Interim report
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Interim report July – September 202 6 Nepa AB (publ)
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2 Nepa | Q3 interim report | July – September 2026 Q 3 I nterim R eport July – September 202 6 " Q3 confirms that Nepa is structurally stronger, with Adjusted EBITDA - Capex reaching 2.3 MSEK in our seasonally weakest quarter. Subscription revenue grew by 14.8%, and ARR was 9.7% higher year - on - year. Conversely, lower ad hoc bookings weighed on total bookings and net sales. With the cost base and delivery model producing results, the business must now continue to ramp up sales efforts to drive further profit growth in coming years. Ahead of my announced departure, our priority is to im prove conversion, expand client relationships and build ARR. I will hand over a stronger company with a clear commercial agenda.” – Anders Dahl, CEO Q 3 in summary • ARR increased by 9.7% year-on-year to 135.8 (123.8) MSEK at the end of the quarter. • ARR bookings increased by 11.0% to 1.6 (1.4) MSEK. Total sales bookings declined by 52.5%. • Subscription revenue grew by 14.8% to 35.3 (30.8) MSEK. Ad hoc revenue from subscribers decreased by 27.3% to 6.4 (8.7) MSEK. Ad hoc revenue from other clients declined by 33.2% to 5.9 (8.9) MSEK. • Net sales decreased by 2.6%, or by 1.7% in local currencies, to 47.6 (48.9) MSEK. • Adjusted EBITDA-Capex increased to 2.3 (0.4) MSEK, corresponding to a margin of 4.7% (0.8%). • Net cash flow for the period was -9.1 (-2.6) MSEK. 9 months in summary • ARR bookings increased by 1.4% to 16.8 (16.5) MSEK. Total sales bookings declined by 24.5%. • Subscription revenue grew by 14.2% on an underlying basis* and by 0.2% as reported to 103.1 (102.8) MSEK. Ad hoc revenue from subscribers declined by 3.6% on an underlying basis and by 4.5% as reported to 31.2 (32.7) MSEK. Ad hoc revenue from other clients declined by 27.8% to 19.2 (26.6) MSEK. • Net sales grew by 2.5% on an underlying basis. As reported, net sales declined by 5.6%, or by 4.9% in local currencies, to 153.5 (162.7) MSEK. • Adjusted EBITDA-Capex increased to 1.1 (-11.5) MSEK, corresponding to a margin of 0.7% (-7.0%). • Net cash flow for the period was -6.4 (-18.4) MSEK. E vents during and after the quarter ended • Nepa announced that CEO Anders Dahl will leave the company during the first quarter of 2027. The Board of Directors has initiated the process of recruiting his successor. Financial summary *Underlying growth compares reported revenue for the first nine months of 2026 with adjusted revenue for the corresponding period in 2025, excluding revenue from contracts that were phased out or subject to extraordinary churn in late 2024 and early 2025. MSEK if not stated Q3 2026 Q3 2025 Δ YTD 2026 YTD 2025 Δ LTM 2025 Δ ARR bookings 1.6 1.4 11.0% 16.8 16.5 1.4% 33.0 32.8 0.7% ARR 135.8 123.8 9.7% 135.8 123.8 9.7% 135.8 131.3 3.4% Net sales 47.6 48.9 -2.6% 153.5 162.7 -5.6% 213.5 222.6 -4.1% of which subscription revenue 35.3 30.8 14.8% 103.1 102.8 0.2% 135.7 135.5 0.2% Gross margin 75.6% 74.2% 1.4 75.9% 74.4% 1.6 76.4% 75.2% 1.2 Adjusted EBITDA-Capex 2.3 0.4 1.9 1.1 -11.5 12.5 7.7 -4.8 12.5 Adjusted EBITDA-Capex margin 4.7% 0.8% 4.0 0.7% -7.0% 7.8 3.6% -2.2% 5.8 Net income -1.0 -5.3 4.3 -9.5 -36.2 26.7 -7.3 -34.0 26.7 Profit margin -2.2% -10.9% 8.7 -6.2% -22.3% 16.1 -3.4% -15.3% 11.9 Net cash flow -9.1 -2.6 -6.6 -6.4 -18.4 12.0 -14.5 -26.6 12.0 Net financial position 8.1 12.4 -4.3 8.1 12.4 -4.3 8.1 14.5 -6.4 Earnings per share, SEK -0.13 -0.68 0.55 -1.21 -4.61 3.40 -0.93 -4.33 3.40 Average shares outstanding 7 863 186 7 863 186 0.0% 7 863 186 7 863 186 0.0% 7 863 186 7 863 186 0.0%
