Interim report
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BAMBUSER | Q3 REPORT 2025 1 Interim Report Q3 2025 Q3 Highlights ⎯ ARR of SEK 7 8.1 million, - 1 8 % y/y and - 7 % q/q growth at constant exchange rates (“CER”). ⎯ Net Sales SaaS of SEK 19.4 million (25.4) representing a growth of - 24% y/y and - 5% q/q. ⎯ Adjusted EBITDA of SEK - 15.8 million ( - 16.8), an improvement of - 6% y/y and 26% q/q, representing a - 82% margin ( - 106%). ⎯ Free Cash Flow of SEK – 24.7 million ( – 28.9), representing a – 127% FCF margin, decreasing by 14%p y/y and 61%p q/q. ⎯ E nd of quarter Cash Balance of SEK 115.9 million ( 190 . 8 ). ⎯ Growing adoption of Bambuser’s platform among leading global brands underscores the company’s strengthened position in the evolving video commerce market. In this report, all figures in brackets refer to the corresponding period of the previous year unless stated otherwise. KPI Q3 Q3 % y/y Q2 % q/q Jan - Sep Jan - Sep % ytd/ytd 2025 2024 2025 2025 2024 ARR (SEKm) 7 8 , 1 97 , 1 - 20% 83 , 7 - 7% 7 8 , 1 97 , 1 - 20% ARR growth (CER) - 1 8 % - 7 % - 1 8 % NRR % (LTM1) 7 2 % 64% 8%p. 80% - 8 %p. 7 2 % 64% 8 %p. Net Sales SaaS (SEKm) 19,4 25,4 - 24% 20,4 - 5% 39,7 79,0 - 50% Gross Margin SaaS (%) 85% 74% 11%p. 86% - 1%p. 85% 77% 8%p. EBITDA (SEKm) - 16,8 - 17,0 - 1% - 21,5 - 22% - 38,3 - 64,9 - 41% EBITDA % - 87% - 67% - 20%p. - 106% 19%p. - 96% - 82% - 14%p. Adj EBITDA (SEKm) - 15,8 - 16,8 - 6% - 21,5 - 26% - 37,4 - 64,2 - 42% Adj EBITDA % - 82% - 66% - 16%p. - 106% 24%p. - 94% - 81% - 13%p. EBIT (SEKm) - 22,9 - 24,3 - 6% - 28,4 - 20% - 51,3 - 86,4 - 41% EBIT % - 118% - 96% - 22%p. - 139% 21%p. - 129% - 109% - 20%p. Adj. EBIT (SEKm) - 22,9 - 24,3 - 6% - 28,4 - 20% - 51,3 - 86,3 - 41% Adj. EBIT % - 118% - 121% 3%p. - 139% 21%p. - 129% - 109% - 20%p. Cash Balance EOP (SEKm) 115,9 190,8 - 39% 140,5 - 18% 115,9 190,8 - 39% FCF (SEKm) - 24 , 7 - 28 , 9 - 15% - 13,5 82% - 38,2 - 74,6 - 49% FCF Margin (%) - 127% - 113% - 14%p. - 66% - 61%p. - 96% - 94% - 2%p. FCF / Share (SEK, LTM) - 0 , 39 - 0 , 53 - 27% - 0,41 - 5% - 0,39 - 0,53 - 27% No of shares EOP 211 235 385 211 235 385 0% 211 235 385 0% 211 235 385 211 235 385 0% No of Fully diluted shares EOP 228 664 928 224 280 330 2% 228 977 563 0% 228 664 928 224 280 330 2% Earnings per share (SEK) - 0,10 - 0,11 - 6% - 0,13 - 21% - 0,10 - 0,11 - 6% EPS after dilution (SEK) - 0,10 - 0,10 - 8% - 0,12 - 21% - 0,10 - 0,10 - 8% Full-time Equivalents EOP 72 84 - 14% 75 - 4% 72 84 - 14% No of Customer Groups (CG) 197 210 - 6% 197 0% 197 210 - 6% Avg ARR per CG (SEKk) 396,2 462 , 5 - 15% 425 - 7% 396,2 462 , 5 - 15% 1. LTM = Last twelve months. KPIs are defined in “Definitions” on page 18.
