Slide 1: The presentation will begin shortly
LIVE Q 2 2 02 6 EA R NI NG S CALL The presentation will begin shortly. Please ensure your audio is connected. 22 July 2026 · Stockholm upsales.com/investors
Slide 2: Q2 2026 Results
Q2 2026 Results Upsales Technology AB 22 JULY 2026 Daniel Wikberg Kristina Fridheimer FOUNDER & CEO CFO
Slide 3: Agenda
TODAY Agenda 01 This is Upsales 02 Growth 03 Q2 2026 in numbers 04 Aira separation completed 05 The future of Upsales 06 Q&A 03 / 22
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: Continued double-digit growth
GROWTH · 01 Continued double-digit growth 01 Third consecutive quarter of double-digit revenue growth year over year. 02 Broad inflow of new customers across the platform. 03 ARR returned to growth after a flat first quarter. 07 / 22
Slide 8: What is driving it
GROWTH · 02 What is driving it 01 Strong new sales momentum carrying through from H2 2025. 02 AI Agent Workspace, launched 12 May, winning new customers and deepening adoption in the base. 03 Core platform investments converting into higher win rates and stronger retention. 08 / 22
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 Lower churn entering the third quarter, setting up accelerating ARR growth in the second half. 03 Full year 2026 revenue growth expected at 10 to 15 p
Slide 10: Q2 2026 in numbers
Q2 2026 in numbers
Slide 11: Revenue and ARR
FINANCIALS · 01 Revenue and ARR 41.4 MSEK NET SALES · Q2 2026 +10.8% YoY ARR ARR GROWTH YOY RECURRING REVENUE 154.0 +5% 93.4% MSEK · Q2 2026 Q2 2026 vs Q2 2025 of net sales · Q2 2026 11 / 22
Slide 12: Profitability
FINANCIALS · 02 Profitability 10.9 MSEK EBITDA · Q2 2026 26.2% margin EBITDA EXCL. AIRA & LEX ASEA EBITDA MARGIN EXCL. AIRA & EBIT NET INCOME 15.3 7.6 5.4 LEX ASEA MSEK · Q2 2026 37.0% MSEK · 18.3% margin MSEK · Q2 2026 Q2 2026 12 / 22
Slide 13: Balance sheet and cash
FINANCIALS · 03 Balance sheet and cash 32.5 MSEK NET CASH · 30 JUNE 2026 OPERATING CASH FLOW FREE CASH FLOW 8.9 6.6 MSEK · Q2 2026 MSEK · Q2 2026 13 / 22
Slide 14: Aira separation completed
Aira separation completed
Slide 15: Separation completed
AIRA Separation completed 01 The separation of Aira was completed during the second quarter; Aira now trades as its own listed company. 02 All shares distributed to Upsales shareholders as a Lex ASEA dividend, replacing the previously proposed cash dividend. 03 Full focus on the core business — prof
Slide 16: The future of Upsales
The future of Upsales
Slide 17: A new chapter in leadership
TRANSITION A new chapter in leadership 01 After 23 years, Daniel Wikberg hands over as CEO on 31 July 2026. 02 Johan Kallblad appointed Chief Executive Officer. 03 Johan spent 15 years building Exsitec from around 30 people into a profitable, listed B2B software group of more than 650. 04 Daniel rem
Slide 18: Guidance
OUTLOOK · 01 Guidance 01 Revenue growth of 10 to 15 percent for full year 2026. 02 EBITDA margin above 35 percent, now realised from Q2 2026. 03 Drivers: continued revenue growth, full run-rate savings from last year's reorganisation, and the removed Aira cost base. 04 Zero debt, net cash positive.
Slide 19: AI inside Upsales
OUTLOOK · 02 AI inside Upsales 01 AI Agent Workspace launched 12 May 2026 — the largest product release in our history. 02 Winning new customers and deepening adoption across the existing base. 03 More customers want our help putting AI to work in their revenue processes. 04 Services revenue growing
Slide 20: Extraordinary General Meeting
GOVERNANCE Extraordinary General Meeting 01 The Board has convened an EGM for 7 August 2026. 02 Main item: a warrant programme for the incoming CEO, on market terms. 03 Alignment between the new CEO and shareholders is of utmost importance. 04 Also a standard buyback mandate, following a change in S
Slide 21: What comes next
OUTLOOK · 03 What comes next 01 Johan Kallblad takes over as CEO on 31 July. 02 EGM on 7 August on the CEO warrant programme and buyback mandate. 03 Continued execution on the pipeline and the Upsales product roadmap. 21 / 22
Slide 22: 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. 22 / 22