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3 Nepa | Q3 interim report | July – September 2026 Comments by the CEO The third quarter confirms how far Nepa has come and where we must focus – even more. Over the past three years, we have transformed our business together: a leaner cost base, a stronger delivery model, and a clearer revenue mix. Despite softer ad hoc sales , subscription revenue grew by 14.8%, and Adjusted EBITDA - Capex reached 2.3 MSEK. These results show that our changes are working. However, ARR declined from Q2 , below our ambition. With restructuring largely behind us, the challenge is commercial: stronger sales momentum, expanded client relationships and sustainable growth. Sales during the quarter did not meet our ambitions. ARR bookings increased by 11.0%, but total sales bookings declined by 52.5%, entirely due to lower ad hoc bookings. Ad hoc bookings are project -based and variable, and the decline reflected fewer large projects towards quarter -end. Several core offerings remained resilient, while we continued to prioritise recurring contracts. Net sales therefore declined by 2.6%, as subscription growth was more than offset by lower ad hoc revenue. Q3 is seasonally our quietest quarter, but we must improve commercially. Our ARR base declined from Q2, falling short of our ambition. The decrease reflected churn and downgrades among a small number of existing clients, partly within our legacy CX business. With restructuring largely behind us, our focus is now commercial: acc elerating sales momentum, deepening existing client relationships and delivering sustainable growth. We are therefore sharpening sales execution across the organisation through clearer priorities, structured account development and closer coordination between sales, delivery and specialists. Our objective is to improve conversion and win more clients. What gives me confidence is the company we have built. We have moved from separate measurement products toward becoming a true partner to clients across Brand, Campaign and cMMM: our Trinity offer. By combining brand tracking, campaign evaluation, Marketing Mix Modeling and advisory services, we help clients connect brand, media and commercial outcomes. Capacity to support growth The operational changes made over the past few years are producing tangible results. Improved project profitability, more effective data quality management, a refined supplier strategy and a lower cost base contributed to both the higher gross margin and the improvement in Adjusted EBITDA-Capex. We are continuing to standardise delivery, reduce manual work and direct more specialist capacity towards client-facing and advisory activities. We have used AI early and practically to improve efficiency and sharpen the products and insights we deliver. We have room to grow within the existing organisation, creating the potential for revenue growth to translate into earnings growth. Cash flow was negatively affected by the timing of customer receipts and movements in current liabilities during the quarter. Net cash flow amounted to -9.1 MSEK, while the net financial position was 8.1 MSEK at period end. Cash conversion and working-capital discipline remain priorities. Outlook We enter Q4 with greater commercial focus, improved profitability and an operating model with capacity for growth. The sequential decline in ARR and weaker ad hoc bookings make our priorities clear: improve sales execution, deepen client relationships and build ARR. As previously announced, I will leave Nepa during the first quarter of 2027, and the Board has initiated the recruitment of my successor. Since this is likely one of my final CEO comments, I want to say that I am proud of what we have accomplished together. We have reshaped Nepa, strengthened the foundation and built an offer with real relevance for the future. During the remainder of my tenure, my focus will be on sales execution, discipline and transition. Anders Dahl CEO