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BAMBUSER | Q3 REPORT 2025 2 CEO Comments To Our Shareholders, Q3 marked another important step in Bambuser’s transformation. Our ARR came in at SEK 7 8.1 million, a decline of 18% year-over-year at constant exchange rates. The result is not in line with our ambition, but it reflects a period of focused rebuilding and disciplined execution. We’ve worked to strengthen our fundamentals, refine our customer mix, and position the compa ny for renewed growth. Over the quarter, we welcomed Adolfo Domínguez, the leading Spanish fashion house with 360 stores across 25 countries, as a new customer. We also expanded within LVMH, with Tag Heuer and Sephora joining our growing roster in luxury and beauty. In a moment that illustrated how creativity meets conversion, Stella McCartney hosted a live shopping experience —joined by Eva Mendez —that captured the essence of storytelling through commerce. Another leading global fashion retailer deployed our solution directly within their mobile app, integrating hundreds of shoppable videos into the customer journey and creating a seamless video -first shopping experience. These examples underline not just ad option, but evolution—how our customers are redefining digital retail with our technology. It’s proof that Bambuser’s platform isn’t just a tool—it’s a system for modern commerce. Over the past year, we’ve focused on our core customers, delivering strong ROI and retention metrics. We’ve rebuilt key parts of our platform to lead the next era of video commerce and invested in customer success and data intelligence—critical levers for durable SaaS growth. For much of 2025, our go-to-market has been deliberate— defensive by design —while we refined the product experience and integrated our suite of four products into a single, coherent platform. Now, the tide is shifting. Over the last six months, we’ve seen a gorwing appetite for video commerce—driven by its proven ability to improve conversion, retention, and average order value. The timing is right to go on offense. We’re leveling up our go-to-market engine, doubling down on demand generation, and expanding our video commerce ecosystem through apps and integrations. We’re doing so from a position of strength, with a disciplined fi nancial foundation and clear strategic direction. Our baseline OPEX continues to trend down, with further improvements expected in Q4 2025. Our free cash flow this quarter was impacted by layoff -related costs and our HQ relocation, both one -off events now behind us. The long-term trajectory remains firmly toward operational efficiency. What keeps us up at night is how we can grow faster, better, and smarter. We’re not short on ambition —we’re focused on acceleration. We’re also not satisfied with our churn or downsell levels. These are being addressed actively and systematically. Some imp rovements are already visible; others require structural change, which we have already set in motion. We also continue to manage a handful of legacy contracts with earlier -stage pricing structures. These agreements were originally established when video commerce was emerging and often came out of innovation budgets at
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BAMBUSER | Q3 REPORT 2025 3 premium rates. As those contracts renew, we’re aligning pricing to today’s more standardized, commoditized market landscape. This creates some short-term ARR contraction, which was also a contributing factor this quarter, but ensures long-term stability and scalability of our customer base. As our customer portfolio densifies, each win —or churn— has amplified impact. That’s why we’re laser -focused on scaling our commercial motion and doing more of what’s already working. Transformation takes time, but the direction is clear. We’re building the connective tissue for commerce, where video drives engagement, authenticity, and sales. Our global team continues to execute with intensity and heart. To everyone at Bambuser—thank you for your relentless drive. And to our shareholders and partners —your confidence means everything. Together, we’re shaping not just a company, but a movement reshaping how the world shops. Maryam Ghahremani, CEO of Bambuser
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BAMBUSER | Q3 REPORT 2025 4 ARR Performance ARR ARR totaled SEK 78.1 million, a decrease of 18% year-over- year and 7% quarter -over-quarter at constant exchange rates (CER). The total number of Customer Groups decreased by 6% year -over-year to 197, and was unchanged quarter-over-quarter. The Average ARR per Customer Group saw a decline of 1 5% year-over-year and 7% quarter-over-quarter, partially impacted by FX effects. ARR Bridge Q3 2024 – Q3 2025 SEKm
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BAMBUSER | Q3 REPORT 2025 5 Financial Performance Net Sales Total SaaS Net Sales amounted to SEK 19.4 million (25.4), a decline of -24% y/y and -5% q/q, mirroring the year-over- year ARR development. 98% of the total SaaS Net Sales consists of recurring revenue. Gross Margin Total SaaS gross margin was 85%, an increase of 11%p y/y and a decrease of 1%p q/q. The sequential improvement is driven by lower hosting service costs following tech stack re-engineering. EBITDA EBITDA amounted to SEK -16.8 million ( -17.0). Adjusted EBITDA (excluding items affecting comparability) amounted to SEK -15.8 million (-16.8). Adjusted items refer to acquisition or divestment -related costs and provisions for the social security liability and option premium for stock option programs (LTI 22/25). LTI 22/25 is described in the annual report 2022. Increased efficiency and cost reductions across all departments drove profitability improvements despite declining net sales. Cash Flow As of Sept 30, 2025, cash and cash equivalents amounted to SEK 115.9 million (1 90.8). Cash flow from operating activities amounted to SEK –24.8 million (-28.9). The cash flow was negatively impacted by items related to garden leave and the HQ relocation, amounting to approximately SEK 3 million. It is the Company’s ambition to achieve positive cash flow with the current cash balance. Free cash flow (FCF) for the quarter amounted to SEK -24.7 million ( -28.9), implying a FCF Margin of -127% ( - 113%). During Q3 2025, the Company repurchased warrants totaling SEK 47 thousand from the LTI 23/26 and LTI 24/27 programs due to participants leaving the Company. For the last twelve months (LTM), FCF amounted to -81.5 million (-112.2), resulting in a LTM FCF margin of -94% (- 104%) and a FCF per share of SEK -0.39 (SEK -0.53).
