Upsales Technology Ab · OMXSTO:UPSALE
Upsales Technology Ab — Q1 2026 Earnings Presentation
23 slides from Upsales Technology Ab's earnings presentation, Apr 22, 2026
Slide 1: Q1 2026 Earnings Call
LIVE Q1 2026 EARNINGS CALL The presentation will begin shortly. Please ensure your audio is connected. 22 April 2026 · Stockholm upsales.com/investors
Slide 2: Q1 2026 Results
Q1 2026 Results Upsales Technology AB 22 APRIL 2026
Slide 3: Agenda
TODAY Agenda 01 This is Upsales 02 Growth 03 Q1 2026 in numbers 04 Proposed separation of Aira 05 The future of Upsales 06 Q&A 03 / 23
Slide 4: This is Upsales
COMPANY This is Upsales 01 A profitable Nordic SaaS company building the revenue platform for the B2B mid-market. 02 Founded 2003, listed on Nasdaq First North since 2019. 03 Around 1,000 B2B customers across the Nordics. 04 Profitable every year for more than 20 years, zero external capital raised.
Slide 5: What we sell
PRODUCT What we sell 01 Upsales: unified platform for CRM, marketing automation, customer support, subscription billing and analytics. 02 Flat-rate access to licensed company and credit data across 14 European markets. 03 Deep integrations with local Nordic ERP systems including Fortnox, Monitor and
Slide 6: Growth
Growth
Slide 7: Strongest revenue growth in several years
GROWTH · 01 Strongest revenue growth in several years 01 Revenue growth of 13 percent year over year, highest quarterly rate in several years. 02 Broad inflow of new customers across the platform. 03 ARR essentially flat quarter over quarter due to Q1 renewal concentration. 04 A mechanical effect dr
Slide 8: What is driving it
GROWTH · 02 What is driving it 01 Strong new sales momentum carrying through from H2 2025. 02 AI capabilities live in the product today, driving customer value and expansion. 03 Monitor ERP partnership delivering a steady flow of industrial sector customers. 04 Core platform investments converting i
Slide 9: Where the growth comes from next
GROWTH · 03 Where the growth comes from next 01 Continued depth in the Nordic B2B mid-market, where we have a clear product and pricing advantage. 02 Industrial sector as a defined growth vertical through Monitor ERP and related partnerships. 03 Expansion revenue from existing customers as AI capabi
Slide 10: Q1 2026 in numbers
Q1 2026 in numbers
Slide 11: Revenue and ARR
FINANCIALS · 01 Revenue and ARR 40.8 MSEK NET SALES · Q1 2026 +13% YoY ARR ARR GROWTH YOY RECURRING REVENUE 152.9 +5.6% 94.4% MSEK · +5.6% YoY Q1 2026 vs Q1 2025 Of net sales, TTM 11 / 23
Slide 12: Profitability
FINANCIALS · 02 Profitability 7.2 MSEK EBITDA · Q1 2026 17.6% margin EBITDA EX-AIRA EBIT NET INCOME EBITDA MARGIN (TTM) 11.4 3.9 3.0 25.2% MSEK · 27.9% margin MSEK · 9.6% margin MSEK · Q1 2026 Trailing 12 months 12 / 23
Slide 13: Balance sheet and cash
FINANCIALS · 03 Balance sheet and cash 42.8 MSEK NET CASH · 31 MARCH 2026 OPERATING CASH FLOW FREE CASH FLOW 9.8 6.0 MSEK · Q1 2026 MSEK · Q1 2026 NOTE Cash flow is expected to improve following a similar trajectory as EBITDA. 13 / 23
Slide 14: Proposed separation of Aira
Proposed separation of Aira
Slide 15: What we are proposing
AIRA · 01 What we are proposing 01 Distribute all shares in AI Revenue Assistant Software Stockholm AB (Aira) to existing Upsales shareholders. 02 Structured as a Lex ASEA dividend. 03 One Aira share for each Upsales share held. 04 Replaces the previously proposed cash dividend. 05 Subject to approv
Slide 16: What is Aira
AIRA · 02 What is Aira 01 Mobile AI sales agent for individual sales professionals. 02 Connects to email and calendar, payment by credit card directly in the app. 03 Built on licensed financial and credit data covering more than 30 million European companies, plus more than 3 million news articles m
Slide 17: Why separate
AIRA · 03 Why separate 01 Two fundamentally different businesses under one structure. 02 Upsales: profitable Nordic SaaS, B2B mid-market, 50 to 1,000 employee customers. 03 Aira: pre-revenue global AI product, individual sales professionals, direct-to-consumer via App Store. 04 Different risk profil
Slide 18: Why it makes sense for Upsales shareholders
AIRA · 04 Why it makes sense for Upsales shareholders 01 Direct visibility into the underlying earnings power of the SaaS business. 02 Continued ownership in a cash-generating Nordic SaaS business with rising margins. 03 Plus direct, separate ownership in a global AI company with independent upside.
Slide 19: The future of Upsales
The future of Upsales
Slide 20: Guidance
OUTLOOK · 01 Guidance 01 Revenue growth of 10 to 15 percent for full year 2026. 02 EBITDA margin exceeding 35 percent from Q2 2026. 03 Drivers: continued revenue growth, full run-rate savings from the December 2025 restructuring, removal of the Aira cost base. 04 Zero debt, net cash positive. 20 / 2
Slide 21: AI inside Upsales
OUTLOOK · 02 AI inside Upsales 01 AI agents live in production across the customer base today. 02 Dedicated agent roadmap for the B2B mid-market, continuing independently of Aira. 03 Customers growing revenue without adding headcount through platform-native AI. 04 Continued and deepening AI investme
Slide 22: What comes next
OUTLOOK · 03 What comes next 01 AGM resolution on the Aira separation. 02 Continued execution on Q2 pipeline and the Upsales product roadmap. 03 Deeper integration with Monitor ERP and industrial sector partners. 04 Continued expansion of AI capabilities within the Upsales platform. 22 / 23
Slide 23: Opening the floor for questions
Q&A Opening the floor for questions 01 · WEBCAST 02 · FOLLOW-UP Written questions After the call Type your question in the Q&A field in the Email ir@upsales.com for further questions or to webcast player. We will read and answer live. request a one-on-one. 23 / 23