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4 Nepa | Q3 interim report | July – September 2026 Financial development Net sales by revenue model MSEK Adjusted EBITDA - Capex MSEK (margin) Revenue s Net sales declined by 2.6% in Q3 ( 1.7% in local currencies) to 47.6 (48.9) MSEK. In the first nine months, net sales grew by 2.5% on an underlying basis and declined by 5.6% as reported , or by 4.9% in local currencies, to 153.5 (162.7) MSEK. Subscription revenue grew by 14.8% in Q3 to 35.3 (30.8) MSEK. In the first nine months, subscription revenue grew by 14.2% on an underlying basis and by 0.2% as reported to 103.1 (102.8) MSEK. Ad hoc revenue from subscribers declined by 27.3% to 6.4 (8.7) MSEK in Q3 . In the first nine months, ad hoc revenue from subscribers declined by 3.6% on an underlying basis and by 4.5% as reported to 31.2 (32.7) MSEK. Ad hoc revenue from other clients declined by 33.2% to 5.9 (8.9) MSEK in Q3 and by 27.8% to 19.2 (26.6) MSEK in the first nine months. Direct costs and gross margin The gross margin amounted to 75. 6% (74.2%) in Q3, an improvement of 1.4 percentage points, and to 75.9% (74.4%) in the first nine months , an improvement of 1.6 percentage points. Over the long term, gross margins have shown a positive trend on comparable projects and revenue streams, supported by improved project profitability, enhanced data quality management, and a refined supplier strat egy. The overall gross margin is also influenced by the revenue mix between subscription and ad hoc revenue. Operating costs Personnel costs amounted to -24.5 (-26.4) MSEK in Q3 and to -88.4 (-104.0) MSEK in the first nine months, reflecting the effect of the cost -saving programmes implemented during 2025. Other external costs amounted to -9.3 (-10.7) MSEK in Q3 and to -27.1 ( -36.1) MSEK in the first nine months. Items affecting comparability amounted to 0.0 (1.7) MSEK in th e quarter and to 0.0 (9.9) MSEK in the first nine months. E arnings Adjusted EBITDA -Capex improved to 2.3 (0.4) MSEK in Q3 at a margin of 4.7% (0.8%), and to 1.1 ( -11.5) MSEK in the first nine months at a margin of 0.7% (-7.0%). Net income improved to -1.0 (-5.3) MSEK in Q3, or SEK -0.13 ( -0.68) per share, and to -9.5 ( -36.2) MSEK in the first nine months, or SEK -1.21 (-4.61) per share. Cash flow Cash flow from operating activities amounted to -9.1 (-12.8) MSEK in Q3 and to -6.3 (-15.8) MSEK in the first nine months, of which the change in working capital was -15.1 (-9.9) MSEK in Q3 and -8.5 (8.9) MSEK in the first nine months. Cash flow from investing activities amounted to -0.0 (-0.1) MSEK in Q3 and to -0.1 (-3.2) MSEK in the first nine months. Cash flow from financing activities amounted to 0.0 (10.2) MSEK in Q3 and to 0.0 (0.6) MSEK in the first nine months. Net cash flow for the period amounted to -9.1 (-2.6) MSEK in Q3 and -6.4 (-18.4) MSEK in the first nine months. At the end of the period, the net financial position amounted to 8.1 (12.4 ) MSEK. On the balance sheet date, the company had an unutilised credit facility of 20 MSEK. 42 43 40 41 37 35 31 33 34 34 35 25 27 20 29 23 19 18 27 19 19 12 68 70 60 71 59 55 49 60 53 53 48 0 10 20 30 40 50 60 70 80 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Subscription revenue Ad hoc revenue (1.9%) 1.3 (8.0%) 5.6 (4.8%) 2.9 (2.7%) 1.9 (-11.2%) -6.6 (-9.5%) -5.2 (0.8%) 0.4 (11.1%) 6.6 (1.0%) 0.5 (-3.2%) -1.7 (4.7%) 2.3 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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5 Nepa | Q3 interim report | July – September 2026 Financial overview Segment breakdown Nepa’s primary product area is Marketing Optimization, including the subscription products Brand tracker, Ad tracker, and Continuous Marketing Mix Modeling , as well as ad hoc -based advisory services such as Campaign Evaluation, Category Insight, and Market Segmentation. The Other segment constitutes Nepa’s tracking products and advisory services within Customer Experience, Innovation Acceleration, and panels. Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 MSEK 2026 2026 2026 2025 2025 2025 2025 2024 2024 ARR 135.8 140.9 135.8 131.3 123.8 121.1 135.8 161.6 159.3 ARR growth (%) 9.7 16.4 0.0 -18.7 -22.2 -24.4 -18.8 -1.4 -7.6 Subscription revenue 35.3 34.0 33.8 32.7 30.8 35.5 36.6 41.4 40.2 Ad hoc revenue from subscribers 6.4 12.0 12.9 14.8 8.7 12.2 11.8 13.3 10.6 Ad hoc revenue from other clients 5.9 6.8 6.5 12.5 8.9 7.1 10.7 15.8 9.7 Net sales 47.6 52.7 53.2 59.9 48.9 54.8 59.0 70.5 60.4 Gross profit 36.0 40.0 40.6 46.5 36.3 39.8 44.9 52.2 44.5 Gross margin (%) 75.6 75.9 76.3 77.5 74.2 72.7 76.1 74.0 73.7 Adj. EBITDA-Capex 2.3 -1.7 0.5 6.6 0.4 -5.2 -6.6 1.9 2.9 Adj. EBITDA-Capex, margin (%) 4.7 -3.2 1.0 11.1 0.8 -9.5 -11.2 2.7 4.8 Items affecting comparability 0.0 0.0 0.0 0.0 1.7 5.6 2.6 0.0 0.0 Net income -1.0 -5.5 -2.9 2.2 -5.3 -16.0 -14.9 -0.6 -2.2 Profit margin (%) -2.2 -10.4 -5.5 3.6 -10.9 -29.1 -25.3 -0.9 -3.6 Net cash flow -9.1 1.1 1.6 -8.1 -2.6 -18.9 3.0 11.2 4.9 Net financial position 8.1 17.3 16.1 14.5 12.4 25.2 44.1 41.1 29.8 Earnings per share (SEK) -0.13 -0.70 -0.37 0.28 -0.68 -2.03 -1.90 -0.08 -0.28 Dividend per share (SEK) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.23 0.00 No. of employees, avg. 189 188 186 194 196 206 211 219 220 NRR (%) 95.8 101.0 100.8 103.5 99.8 84.0 82.9 101.2 98.5 Churn (%) 1.6 0.7 3.3 1.3 0.2 3.2 7.8 0.0 0.6 MSEK Q3 2026 Q3 2025 Δ YTD 2026 YTD 2025 Δ LTM 2025 Δ Subscription revenue 35.3 30.8 14.8% 103.1 102.8 0.2% 135.7 135.5 0.2% Marketing Optimization 32.4 27.9 16.1% 94.4 93.9 0.5% 123.6 123.2 0.4% Other 2.9 2.9 1.9% 8.7 8.9 -2.3% 12.1 12.3 -1.7% Ad hoc revenue from subscribers 6.4 8.7 -27.3% 31.2 32.7 -4.5% 46.0 47.5 -3.1% Marketing Optimization 5.4 6.8 -19.8% 25.7 26.3 -2.3% 38.6 39.2 -1.5% Other 0.9 2.0 -52.7% 5.5 6.4 -13.9% 7.4 8.2 -10.8% Ad hoc revenue from other clients 5.9 8.9 -33.2% 19.2 26.6 -27.8% 31.7 39.2 -18.9% Marketing Optimization 5.5 7.2 -23.6% 16.6 20.2 -17.7% 28.9 32.5 -11.0% Other 0.5 1.7 -73.3% 2.6 6.4 -59.7% 2.9 6.7 -57.3% Group 47.6 48.9 -2.6% 153.5 162.7 -5.6% 213.5 222.6 -4.1% Marketing Optimization 43.3 41.8 3.5% 136.7 140.5 -2.7% 191.2 194.9 -1.9% Other 4.3 6.6 -34.3% 16.8 21.7 -22.7% 22.3 27.2 -18.1% Eliminations 0.0 0.5 -92.1% 0.0 0.5 -98.4% 0.0 0.5 -98.4% Gross margin 75.6% 74.2% 1.4 75.9% 74.4% 1.6 76.4% 75.2% 1.2 Marketing Optimization 74.9% 71.6% 3.3 74.7% 72.5% 2.2 75.3% 73.6% 1.6 Other 82.7% 88.6% -5.9 86.3% 86.3% 0.0 86.1% 86.2% -0.1
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6 Nepa | Q3 interim report | July – September 2026 Overview of Nepa About the company Nepa AB (publ) is a marketing intelligence company specialising in brand development and marketing optimisation. The company combines continuous survey data, sales data and marketing investments with technology, analysis and advisory services to help clients measure and improve marketing effectiveness. The company continuously measures and analy ses the impact of marketing activities, providing brands with the insights needed to make informed decisions at the right time, from both short - and long -term perspectives. With a presence in the Nordics, UK, US, and India, Nepa operates globally, tracking brands in over 50 markets across all continents , generating customer value for marketing managers and insight departments at well-established brands across the world. Product o fferings Nepa’s core offerings include brand tracking, campaign evaluations, and