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BAMBUSER | Q3 REPORT 2025 6 Financial Reporting Bambuser Group Condensed Consolidated Income Statement (in thousands SEK) Notes 2025 2025 2024 2024 2024 Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jan-Dec Q3 YTD Q3 YTD Full year Net Sales 2 19 358 62 674 25 438 79 029 103 021 Cost of Revenue 3 -2 886 -9 347 -6 520 -18 381 -23 948 Gross Profit 16 472 53 327 18 917 60 647 79 073 Sales & Marketing 4 -11 298 -43 475 -11 795 -49 591 -66 725 Research & Development 4 -16 169 -56 824 -18 822 -59 030 -80 523 General & Administration 4 -12 792 -43 927 -14 270 -45 484 -62 461 Other Operating Income 5 2 421 7 292 2 818 10 016 13 715 Other Operating Expenses 6 -1 490 -3 024 -1 184 -3 001 -3 362 Operating Income (EBIT) -22 855 -86 631 -24 336 -86 443 -120 284 Financial Net Financial Income 7 698 1 412 1 107 6 797 9 387 Financial Expenses -8 -10 -4 -13 -13 690 1 402 1 103 6 784 9 374 Earnings before tax (EBT) -22 165 -85 229 -23 233 -79 659 -110 910 Tax 133 118 -143 -804 -758 Net Income -22 031 -85 111 -23 377 -80 462 -111 668
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BAMBUSER | Q3 REPORT 2025 7 FINANCIAL REPORTING Bambuser Group Condensed Consolidated Balance Sheet (in thousands SEK) Notes 2025-09-30 2024-09-30 2024-12-31 Assets Intangible assets Capitalized development expenses 18 734 43 367 36 957 Customer Relationships 8 312 10 162 10 232 Goodwill 0 0 0 27 046 53 530 47 188 Tangible assets Furniture and equipment 158 2 105 1 862 158 2 105 1 862 Financial assets Other receivables 5 397 5 962 5 522 5 397 5 962 5 522 Total non-current assets 32 601 61 596 54 572 Current assets Trade receivables 9 799 20 882 14 093 Tax receivables 278 0 304 Other current assets 4 397 4 150 3 966 Prepaid expenses and accrued income 6 975 13 591 5 390 21 449 38 623 23 754 Cash and cash equivalents Cash and cash equivalents 115 892 190 822 183 057 115 892 190 822 183 057 Total current assets 137 341 229 445 206 810 TOTAL ASSETS 169 942 291 041 261 383 Equity and liabilities Equity Share capital 10 562 10 562 10 562 Other paid in equity 1 066 595 1 066 863 1 066 862 Other equity including net income -954 912 -837 702 -868 259 Total Equity 122 245 239 722 209 165 Current liabilities Trade payables 2 712 2 646 6 743 Income tax payable 17 5 145 Other current liabilities 4 753 5 530 5 124 Accrued expenses and deferred income 9 40 215 43 138 40 206 Total current liabilities 47 697 51 31 52 218 Total liabilities 47 697 51 319 52 218 TOTAL EQUITY AND LIABILITIES 169 942 291 041 261 383
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BAMBUSER | Q3 REPORT 2025 8 FINANCIAL REPORTING Bambuser Group Consolidated Equity (in thousands SEK) Share Capital Other paid in capital Other equity including net income Total Equity Equity as per December 31, 2023 10 562 1 065 333 -757 023 318 872 Loss for the year 0 0 -111 668 -111 668 Foreign exchange difference from subsidiaries 0 0 256 256 Stock options 0 0 177 177 Rights issues 0 1 529 0 1 529 Equity as per December 31, 2024 10 562 1 066 862 -868 259 209 165 Equity as per December 31, 2023 10 562 1 065 333 -757 023 318 872 Loss for the year 0 0 -80 462 -80 462 Foreign exchange difference from subsidiaries 0 0 -401 -401 Stock options 0 0 184 184 Rights issues 0 1 529 0 1 529 Equity as per Sept 30, 2024 10 562 1 066 862 -837 702 239 722 Equity as per December 31, 2024 10 562 1 066 862 -868 259 209 165 Loss for the year 0 0 -85 111 -85 111 Foreign exchange difference from subsidiaries 0 0 -1 598 -1 598 Stock options 0 0 56 56 Rights issues 0 -267 0 -267 Equity as per Sep 30, 2025 10 562 1 066 595 -954 912 122 245
