"Q3 confirms that Nepa is structurally stronger, with Adjusted EBITDA-Capex reaching 2.3 MSEK in our seasonally weakest quarter. Subscription revenue grew by 14.8%, and ARR was 9.7% higher year-on-year. Conversely, lower ad hoc bookings weighed on total bookings and net sales. With the cost base and delivery model producing results, the business must now continue to ramp up sales efforts to drive further profit growth in coming years. Ahead of my announced departure, our priority is to improve conversion, expand client relationships and build ARR. I will hand over a stronger company with a clear commercial agenda.” – Anders Dahl, CEO
Q3 in summary
9 months in summary
Events during and after the quarter ended
Financial summary
| MSEK if not stated | Q3 2026 | Q3 2025 | Δ | YTD 2026 | YTD 2025 | Δ | LTM | 2025 | Δ |
| ARR bookings | 1.6 | 1.4 | 11.0% | 16.8 | 16.5 | 1.4% | 33.0 | 32.8 | 0.7% |
| ARR | 135.8 | 123.8 | 9.7% | 135.8 | 123.8 | 9.7% | 135.8 | 131.3 | 3.4% |
| Net sales | 47.6 | 48.9 | -2.6% | 153.5 | 162.7 | -5.6% | 213.5 | 222.6 | -4.1% |
| of which subscription revenue | 35.3 | 30.8 | 14.8% | 103.1 | 102.8 | 0.2% | 135.7 | 135.5 | 0.2% |
| Gross margin | 75.6% | 74.2% | 1.4 | 75.9% | 74.4% | 1.6 | 76.4% | 75.2% | 1.2 |
| Adjusted EBITDA-Capex | 2.3 | 0.4 | 1.9 | 1.1 | -11.5 | 12.5 | 7.7 | -4.8 | 12.5 |
| Adjusted EBITDA-Capex margin | 4.7% | 0.8% | 4.0 | 0.7% | -7.0% | 7.8 | 3.6% | -2.2% | 5.8 |
| Net income | -1.0 | -5.3 | 4.3 | -9.5 | -36.2 | 26.7 | -7.3 | -34.0 | 26.7 |
| Profit margin | -2.2% | -10.9% | 8.7 | -6.2% | -22.3% | 16.1 | -3.4% | -15.3% | 11.9 |
| Net cash flow | -9.1 | -2.6 | -6.6 | -6.4 | -18.4 | 12.0 | -14.5 | -26.6 | 12.0 |
| Net financial position | 8.1 | 12.4 | -4.3 | 8.1 | 12.4 | -4.3 | 8.1 | 14.5 | -6.4 |
| Earnings per share, SEK | -0.13 | -0.68 | 0.55 | -1.21 | -4.61 | 3.40 | -0.93 | -4.33 | 3.40 |
| 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% |
*Underlying growth compares reported revenue for the first nine months of 2026 with adjusted revenue for the corresponding period in 2025, excluding revenue from contracts that were phased out or subject to extraordinary churn in late 2024 and early 2025.