Safestate Group (STATE) Q2 2026 earnings summary

Executive summary

• Contracted annual recurring revenue (ARR) more than doubled year-over-year to MSEK 104, with first half sales up 43% and Q2 adjusted EBITDA margin at 50%.

• Net sales grew 26% in Q2 compared to the same quarter last year, with adjusted EBITDA up 28% to KSEK 6,850.

• Strategic partnerships expanded across telecom, hosting, and insurance verticals, with major rollouts and onboarding of new partners expected to drive further revenue growth in H2.

• The company completed refinancing, securing long-term debt and expects a cash position of approximately MSEK 25 by end of August.

Financial highlights

• Gross ARR on secured agreements reached MSEK 104 (MSEK 50.7 in Q2 2025).

• Q2 net sales: KSEK 13,648 (KSEK 10,807 in Q2 2025); H1 net sales: KSEK 26,720 (KSEK 18,642 in H1 2025).

• Q2 adjusted EBITDA: KSEK 6,850 (KSEK 5,371); H1 adjusted EBITDA: KSEK 13,661 (KSEK 9,363).

• Q2 net loss: KSEK -3,060 (KSEK -5,801); H1 net loss: KSEK -6,599 (KSEK -7,193).

• Cash balance at period end: MSEK 8.5, with expected increase to MSEK 25 post-refinancing.

Outlook and guidance

• Revenue is on track to roughly double as partner rollouts go live, with significant onboarding in H2 and a major step-up expected in Q4.

• M&A remains a strategic focus, but acquisitions will be pursued selectively given strong organic growth.