continuous media mix modelling, along with value -creating brand advisory services. The marketing intelligence suite offers product solutions for global consumer brands to maximi se short -term sales and build enduring brands. This is achieved by combining continuous survey data, sales data, and marketing investments with sophisticated analysis and marketing expertise. Nepa’s value creation process transforms complex data into clear, actionable insights, combining automated surveys, customi sed data collection, advanced analysis, and intuitive dashboards that support smarter business decisions. This process is further enhanced by tech-augmented brand and marketing advisory services, ensuring that brands receive the insights necessary for timely and effective decision - making. Product development is central to Nepa’s long - term strategy. By combining technology, research and marketing expertise, Nepa develops scalable solutions that respond to evolving client needs and deliver measurable business outcomes. Continued investment in product development strengthens Nepa’s offering, improves the scalability and consistency of delivery, and reinforces the company’s position in the marketing intelligence market. Client p ortfolio Nepa maintains a diversified client portfolio across a wide array of industries, with its five largest clients contributing approximately 25% of the Group's net sales in the last twelve months. Overview of subscribing clients The number of subsc ribers and average revenue per subscriber are presented on a r olling 12 -month basis. Historical figures include accounts subsequently affected by contract phase-outs and extraordinary churn. 135 125 125 132 123 107 108 117 1.0 1.1 1.2 1.3 1.4 1.6 1.3 1.2 0.5 0.5 0.6 0.5 0.6 0.5 0.4 0.4 2019 2020 2021 2022 2023 2024 2025 LTM Number of subscribers Average subscription revenue per subscriber (MSEK) Average ad hoc revenue per subscriber (MSEK)
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7 Nepa | Q3 interim report | July – September 2026 Consolidated income statements Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec KSEK 2026 2025 2026 2025 LTM 2025 Net sales 47 635 48 888 153 539 162 656 213 480 222 597 Capitalized expenditures - - - - - - Other external income 1 577 291 4 683 2 179 5 262 2 757 49 212 49 179 158 223 164 835 218 742 225 354 Direct costs -11 617 -12 617 -36 931 -41 650 -50 400 -55 119 Other external costs -9 255 -10 688 -27 149 -36 128 -36 719 -45 699 Personnel costs -24 475 -26 382 -88 421 -103 980 -118 524 -134 082 Depreciation and amortization -3 089 -3 447 -9 505 -10 805 -12 822 -14 121 Other operating costs -1 569 -749 -4 557 -4 420 -5 349 -5 212 Operating income -793 -4 704 -8 339 -32 147 -5 072 -28 880 Financial income 782 377 3 082 452 3 251 620 Financial expenses -486 -800 -2 044 -3 752 -2 817 -4 524 Earnings before tax -497 -5 127 -7 302 -35 448 -4 638 -32 784 Tax -534 -208 -2 181 -763 -2 677 -1 259 Net income -1 031 -5 335 -9 483 -36 211 -7 315 -34 043 Net profit attributable to the -1 031 -5 335 -9 483 -36 211 -7 315 -34 043 parent company's shareholders Shares outstanding, end of period 7 863 186 7 863 186 7 863 186 7 863 186 7 863 186 7 863 186 Average number of shares outstanding 7 863 186 7 863 186 7 863 186 7 863 186 7 863 186 7 863 186 Earnings per share (SEK) -0.13 -0.68 -1.21 -4.61 -0.93 -4.33
