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safestate Interim report 2 - 2026 Stockholm 2026-08-24 Interim report 2 - 2026 Dear Shareholders and Partners , Six months ago I laid out the plan . One brand , one platform and a partner led growth model . In Q1 I told you revenue would follow the signings , and it has . Contracted ARR more than doubled to MSEK 104 , first half sales grew 43 % , and the quarter delivered a 50 % adjusted EBITDA margin . Partner Rollouts Are Live To be clear about that MSEK 104. Not pipeline , not ambition . It is annual recurring revenue on secured agreements , against annualised Q2 sales of roughly MSEK 55. As these partners come live , our revenue is on track to roughly double . Each vertical now has a clear proof point . In telecom , our Telenor cooperation has grown into a global agreement . In hosting , Monarx has become a real distribution channel for us , with three large partners signed and onboarding as we speak , and more coming . In insurance , we extended and strengthened our long standing relationship with Länsförsäkringar . Next to these many others are going live , reaching millions of end customers . Onboarding started in July and builds through the second half , with first effects in Q3 and the real step up expected in Q4 as volumes come fully live . Profitable Growth Net sales grew 26 % in the quarter . Adjusted EBITDA rose 28 % to KSEK 6,850 and 46 % over the first half , clearly positive even with the remaining restructuring costs . The reported net loss is entirely non - cash amortisation and depreciation . The underlying business is profitable and getting stronger . Built to Scale On operating costs , this went exactly according to plan . Last year we took heavy one off charges to merge three companies into one platform with one team . This quarter shows what it bought us . Recurring employee costs are down , restructuring charges fell to KSEK 808 from 5,565 a year ago , and revenue per employee rose 26 % . We kept investing in our development team , and our growing Al capabilities let us build and ship faster . We now have a lean , strong team ready for the growth . That is the beauty of our channel model . Partners bring the customers , so the cost base stays flat while volumes grow . Looking Ahead M & A stays firmly part of the plan . We keep evaluating targets that would significantly grow our customer base and cross sell opportunities , but we only move when we are absolutely sure . Price , timing and integration readiness have to be right , and with organic growth this strong we can afford to be selective . After the quarter we completed the refinancing with Fenja Capital . Our debt is now longer term , running into 2028 , and we can comfortably carry it and we expect roughly MSEK 25 in cash end of August . The balance sheet is secured , the brand is established , the rollouts are underway . The first half was about starting to execute our renewed strategy , the second half is about going live and bringing partner customers onto the platform in volume . And there is a lot more to come . Best regards , Daan Donders - CEO Sida 1 | 24