Q2 2026 Nepa AB Publ Earnings Call

August 14, 2026

Speaker #2: Your line is muted.

Speaker #3: Call recording is on.

Operator: Welcome to Nepa Q2 2026 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. If you are listening to the presentation via webcast, you can ask written questions using the form below. Now, I will hand the conference over to CEO Anders Dahl. Please go ahead.

Speaker #4: Welcome to the Nepa Q2 2026 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing the pound key followed by 5 on their telephone keypad.

Speaker #4: If you are listening to the presentation via webcast, you can ask written questions using the form below. Now I will hand the conference over to CEO Anders Dahl.

Speaker #4: Please go ahead.

Speaker #5: Good morning, all of you, and welcome to our Q2 2026 reports. I am Anders Dahl, I am the CEO of Nepa. Joining me on this call today is Edvard Hagman, who is our VP of Finance.

Anders Dahl: Good morning, all of you, and welcome to our Q2 2026 reports. I am Anders Dahl. I am the CEO of Nepa. Joining me on this call today is Edvard Hagman, who is our VP of Finance. The agenda for today is that we are going to give you a short update about who we are. We are going to walk you through the Q2 results and the commercial progress. Edvard is going to give you a walkthrough of the financials, and then we are going to say some words about the exploration phase progress and priorities. We are going to talk a little bit about our products and our AI implementations that we have been working with for quite some time, and also give you a summary of our outlook and priorities.

Speaker #5: The agenda for today is that we're going to give you a short update about who we are. We're going to walk you through the Q2 results and the commercial progress.

Speaker #5: Edvard is going to give you a walkthrough of the financials, and then we're going to say a few words about the acceleration phase, progress, and priorities.

Speaker #5: We're going to talk a little bit about our products and our AI implementations that we have been working with for quite some time, and also give you a summary of our outlook and priorities.

Speaker #5: And then, of course, as always, I hope that you send in questions for the Q&A towards the end of this call. Nepa is the leading.

Anders Dahl: Then of course, as always, I hope that you send in questions for the Q&A towards the end of this call. Nepa, we are the leading marketing intelligence company, and we help global brands to make better marketing and growth decisions. We turn marketing data into actionable growth decisions and insights. We track the brand health of more than 7,500 brands daily, and we measure thousands of advertising campaigns annually across 50 plus markets. We deliver insights to insights departments, CMOs, marketing teams, mostly on global consumer brands across the world. So we serve more or less like the entire globe. Our core offerings combines brand tracking, campaign evaluation, and marketing mix modeling, supported by advisory services, high-end white glove services to our clients. We combine continuous survey data based on real people's answers and on our interviews.

Speaker #5: We are the leading marketing intelligence company, and we help global brands make better marketing and growth decisions. We turn marketing data into actionable growth decisions and insights.

Speaker #5: We track the brand health of close to, or more than, 7,500 brands daily, and we measure thousands of advertising campaigns annually across 50-plus markets.

Speaker #5: We deliver insights to insights departments, CMOs, and marketing teams, mostly for global consumer brands across the world. So, we serve more or less the entire globe.

Speaker #5: Our core offerings combine brand tracking, campaign evaluation, and marketing mix modeling, supported by advisory services and high-end white glove services to our clients. We combine continuous survey data, based on real people's answers and our interviews. We mix that with business data and analyze marketing investments with technology and expertise to deliver recurring and product-based insights.

Anders Dahl: We mix that with business data, and we analyze marketing investments with technology and expertise to deliver recurring and product-based insights. We are a global marketing intelligence platform that combine data, technology, and advisory in a modern way. We have a strong presence in Northern Europe, commercial teams in the UK and US, and we have our operations center based in Mumbai, India. As you have seen from the previous quarterly reports, we have been growing our recurring revenue base, and we are also complementing that with product-based insights. As you have seen from the last 12 months, more than 60% of our revenue comes from subscriptions.

Speaker #5: We are a global marketing intelligence platform that combines data, technology, and advisory in a modern way. We have a strong presence in Northern Europe, commercial teams in the UK and US, and we have our operations center based in Mumbai, India.

Speaker #5: As you have seen from the previous quarterly reports, we have been growing our recurring revenue base, and we are also complementing that with product-based insights.

Speaker #5: As you have seen from the last 12 months, more than 60% of our revenue comes from subscriptions. Brand tracking is the largest platform and the largest product we have. We also launched, a couple of years ago now, the continuous marketing mix modeling platform, and we do ad tracking on an ongoing basis.

Anders Dahl: Brand tracking is the largest platform, the largest product we have. We also launched, a couple of years ago now, the continuous marketing mix modeling platform, and we do ad tracking on an ongoing basis. We also do consumer experience tracking, and we also, in some cases, deliver recurring data deliveries to our clients.

Speaker #5: We also do consumer experience tracking, and we also in some cases deliver a recurring data delivery to our clients. Our add-on projects are mainly driven by campaign evaluation and campaign pulse, which is the largest product in that category, and this stands for an old add-on project stands for close to 40% of our last 12 months revenue.

Anders Dahl: Our ad hoc projects are mainly driven by campaign evaluation and Campaign Pulse, which is the largest product in that category. Our project stands for close to 40% of our last 12 months revenue. Marketing mix modeling is also served as an ad hoc project, even if more and more clients are looking for a continuous marketing mix modeling to be able to use that in an ongoing basis to pace and to work with the marketing investments and match that towards the ongoing reality that goes on outside of the companies. We also have Brand Touch, Brand Assets, and Category Insights as ad hoc projects that we serve to our clients and other key marketing insight products. The main focus is to continue to grow the subscription and the ARR base in order to build a sustainable long-term business.

Speaker #5: Marketing mix modeling is also served as an add-on project, even if more and more clients are looking for a continuous marketing mix modeling to be able to use that on an ongoing basis to pace and to work with the marketing investments, and match that towards the ongoing reality that goes on outside of the companies.

Speaker #5: We also have Brand Touch, brand assets, and category insights as ad hoc products that we serve to our clients, and other key marketing insight products. Although the main focus is the continued growth of the subscription and the annual recurring revenue base, in order to build a sustainable long-term business.

Speaker #5: And that is also what we see in the market—the biggest demand from our clients, when they see an understanding of combined brand tracking with performance marketing.

Anders Dahl: That is also what we see in the market, the biggest demand from our clients when they see an understanding of combined brand tracking with performance marketing. Q2 came in with a strong recurring growth and improved results. On the continued growth in the recurring business, we see that ARR increased by 16.4% year on year to SEK 140.9 million. The underlying subscription revenue increased by 14%. Net revenue retention, i.e., we maintained our clients on a very strong base and shown decline also during the quarter. On the commercial development side, we see that ARR bookings came in at SEK 6.6 million compared to SEK 10.5 million for the quarter of last year, the same comparable quarter. That was a very strong prior year quarter that included one large contract that drove those numbers in that. Q1 came on the other side in stronger than Q1 of last year.