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8 Nepa | Q3 interim report | July – September 2026 Consolidated balance sheets September 30 September 30 December 31 KSEK 2026 2025 2025 ASSETS Intangible assets 18 479 31 231 27 932 Tangible assets 227 212 191 Financial assets 3 969 4 223 4 196 Total non-current assets 22 675 35 665 32 319 Trade receivables 25 040 25 090 38 834 Tax receivables 3 742 7 410 3 832 Other current receivables 4 886 147 364 Prepayments and accrued income 13 362 10 233 8 596 Cash and cash equivalents 8 118 22 636 14 512 Total current assets 55 148 65 516 66 138 TOTAL ASSETS 77 823 101 181 98 457 EQUITY Share capital 1 573 1 573 1 573 Other capital contributions 115 020 115 020 115 020 Translation difference 4 791 2 470 2 930 Retained earnings -95 394 -88 079 -85 911 Total equity 25 990 30 985 33 612 LIABILITIES Due to customers 14 623 10 340 20 868 Trade payables 6 155 14 581 10 062 Other current liabilities 9 331 18 064 10 416 Accrued expenses and deferred income 21 724 27 211 23 500 Total current liabilities 51 833 70 196 64 846 Total liabilities 51 833 70 196 64 846 TOTAL EQUITY AND LIABILITIES 77 823 101 181 98 457
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9 Nepa | Q3 interim report | July – September 2026 Consolidated changes in equity July 1 - September 30 Share Other capital Translation Retained Total KSEK capital contributions difference earnings equity 2025 Opening balance 1 573 115 020 2 349 -82 744 36 198 Net profit for the period - - - -5 335 -5 335 Translation difference - - 121 - 121 Dividend - - - - - Closing balance 1 573 115 020 2 470 -88 079 30 985 2026 Opening balance 1 573 115 020 2 212 -94 363 24 442 Net profit for the period - - - -1 031 -1 031 Translation difference - - 2 579 - 2 579 Dividend - - - - - Closing balance 1 573 115 020 4 791 -95 394 25 990 January 1 - September 30 Share Other capital Translation Retained Total KSEK capital contributions difference earnings equity 2025 Opening balance 1 573 115 020 252 -42 196 74 648 Net profit for the period - - - -36 211 -36 211 Translation difference - - 2 219 - 2 219 Dividend - - - -9 672 -9 672 Closing balance 1 573 115 020 2 470 -88 079 30 985 2026 Opening balance 1 573 115 020 2 930 -85 911 33 612 Net profit for the period - - - -9 483 -9 483 Translation difference - - 1 862 - 1 862 Dividend - - - - - Closing balance 1 573 115 020 4 791 -95 394 25 990
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10 Nepa | Q3 interim report | July – September 2026 Consolidated cash flow statements Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec KSEK 2026 2025 2026 2025 LTM 2025 Operating activities Profit before tax -497 -5 127 -7 302 -35 448 -4 638 -32 784 Adjustment for non-cash items 5 929 3 605 11 586 13 200 15 341 16 954 Income tax paid 541 -1 301 -2 091 -2 452 991 631 Cash flow from operating activities 5 974 -2 823 2 193 -24 699 11 693 -15 199 before changes in working capital Changes in current receivables -10 356 9 316 4 506 32 316 -7 817 19 992 Changes in current liabilities -4 717 -19 250 -13 012 -23 395 -8 116 -18 499 Cash flow from operating activities -9 100 -12 757 -6 312 -15 778 -4 240 -13 706 Investing activities Acquisitions/divestments of tangible assets -44 -55 -78 -55 -27 -4 Acquisitions/divestments of intangible assets - - - - - - Acquisitions/divestments of financial assets -4 - -4 -3 177 -3 -3 177 Cash flow from investing activities -47 -55 -81 -3 232 -30 -3 181 Financing activities Net borrowings (including overdraft facility) - 10 247 - 10 247 -10 247 - Dividends paid - - - -9 672 0 -9 672 Cash flow from financing activities - 10 247 - 575 -10 247 -9 672 Net cash flow for the period -9 147 -2 565 -6 394 -18 435 -14 517 -26 558 Cash and cash equivalents 17 265 25 201 14 512 41 071 22 636 41 071 at the beginning of the period Cash and cash equivalents 8 118 22 636 8 118 22 636 8 118 14 512 at the end of the period
