"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
- ARR increased by 16.4% year-on-year to 140.9 (121.1) MSEK at the end of the quarter.
- ARR bookings declined by 37.3% to 6.6 (10.5) MSEK, compared with a strong quarter last year that included one significant ARR contract. Total sales bookings declined by 12.5%.
- Subscription revenue grew by 14.0% underlying* but declined by 4.2% as reported to 34.0 (35.5) MSEK. Ad hoc revenue from subscribers grew by 0.4% underlying but declined by 1.3% as reported to 12.0 (12.2) MSEK. Ad hoc revenue from other clients declined by 4.0% to 6.8 (7.1) MSEK.
- Net sales grew by 7.8% underlying but declined by 3.8% as reported, or by 2.7% in local currencies, to 52.7 (54.8) MSEK.
- Adjusted EBITDA-Capex improved to -1.7 (-5.2) MSEK, corresponding to a margin of -3.2% (-9.5%).
- Net cash flow for the period was positive at 1.1 (-18.9) MSEK.
H1 in summary
- ARR bookings increased by 0.5% to 15.2 (15.1) MSEK. Total sales bookings declined by 14.0%.
- Subscription revenue grew by 13.8% underlying but declined by 6.0% as reported to 67.7 (72.1) MSEK. Ad hoc revenue from subscribers grew by 5.1% underlying and by 3.8% as reported to 24.9 (24.0) MSEK. Ad hoc revenue from other clients declined by 25.1% to 13.3 (17.8) MSEK.
- Net sales grew by 5.0% underlying but declined by 6.9% as reported, or by 5.9% in local currencies, to 105.9 (113.8) MSEK.
- Adjusted EBITDA-Capex improved to -1.2 (-11.8) MSEK, corresponding to a margin of -1.1% (-10.4%).
- Net cash flow for the period was positive at 2.8 (-15.9) MSEK.
Events during and after the quarter ended
- The AGM 2026 re-elected Dan Foreman as Chairman of the Board, and Ulrich Boyer, Fredrik Lundqvist, Ashkan Senobari, and Ludvig Blomqvist as board members. Eric Gustavsson had declined re‑election.
- Nepa announced that CTO Jakob Kofoed left the company to pursue new opportunities elsewhere.
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% |
For further information, please contact:
Anders Dahl, CEO
+46 702 75 84 45
Email: ir@nepa.com
Financial reports
All financial reports are published on Nepa's website: http://nepa.com/investor-relations
This information is information that Nepa is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-08-14 08:00 CEST.
About Nepa
Nepa is a leading company within brand development and marketing optimization. By combining modern research with cutting-edge technology, deep expertise and innovative solutions, Nepa helps some of the world’s most well-known brands create growth through data. Headquartered in Stockholm, Sweden, with operations in Norway, Finland, Denmark, the UK, the US and India, Nepa supports companies in more than 50 countries. The company has been listed on the Nasdaq First North Growth Market since 2016.
Redeye Nordic Growth AB is Nepa’s Certified Adviser. Full contact details are available at nepa.com/investor-relations.