Speaker #5: Q2 came in with strong recurring growth and improved results, and on continued growth in the recurring business, we see that ARR increased by 16.4% year on year to 140.9 million.

Speaker #5: The underlying subscription revenue increased by 14%, and net revenue retention—meaning we maintained our clients on a very strong base—also shone. Decline was limited during the quarter.

Speaker #5: On the commercial development side, we see that AR bookings came in at $6.6 million, compared to $10.5 million for the previous quarter of last year, the same comparable quarter.

Speaker #5: And that was a very strong prior-year quarter that included one large fact that drove those numbers. Q1 came on the other side, and was stronger than Q1 of last year.

Speaker #5: Total sales bookings declined by 12.5%, and that is mainly driven by the volatility in the market. The booking shortfall was concentrated in May, with fewer signed contracts, which of course limited to some extent the revenue growth.

Anders Dahl: Total sales bookings declined by 12.5%, and that is mainly driven by the volatility in the market. The bookings shortfall was concentrated in May with fewer signed contracts, of course, limiting to some extent the revenue growth. Ad hoc demand remained volatile and continued to affect reported net sales and quarterly earnings. That is mainly driven by uncertainties in the market, and we see that in many of those cases, we do not have a no to those projects. They are still in the pipeline, but there have been some delays or moved out some of those ad hoc projects to later this year or maybe even in some cases in the next fiscal year. The hard work we have done and some of the kind of goals we set up more than a year ago, close to two years now, to improve our earnings and cash flow.

Speaker #5: And ad hoc demand remained volatile and continued to affect reported net sales and quarterly earnings. And that is mainly driven by uncertainties in the market, and we see that in many of those cases we don't have kind of a no to those products. They're still in the pipeline, but there have been some delays or we have moved out some of those ad hoc projects to later during this year, or maybe even in some cases to the next fiscal year.

Speaker #5: The hard work we have done, and some of the kind of goals we set up more than a year ago—close to two years now—to improve our earnings and cash flow, and one of those things is, of course, to have a cost base that is manageable based on our revenues.

Anders Dahl: One of those things is, of course, to have a cost base that is manageable based on our revenues. You can see that clearly in that adjusted EBITDA minus CapEx improved by SEK 3.5 million to SEK -1.7 million, minus SEK 5.2 million. Gross margin increased by 3.2 percentage points, and the operating cash flow was positive for the quarter of SEK 1.2 million. Some corporate events, the AGM reelected the chairman, Dan Foreman, and other board members, but Anders Dahl declined reelection, so he is not part of the board anymore. CTO Jakob Kofoed left to pursue new opportunities during the quarter.

Speaker #5: So you can see that clearly in that adjusted EBITDA minus capex improved, by 3.5 million to 1 minus 1.7, or minus 5.2. Gross margin increased by 3.2 percentage points, and the operating cash flow was positive for the quarter of 1.2 million.

Speaker #5: So, at the corporate event, the AGM re-elected the chairman, then foreman, and other board members, but some declined re-election, so they're not part of the board anymore.

Speaker #5: And CTO Jacob Coford left to pursue new opportunities during the quarter. So overall, a strong quarter that really shows proof of the strategy that we laid out, now I think one and a half, close to two years ago, with the strong focus on recurring revenues, AR, and also cost control or a strong cost base, but also a much simplified operating business model.

Anders Dahl: Overall, a strong quarter that really shows a proof of the strategy that we laid out now, I think one and a half, close to two years ago, with a strong focus on recurring revenues, ARR, and also cost control or a strong cost base, but also a much simplified operating business model. The ARR growth shows very clearly in this picture, from Q2 2025 up until now, that we have had a strong growth and a larger and better retained ARR base. You also see that in the yearly ARR bookings that on the last 12 months, we are keeping the same pace as we did for the fiscal year 2025. But you also see the volatility in the quarterly ARR bookings on the slide's right lower parts, that it goes up and down, and in this case, they are very much dependent on one large contract.

Speaker #5: The AR growth shows very clearly in this picture, from Q2 of 2025 up until now, that we have had a strong growth and a larger and better retained AR base.

Speaker #5: And you also see that in the yearly ARR bookings, over the last 12 months we are keeping the same pace as we did for the fiscal year 2025.

Speaker #5: But you also see the volatility in the quarterly AR bookings on the slides—right, lower left, lower parts. That it goes up and down, and in this case, they're very much dependent on one large contract.

Speaker #5: So, I'm happy with the development on the AR growth, but of course we would like to build this AR base to a larger part of our ongoing business, in order to be able to mitigate for the volatility in our ad hoc business.

Anders Dahl: I am happy with the development on the ARR growth, but of course, we would like to build this ARR base to a larger part of our ongoing business in order to be able to mitigate for the volatility in our ad hoc business that is much more sensitive to macroeconomic impact. The next slide, this shows that the ARR growth is increasingly translating into underlying subscription. There is, of course, a certain delay, and when we sign an ARR contract, it takes some time before it shows up fully in our subscription revenues. To continue to build this will create a much more sustainable and predictable financial model in the business for us as a company.

Speaker #5: That is much more sensitive to macroeconomic impact. And the next slide shows that the ARR growth is increasingly translating into underlying subscription, and there is, of course, a certain delay. When we sign an ARR contract, it takes some time before it shows up fully in our subscription revenues.

Speaker #5: So the continued to build this will create a much more sustainable and predictable financial model and a business for us as a company. And also from a client perspective, I think being a part of the client's ongoing business, and I will talk a little bit more about that towards the end of this presentation, gives a much more valid position for us in our relationships with our client.

Anders Dahl: Also from a client perspective, I think being a part of the client's ongoing business, and I will talk a little bit more about that towards the end of this presentation, gives a much more valid position for us in our relationships with our clients. With that said, I will hand over to Edvard to dig a little bit deeper into the financials. Edvard?

Speaker #5: So with that said, I will hand over to Edward to dig a little bit deeper into the financials. Edward.

Speaker #2: Thank you, Anders. So I will first walk you through the financial progress during our acceleration phase that we have started. The first point is the shift towards scalable, recurring revenue.

Edvard Hagman: Thank you, Anders. So I will first walk you through the financial progress during our acceleration phase that we have started. The first point is the shift towards scalable recurring revenue. ARR increased by 16.4% year-on-year during the quarter. Here it is important to say that the extraordinary churn and contract phase outs from late 2024 and early 2025 have now passed through the comparable ARR base. The reported and the underlying ARR growth figures are therefore aligned again, which we are very happy with. Q2 is also the final quarter in which we present underlying revenue growth separately. So from next quarter, it will be reported only. The second point is our structurally lower cost base operating expenses, adjusted for items affecting comparability declined by approximately 14% year-on-year in the H1 of the year.