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11 Nepa | Q3 interim report | July – September 2026 Parent company income statements Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec KSEK 2026 2025 2026 2025 LTM 2025 Other external income -0 -27 0 6 54 60 Total revenue -0 -27 0 6 54 60 Other external costs -386 -383 -901 -2 204 -1 456 -2 759 Personnel costs -847 -850 -2 857 -2 756 -3 826 -3 725 Operating income -1 233 -1 260 -3 758 -4 954 -5 228 -6 425 Financial income 169 -86 422 226 653 457 Financial expenses -183 - -436 - -480 -44 Earnings before tax -1 247 -1 346 -3 771 -4 728 -5 055 -6 011 Group contributions received - - - - - - Tax - - - - - - Net income -1 247 -1 346 -3 771 -4 728 -5 055 -6 011
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12 Nepa | Q3 interim report | July – September 2026 Parent company balance sheets September 30 September 30 December 31 KSEK 2026 2025 2025 ASSETS Financial assets 69 005 64 788 63 242 Total non-current assets 69 005 64 788 63 242 Receivables Group companies 0 8 550 13 674 Tax receivables 531 586 393 Other current receivables 27 21 303 Prepayments and accrued income 66 51 48 Cash and cash equivalents 31 186 - Total current assets 655 9 394 14 418 TOTAL ASSETS 69 660 74 182 77 660 EQUITY Share capital 1 573 1 573 1 573 Share premium reserve 115 020 115 020 115 020 Retained earnings -45 436 -39 425 -39 425 Net profit for the period -3 771 -4 728 -6 011 Total equity 67 385 72 440 71 156 LIABILITIES Trade payables 136 812 968 Other current liabilities 1 625 98 5 040 Accrued expenses and deferred income 514 832 496 Total current liabilities 2 275 1 742 6 504 Total liabilities 2 275 1 742 6 504 TOTAL EQUITY AND LIABILITIES 69 660 74 182 77 660
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13 Nepa | Q3 interim report | July – September 2026 Parent company statements of changes in equity July 1 - September 30 Retained earnings Share Other capital incl. profit for the Total KSEK capital contributions period equity 2025 Opening balance 1 573 115 020 -42 807 73 785 Net profit for the period - - -1 346 -1 346 Dividend - - - - Closing balance 1 573 115 020 -44 153 72 440 2026 Opening balance 1 573 115 020 -47 961 68 632 Net profit for the period - - -1 247 -1 247 Dividend - - - - Closing balance 1 573 115 020 -49 208 67 385 January 1 - September 30 Retained earnings Share Other capital incl. profit for the Total KSEK capital contributions period equity 2025 Opening balance 1 573 115 020 -29 753 86 839 Net profit for the period - - -4 728 -4 728 Dividend - - -9 672 -9 672 Closing balance 1 573 115 020 -44 153 72 440 2026 Opening balance 1 573 115 020 -45 436 71 156 Net profit for the period - - -3 771 -3 771 Dividend - - - - Closing balance 1 573 115 020 -49 208 67 385
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14 Nepa | Q3 interim report | July – September 2026 Other disclosure s Accounting principles The consolidated financial statements have been prepared in accordance with Swedish GAAP (Årsredovisningslagen and Bokföringsnämndens allmänna råd 2012:1 Årsredovisning och koncernredovisning (K3)). The Group consists of the parent company Nepa AB (publ) and nine subsidiaries, seven of which are non-Swedish. The accounting and valuation principles are consistent with those applied in the latest annual report. This report has not been audited by the company’s auditor. Risks and uncertainties Nepa faces several business risks and market risks, including the dependency on qualified personnel, the ability to handle growth, and technological development. Changes in interest rates, inflation and the geopolitical environment may affect clients’ willingness to invest. The share The share capital of Nepa AB (publ) amounted, on September 30, 2026, to 1,572,637.20 SEK divided into 7,863,186 shares, each with a nominal value of 0.20 SEK. Nepa AB (publ) has been listed on the Nasdaq First North Growth Market stock exchange since April 26, 2016, under the ticker NEPA. All shares are of the same series and have the same voting rights and dividend rights. Ten l argest s hareholders Shareholder Shares % Hanover Investors 1 519 181 19.3% Ulrich Boyer & close relatives 1 450 032 18.4% Elementa Management 1 078 886 13.7% Olle Jakobsson 506 063 6.4% Göran Nordlund (Fore C Investments) * 361 484 4.6% Avanza Pension 339 504 4.3% Aktia Asset Management 300 000 3.8% Nordnet Pensionsförsäkring 254 723 3.2% Björn Nordenborg 134 256 1.7% Demijan Panic 108 920 1.4% Ten largest shareholders 6 053 049 77.0% Other shareholders 1 810 137 23.0% Total shares outstanding 7 863 186 100 . 