Nepa (NEPA) Q3 2026 earnings summary

Executive summary

• Q3 subscription revenue grew 14.8%, but ad hoc weakness pulled net sales down 2.6%; Adjusted EBITDA - Capex improved to MSEK 2.3.

• ARR rose 9.7% YoY to MSEK 135.8 but fell MSEK 5.1 sequentially; Q4 priorities include stronger sales conversion, client expansion and renewed ARR growth.

Financial highlights

• Q3 net sales were MSEK 47.6, down 2.6% reported and 1.7% in local currencies; net income improved to MSEK -1.0 from -5.3.

• Q3 gross margin increased 1.4 percentage points to 75.6%; Adjusted EBITDA - Capex rose MSEK 1.9 to MSEK 2.3.

• 9M net sales were MSEK 153.5, down 5.6% reported but up 2.5% underlying; net income improved to MSEK -9.5 from -36.2.

• 9M Adjusted EBITDA - Capex was MSEK 1.1, with a 0.7% margin; gross margin rose to 75.9% from 74.4%.

Outlook and guidance

• Q4 priorities include improving sales execution and conversion, returning ARR to sequential growth, expanding priority accounts across Brand, Campaign and cMMM, and driving operating leverage.

• A focused account-development approach and closer coordination across sales, delivery and specialists are intended to improve conversion and win clients.

• Management expects the operating model and existing capacity to support growth and convert revenue growth into earnings growth.