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BAMBUSER | Q3 REPORT 2025 9 FINANCIAL REPORTING Bambuser Group Condensed Consolidated Cash Flow (in thousands SEK) 2025 2025 2024 2024 2024 Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jan-Dec Q3 YTD Q3 YTD Full year Cash flow from operations before working capital -14 978 -64 085 -16 055 -58 349 -82 269 Change in current receivables -1 675 2 032 -8 194 -9 425 5 031 Change in current payables -8 130 -4 469 -4 591 -6 881 -6 071 Cash flow from operations -24 784 -66 522 -28 840 -74 655 -83 310 Investment activities Investments in tangible assets 127 127 -16 -16 -16 Divestments of tangible assets 0 0 0 51 53 Acquisition of subsidiary 0 0 0 -10 758 -10 758 Divestments of subsidiary 0 0 0 2 299 2 299 Deposits 147 156 -132 303 751 Cash flow from investment activities 274 282 -148 -8 121 -7 672 Financing activities Rights issue -47 -267 -67 1 529 1 530 Cash flow from financing activities -47 -267 -67 1 529 1 530 Cash flow for the period -24 557 -66 507 -29 055 -81 247 -89 452 Cash at the beginning of the period 140 492 183 057 220 006 272 062 272 062 Net exchange losses/gains on cash and cash equivalents -43 -658 -130 7 447 Cash at the end of the period 115 892 115 892 190 822 190 822 183 057
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BAMBUSER | Q3 REPORT 2025 10 FINANCIAL REPORTING Bambuser Group Condensed Parent Income Statement (in thousands SEK) Notes 2025 2025 2024 2024 2024 Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jan-Dec Q3 YTD Q3 YTD Full year Net Sales 2 19 358 59 897 23 128 74 655 96 560 Cost of Revenue 3 -2 885 -7 891 -3 457 -12 980 -15 955 Gross Profit 16 473 52 006 19 671 61 675 80 605 Sales & Marketing 4 -11 506 -43 477 -12 406 -53 878 -72 266 Research & Development 4 -16 169 -55 415 -16 838 -57 319 -76 790 General & Administration 4 -12 837 -43 724 -14 421 -45 155 -61 870 Other Operating Income 5 2 421 12 893 10 314 17 439 26 724 Other Operating Expenses 6 -1 511 -8 643 -8 503 -9 960 -15 873 Operating Income (EBIT) -23 129 -86 362 -22 183 -87 198 -119 471 Result from participations in group companies 8 54 54 -232 -232 -285 Financial Income 7 584 1 395 1 070 6 968 9 624 Financial Expenses -8 -10 -4 -7 -7 Financial Net 630 1 439 834 6 729 9 332 Earnings before tax (EBT) -22 500 -84 923 -21 349 -80 469 0 -110 139 Tax 0 0 0 0 -53 Net Income -22 500 -84 923 -21 349 -80 469 -110 191
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BAMBUSER | Q3 REPORT 2025 11 FINANCIAL REPORTING Bambuser Group Condensed Parent Balance Sheet (in thousands SEK) Notes 2025-09-30 2024-09-30 2024-12-31 Assets Intangible assets Capitalized development expenses 18 734 43 367 36 957 Goodwill 0 0 0 18 734 43 367 36 957 Tangible assets Furniture and equipment 148 2 079 1 844 148 2 079 1 844 Financial assets Shares in subsidiaries 13 003 12 607 13 053 Other receivables 5 322 5 538 5 217 18 325 18 145 18 270 Total non-current assets 37 207 63 592 57 071 Current assets Trade receivables 9 779 20 882 14 093 Receivables from group companies 3 179 5 784 7 521 Other current assets 2 247 1 742 1 582 Prepaid expenses and accrued income 5 746 13 254 5 032 Total current assets 20 950 41 663 28 228 Cash and cash equivalents Cash and cash equivalents 114 168 183 570 174 502 114 168 183 570 174 502 Total current assets 135 117 225 233 202 730 TOTAL ASSETS 172 324 288 825 259 800 Equity and liabilities Equity Restricted Equity Share capital 10 562 10 562 10 562 Development fund 18 734 43 368 36 957 29 296 53 930 47 519 Unrestricted Equity Share premium fund 1 065 139 1 065 406 1 065 406 Retained earnings incl. net income -973 439 -883 477 -906 796 91 699 181 929 158 610 Total Equity 120 994 235 858 206 129 Trade payables 4 785 2 549 6 126 Payables to group companies 1 789 2 294 2 585 Other current liabilities 4 590 5 168 4 943 Accrued expenses and deferred income 9 40 165 42 956 40 018 51 330 52 967 53 672 Total liabilities 51 330 52 967 53 672 TOTAL EQUITY AND LIABILITIES 172 324 288 825 259 800
