Upsales (UPSALE) Q2 2026 earnings summary

Executive summary

• Achieved third consecutive quarter of double-digit revenue growth year-over-year, with net sales reaching MSEK 41.4 in Q2 2026, outperforming the Swedish software sector median.

• Completed the spin-off of Aira, now a separately listed company, with shares distributed to shareholders as a Lex ASEA dividend, allowing renewed focus on the core SaaS business.

• Leadership transition: Johan Kallblad to become CEO on July 31, 2026, succeeding Daniel Wikberg, who remains on the board.

• Continued focus on Nordic B2B mid-market, leveraging product and pricing advantages, strong data integrations, and over 1,000 customers.

• Launched AI Agent Workspace, the largest product release in company history, driving new customer wins and increased service revenue.

Financial highlights

• Q2 2026 net sales: MSEK 41.4 (up 10.8% YoY); ARR at period end: MSEK 154.0 (up 5.0% YoY); recurring revenue comprised 93.4% of net sales.

• Adjusted EBITDA (excluding Aira and separation costs): MSEK 15.3 (37% margin); reported EBITDA: MSEK 10.9 (26.2% margin); EBIT: MSEK 7.6 (18.3% margin); net income: MSEK 5.4.

• Net cash position at 30 June 2026: MSEK 32.5; free cash flow in Q2: MSEK 6.6; operating cash flow: MSEK 8.9.

• Dividend of MSEK 23.1 paid in H1 2026.

Outlook and guidance

• Full-year 2026 revenue growth guidance maintained at 10%-15%; EBITDA margin expected to remain above 35%, now fully realized post-Aira separation.

• Lower churn anticipated in H2 2026, supporting ARR acceleration; AI Agent Workspace expected to drive further customer adoption and ARR growth.

• No change in strategy or guidance with new CEO; future acquisitions possible but not currently planned; zero debt and net cash positive position maintained.