0 % The shareholder register has been verified as of September 28, 2026, except for the holding marked with an asterisk (*), which has been verified as of June 30, 2026. Financial calendar Q4 year-end report 2025 February 20, 2026 Annual report 2025 April 24, 2026 Q1 interim report 2026 May 8, 2026 AGM 2026 May 21, 2026 Q2 interim report 2026 August 14, 2026 Q3 interim report 2026 October 23, 2026 Q4 year-end report 2026 February 19, 2027 All financial reports are published on nepa.com/investor-relations. Contact details Anders Dahl, CEO +46 702 75 84 45 Email: ir@nepa.com
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15 Nepa | Q3 interim report | July – September 2026 Definitions Sales booking s The sum of the annualised value of signed recurring client contracts (ARR bookings) and the total contract value of signed ad hoc contracts (Ad hoc bookings) during the period. Annual Recurring Revenue (ARR) The sum of the annualised value of all recurring client contracts at the end of the period. Contracts are considered active from their start date and remain valid through the entire duration specified in the contract. Subscription revenue Revenue from subscription contracts. Ad hoc revenue from subscribers Revenue from one-time projects with clients that are enrolled in a subscription contract. Ad hoc revenue from other clients Revenue from one-time projects with clients that are not enrolled in a subscription contract. Gross profit Net sales less direct costs. Gross margin Gross profit as a percentage of net sales. Adjusted EBITDA - Capex EBIT before depreciation and amortization, less capital expenditures, adjusted for items affecting comparability. Adjusted EBITDA - Capex margin Adjusted EBITDA-Capex as a percentage of net sales. Items affecting comparability Extraordinary items during the period. Profit margin Net income as a percentage of net sales. Net financial position Cash and cash equivalents less interest-bearing liabilities at the end of the period. Earnings per share Net income attributable to the parent company’s shareholders divided by the average number of shares outstanding. Dividend per share Dividend for the period divided by the number of shares outstanding at the time of the dividend. No. of employees, avg. The average number of employees during the period, expressed as full-time equivalents. Net Revenue Retention (NRR) Net change of upgrades, downgrades, and churn in Annual Recurring Revenue (ARR) from existing clients during the period as a percentage of ARR in the previous period. Churn Lost Annual Recurring Revenue (ARR) from churned subscribers during the period as a percentage of ARR in the previous period.
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16 Nepa | Q3 interim report | July – September 2026 Certification The Board of Directors and the CEO certify that this interim report gives a true and fair view of the Group’s and parent company’s businesses, financial position, and results, and that it describes the relevant risk factors and uncertainties the company is facing. Dan Foreman Ulrich Boyer Fredrik Lundqvist Chairman Board member Board member Ashkan Senobari Ludvig Blomqvist Anders Dahl Board member Board member CEO Stockholm, October 23, 2026 The Board of Directors of Nepa AB (publ)