Freja eID Group (FREJA) Q2 2026 earnings summary

Executive summary

• Freja eID segment achieved 70% revenue growth in Q2 and 69% in H1 year-over-year, now representing 89% of group revenue in Q2, with user base nearing 1.8 million, up 25% year-over-year.

• Subscription customers increased 31% to 626, reflecting robust demand and network effects.

• Total group revenue grew 33% in Q2 and 28% in H1 year-over-year, driven by SaaS-based digital ID solutions.

• Net loss reduced to -2.5 MSEK in Q2 and -4.8 MSEK in H1, with improved adjusted EBIT and EBITDA.

• Regulatory tailwinds from new Swedish e-ID legislation and strategic projects with public sector and defense organizations.

Financial highlights

• Freja eID segment net sales grew 70% year-over-year, with improved cost control and strengthened cash flow.

• Annual recurring revenue (ARR) for Freja eID reached 49.9 MSEK (+33% YoY) as of June 30, 2026.

• Net revenue for Freja eID reached 14.3 MSEK in Q2 2026, up from 11.6 MSEK in Q2 2025.

• Fulfilment segment net revenue was 1.8 MSEK in Q2 2026 (-52% YoY), showing stable EBITDA.

• Adjusted EBITDA for the group was 4.1 MSEK in Q2 (up 128% YoY), and adjusted EBIT was 0.2 MSEK in Q2.

Outlook and guidance

• Strong upsell opportunities expected for both existing and new services.

• Continued focus on scaling Freja eID as core business, with ongoing investments in sales and delivery capacity.

• Regulatory changes expected to drive further adoption among public sector clients.

• Cost reductions planned in Fulfilment segment to address declining demand.