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BAMBUSER | Q3 REPORT 2025 12 FINANCIAL REPORTING Bambuser Group Parent Equity (in thousands SEK) Share Capital Development fund Share premium fund Retained earnings Total Equity Equity as per December 31, 2023 10 562 63 142 1 063 877 -822 967 314 614 Loss for the year 0 0 0 -110 191 -110 191 Change in development fund 0 -26 185 0 26,185 0 Stock options 0 0 0 177 177 Rights issues 0 0 1 529 0 1 529 Equity as per December 31, 2024 10 562 36 957 1 065 406 -906 795 206 129 Equity as per December 31, 2023 10 562 63 142 1 063 877 -822 967 314 614 Loss for the year 0 0 0 -80 469 -80 469 Change in development fund 0 -19 774 0 19 774 0 Stock options 0 0 0 184 184 Rights issues 0 0 1 529 0 1 529 Equity as per Sept 30, 2024 10 562 43 367 1 065 406 -883 477 235 858 Equity as per December 31, 2024 10 562 36 957 1 065 406 -906 795 206 129 Loss for the year 0 0 0 -84 923 -84 923 Change in development fund 0 -18 223 0 18 223 0 Stock options 0 0 0 56 56 Rights issues 0 0 -267 0 -267 Equity as per Sept 30, 2025 10 562 18 734 1 065 139 -973 439 120 994
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BAMBUSER | Q3 REPORT 2025 13 FINANCIAL REPORTING Bambuser Group Condensed Parent Cash Flow (in thousands SEK) 2025 2025 2024 2024 2024 Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jan-Dec Q3 YTD Q3 YTD Full year Cash flow from operations before working capital -15 503 -65 075 -14 546 -59 508 -82 592 Change in current receivables 560 7 278 -9 818 -11 160 1 829 Change in current payables -9 517 -2 342 -4 649 -5 946 -5 241 Cash flow from operations -24 460 -60 139 -29 013 -76 614 -86 004 Investment activities Divestments of tangible assets 127 127 0 0 0 Acquisition of subsidiary 0 0 0 -10 758 -10 758 Divestment of subsidiary 50 50 0 2 294 2 294 Deposits 172 -105 -132 -60 260 Cash flow from investment activities 349 71 -132 -8 524 -8 203 Financing activities Rights issue -47 -267 -67 1 529 1 529 Cash flow from financing activities -47 -267 -67 1 529 1 529 Cash flow for the period -24 158 -60 334 -29 212 -83 609 -92 677 Cash at the beginning of the period 138 325 174 502 212 782 267 179 267 179 Cash at the end of the period 114 168 114 168 183 570 183 570 174 502
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BAMBUSER | Q3 REPORT 2025 14 Accounting policies and Explanatory notes Note 1 – Accounting Principles The interim report period is from July to September 2025. The interim report has been prepared in accordance with the Annual Accounts Act. The accounting and valuation policies applied are consistent with the Swedish Accounting Standards Board’s Category 3 (BFN K3) regulation. The parent company applies the same accounting policies as the group. Note 2 – Net Sales (in thousands SEK) 2025 2025 2024 2024 2024 Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jan-Dec Consolidated Q3 YTD Q3 YTD Full year Net Sales Net Sales SaaS (Licenses) 18 953 61 244 24 445 74 656 97 796 Net Sales SaaS (Other Services) 405 1 430 993 4 373 5 225 Total Net Sales 19 358 62 674 25 438 79 029 103 021 Parent Net Sales Net Sales SaaS (Licenses) 18 953 59 272 22 135 70 282 91 335 Net Sales SaaS (Other Services) 405 625 993 4 373 5 225 Total Net Sales 19 358 59 897 23 128 74 655 96 560 Note 3 – Cost of Revenue (in thousands SEK) 2025 2025 2024 2024 2024 Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jan-Dec Consolidated Q3 YTD Q3 YTD Full year Cost of Revenue Staff costs -500 -1 511 -1 988 -8 488 -10 500 Other external costs -2 385 -7 836 -4 532 -9 893 -13 448 Total Cost of Revenue -2 886 -9 347 -6 520 -18 381 -23 948 Parent Cost of Revenue Staff costs -500 -1 470 -1 298 -5 460 -6 314 Other external costs -2 385 -6 422 -2 159 -7 520 -9 641 Total Cost of Revenue -2 885 -7 891 -3 457 -12 980 -15 955
