Upsales (UPSALE) investor relations material

Executive summary

• Q3 net sales rose 10.9% YoY to MSEK 42.3; EBITDA was MSEK 19.5, with a record quarterly margin of 46.1%.

• ARR ended Q3 at MSEK 154.6, up 4.7% YoY and MSEK 0.6 QoQ; management is focused on building a stronger foundation for growth.

• Growth priorities include improving the core sales product, launching vertical solutions and investing in direct sales and marketing, with ARR growth targeted for 2027.

Financial highlights

• Q3 EBIT was MSEK 16.4 vs. 10.9, net income MSEK 13.1 vs. 8.8, and operating cash flow MSEK 4.9 vs. 2.1 YoY.

• 9M net sales rose 11.5% to MSEK 124.5; EBITDA was MSEK 37.5 vs. 28.2, EBIT MSEK 27.9 vs. 20.8, and net income MSEK 21.4 vs. 16.7.

• 9M operating cash flow increased to MSEK 23.7 vs. 13.3; quarter-end net cash was MSEK 36.4 vs. MSEK 20.5 a year earlier.

Outlook and guidance

• Q4 product release targets core users with faster load times, a simpler interface and AI-supported customer analysis; five vertical solutions are planned for Q4 release and rollout during 2027.

• Focused additions to direct sales and marketing are intended to support organic growth; mature sales investments can take 12–18 months to recoup.

• ARR growth in 2027 is an ambition, not formal guidance; new long-term financial goals are planned with the FY 2026 year-end report, scheduled for 17 February 2027.

• EBITDAC is expected to become the primary earnings metric in 2027.