Nyorda Quarterly Report January - June 2026

The second quarter, April – June 2026

Total revenue amounted to SEK 528 M (532), a decrease of 1% or unchanged when adjusted for changes in exchange rates compared to the same period last year.

Gross profit was SEK 120 M (118), an increase of 2% or 2% adjusted for changes in exchange rates. Gross margin was 22.7% (22.2). The increase in revenue and gross profit was primarily driven by growth in Metapic, while Partner Marketing revenue declined slightly.

Operating costs excluding depreciation were SEK 99 M (97), an increase of 2%. Operating costs, excluding depreciation and change related items, were SEK 99 M (96), an increase of 2% or 3% adjusted for changes in exchange rates. The increase of costs is primarily attributable to higher personnel expenses. It has slowed compared to previous quarters as a result of the restructuring done during the quarter, which affected approximately 25 positions.

EBITDA amounted to SEK 21 M (20). Adjusted for change-related items, EBITDA was SEK 21 M (22), a decrease of 2%.

Investments in immaterial assets, mainly related to product development, were SEK 8 M (8).

Cash flow from operating activities was SEK 4 M (17). The change in working capital was SEK -8 M (-13). Net cash amounted to SEK 36 M (9) at the end of the second quarter.

Earnings per share, before and after dilution, were SEK 0.09 (0.06).

The interim period, January – June 2026
Total revenue amounted to SEK 1 066 M (1 064), a marginal increase of 0%, or 3% when adjusted for currency effects, compared to the corresponding period of the previous year.

Gross profit was SEK 237 M (235), a marginal increase of 0%, or 3% when adjusted for currency effects. Gross margin was 22.2 (22.2).

Operating costs excluding depreciation were SEK 204 M (191), an increase of 7%. Operating costs, excluding depreciation and change-related items, were SEK 192 M (188), an increase of 2% or 4% adjusted for changes in exchange rates.

EBITDA amounted to SEK 33 M (45). Adjusted for change-related items, EBITDA was SEK 45 M (48), a decrease of 6% or a decrease of 1% adjusted for changes in exchange rates.

Investments in immaterial assets, mainly related to product development, were SEK 17 M (16).
Cash flow from operating activities was SEK -17 M (7). The change in working capital was SEK -36 M (-34).

Earnings per share, before and after dilution, were SEK 0.01 (0.26).
 
During the year, NYORDA repurchased ordinary shares in accordance with the authorisations granted by the Annual General Meetings held in 2025 and 2026. Between 20 March 2026 and 30 June 2026, a total of 457,475 ordinary shares were repurchased under the programmes. Following the share repurchases completed during the second quarter, the Company may repurchase a further 1,087,109 ordinary shares. The outcome of the share repurchase programme is announced weekly through press releases.
 
Tradedoubler AB has during the year changed its corporate name to NYORDA AB. The company’s shares began trading under the new ticker NYOR on Nasdaq Stockholm on Monday, 15 June 2026.

CEO Matthias Stadelmeyer's comments
The second quarter marked an important milestone for our company. Following approval at the Annual General Meeting and completion of the formal process, Tradedoubler AB was renamed NYORDA AB. This is the first quarterly report published under our new name.
 
NYORDA reflects the development of our business from one core operation into a group of focused companies. The Group now brings together Tradedoubler, Metapic, Appiness, Bridge Retail Media and EMNA AI.
 
The purpose of this structure is straightforward: to create greater clarity and focus across the portfolio, while balancing profitable growth in our established business and investments into new offerings with attractive long-term growth. NYORDA is positioned across the environments where consumers increasingly discover, compare and choose brands and products.
 
Financial Performance
 
The second-quarter results were in line with our expectations.
 
Revenue amounted to SEK 528 M, compared with SEK 532 M in the same period last year. This represents a decrease of 1% in reported terms and an unchanged level adjusted for currency effects. Gross profit increased by 2% to SEK 120 M, also corresponding to 2% growth adjusted for currency effects. The gross margin improved to 22.7% from 22.2%.
 