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BAMBUSER | Q3 REPORT 2025 15 ACCOUNTING POLICIES AND EXPLANATORY NOTES Note 4 – Cost per Function (in thousands SEK) 2025 2025 2024 2024 2024 Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jan-Dec Consolidated Q3 YTD Q3 YTD Full year Sales & Marketing Staff costs excl. stock option related costs -8 203 -30 905 -8 213 -35 092 -44 979 Stock option related costs -19 -16 5 -105 -101 Other external costs -3 023 -11 353 -2 979 -13 602 -20 177 Depreciations and Amortizations -53 -1 201 -609 -792 -1 469 Total Sales & Marketing -11 298 -43 475 -11 795 -49 591 -66 726 Research & Development Staff costs excl. stock option related costs -9 337 -33 570 -9 446 -29 812 -40 930 Stock option related costs -26 -25 1 -18 -17 Other external costs -1 009 -4 916 -2 719 -8 780 -12 617 Depreciations and Amortizations -5 796 -18 312 -6 658 -20 420 -26 960 Total Research & Development -16 169 -56 824 -18 822 -59 030 -80 523 General & Administration Staff costs excl. stock option related costs -5 945 -20 292 -7 229 -23 055 -30 154 Stock option related costs -24 -15 5 -61 -58 Other external costs -6 611 -23 095 -6 947 -22 021 -31 853 Depreciations and Amortizations -212 -525 -99 -348 -397 Total General & Administration -12 792 -43 927 -14 270 -45 484 -62 461 Total Costs per Function -40 259 -144 226 -44 887 -154 106 -209 709 Parent Sales & Marketing Staff costs excl. stock option related costs -4 410 -18 660 -4 577 -18 302 -24 032 Stock option related costs -19 -16 5 -105 -101 Other external costs -7 077 -24 766 -7 777 -35 281 -47 885 Depreciations and Amortizations 0 -35 -58 -191 -248 Total Sales & Marketing -11 506 -43 477 -12 406 -53 878 -72 266 Research & Development Staff costs excl. stock option related costs -8 489 -30 929 -8 552 -28 031 -38 288 Stock option related costs -26 -25 1 -18 -17 Other external costs -1 858 -6 149 -1 630 -9 032 -11 706 Depreciations and Amortizations -5 796 -18 312 -6 658 -20 238 -26 778 Total Research & Development -16 169 -55 415 -16 838 -57 319 -76 790 General & Administration Staff costs excl. stock option related costs -5 870 -19 748 -7 114 -22 803 -29 815 Stock option related costs -24 -15 5 -61 -58 Other external costs -6 732 -23 436 -7 213 -21 944 -31 601 Depreciations and Amortizations -212 -525 -99 -348 -397 Total General & Administration -12 837 -43 724 -14 421 -45 155 -61 870 Total Costs per Function -40 512 -142 617 -43 665 -156 352 -210 926
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BAMBUSER | Q3 REPORT 2025 16 ACCOUNTING POLICIES AND EXPLANATORY NOTES Note 5 – Other Operating Income (in thousands SEK) 2025 2025 2024 2024 2024 Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jan-Dec Consolidated Q3 YTD Q3 YTD Full year Other Operating Income FX Gains 383 1 076 338 2 255 3 523 Rental Income 2 025 6 205 2 415 7 445 9 860 Other Revenue 14 11 64 316 332 Total Other Income 2 421 7 292 2 818 10 016 13 715 Parent Other Operating Income FX Gains 381 1 077 338 2 183 3 452 Rental Income 2 025 6 205 2 415 7 445 9 860 Other Revenue* 15 5 610 7 561 7 811 13 411 Total Other Income 2 421 12 893 10 314 17 439 26 724 *Other Revenue includes invoices to subsidiaries of SEK 7,5 million in Q3 2024 and SEK 13.1 million for the period January to December 2024. Note 6 – Other Operating Expenses (in thousands SEK) 2025 2025 2024 2024 2024 Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jan-Dec Consolidated Q3 YTD Q3 YTD Full year Other Operating Expenses FX Loss -591 -2 125 -1 008 -2 464 -2 826 Loss from sale of participations in subsidiaries 21 21 -176 -176 -176 Disposal of Tangibles -920 -920 0 -361 -361 Total Other Operating Expenses -1 490 -3 024 -1 184 -3 001 -3 363 Parent Other Operating Expenses FX Loss -591 -2 368 -1 002 -2 458 -2 820 Other Expenses* -920 -6 276 -7 501 -7 501 -13 053 Total Other Operating Expenses -1 511 -8 643 -8 503 -9 960 -15 873 *Other Expenses includes invoices from subsidiaries of SEK 7,5 million in Q3 2024 and SEK 13.1 million for the period January to December 2024.