Speaker #2: And the ARR increased by 16.4% year on year during the quarter, and here it's important to say that the extraordinary churn and contract phase-outs from late 2024 and early 2025 have now passed through the comparable ARR base.

Speaker #2: So the reported and the underlying ARR growth figures are therefore aligned again, which we are very happy with, and Q2 is also the final quarter in which we present underlying revenue growth separately.

Speaker #2: So from next quarter, it will be reported only. The second point is our structurally lower cost base. Operating expenses, adjusted for items affecting comparability, declined by approximately 14% year-on-year in the first half of the year.

Speaker #2: And the cost programs completed during last year, 2025, are now fully reflected in the cost base and numbers. At the same time, we have retained capacity to support growth.

Edvard Hagman: The post programs completed during last year, 2025, are now fully reflected in the cost base and numbers. At the same time, we have retained capacity to support growth. Our priority is therefore to scale revenue approximately within the existing cost base rather than initiate further cost reductions. This combination of recurring growth and the lower cost base is translating into improved margins and earnings. The gross margin in the quarter increased to 75.9% from 72.7% last year, and this was supported by improved project profitability, better data quality management that we have been working with over the past years, and a refined supplier strategy. Adjusted EBITDA less CapEx improved by SEK 3.5 million year-on-year in the quarter. Looking at the rolling 12-month period, adjusted EBITDA less CapEx was positive at SEK 5.8 million.

Speaker #2: Our priority is therefore to scale revenue approximately within the existing cost base, rather than initiate further cost reductions. This combination of recurring growth and the lower cost base is translating into improved margins and earnings.

Speaker #2: The gross margin in the quarter increased to 75.9% from 72.7% last year, and this was supported by improved project profitability, better data quality management that we have been working with over the past years, and a refined supplier strategy.

Speaker #2: Adjusted EBITDA less capex improved by $3.5 million year on year in the quarter. And looking at the rolling 12-month period, adjusted EBITDA less capex was positive at $5.8 million.

Speaker #2: And this is a significant improvement compared with the negative rolling 12-month result reported a year ago. The lower chart also illustrates the remaining quarterly volatility. We delivered positive adjusted EBITDA less capex in Q3 and Q4 of 2025, and in Q1 2026, while Q2 now was a negative minus SEK 1.7 million.

Edvard Hagman: This is a significant improvement compared with the negative rolling 12-month result reported a year ago. The lower chart also illustrates the remaining quarterly volatility. We delivered positive adjusted EBITDA less CapEx in Q3 and Q4 of 2025 and in Q1 2026, while Q2 now was a -SEK 1.7 million. This mainly reflects the timing and size of some add-on projects and sales of add-on projects rather than a change in the underlying recurring revenue trajectory. Our immediate priority is therefore commercial conversion. We need to convert client interest into both recurring contracts and ad hoc products faster and more consistently. That is the key step in translating our stronger recurring revenue base and lower cost structure into sustained profitability. So let me now also walk you through the Q2 profit and loss in more detail.

Speaker #2: And this mainly reflects the timing and size of some ad hoc projects, and the sales of ad hoc projects, rather than a change in the underlying recurring revenue trajectory.

Speaker #2: Our immediate priority is therefore commercial conversion. We need to convert client interest into both recurring contracts and ad hoc projects faster and more consistently.

Speaker #2: And that is the key step in translating our stronger recurring revenue base and lower cost structure into sustained profitability. So, let me now also walk you through the Q2 profit and loss in more detail.

Speaker #2: Subscription revenue was 34 million kronor, up 14% on an underlying basis but down 4.2% as reported. This difference is due to the phased-out contracts and extraordinary churn that we saw, which were included in the comparable base last year.

Edvard Hagman: Subscription revenue was SEK 34 million, up 14% on an underlying basis, but down 4.2% as reported. This is difference between the phased-out contracts and extraordinary churn that we saw and was included in the comparative base last year. Add-on revenue from subscribers were broadly stable at SEK 12 million and corresponding to an underlying growth of 0.4%. Add-on revenue from other clients declined by 4% to SEK 6.8 million. As a result, total net sales came in at SEK 52.7 million. This represents underlying growth of 7.8% and a reported decline of 3.8%. The underlying figure better reflects the development of the current business after excluding these legacy contract sales and extraordinary churn. But as I said earlier, this will be the last quarter that we present the underlying figures. Gross margin improved by 3.2 percentage points to 75.9%.

Speaker #2: Ad hoc revenue from subscribers was broadly stable at €12 million, corresponding to underlying growth of 0.4%. Ad hoc revenue from other clients declined by 4% to €6.8 million.

Speaker #2: And as a result, total net sales came in at SEK 52.7 million. This represents underlying growth of 7.8% and a reported decline of 3.8%. The underlying figure better reflects the development of the current business after excluding these legacy contract phase-outs and extraordinary churn. But as I said earlier, this will be the last quarter that we present the underlying figures.

Speaker #2: Gross margin improved by 3.2 percentage points to 75.9%. Turning to operating costs, we have adjusted the OPEX; it declined by approximately 6% in the quarter. Personnel costs were down 12.8% year-on-year.

Edvard Hagman: Turning to operating costs, we have adjusted the OPEX. It declined by approximately 6% in the quarter. Personnel costs were down 12.8% year on year, and other external costs declined by 32.3%. Part of this reduction was due to items affecting comparability in 2025 and during the cost-saving programs. Part of it was offset by FX related items within other operating costs this quarter that had an unfavorable movement. Depreciation and amortization amounted to SEK 3.2 million, and this is a non-cash expense primarily relating to historical investments in product development. The current product development expenditure is recognized as an expense as incurred on the P&L, meaning that we are not building up a new capitalized development asset on the balance sheet. Adjusted EBITDA less CapEx improved by SEK 3.5 million to -SEK 1.7 million from -SEK 5.2 million, and cash generation also improved.

Speaker #2: Other external costs declined by 32.3%. Part of this reduction was due to items affecting comparability in 2025 and during the cost-saving programs, and part of it was offset by ethics-related items within other operating costs this quarter that had an unfavorable movement.

Speaker #2: Depreciation and amortization amounted to SEK 3.2 million, and this is a non-cash expense primarily relating to historical investments in product development. The current product development expenditure is recognized as an expense as incurred on the P&L.

