Upsales (UPSALE) Investor update summary

Leadership transition and background

• Daniel Wikberg steps down after 23 years; Johan Kallblad takes over on 31 July 2026, and Wikberg remains on the board.

• The change followed discussions with Kallblad, who shares a similar business philosophy and has a longstanding relationship with the business.

• The transition is considered timely, with the business in a strong position after renewed growth.

Strategic developments and company performance

• Completed the spin-off of AI startup Aira as a standalone company to clarify underlying profitability; Aira is set to trade on Nasdaq First North.

• Q1 year-on-year growth was 13%, with pro forma EBITDA margins ~30% excluding Aira.

• Growth slowed in 2023 and early 2024 amid market conditions and internal reorganization, then rebounded.

Incoming CEO’s vision and priorities

• Kallblad prioritizes cash flow, high margins and organic growth, and is open to capital-efficient M&A for adjacent products.

• Customer success and efficiency for sales organizations in the Nordics are priorities.

• Plans to spend his initial months understanding the team and business before setting strategic goals.

• Open to partnerships with system integrators aligned with the core business.