Freja eID Group (FREJA) Investor Update summary

Key performance indicators and growth

• Annual recurring revenue (ARR) reached 38.9 MSEK by September 2025, up 51% year-on-year and 4% quarter-on-quarter.

• Net sales for Q3 2025 were 11.0 MSEK, a 53% increase from Q3 2024.

• Subscription customers grew to 496, a 20% annual increase and 4% growth from June 30, 2025.

• Net revenue retention (NRR) was 131%, a 15 percentage point improvement year-on-year.

• Gross revenue retention (GRR) was 96%, down 1 point year-on-year and unchanged from the previous quarter.

User base and product engagement

• Registered users reached 1,502,000, up 26% year-on-year and 6% from the previous quarter.

• NRR highlights increased revenue from existing customers through expanded usage and product adoption.

• GRR indicates low churn, supporting strong integration and customer retention.

Product and market updates

• Continued strong demand driven by network effects and support for international users.

• Significant upsell opportunities identified for both existing and new services.

• New Q3 initiatives include an authorization system, whitelabel proof of concept, and expansion with biometric ID cards.

• The Freja eID segment is internationally scalable and recognized for quality in Sweden and the EU.