Speaker #2: Meaning that we are not building up a new capitalized development assets on the balance sheet. Adjusted EBITDA less capex improved by 3.5 million to minus 1.7 from minus 5.2, and cash generation also improved net cash flow was positive at 1.1 million in the quarter, a significant improvement from minus 18.9 million in Q2 last year.

Edvard Hagman: Net cash flow was positive at SEK 1.1 million in the quarter, a significant improvement from -SEK 18.9 million in Q2 last year, which also included dividend payment of SEK 9.7 million. The net cash position at the end of June was SEK 17.3 million. In addition to that, on the balance sheet date, we had an undrawn credit facility of total SEK 20 million. Overall, the quarter shows clear progress in underlying recurring growth, with gross margin and cost efficiency. The remaining challenge is to improve commercial conversion and reduce the quarterly earnings volatility caused by the timing and size of ad hoc products. I will now hand over back to Anders to talk more about product development and our AI initiatives.

Speaker #2: This also included a dividend payment of 9.7 million. The net cash position at the end of June was 17.3 million, and in addition to that, on the balance sheet date we had an undrawn credit facility totaling 20 million.

Speaker #2: So overall, the quarter shows clear progress in underlying recurring growth, gross margin, and cost efficiency. The remaining challenge is to improve commercial conversion and reduce the quarterly earnings volatility caused by the timing and size of ad hoc projects.

Speaker #2: I will now hand back to Anders to talk more about product development and our AI initiatives.

Speaker #1: Great, so these underlying changes to our tracking platform are definitely one of the key components to becoming much more lean, standardized, and scalable.

Anders Dahl: Great. These underlying changes of our tracking platform is definitely one of the key components to be much more lean and standardized and scalable. We are rolling this out in a successful way internally. It is still not fully facing on the client side, but it will definitely simplify the technology stack and standardize delivery and improve scalability in a very clear way. It also is much more consistent way of delivering not only tracking but other products. Things that have been released already during this phase of our migration, of course, is new dashboards, new features. There are a lot of things that are already facing clients in a very positive way.

Speaker #1: So we are routing this out in a successful way internally, still not fully facing on the client side, but it will definitely simplify the technology stack and standardized delivery.

Speaker #1: And improved scalability in a very clear way. And it also is a much more consistent way of delivering not only tracking but other products. Things that have been released already during this phase of our migration are, of course, new dashboards and new features, but there are a lot of things that are already facing clients in a very positive way.

Speaker #1: So I think normally we talk about new business and sales and branding, but I would like to give a very big applause to our product team and our tech team that are doing a great job, and our operations team that are seeing all those possibilities to improve the client experience.

Anders Dahl: I think normally we talk about new business and sales and branding, but I would like to give a very big applause to our product team and our tech team that are doing a great job and our operations team that are seeing all those possibilities to improve the client experience. This will also give us a much better platform to integrate our Trinity offering, to combine brand tracking, campaign evaluation, and marketing mix modeling in one unified platform. That is the new standard for delivering marketing insights to the market and will be. It definitely links brand creative and media investments to commercial outcomes. We will build a bridge between brand and performance in a way that we are seeing so far when we present this to clients. It is a new way, and it is a very impressive way.

Speaker #1: This will also give us a much better platform to integrate our Trinity offering, to combine brand tracking, campaign evaluation, and marketing modeling in one unified platform.

Speaker #1: That is the new standard for delivering marketing insights to the market, and it will be. And it definitely links brand, creative, and media investments to commercial outcomes.

Speaker #1: And we will build a bridge between brand and performance in a way that, as we have seen so far when we present this to clients, is a new way—and it's a very impressive way.

Speaker #1: We have, since one and a half to two years, used AI in different steps of our way of automating data collection, automating parts of our work of crunching the data.

Anders Dahl: We have since one and a half, close to two years, used AI in different steps of our way of automating data collection, automating parts of our work, of crunching the data in quality management and in reporting. We will continue to develop that, but also invisible features to our clients, so they will be able to use AI and agents in their work of exploring the data and working with the data. That will definitely free specialist capacity within Nepa to be a little bit deeper into advisory and client-facing work. We have already launched advanced marketing mix modeling through machine learning and automation, and we can see that in real client cases that will impact ROI on those clients' investments.

Speaker #1: Equality management and in reporting. We will continue to develop that, but also in visible features to our clients, so they will be able to use AI and agents in their work of exploring the data and working with the data.

Speaker #1: But that will definitely free specialist capacity within Nepa to be a little bit deeper into advisory and client-facing work. We have already launched advanced marketing mix modeling through machine learning and automation, and we can see that in real client cases, that will impact ROI on those clients' investments.

Speaker #1: And we just launched, I think a couple of weeks ago in Amsterdam, a creative AI tool that is already showing the potential for a 40% reduction in cost per acquisition for a named client, and you can read more about that on LinkedIn and in our material.

Anders Dahl: We just launched, I think a couple of weeks ago in Amsterdam, a creative AI tool that have already shown the potential for a 40% reduction in cost per acquisition for a named client. You can read more about that on LinkedIn in our material. So that is a product that we are going to roll out across the board during the fall. All this is based, of course, on the demand in the market. We know that marketers struggle to connect data in regards to brand building and performance. We know that more than 70% of the marketers struggle to prove their ROI, to have a very clear financial language to talk internally to their internal stakeholders. We will help them with that. We know that close to 70% of the marketers struggle to balance performance and performance marketing and creative marketing and brand building.

Speaker #1: So, that is a product that we're going to roll out across the board during the fall. All of this is based, of course, on the demand in the market.

Speaker #1: We know that markets have struggled to connect data with regard to brand billing and performance. We know that more than 70% of the markets have struggled to prove their ROI or to have a very clear financial language when talking internally to their stakeholders.

Speaker #1: We will help them with that. We know that close to 70% of the markets have struggled to balance performance marketing and creative marketing, as well as brand building.

Speaker #1: We help with our Trinity offer to build a bridge between those two sides of marketing in the marketing toolbox. We know that more than 60% of marketers have struggled to make sense of the data and use it to inform their marketing decisions.

Anders Dahl: We help with our Trinity offer to build a bridge between those two sides of the marketing in the marketing toolbox. We know that more than 60% of marketers struggle to make sense of the data and use it to inform their marketing decisions. That is also a new take we have taken with our clients that, of course, we have our own survey-based data, we have our own methods and models, but we also use client data and macroeconomic data to help to kind of paint the whole picture of their investments and how to use those investments in a much better way. So combining brand tracking, marketing mix modeling, and campaign evaluation, we have created what we call the Trinity offer to our clients.

Speaker #1: And that is also a new take we have taken with our clients. Of course, we have our own survey-based data, we have our own methods and models, but we also use client data and macroeconomic data to help paint the whole picture of their investments, and how to use those investments in a much better way.