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BAMBUSER | Q3 REPORT 2025 17 ACCOUNTING POLICIES AND EXPLANATORY NOTES Note 7 – Financial income (in thousands SEK) 2025 2025 2024 2024 2024 Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jan-Dec Consolidated Q3 YTD Q3 YTD Full year Financial income Exchange gain -43 -110 363 3 253 4 900 Exchange loss 134 -638 -753 -1 918 -2 139 Interest income 607 2 160 1 496 5 461 6 626 Total Financial income 698 1 412 1 107 6 797 9 387 Parent Financial income Exchange gain -43 -110 355 3 245 4 899 Exchange loss 0 -696 -830 -1 888 -2 101 Interest income 627 2 201 1 545 5 611 6 827 Total Financial income 584 1 395 1 070 6 968 9 624 Note 8 – Result from participations in group companies (in thousands SEK) 2025 2025 2024 2024 2024 Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jan-Dec Parent Q3 YTD Q3 YTD Full year Result from participations in group companies Impairments of subsidiaries 150 150 0 0 -53 Loss from sale of participations in subsidiaries -96 -96 -232 -232 -232 Total Result from Subsidiaries 54 54 -232 -232 -285 Note 9 – Accrued expenses and deferred income (in thousands SEK) 2025-09-30 2024-09-30 2024-12-31 Consolidated Accrued expenses and deferred income Accrued staff expenses 9 244 9 320 9 167 Accrued other expenses 3 961 6 094 6 137 Deferred Income 27 010 27 724 24 902 Total Accrued expenses and deferred income 40 215 43 138 40 206 Parent Accrued expenses and deferred income Accrued staff expenses 12 200 9 296 9 116 Accrued other expenses 4 839 5 936 6 666 Deferred Income 27 884 27 724 24 236 Total Accrued expenses and deferred income 44 923 42 956 40 018
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BAMBUSER | Q3 REPORT 2025 18 Definitions Adjusted EBITDA Profit before interest, tax, depreciation, and amortization excluding stock option related costs and other extraordinary costs, including acquisition/divestment related transaction costs. This measure only relates to ongoing business, hence excluding the impact of the divested “Relatable” business. Adjusted EBITDA Margin Adjusted EBITDA Margin % = [Adjusted EBITDA] / [Total Net Sales]. Adjusted EBIT Profit before interest and tax and excluding stock option related costs. This measure only relates to ongoing business, hence excluding the impact of the divested “Relatable” business. ARR (Annual Recurring Revenue) ARR is net Monthly Recurring Revenue (MRR) multiplied by 12. Net MRR (Monthly Recurring Revenue) is based on: 1) The opening balance of the next coming month. 2) Contracted recurring license revenue within the period. 3) Excluding one-time fees and usage. Capitalized development expenses Expenses (salary expenses and consulting fees) that are directly attributable to the development of the Bambuser SaaS Platform are booked as intangible assets. The corresponding amount for the period is booked as other Capitalized work for own account. CER (Constant Exchange Rate) Constant exchange rate against SEK. Bambuser invoices in multiple currencies. The CER is used in various SaaS KPI calculations to remove the currency volatility which typically skews the KPIs if the exchange rate is floating. Churn Churn is defined as either: 1) Customers that did not renew their contract. 2) Customers whose contract is terminated but still in discussions with Bambuser to renew their contract, and therefore a non- billable customer for the period. These customers may return to the ARR bridge as New Business. Customer Group (CG) Customers are classified as a Customer Group when Bambuser has signed a master service agreement (MSA) with a global parent company but has also signed individual agreements with the subsidiaries (Paying Customer), which may be organized as individual entities due to brand and/or geographical market. The result is that one Customer Group can have multiple Paying Customers, but Bambuser is still collectively grouping them, and counting them, as one Customer Group. If the Paying Customer is the only entity, then the Paying Customer is defined as the Customer Group. The Customer Group is used for the calculation of all SaaS metrics unless otherwise stated. EBT Profit before tax. EBIT Profit before interest and tax. EBITDA Profit before interest, tax, depreciation, and amortization. EBITDA Margin EBITDA Margin % = [EBITDA] / [Total Net Sales]. EOP End of period. FCF (Free Cash Flow) FCF = [Cash flow from operations] – [Investments in tangible assets] - [Investments in intangible assets]. FCF Margin FCF Margin % = [FCF] / [Total Net Sales]. FCF / Share FCF / Share = [FCF LTM] / [Number of shares end of period]. FTE (Full Time Equivalent) Full-time employees and full-time consultants. An employee is considered an employee, regardless of being under notice period or garden leave, until the employment is effectively terminated. GRR (Gross Revenue Retention) GRR % = ([Opening ARR L12M CER] – [Churn for the period CER]) / [Opening ARR L12M CER]. The GRR shows how successful Bambuser is at retaining its existing customers. Gross Margin SaaS Gross Margin = [Net Sales SaaS] – [SaaS Cost of Revenue]. The SaaS Cost of Revenue includes all third-party software services required to operate the Bambuser platform, technical onboarding team and part of the Customer Success team that focus on retention. Professional Services Gross Margin = [Net Sales Prof Services] – [Bambuser Plus Cost of Revenue adjusted for Depreciations, Amortizations and Stock option related costs]. Professional Services Cost of Revenue includes all employee costs and direct costs associated with the scope of work for the customers such as influencers, performance marketing, subcontractors etc.
