2026 08 14 Interim Report Nepa AB Q2 2026 Final
Nepa Interim Report Q2 2026
2026-08-14 08:00:00
"Nepa’s transformation is delivering. ARR grew by 16.4%, while underlying subscription revenue rose by 14.0% for the second consecutive quarter of double-digit growth. Adjusted EBITDA-Capex improved by 3.5 MSEK. Ad hoc demand remains volatile, but with a growing recurring revenue base and a structurally lower cost base, our earnings profile is improving. We continue to strengthen our Trinity offering and take steps towards the next generation of marketing insights.” – Anders Dahl, CEO
Q2 in summary
- ARR increased by 16.4% year-on-year to 140.9 (121.1) MSEK at the end of the quarter.
- ARR bookings declined by 37.3% to 6.6 (10.5) MSEK, compared with a strong quarter last year that included one significant ARR contract. Total sales bookings declined by 12.5%.
- Subscription revenue grew by 14.0% underlying* but declined by 4.2% as reported to 34.0 (35.5) MSEK. Ad hoc revenue from subscribers grew by 0.4% underlying but declined by 1.3% as reported to 12.0 (12.2) MSEK. Ad hoc revenue from other clients declined by 4.0% to 6.8 (7.1) MSEK.
- Net sales grew by 7.8% underlying but declined by 3.8% as reported, or by 2.7% in local currencies, to 52.7 (54.8) MSEK.
- Adjusted EBITDA-Capex improved to -1.7 (-5.2) MSEK, corresponding to a margin of -3.2% (-9.5%).
- Net cash flow for the period was positive at 1.1 (-18.9) MSEK.
H1 in summary
- ARR bookings increased by 0.5% to 15.2 (15.1) MSEK. Total sales bookings declined by 14.0%.
- Subscription revenue grew by 13.8% underlying but declined by 6.0% as reported to 67.7 (72.1) MSEK. Ad hoc revenue from subscribers grew by 5.1% underlying and by 3.8% as reported to 24.9 (24.0) MSEK. Ad hoc revenue from other clients declined by 25.1% to 13.3 (17.8) MSEK.
- Net sales grew by 5.0% underlying but declined by 6.9% as reported, or by 5.9% in local currencies, to 105.9 (113.8) MSEK.
- Adjusted EBITDA-Capex improved to -1.2 (-11.8) MSEK, corresponding to a margin of -1.1% (-10.4%).
- Net cash flow for the period was positive at 2.8 (-15.9) MSEK.
Events during and after the quarter ended
- The AGM 2026 re-elected Dan Foreman as Chairman of the Board, and Ulrich Boyer, Fredrik Lundqvist, Ashkan Senobari, and Ludvig Blomqvist as board members. Eric Gustavsson had declined re‑election.
- Nepa announced that CTO Jakob Kofoed left the company to pursue new opportunities elsewhere.
Financial summary
| Q2 | H1 | LTM | ||||
| Underlying growth figures | Reported | Underlying | Reported | Underlying | Reported | Underlying |
| Subscription revenue | -4.2% | 14.0% | -6.0% | 13.8% | -3.2% | 8.9% |
| Ad hoc revenue from subscribers | -1.3% | 0.4% | 3.8% | 5.1% | 1.9% | 3.6% |
| Ad hoc revenue from other clients | -4.0% | -4.0% | -25.1% | -25.1% | -11.4% | -19.8% |
| Net sales | -3.8% | 7.8% | -6.9% | 5.0% | -3.5% | 2.1% |
*Underlying figures exclude phased-out contracts and extraordinary churn that occurred in late 2024 and early 2025.
| MSEK if not stated | Q2 2026 | Q2 2025 | Δ | H1 2026 | H1 2025 | Δ | LTM | 2025 | Δ |
| ARR bookings | 6.6 | 10.5 | -37.3% | 15.2 | 15.1 | 0.5% | 32.9 | 32.8 | 0.2% |
| ARR | 140.9 | 121.1 | 16.4% | 140.9 | 121.1 | 16.4% | 140.9 | 121.1 | 16.4% |
| Net sales | 52.7 | 54.8 | -3.8% | 105.9 | 113.8 | -6.9% | 214.7 | 222.6 | -3.5% |
| of which subscription revenue | 34.0 | 35.5 | -4.2% | 67.7 | 72.1 | -6.0% | 131.2 | 135.5 | -3.2% |
| Gross margin | 75.9% | 72.7% | 3.2 | 76.1% | 74.5% | 1.6 | 76.1% | 75.2% | 0.8 |
| Adjusted EBITDA-Capex | -1.7 | -5.2 | 3.5 | -1.2 | -11.8 | 10.7 | 5.8 | -4.8 | 10.7 |
| Adjusted EBITDA-Capex margin | -3.2% | -9.5% | 6.3 | -1.1% | -10.4% | 9.3 | 2.7% | -2.2% | 4.9 |
| Net income | -5.5 | -16.0 | 10.5 | -8.5 | -30.9 | 22.4 | -11.6 | -34.0 | 22.4 |
| Profit margin | -10.4% | -29.1% | 18.7 | -8.0% | -27.1% | 19.2 | -5.4% | -15.3% | 9.9 |
| Net cash flow | 1.1 | -18.9 | 20.0 | 2.8 | -15.9 | 18.6 | -7.9 | -26.6 | 18.6 |
| Net financial position | 17.3 | 25.2 | -7.9 | 17.3 | 25.2 | -7.9 | 17.3 | 14.5 | 2.8 |
| Earnings per share, SEK | -0.70 | -2.03 | 1.33 | -1.07 | -3.93 | 2.85 | -1.48 | -4.33 | 2.85 |
| Average shares outstanding | 7,863,186 | 7,863,186 | 0.0% | 7,863,186 | 7,863,186 | 0.0% | 7,863,186 | 7,863,186 | 0.0% |