"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
H1 in summary
Events during and after the quarter ended
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% |