Regulatory press release

Upsales Technology AB (publ) - interim report Q3 2025

July - September 2025 (compared to the same period last year, Upsales group)

Annual recurring revenue (ARR) at the end of the quarter was MSEK 147.7 an increase of 6.8% during the last 12 months
ARR increased by MSEK 1.0 during the quarter
Net sales increased by 7.0% to MSEK 38.2 (35.7)
EBITDA increased to MSEK 13.4 (11.0)
EBITDA margin increased to 35.1% (30.8%)
Operating profit (EBIT) increased to MSEK 10.9 (8.8)
Net income increased to MSEK 8.8 (7.0)
Cash flow from operating activities increased to MSEK 2.1 (-1.9)

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

Net sales increased by 3.1% to MSEK 111.7 (108.3)
EBITDA increased to MSEK 28.2 (26.4)
EBITDA margin increased to 25.3% (24.3%)
Operating profit (EBIT) increased to MSEK 20.8 (19.7)
Net income increased to MSEK 16.7 (15.8)
Cash flow from operating activities increased to MSEK 13.3 (9.9)

CEO COMMENT
In Q3, Annual Recurring Revenue (ARR) grew to MSEK 147.7, an increase of MSEK 1.0 during the quarter. Compared to the same period last year, net sales increased by 7.0% to MSEK 38.2 (35.7). EBITDA amounted to MSEK 13.4 (11.0), with a margin of 35.1% (30.8%). Operating profit (EBIT) was MSEK 10.9 (8.8), and operating cash flow was MSEK 2.1 (-1.9).

At Upsales, our vision is clear: to build the best AI-powered sales tools for the fastest-growing companies. Over the past year, we’ve laid the foundation for this transformation, and in Q3, we are seeing that work translate into real progress.

With the rollout of Upsales AI and its expanding feature set, our customers are experiencing clear productivity gains. Teams are working faster, with less manual effort and more focus on what actually drives sales. The feedback has been strong, and it is clear we’re solving real problems for our users.

Our growth rate continues to increase, and we expect this positive trend to continue. As we introduce more AI features and intelligent agents, demand from our existing customer base is accelerating. It’s exciting to see how many more challenges we can help solve — and how much faster we can help our clients achieve their goals.

We are also strengthening our organization to support this growth. During the quarter, we’ve made important investments in expanding and elevating our Professional Services organization, with a particular focus on senior expertise and delivery capacity. This will enable us to better support customers as they implement and scale the growing number of use cases around Upsales AI, and ensure we continue to deliver impact at speed and scale.

On the commercial side, new sales momentum remains strong. This is a clear signal that our strategy is working and that the market is responding to what we’re building.

And just as we help our customers move faster, we’re applying AI internally to accelerate how we build, operate, and scale. Several exciting projects are underway, and the trajectory is clear: Upsales is on its way to becoming one of the most effective SaaS companies in Europe.

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).