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BAMBUSER | Q3 REPORT 2025 19 DEFINITIONS Merchant A merchant is defined as the retailer that is facing the end-consumer and has its own account on the Bambuser platform. A Customer Group can have several merchants because of the Customer Group being active in several markets or the Customer Group operating with several brands. A Merchant is the lowest organization in the customer hierarchy: Customer Group > Paying Customer > Merchant. Net Sales SaaS Revenue coming from the SaaS business. Recurring SaaS revenue is revenue coming from licenses, whereas other SaaS revenue relates to non-recurring items, such as onboarding fees. NRR (Net Revenue Retention) NRR % = ([Opening ARR L12M CER] + [Upsell CER]– [Downsell CER] – [Churn CER]) / [Opening ARR L12M CER]. The NRR shows how successful Bambuser is at retaining and expanding its existing customers. Number of Share EOP The number of registered shares with the Swedish Company Registration Office at the end of the period. Number of fully diluted shares EOP Fully diluted shares are calculated as the number of shares plus all outstanding warrants and stock options at the end of the period. The warrants and options are calculated as: ([Options/warrants issued] – [Exercised Options/Warrants] – [Repurchased Options/Warrants] – [Lapsed Options/ Warrants]) x [Number of shares per Option/Warrant] The calculation does not consider if the options/warrants are fully vested or if the share price is above the strike price at the end of the period. Paying Customer A paying legal entity. A Paying Customer illustrates the number of customers each region serves. The Paying Customer definition is not used for the calculation of SaaS KPIs (see Customer Group). Several Paying Customers can belong to the same Customer Group.
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BAMBUSER | Q3 REPORT 2025 20 About Bambuser Bambuser is the world’s leading video commerce company with the largest customer base in its industry. More than 250 brands from 40+ countries leverage Bambuser’s best-in-class solutions. Bambuser is truly global with headquarters in Stockholm and offices in New York, London, Paris, Tokyo, and Turku, and with a passionate team speaking more than 30 languages. Founded in 2007 as a livestreaming pioneer, trusted by the world’s leading news agencies, Bambuser pivoted to Live Shopping in 2019, leveraging its legacy as the industry leader in video-first technology. Risks and Uncertainties Bambuser’s business, financial position and earnings can be affected by risks and uncertainties. These have been described on page 9 in the Annual Report 2024 and are available at bambuser.com/ir. Auditor’s Review The Company’s auditor has not reviewed this interim report. Publication This information is information that Bambuser AB is obliged to make public pursuant to the EU Market Abuse Regulation. Financial Calendar Year-End Report Q4 2025 – February 20, 2026 Headquarters Bambuser AB Regeringsgatan 55 111 56 Stockholm, Sweden Org.no 556731-3126 bambuser.com Largest Shareholders Name Shares Share (%) Heartland A/S 38 535 000 18,24% Muirfield Invest Aktiebolag 26 000 000 12,31% Vitruvian Partners 25 024 949 11,85% Harmony Partners LLC 14 670 000 6,94% TAH Management LP & Joel Citron 13 640 560 6,46% Handelsbanken Liv Försäkring AB 9 193 382 4,35% Avanza Pension 5 140 734 2,43% Fredrik Ramberg 4 529 000 2,14% Tom Stendahl 4 212 786 1,91% Maryam Ghahremani 4 015 302 1,90% Total Top 10 shareholders 144 223 110 68,54% Other shareholders 66 273 672 31,46% Total number of shares 211 235 385 100,00%