Speaker #1: So, combining brand tracking, marketing mix modeling, and campaign evaluation, we have created what we call the Trinity offer to our clients. This is the picture that I ended with last time, and this picture makes me really excited because it shows that our traditional marketing insight tools, combined with the business data points from our clients, combined with our platforms and our products.

Anders Dahl: This is the picture that I ended with last time, and this picture makes me really excited because this shows that our traditional marketing insight tools, combine them with the business data points from our clients, combine that with our platforms and our products. We have the opportunity to talk to the client in a totally new way. It is not just the nice-to-have tool that they can present and use once, two, three times during the year. This can be an ongoing platform that client can use in their ongoing marketing work internally in their businesses. This will also broaden our network within the client's organization. We traditionally talk to insights, to departments and insights managers. With the Trinity way of looking at their marketing data, our marketing or our products, we can talk to much more stakeholders within the client's company.

Speaker #1: We do have the opportunity to talk to clients in a totally new way—not just to be a nice-to-have tool that they can present and use once, twice, or three times during the year.

Speaker #1: This can be an ongoing platform that clients can use in their ongoing marketing work internally in their businesses. And this will also broaden our network within the client's organization.

Speaker #1: But traditionally, talk to inside departments and insights and managers with the Trinity way of looking at their marketing data, our marketing, or our products.

Speaker #1: We can talk to many more stakeholders within the company, within the client's company. We can also bridge, like I said before, between brand and performance; long- and short-term marketing investment.

Anders Dahl: We can also bridge, like I said before, between brand and performance, long and short-term marketing investment. This is really the underlying engine to create the growth that we are aiming to accomplish within Nepa. For the outlook and priorities for the next upcoming 6 to 12 months, we enter H2 in 2026 from a strong position built in H1 with a growing recurring revenue base and net revenue retention looks good, and we, of course, continue to work with our clients to make sure that they stay. With good gross margin, around 75%, which also is a good core component in our P&L. Of course, one goal is to sustain recurring growth and to maintain a positive ARR momentum and growth. Of course, deepen our relationship with our priority clients. That goes both ways.

Speaker #1: So this is really the underlying engine to create kind of the growth within NEPA. So for the outlook and priorities for the next upcoming six to twelve months, we enter H2 in 2026 from a strong position built in H1.

Speaker #1: With the growing recurring revenue base and net revenue retention looking good, and we of course continue to work with our clients to make sure that they stay. We're at a good gross margin—above 75%—which also is a good core component in our P&L.

Speaker #1: Of course, one goal is to sustain recurring growth and to maintain a positive ARR momentum and growth. And, of course, deepen our relationship with our priority clients.

Speaker #1: And that goes kind of both ways. With strong ARR bookings, strong ARR momentum, we do have the presence with our clients, and it makes it easy for us to kind of show the evidence that we need to stay with the clients not just for one campaign or one ad hoc product—we need to stay with them for a longer time.

Anders Dahl: With a strong ARR booking, strong ARR momentum, we do have the presence with our clients, and it makes it easy for us to show the evidence that we need to stay with the clients, not for just one campaign or one ad hoc project. We need to stay with them for a longer time. Like Edvard said before, one other focus that we have been working with for quite some time now is, of course, improve commercial, professionalize the way that we go to market, build our brand, work with sales, conversion, et cetera. That is, of course, to convert clients' interest into recurring contracts and be very focused on that.

Speaker #1: Like Edward said before, one other focus that we have been working on for quite some time now is, of course, improved commercial conversion—professionalizing the way that we go to market, building our brand, working with sales, conversion, et cetera.

Speaker #1: And that is, of course, to convert clients' interest into recurring contracts and be very focused on that. Driving operating leverage, of course, comprises keeping control of the cost, but also building this new technical platform and launching bits and pieces to be able to move from just operating tech into client tech.

Anders Dahl: Drive operating leverage, of course, components are to keep control of the cost, but also to build this new technical platform and launch bits and pieces to be able to move from just operating tech into client tech. Game Trinity and AI, that is number one priority for us in all our client discussions. That is, of course, to accelerate the tracking platform rollouts, which we are on a good way to do, but also to integrate decision tools, like I said before, that we've already to some extent launched in new dialogues, but to continue to develop that and show that for our clients. To maintain resilience, ad hoc demand remains sensitive. With a strong ARR base to make us less sensitive to ad hoc volatility in the market, and also to some extent, the macroeconomic uncertainty in some of those decisions.

Speaker #1: Scale Trinity and AI—that's our number one priority in all our client discussions, and that is of course to accelerate the tracking platform rollout, which we are well on our way to doing.

Speaker #1: But also to integrate decision tools, like I said before, already to some extent launched in new. But to continue to develop that and show that to our clients.

Speaker #1: And maintain resilience. Ad hoc demand remains sensitive. So with a strong ARR base, it makes us less sensitive to ad hoc volatility in the market.

Speaker #1: And also, to some extent, the macroeconomic sort of teams some of those decisions. So, with that said, with that summary, to say that we have.

Anders Dahl: With that said, with that summary, I would like to say that we have water in a good way. We are going into the fall with all the kind of priorities and ambitions. I am looking forward to the next phase of this discussion to answer the questions that are coming in. Please come in with questions and we will be back in a couple of minutes.

Speaker #1: Quarter in a good way. We are going into the fall with all the kinds of priorities and ambitions, and I am looking forward to the next phase of this discussion.

Speaker #1: So, answers to the questions are coming in, so please come in with questions, and we will be back in a couple of minutes.

Speaker #2: If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad.

Anders Dahl: If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #6 on your telephone keypad. There are no phone questions at this time. I hand the conference back to the speakers for any written questions and closing comments.

Operator: If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #6 on your telephone keypad. There are no phone questions at this time. I hand the conference back to the speakers for any written questions and closing comments.

Speaker #2: So I hand the conference back to the speakers for any written questions and closing comments.

Speaker #3: So, we have received some questions in the chat that I will read out loud so we can take them, question by question. So, first one: Have there been any new signs in the CMMM bookings in Q2?

Edvard Hagman: We have received some questions in the chat that I will read out loud, so we can take it question by question. First one, have there been any new signed cMMM bookings in Q2?

Speaker #1: Yes, there has been.

Anders Dahl: Yes, there have been.

Speaker #3: Next one: you have had three consecutive quarters with NRR above 100%, and these levels are in line with 2021 to 2023. Should we view the current net revenue retention numbers as normal, or what do we expect without major churn going forward?

Edvard Hagman: Next one. You've had three consecutive quarters with NRR above 100%, and these levels are in line with 2021 to 2023. Should we view the current net revenue retention numbers as normal, or what do we expect without major churn going forward?

