2026 10 23 Interim Report Nepa AB Q3 2026
Nepa Interim Report Q3 2026
"Q3 confirms that Nepa is structurally stronger, with Adjusted EBITDA-Capex reaching 2.3 MSEK in our seasonally weakest quarter. Subscription revenue grew by 14.8%, and ARR was 9.7% higher year-on-year. Conversely, lower ad hoc bookings weighed on total bookings and net sales. With the cost base and delivery model producing results, the business must now continue to ramp up sales efforts to drive further profit growth in coming years. Ahead of my announced departure, our priority is to improve conversion, expand client relationships and build ARR. I will hand over a stronger company with a clear commercial agenda.” – Anders Dahl, CEO
Q3 in summary
- ARR increased by 9.7% year-on-year to 135.8 (123.8) MSEK at the end of the quarter.
- ARR bookings increased by 11.0% to 1.6 (1.4) MSEK. Total sales bookings declined by 52.5%.
- Subscription revenue grew by 14.8% to 35.3 (30.8) MSEK. Ad hoc revenue from subscribers decreased by 27.3% to 6.4 (8.7) MSEK. Ad hoc revenue from other clients declined by 33.2% to 5.9 (8.9) MSEK.
- Net sales decreased by 2.6%, or by 1.7% in local currencies, to 47.6 (48.9) MSEK.
- Adjusted EBITDA-Capex increased to 2.3 (0.4) MSEK, corresponding to a margin of 4.7% (0.8%).
- Net cash flow for the period was -9.1 (-2.6) MSEK.
9 months in summary
- ARR bookings increased by 1.4% to 16.8 (16.5) MSEK. Total sales bookings declined by 24.5%.
- Subscription revenue grew by 14.2% on an underlying basis* and by 0.2% as reported to 103.1 (102.8) MSEK. Ad hoc revenue from subscribers declined by 3.6% on an underlying basis and by 4.5% as reported to 31.2 (32.7) MSEK. Ad hoc revenue from other clients declined by 27.8% to 19.2 (26.6) MSEK.
- Net sales grew by 2.5% on an underlying basis. As reported, net sales declined by 5.6%, or by 4.9% in local currencies, to 153.5 (162.7) MSEK.
- Adjusted EBITDA-Capex increased to 1.1 (-11.5) MSEK, corresponding to a margin of 0.7% (-7.0%).
- Net cash flow for the period was -6.4 (-18.4) MSEK.
Events during and after the quarter ended
- Nepa announced that CEO Anders Dahl will leave the company during the first quarter of 2027. The Board of Directors has initiated the process of recruiting his successor.
Financial summary
| MSEK if not stated | Q3 2026 | Q3 2025 | Δ | YTD 2026 | YTD 2025 | Δ | LTM | 2025 | Δ |
| ARR bookings | 1.6 | 1.4 | 11.0% | 16.8 | 16.5 | 1.4% | 33.0 | 32.8 | 0.7% |
| ARR | 135.8 | 123.8 | 9.7% | 135.8 | 123.8 | 9.7% | 135.8 | 131.3 | 3.4% |
| Net sales | 47.6 | 48.9 | -2.6% | 153.5 | 162.7 | -5.6% | 213.5 | 222.6 | -4.1% |
| of which subscription revenue | 35.3 | 30.8 | 14.8% | 103.1 | 102.8 | 0.2% | 135.7 | 135.5 | 0.2% |
| Gross margin | 75.6% | 74.2% | 1.4 | 75.9% | 74.4% | 1.6 | 76.4% | 75.2% | 1.2 |
| Adjusted EBITDA-Capex | 2.3 | 0.4 | 1.9 | 1.1 | -11.5 | 12.5 | 7.7 | -4.8 | 12.5 |
| Adjusted EBITDA-Capex margin | 4.7% | 0.8% | 4.0 | 0.7% | -7.0% | 7.8 | 3.6% | -2.2% | 5.8 |
| Net income | -1.0 | -5.3 | 4.3 | -9.5 | -36.2 | 26.7 | -7.3 | -34.0 | 26.7 |
| Profit margin | -2.2% | -10.9% | 8.7 | -6.2% | -22.3% | 16.1 | -3.4% | -15.3% | 11.9 |
| Net cash flow | -9.1 | -2.6 | -6.6 | -6.4 | -18.4 | 12.0 | -14.5 | -26.6 | 12.0 |
| Net financial position | 8.1 | 12.4 | -4.3 | 8.1 | 12.4 | -4.3 | 8.1 | 14.5 | -6.4 |
| Earnings per share, SEK | -0.13 | -0.68 | 0.55 | -1.21 | -4.61 | 3.40 | -0.93 | -4.33 | 3.40 |
| 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% |
*Underlying growth compares reported revenue for the first nine months of 2026 with adjusted revenue for the corresponding period in 2025, excluding revenue from contracts that were phased out or subject to extraordinary churn in late 2024 and early 2025.