Q1 in summary

• ARR bookings increased by 86.3% compared to the same period last year. Total sales bookings declined by 15.6%, partially as the result of some unusually large ad hoc contracts won in the comparable period last year, but also reflecting increased caution from our client base for ad hoc work as the extraordinary geopolitical events in the quarter have increased economic uncertainty.
• ARR was 135.8 MSEK at quarter end, reflecting an underlying* annual increase of 13.9%, or 0.0% on a reported basis.
• Subscription revenue declined by 7.7% to 33.8 (36.6) MSEK but increased 13.7% on an underlying basis. Ad hoc revenue from subscribers increased by 9.0% to 12.9 (11.8) MSEK and 9.8% on an underlying basis. Ad hoc revenue from other clients declined by 39.1% to 6.5 (10.7) MSEK. This ad hoc revenue underperformance was driven by the same geopolitical factors impacting sales bookings, as clients became more cautious about launching new projects.
• Net sales therefore declined by 9.8% (8.1% in local currencies) to 53.2 (59.0) MSEK. On an underlying basis, net sales increased by 2.3%.
• Adjusted EBITDA-Capex increased to 0.5 (-6.6) MSEK, corresponding to a margin of 1.0% (-11.2%).

Events during and after the quarter ended

• Preliminary April trading shows a strong rebound in ad hoc bookings and continued growth in ARR bookings, bringing total sales bookings for January to April in line with the same period last year.
• Following the end of the quarter, Nepa announced that CTO Jakob Kofoed has decided to leave the company to pursue new opportunities outside of Nepa.

Financial summary

*The underlying growth figures exclude the impact of phased-out contracts and the previously disclosed extraordinary churn that occurred in late 2024 and early 2025.