Adjusted EBITDA amounted to SEK 21 M, compared with SEK 22 M last year. Cash flow from operating activities was SEK 4 M compared with SEK 17 M in the corresponding quarter. We ended the period with a solid net cash position of SEK 36 M compared with SEK 9 M one year earlier.
 
Within the portfolio, Partner Marketing revenue decreased by 2%, while Influencer Marketing continued to grow and increased revenue by 13%.
 
As communicated previously, we entered 2026 knowing that the first half would involve difficult comparison figures following the termination of a larger client campaign during 2025. This was the main reason why growth in the first half was expected to be below the levels achieved in earlier periods. This comparison effect is now behind us.
 
The first half developed broadly as we had anticipated. I am pleased that, despite difficult revenue comparisons, we maintained a stable business, strengthened our financial position and completed several important changes to prepare the Group for its next phase.
 
Strengthening Partner Marketing
 
At the end of the first quarter, we completed a restructuring of our Partner Marketing business. The programme included the reduction of approximately 25 positions, with change-related costs of around SEK 10 M recognised in Q1. The measures are expected to generate annual savings of approximately SEK 17 M, with the financial benefits beginning to take effect from May.
The restructuring was managed smoothly and has now been completed. We achieved the changes we set out to make, and the first efficiency improvements are already becoming visible in the second-quarter performance.
 
Tradedoubler remains the Group’s Partner Marketing brand and the foundation of our business. Our focus is to manage this business for profitable growth by improving efficiency, operating leverage and taking market share. These measures support our progress towards the Group’s long-term financial target of an EBITDA-to-gross-profit ratio above 25%.
 
We are now working on a second phase focused on how the business operates. This includes simplifying processes, improving coordination and decision-making, and further fine-tuning our operating model. We expect this work to make the business easier to manage and contribute to continued improvements.
 
Developing the Growth Portfolio
 
During the first half, we also continued to build the businesses that form NYORDA’s growth portfolio.
 
Metapic remains an important growth engine, benefiting from the continued development of creator-led discovery and performance-based Influencer Marketing. Appiness gives us a focused position in performance-driven app marketing, while Bridge Retail Media extends our offering into retailer-owned media environments, enabling brands to reach consumers closer to the point of purchase.
 
We also made significant progress with EMNA AI, our new business focused on AI-driven discovery. As consumers increasingly use AI-generated answers, recommendations and comparisons, brands need to understand how they are represented in these environments and what they can do to improve their visibility.
 
EMNA AI combines visibility analysis with actionable recommendations and execution through our existing partner network. This means that we can not only show clients where their brands are visible or missing, but also help them take direct action to improve their position. We believe that this combination of intelligence and activation gives EMNA AI a distinctive proposition in a market category that will become increasingly important. The platform is currently being developed with beta clients ahead of its planned full product launch in September.
 
Outlook
 
The first half of 2026 developed as anticipated given the difficult comparison figures. We used the time to strengthen the underlying profitability in Partner Marketing, complete the restructuring, introduce a new group structure and identity, and launch two promising new business areas through Bridge Retail Media and EMNA AI.
 
I am pleased with the overall progress we have made. We have completed a substantial amount of foundational work while maintaining financial stability and continuing to serve our clients and partners across our markets.
 
As we enter the second half of the year, our focus increasingly shifts from establishing the new structure to executing within it. We will continue to improve profitability in Tradedoubler, scale Metapic and Appiness, develop Bridge Retail Media and prepare EMNA AI for its full market launch.
 
We are building on the same strengths that have always defined our company: technology, attractive business models, long-standing relationships and deep market expertise. Under NYORDA, we can apply these assets more clearly and effectively across a broader portfolio.
 
I look forward to the coming months, as we continue to establish and grow the businesses we have created and begin to realise more of the value from the work completed during the first half.
 
I would like to thank our employees for their commitment and adaptability throughout this period of change. I also thank our clients, publishers, partners and shareholders for their continued trust and support as we build NYORDA for the future.