down, 20 to be released end of this year, and 30 to be introduced, so a total 50 on an annualized base next year. We will continue to measure ourselves on gross profit, subscription base, and EBITDA after CapEx. With that, we will introduce into or go into the Q&A. Some of the numbers the business unit presents, we have put them all in the appendix. All the usual number with breakdowns and so forth, they will be in the appendix so you can study them. They are still available. Let's move into Q&A. All right. Straight to emporia. How should we think about emporia's growth going forward, as probably some of this is built-up demand? Kjetil, feel free to answer.
Yeah. When we closed the transaction, there was actually a big backlog of orders, and we were a bit cautious and insecure. Is this really the fact that these orders still exist? They did, and that's why we got a very quick sellout in the market. We have filled up the channels, and you see that the +100,000 is more for one quarter compared to the 300,000 that Sten indicated in his introduction. It was a flying start, but also the business now in this quarter continues to go well, so there's a good sellout. Without saying anything more, I think that is quite a reasonable answer to it.
Thank you. Sellout was higher than sell-in. Do you expect restock, and what is adjusted revenue compared to currency? Yes. I think sellout was higher. We normally see that, but I mentioned it in particular because a lot of consumer brands are concerned that it's actually the opposite right now. You're selling into the retailer, but actually the market is not buying it. That's why we would like to emphasize that in our case, it's more that the retailer on average are very cautious right now. Seeing a higher sellout in the market than sell-in is actually a very healthy sign that at least our products are The end consumer is buying the product. That's why we emphasize it in particular.
Knut also mentioned if the currency was the same this quarter as last year, our revenue just on kids alone would actually be NOK 20 million higher. That should answer that. The OPEX were up from Q2. How much is emporia or other things? I think you mentioned, Knut, but you can repeat one more time.
Yeah. So, of course, when you include also emporia, you will have an increase in expenses compared to Q2. We have also an increase in revenue, and some of the cost is very much linked to our revenue numbers. We have still a 40% OPEX level compared to the LTM of revenue. The one-offs is NOK 5 million in this quarter, as mentioned. Of course, then was very specific of when this synergy is taken out, when it's impacted.
Memory. Memory components and costs, do you expect them to rise in Q4 going into 2027? Can you pass them in price? I'm just trying to translate that to speak as well. As we said, it's a very unpredictable market because you wake up one morning and just another news hit the, or some element hit the news. But what we have said before, nothing new on our end in particular. We have to recall that memory prices in general are driven by high-capacity products such as smartphones and computing, et cetera. Our wearable devices require less memory processing power in general, so we are not that hit. Of course, Kjetil said they are introducing a new 5G product. That's probably the product that require most capacity on general, but we are not hit the same way as the normal smartphone market.
But that said, that's why we are really driving volume up so we can have now benefits of not just emporia buying product, Doro buying product, Xplora buying product. Having a larger base allows us to have a stronger negotiation power when it comes to our supplier. We are keeping this very much under our attention, but so far, we are at a good place.
To elaborate a little bit on that, we are also now in the position that we can secure the cost of components going forward, both ourselves by placing orders and paying for it, but also the vendors are now willing to actually buy the components before we actually place the orders because of improved payment capabilities from the emporia brand. So we reduce the risks and the fluctuations by loading some of the risks over to the vendor and also by placing some component orders for the future.
Emporia volume was said 100,000. Can you be more specific so it is easier to understand the one-off? Is it 101 or is it closer to 120? If it was 101, we would not have said 100,000 plus. It is a little bit more margin above that, but we would not like to specify it. As Kjetil said, the reason why we do not want to specify is, of course, emporia had some buildup in reserve, and of course, the retailer would like to secure some stock going into December or Christmas. It is also that, like Kjetil said, in Germany, we are selling both Doro and emporia. Our priority is to keep the overall volume as high as possible, meaning that going forward, if we can sell more Doro, we sell more Doro. If it turns out it is emporia that will sell more, we will sell more emporia.
We would like to drive the total volume, meaning that we should not be paying too much attention short term if the one goes up versus the other. We should drive the total volume up. That is why we are not more specific, but it was a very solid 100,000 plus volume that was executed in this quarter. Are you currently in discussion with any other Nordic retailers like POWER for senior? The answer is yes. We have said it very clearly. We would like to be present in the main retailers in our core MVNO market, and we will not give up before we are there, and we will report once we are there. All right. Anyone from the audience? All right. We will be here. Enjoy some croissants and coffee, and we will love to chat.
We know we have a lot of meetings scheduled throughout the day, but thank you so much for joining us today. Thank you.