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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Nepa
Nepa (NEPA) investor relations material
Nepa Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Achieved 20.7% year-over-year growth in Q4 sales bookings, with strong underlying ARR momentum and commercial transformation initiatives driving improved operational efficiency and profitability.
Underlying ARR grew 8.1% year-over-year in Q4, with subscription revenue growth offsetting legacy churn and contract phaseouts.
Transformation strategy, including cost base right-sizing and revised go-to-market approach, resulted in the highest adjusted EBITDA - Capex margin since Q4 2021.
No dividend proposed for 2025 as focus remains on reinvestment and sustainable growth, with potential reinstatement in 2026 if profitability continues.
New brand tracking platform and product suite enhancements position the business for scalable delivery and profitable growth in 2026.
Financial highlights
Q4 reported net sales declined 15% year-over-year to 59.9 MSEK, mainly due to extraordinary churn and phaseout of low-margin contracts; underlying net sales were nearly flat.
Underlying subscription revenues increased by 4.5% year-over-year in Q4, while reported subscription revenues declined by 21%.
Add-on/ad hoc revenue from existing subscription clients grew 10.6–10.5% reported and 12.5% underlying; add-on revenue from other clients declined by 20.6%.
Gross margin improved by 3.5 percentage points year-over-year, reaching 77.5% in Q4; personnel costs down 23% and other external costs down 16%.
Net cash position improved to SEK 14.5 million at year-end, despite negative working capital development.
Outlook and guidance
Positive ARR trend and scalable advisory offerings expected to continue in 2026, with a focus on product innovation and cost discipline.
Extraordinary churn from late 2024/early 2025 now fully reflected; churn normalized.
Macro uncertainty acknowledged; strict cost control and value-added growth prioritized.
Board anticipates reinstating dividends if profitability is achieved in 2026.
When does legacy churn cease impacting reported revenue?
Elaborate on 2026 dividend reinstatement criteria
How will new platform impact margins and efficiency?
AI's role in shifting to high-end consulting
Top 5 client revenue contribution outlook 2026?
Main drivers of Q4 sales performance
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Next Nepa earnings date
Q1 20268 May, 2026
Nepa
Next Nepa earnings date
Q1 20268 May, 2026
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Frequently asked questions
Nepa designs and implements customer experience management programs. It offers panel-based survey programs, including online surveys and mobile intercepts; behavioral tracking, the full service survey research fieldwork through an agency partner's panel; and contact center based survey processes. The company also provides omni-channel analytics that include location-based surveys/mobile intercepts, transactional journeys, digital journeys, video & audio analytics, and social listening; research operations; and digital & multichannel journey maps. In addition, it offers training services for researchers. Nepa AB serves clients in the retail industry, banking and finance sector, telecom industry, travel and transportation industry, public sector, and B2B clients. The company was formerly known as New Evolution Performance Analytics AB.
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