Speaker #1: Yeah, we have seen quite low churn, and that is, of course, to some extent—or to a large extent—driven by a lot of good work on our side.

Anders Dahl: We are seeing quite low churn, and that is, of course, to some extent, or to a large extent, driven by a lot of good work on our side. But then you also go into those cycles where there are RFPs out in the market. We have seen some RFPs coming in over the summer and into the fall. That will, of course, be, which is good. But there is also, of course, a good chance to win some of those and to lose some of them. I would not say that we have a new normal, but I would say that the process of working with mitigating churn is fundamentally much stronger now than it has been before. But there is always this kind of RFP movement going on in the market. It is hard to say when it is the new normal.

Speaker #1: But then you also go into those cycles where there are RFPs out in the market, and we do— we have seen some RFPs coming in over the summer and into the fall.

Speaker #1: So there will, of course, be—which is good—but there is also, of course, a good chance to win some of those and to lose some of them.

Speaker #1: So, I wouldn't say that we have a new normal, but I would say that the process of working with mitigating churn is fundamentally much stronger now than it has been before.

Speaker #1: There is always this kind of RFP movement going on in the market. So it's hard to say what is the new normal, but of course we would like the new normal to be at these levels.

Anders Dahl: Of course, we would like the new normal to be in these levels.

Speaker #3: Has the departure of your VP of Sales affected the Q2 bookings?

Edvard Hagman: Has the departure of your VP of sales affected the Q2 bookings?

Speaker #1: No, I can't say that. That's a hard question to answer, because what's the chicken and what's the egg? Of course, is it market movements, or is it just one person or two persons?

Anders Dahl: No, I cannot say that. That is a hard question to answer because what is the chicken and what is the egg? Of course, is it market movements or is it just one person or 2 persons? I think what we are aiming for now, and we have been aiming for that for the last, say, 8 to 12 months, is to have an ongoing recruitment of new business team member and sales people all along the way.

Speaker #1: I think what we are aiming for now, and we have been aiming for that for the last, say, eight to twelve months, is to have ongoing recruitment of new business team members and salespeople all along the way.

Speaker #1: So I think we would like to even increase that a little bit more during the next upcoming six to 12 months to invest a little bit more in having a bit of a kind of I would like I wouldn't say overstaffed but a little bit more people in our sales and new business department to be able to kind of handle churn and changes in that market.

Anders Dahl: I think we would like to even increase that a little bit more during the next upcoming six to 12 months, to invest a little bit more in having a bit of a, I wouldn't say overstaff, but a little bit more people in our sales and new business department to be able to handle churn and changes in that market, but also to be able to handle leads coming in and the market opportunities that we see in the market. I wouldn't say that we see a direct impact of the departure of VP of sales in the Q2 bookings, no.

Speaker #1: But also to be able to handle leads coming in and the market opportunities that we see in the market. So I wouldn't say that we see a direct impact of the departure of the VP of Sales in the Q2 bookings now.

Speaker #3: Have you had enough sales capacity in Q2 to handle all inbound requests?

Edvard Hagman: Have you had enough sales capacity in Q2 to handle all inbound requests?

Speaker #1: Yes.

Anders Dahl: Yes.

Speaker #3: How should we view the departure of your CTO and VP of Sales? Are departures like this a cost saving in the short term, or does the recruitment process cost as much as the salary?

Edvard Hagman: How should we view the departure of your CTO and VP of sales? Are departures like this cost savings in the short term, or does the recruitment process cost as much as the salary?

Speaker #1: I wouldn't say that, and always when someone resigns or we do see changes in the position, there is an underlying, ongoing discussion in the organization all the time.

Anders Dahl: I wouldn't say that anyone. Always when someone resigns or we do see changes in a position, there is an underlying ongoing discussion in the organization all the time. How can we do better? How can we improve? Every time things like this happen, even before those things happen, we've worked with organizations to see how we can improve. At this point, we have such a strong team in product and tech. We don't have a recruitment process ongoing right now for a new CTO, for example, because we see that we have been handling that in a good way. We are hiring other positions within those departments. I wouldn't say this as this is just a cost saving, it's more of a reflection of how can we do things in a different way.

Speaker #1: How can we—how can we do better? How can we improve? So every time things like this happen, even before those things happen, we've worked with organizations to see how we can improve.

Speaker #1: So at this point, we have such a strong team in Product and Tech, so we don't have a recruitment process ongoing right now for a new CTO, for example, because we see that we have been handling that in a good way.

Speaker #1: But we are hiring other positions within those departments, so I wouldn't say this is just a cost saving. It's more of a reflection of how we can do things in a different way.

Speaker #1: How can we empower people within the organization, and how can we hire, maybe, a different type of talent in the future?

Anders Dahl: How can we empower people within the organization, and how can we hire maybe a different type of talent in the future? That's an ongoing improvement process that reflects our way of handling those, if there is a resignation, for example.

Speaker #1: So that's an ongoing improvement process that reflects our way of kind of handling those, if there is a resignation, for example.

Speaker #3: And just to clarify, you're currently hiring a VP of Sales. Does that mean that the VP of Sales who started in June has left NEP already, or is it a different role you're hiring for?

Edvard Hagman: Just a clarifying question here. You're currently hiring a VP of sales. Does that mean that the VP of sales who started in June has left Nepa already, or is it a different role you're hiring for?

Anders Dahl: He left over the summer, and that was his decision, and he probably felt that he got a or maybe a better offer or something else. I think this is, yes, we're hiring for a new VP of sales. Luckily, that decision was taken very quickly. So we have a good chance with the recruitment process we had before that. Good names in that process and good names are coming in right now. So we will hopefully very quickly be up and running with a new VP of sales. We also have a strong organization behind and underlying in the sales department in general and also in client success. So there is a strong backbone of people that can support in situations like this. But he came in in June and he left in July, so his impact was not very strong in that sense.

Speaker #1: He left over the summer, and that was his decision, and he probably felt that he got a, or maybe a better offer, something else. But I think this is—yes, we're hiring for a new VP of Sales.

Speaker #1: Luckily, that decision was taken very quickly. So we have a good chance with the recruitment process we had before that. Good names in that process, and good names are coming in right now.

Speaker #1: So we will hopefully, very quickly, be up and running with a new VP of Sales. We also have a strong organization behind, and underlying, in the sales department in general and also in Client Success.

Speaker #1: So there is a strong backbone of people that can support in situations like this. But he came in in June, so his impact was not very strong in that sense.

Speaker #1: So luckily we can be able to kind of handle that very quickly.

Anders Dahl: Luckily, we can be able to handle that very quickly.

