Regulatory press release

Upsales Technology AB (publ) - interim report Q2 2025

April - June 2025 (compared to the same period last year, Upsales group)

Annual recurring revenue (ARR) at the end of the quarter was MSEK 146.7, an increase of 6.6% during the last 12 months
ARR increased by MSEK 2.0 during the quarter
Net sales increased by 5.8% to MSEK 37.4 (35.4)
EBITDA amounted to MSEK 8.5 (6.7)
EBITDA margin was 22.8% (19.0%)
Operating profit (EBIT) amounted to MSEK 6.0 (4.5)
Net income amounted to MSEK 4.8 (3.5)
Cash flow from operating activities amounted to MSEK 6.6 (4.0)

January - June 2025 (compared to the same period last year, Upsales group)

Net sales increased by 1.2% to MSEK 73.5 (72.6)
EBITDA amounted to MSEK 14.8 (15.4)
EBITDA margin was 20.2% (21.2%)
Operating profit (EBIT) amounted to MSEK 9.9 (11.0)
Net income amounted to MSEK 7.9 (8.8)
Cash flow from operating activities amounted to MSEK 11.9 (11.8)

CEO COMMENT
In Q2, Annual Recurring Revenue (ARR) grew to MSEK 146.7, an increase of MSEK 2.0 during the quarter. Compared to the same period last year, net sales increased by 5.8% to MSEK 37.4 (35.4). EBITDA amounted to MSEK 8.5 (6.7), with a margin of 22.8% (19.0%). Operating profit (EBIT) was MSEK 6.0 (4.5), and operating cash flow was MSEK 6.6 (4.0).

Annual Recurring Revenue (ARR) continues to grow. We see encouraging signals that our strategic efforts—particularly in sales execution, recruitment, and product investment—are starting to yield results. Our focus remains on scaling ARR effectively and at a higher pace, while maintaining cost discipline.

New customer acquisition remains solid, reflecting a strong product-market fit despite competitive pressure. Churn levels continue to improve and renewal rates are trending positively, indicating better customer satisfaction and engagement.

The most significant growth opportunity lies within our existing customer base. Many clients are in the early stages of exploring how to leverage AI to increase effectiveness and drive topline growth. This creates an exciting runway for upsell and expansion with Upsales AI.

Upsales AI agent platform was launched during the quarter and is now live with customers. These agents assist with meeting documentation, account research, and both inbound and outbound communication workflows. The initial adoption indicates strong interest in automating routine tasks to improve productivity and reduce sales cycle time.

Looking ahead, we plan to introduce interface agents. These tools will enable customers to build custom chat interfaces and intelligent forms that streamline core sales activities such as quote generation, order handling, and customer outreach.

These investments are part of a broader transition toward building AI-native features that go beyond basic automation. The objective is to offer strategic tools that drive measurable business outcomes, positioning Upsales as a value-creating partner not only for the sales organization, but also for executive teams and boards.

Daniel Wikberg
Founder & CEO

About Upsales

Upsales is a Stockholm-based software company on a mission to build the leading AI platform for B2B revenue growth. With best-in-class data and proprietary AI agents, Upsales helps companies accelerate profitable growth. In the last two decades, the company has built a track record of organic, profitable growth. Upsales is a net cash company with zero debt, strong cash flows, and has been paying annual dividends since 2022. Its scalable business model is powered by over 90% recurring subscription revenue. Upsales serves customers in 10 countries, with the majority of its customer base in Sweden. The company is 44% founder- and management-owned, with institutional shareholders including Danske Invest, Nordea Funds, TIN Fonder, SEB Funds, Herald Investment Management, and Schroders.

Upsales Technology AB (publ) is a public company listed on the Nasdaq First North Growth Market. The Company’s Certified Adviser is DNB Carnegie Investment Bank AB (publ).