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Freja eID Group (FREJA) investor relations material
Freja eID Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Strong third quarter with 15% revenue growth year-over-year and continued high demand for the Freja eID platform, which now represents 75% of group revenue for the quarter.
Strategic agreements signed, including a major public sector contract expected to boost ARR by 4.5 MSEK from January 2026 and a white-label proof-of-concept with Teracom AB.
User base grew 26% year-over-year to 1,502,000, and ARR for Freja eID increased 51% to 38.9 MSEK.
Financial highlights
Q3 net revenue: 12.9 MSEK (up 15% YoY); 9M net revenue: 37.6 MSEK (up 19% YoY).
Adjusted EBITDA Q3: 3.2 MSEK (up 32% YoY); 9M: 7.5 MSEK (up 164% YoY).
Adjusted EBIT Q3: -0.6 MSEK (improved from -1.3 MSEK YoY); 9M: -4.0 MSEK (improved from -8.6 MSEK YoY).
Net result Q3: -3.5 MSEK (improved from -4.2 MSEK YoY); 9M: -10.7 MSEK (improved from -19.9 MSEK YoY).
Cash flow from operations Q3: -2.3 MSEK; 9M: 5.4 MSEK.
Liquidity at period end: 19.3 MSEK (up from 3.4 MSEK YoY).
Outlook and guidance
Public sector contract expected to increase ARR by 4.5 MSEK from January 2026.
White-label platform pilot may unlock new revenue streams and international expansion.
Fulfilment segment's local footprint to be halved from January 2026, reducing costs.
Impact of Auktorisationssystem on 2026 ARR?
Fulfilment segment's future role and profitability?
How will deferred tax assets impact future cash?
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Next Freja eID Group earnings date
Q4 20255 Feb, 2026
Next Freja eID Group earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
Freja eID Group operates through two segments, Identity and Access Management and Authentication. It offers identity solutions, such as digital identities, offline authentication, authentication gateways, and identity management services; and access management solutions, including single sign-on, cross-channel authentication, mobile entitlements management, and data leakage prevention solutions. It also provides verification solutions to identify individuals; and authorization solutions that allow access rights to systems worked on by multiple users. The company was founded in 2002 and is based in Stockholm, Sweden.
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