Speaker #3: Okay, next question. Your headcount did increase in Q2 compared to Q1. What new roles were added? And I can answer that one directly, that this is a metric with full-time equivalents.

Edvard Hagman: Okay, next question. Your headcount did increase in Q2 compared to Q1. What new roles were added? I can answer that one directly, that this is a metric with full-time equivalents. The net marginal effect is basically from part-timers, parental leaves, and replacements starting earlier or leaving later. It is no any net new additional roles added between the quarters. Next one is what drove the improved flow? Was the addition of customers who pay in advance a significant driver? Yes, part of it was advanced payments, but also part of it was some larger supplier invoices with due dates after the quarter, and that we last year received before the quarter end. Next one is, you haven't talked about any medium or long-term ambitions in years. When do you think you will have enough predictability to start talking about the future?

Speaker #3: So the net marginal effect is basically from part-timers, parental leaves, and replacements starting earlier or leaving later, so there aren't any net new additional roles added between the quarters.

Speaker #3: Next one is, what drove the flow? Was the addition of customers who pay in advance a significant driver? Yes, part of it was advance payments, but also part of it was some larger supplier invoices with due dates after the quarter.

Speaker #3: And that we last year received before the quarter end. Next one is, you haven't talked about any immediate or long-term ambitions in the year. When do you think you will have enough predictability to start talking about the future? And any update on when we can expect analyst coverage and the capital markets day?

Edvard Hagman: Any update on when we can expect analyst coverage and the capital markets day? I can answer that we are on track with analyst coverage to be initiated during the fall. Hopefully we will get some more text and analysis out in the market for investors to read. Next question is, ad hoc sales came in weak in Q2. How much spare capacity do you have? Do you still have capacity to handle between 25 to 30 million SEK in a quarter like Q2?

Speaker #3: And I can answer that we are on track with analyst coverage, to be initiated during the fall. So hopefully, we'll get some more text and analysis out in the markets for investors to read.

Speaker #3: Next question is: ad hoc sales came in weak in Q2. How much spare capacity do you have? Do you still have capacity to handle between 25 to 30 million krona in a quarter like Q2?

Speaker #1: Yes, we have a limited capacity, maybe for the 25 to 30 million, but of course if we 20 to 25 million, for sure. But we don't want to—of course, we want to push the ARR.

Anders Dahl: Yes, we have limited capacity maybe for the 25 to 30 million. Of course, if we 20 to 25 million for sure, but we don't want to. Of course, we want to push the ARR. Long term, I think moving to ARR is of course, the way we want to go.

Speaker #1: So long term, I think moving to ARR is, of course, the way we want to go.

Speaker #3: Same question then for ARR—would you be able to handle a 10% higher ARR from core products without significant OPEX increases?

Edvard Hagman: Same question then for ARR. Would you be able to handle 10% higher ARR from core products without significant OPEX increases?

Speaker #1: Yeah, some of those are replacement on the sales side, like more salespeople, but also, I don't know if you saw that today we had an ad for billing out to the data science team. And I think a lot of the delivery teams that we do have today are also doing a lot of sales work.

Anders Dahl: Yeah, some of those are replacement on the sales side and like more salespeople. Also, I do not know if you saw that today we had an ad for building out the data science team. I think a lot of the delivery teams that we do have today are also doing a lot of sales work. In general, investing more in sales and be much more structured when it comes to driving sales, the work that we have done now for 1.5 years. Just continue to do that in a professional and structured way.

Speaker #1: So, in general, investing more in sales and being much more structured when it comes to driving sales—the work that we have done now for one and a half years.

Speaker #1: So just continue to do that in a professional and structured way. And you can also see that one of the main reasons why we have been growing ARR significantly for the last one and a half years is that we do have a very focused and structured way of approaching the sales process.

Anders Dahl: Well, you can also see that one of the main reasons why we have been growing ARR significantly for the last 1.5 years is that we do have a very focused and structured way of approaching the sales process, with the main focus of driving ARR and building the platform foundation with our clients. Continuously invest, maybe, like I said before, over-invest a little bit for sometimes in sales people. Also marketing is of course our way to go because there is a fluctuation in the market and we need to manage that in a proper way.

Speaker #1: And with the main focus of driving ARR and building the platform foundation with our clients. So continue to invest maybe like I said before over invest a little bit for some times in salespeople and also marketing is of course our way to go because there is a fluctuation in the market and we need to manage that in a proper way.

Speaker #3: Next question is: When did you release the new brand tracking platform, and where have the freed-up resources post the release been deployed?

Edvard Hagman: Next question is, when did you release the new brand tracking platform and where have the freed up resources post the release been deployed?

Speaker #1: Yeah, the full release we have done before is scheduled for late or the beginning of 2026. That will be the full kind of operating platform.

Anders Dahl: Yeah, the full release, we have said that before, is towards the later or the beginning of 2026. That will be the full kind of operating platform. There are already bits and pieces that have been released in sort of the new platform, like new dashboards and other features. Of course we are using and we have already seen that we have released resources to go from kind of the old operating platform to developing new features like AI and different AI tools. We will continue to release bits and pieces underlying operational improvements and use those resources to develop more clients.

Speaker #1: But there are already bits and pieces that have been released in sort of the new platform, like new dashboards and other features. And, of course, we are using—and we have already seen that we have released—resources to go from kind of the old operating platform to developing new features like AI and different AI tools.

Speaker #1: So we will continue to release bits and pieces underlying operational improvements, and use those resources to develop more client tech.

Speaker #3: Next question is, what is the reason behind the OPEX increase quarter on quarter? It's partly because of personnel costs varying due to different vacation schedules.

Edvard Hagman: Next question is: what is the reason behind the OpEx increase quarter on quarter? It is partly because of personnel costs varying due to different vacation schedules. It is also because of the, part of it, of the CTO departure and the remaining OpEx are basically effects quarter on quarter. Next question is: what is your hiring plan for H2 and what is the view on pipeline add conversion of that pipeline going into H2? Maybe start with the hiring plans for H2.

Speaker #3: It's also because part of it is the CTO's departure, and the remaining OPEX are basically FX effects quarter on quarter. Next question is, what's your hiring plan for H2, and what's the view on pipeline and conversion of the pipeline going into H2?

Speaker #3: So, maybe start with the hiring plans for H2.

Speaker #1: Yeah, the hiring plan, like I said before, we're going to continue to build on the acceleration base—i.e., to invest more in marketing and new business talent in the business, but also to build the fundament for continuing to deliver high-end advisory, to really be able to launch the next generation of marketing tools.

Anders Dahl: The hiring plan, like I said before, we are going to continue to build on the acceleration base, i.e. to invest more in marketing and new business talent in the business, but also to build the fundament for continue to deliver high-end advisory to really being able to launch the next generation of our marketing tools. That is of course on the data science side and on the delivery side. We do not have any fixed numbers of this as the way that these are the number of people we are going to hire, but these are kind of the focus areas of where we are looking for talent to really continue to grow the business.

Speaker #1: And that is, of course, on the data science side and the delivery side. So we don't have any fixed numbers of, "This is the way, these are the number of people we're going to hire," but these are kind of the focus areas where we are looking for talent to really continue to grow the business.

Speaker #3: Then we have a couple of questions that are related to each other, so I think we'll take them together. It's on...

Edvard Hagman: Then we have a couple of questions related to each other, so I think we will take them together. It is on.

Speaker #1: Was there a second part to that first question?

Anders Dahl: Was there a second part of that first question?

Speaker #3: Yeah, I'm coming to it now. It's on the sales side. You wrote that May was weak in terms of sales. Do you have any more color on why? As it also happened in March this year?

Edvard Hagman: Yeah, I am coming to it now.

Anders Dahl: Yeah. Okay.

Edvard Hagman: It is on the sales side. You write that May was weak in terms of sales. Do you have any more color on why, as it also happened in March this year? Have you seen any stabilization since May? Then clarify on pipeline conversion and what is done on the sales side to actually drive conversion going forward.

Speaker #3: Have you seen any stabilization since May? And then could you clarify on pipeline conversion, and what is being done on the sales side to actually drive conversion going forward?

Anders Dahl: One thing, driving conversion is of course a very kind of uniform standardized way of working to really make sure that you are measuring your pipeline in a proper way. You are honest to yourselves when it comes to evaluate if there is going to be a deal or not, setting the right expectations. I think we have, for the last one and a half year, we have been much better to kind of being disciplined when it comes to working with the pipeline.

Speaker #1: One thing driving conversion is, of course, a very kind of uniform, standardized way of working. It really makes sure that you're measuring your pipeline in a proper way.

Speaker #1: You're honest to yourself when it comes to evaluate if there's going to be a deal or not. Setting the right expectations. So and I think we have for the last one and a half year we have been much better to kind of being disciplined when it comes to working with the pipeline.

Speaker #1: The thing that we have seen from those two specific periods that were mentioned in the question is that we have seen that a majority of those cases were driven by delays and timing instead of sales.

Anders Dahl: The thing that we are seeing from those two specific periods that was mentioned in the question is that we have seen that a majority of those cases were driven by delays and timing instead of sales, instead of a "No, thank you, we don't want to go with you guys," or, "We lost it to someone else." In the early phase, I think it was in March, we had a couple of travel companies and companies that were highly impacted by the situation in the Middle East. It is mostly timing in many of those cases. Some of those clients actually came back in June. We closed some of those deals in June that were actually kind of a wait and see in earlier the spring. The majority of those deals are still in the pipeline.

Speaker #1: So instead of a "no, thank you, we don't want to go with you guys," we lost it to someone else. In the early phase, I think it was in March, we had a couple of travel companies and companies that were highly impacted by the situation in the Middle East.

Speaker #1: So it's mostly timing in many of those cases. Some of those clients actually came back in June, so we closed some of those deals in June that were actually kind of a wait-and-see earlier in the spring.

Speaker #1: And the majority of those deals are still in the pipeline. It's not because we are naive and think that they will just show up because but we have actually real evidence that they are still in we are still in the game with them and then hopefully we can close some of them in Q3 and then or in Q4.

Anders Dahl: It is not because we are naive and think that they will just show up. We have actually real evidence that we are still in the game with them, and then hopefully we can close some of them in Q2 and/or in Q4. It is especially on the AdOps side and in some cases in the ARR side. This year and even to some extent last year, we have seen a lot of those kind of wait and see and timing due to uncertainty in the overall macroeconomic situation. The good sign, the good thing with the pipeline for the fall is that it looks strong, but it also looks strong in basis on, in the background of the strategies that we are driving. There is a lot of ARR businesses in the pipeline.

Speaker #1: But it's especially on the ad hoc side and in some cases in the AR side this year and even to some extent last year has been we have seen a lot of those kind of wait and see and timing due to uncertainty in the overall macroeconomic situation.

Speaker #1: And the good side, the good thing with the pipeline for the fall is that it looks strong, but it also looks strong in the context of the strategies that we are driving.

Speaker #1: There are a lot of AR businesses in the pipeline. There are a lot of discussions that have gone pretty far, and there are also some interesting RFPs in the mix.

Anders Dahl: There is a lot of discussions that went pretty far, and there are also some interesting RFPs in the mix. In general, an evidence to the structured way of working, but also the focus on the recurring revenue types of deals. Any other questions?

Speaker #1: So, in general, evidence to the structured way of working, but also the focus on the recurring revenue types of deals. Any other questions?

Speaker #3: I think we've covered most of it. There are very similar questions from several people, so I think we've covered most of them—and most of the themes.

Edvard Hagman: I think we have covered most of it. There are very similar questions from several people. I think we have covered most of them, and most of the themes. At the moment, no more questions.

Speaker #3: So, at the moment, no more questions.

Speaker #1: So to wrap this up I think thanks again for listening in and to summarize from my perspective I think we have been delivering on some of those kind of core promises that we made a couple of years ago actually to work with the cost side simplify our operating model tweak and work in a much more efficient way in a marketing and sales work.

Anders Dahl: To wrap this up, I think thanks again for listening in and to summarize from my perspective, I think we have been delivering on some of those core promises that we made a couple of years ago actually to work with the cost side, simplify our operating model, tweak and work in a much more efficient way within our marketing and sales work. I think on the product side, we are in a very strong position. I think our message is going through and we are being invited into RFPs on the size that is fairly large. That means that we have kind of sent the message that is very clear when it comes especially to our Trinity product or our Trinity offer.

Speaker #1: I think in the product side we are in a very strong position. I think our message is going through and we are being invited into to RFPs on the size that is fairly large that means that we have kind of sent the message that is very clear when it comes especially to our Trinity product or our Trinity offer.

Speaker #1: So, good confidence and thanks a lot to all the people in our company that have done a tremendous job of continuing to transform and accelerate this business into the next phase.

Anders Dahl: Good confidence and thanks a lot to all the people in our company that have done a tremendous job of continue to transform and accelerate this business into the next phase. Thank you all for listening in today and all the shareholders for supporting us and believing in us. Thanks a lot and talk to you soon again. Have a good day.

Speaker #1: I thank you all for listening in today, and all the shareholders for supporting us and believing in us. So thanks a lot, and talk to you soon again.

Speaker #1: Have a good day.

Operator: The host has ended this call. Goodbye.

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Q2 2026 Nepa AB Publ Earnings Call

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