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LIVE Q2 2026 EARNINGS CALL The presentationwill begin shortly. Please ensure your audio is connected. 22 July 2026 · Stockholm upsales.com/investors
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Q2 2026 Results Upsales Technology AB 22 JULY 2026 Daniel Wikberg FOUNDER & CEO Kristina Fridheimer CFO
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TODAY Agenda 01 This is Upsales 02 Growth 03 Q2 2026 in numbers 04 Aira separation completed 05 The future of Upsales 06 Q&A 03 / 22
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COMPANY This is Upsales 01 A profitable Nordic SaaS company building the revenue platform for the B2B mid-market. 02 Founded 2003, listed on Nasdaq First North since 2019. 03 Around 1,000 B2B customers across the Nordics. 04 Profitable every year for more than 20 years, zero external capital raised. 04 / 22
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PRODUCT What we sell 01 Upsales: unified platform for CRM, marketing automation, customer support, subscription billing and analytics. 02 Flat-rate access to licensed company and credit data across 14 European markets. 03 Deep integrations with local Nordic ERP systems including Fortnox, Monitor and Visma. 04 European data sovereignty, Swedish-hosted, GDPR-native. 05 / 22
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Growth
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GROWTH · 01 Continued double-digit growth 01 Third consecutive quarter of double-digit revenue growth year over year. 02 Broad inflow of new customers across the platform. 03 ARR returned to growth after a flat first quarter. 07 / 22
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GROWTH · 02 What is driving it 01 Strong new sales momentum carrying through from H2 2025. 02 AI Agent Workspace, launched 12 May, winning new customers and deepening adoption in the base. 03 Core platform investments converting into higher win rates and stronger retention. 08 / 22
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GROWTH · 03 Where the growth comes fromnext 01 Continued depth in the Nordic B2B mid-market, where we have a clear product and pricing advantage. 02 Lower churn entering the third quarter, setting up accelerating ARR growth in the second half. 03 Full year 2026 revenue growth expected at 10 to 15 percent. 09 / 22
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Q2 2026 in numbers
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FINANCIALS · 01 Revenue and ARR 41.4 MSEK +10.8% YoY NET SALES · Q2 2026 ARR 154.0 MSEK · Q2 2026 ARR GROWTH YOY +5% Q2 2026 vs Q2 2025 RECURRING REVENUE 93.4% of net sales · Q2 2026 11 / 22
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FINANCIALS · 02 Profitability 10.9 MSEK 26.2% margin EBITDA · Q2 2026 EBITDA EXCL. AIRA & LEX ASEA 15.3 MSEK · Q2 2026 EBITDA MARGIN EXCL. AIRA & LEX ASEA 37.0% Q2 2026 EBIT 7.6 MSEK · 18.3% margin NET INCOME 5.4 MSEK · Q2 2026 12 / 22
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FINANCIALS · 03 Balance sheet and cash 32.5 MSEK NET CASH · 30 JUNE 2026 OPERATING CASH FLOW 8.9 MSEK · Q2 2026 FREE CASH FLOW 6.6 MSEK · Q2 2026 13 / 22
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Aira separationcompleted
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AIRA Separation completed 01 The separation of Aira was completed during the second quarter; Aira now trades as its own listed company. 02 All shares distributed to Upsales shareholders as a Lex ASEA dividend, replacing the previously proposed cash dividend. 03 Full focus on the core business — profitability no longer obscured by the cost of building a second product in-house. 37% EBITDA EXCL. AIRA & LEX ASEA · Q2 2026 The underlying earnings power of the SaaS business, now visible and delivered as guided — a structural step-up, not a one-quarter effect. 15 / 22
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The future of Upsales
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TRANSITION A new chapter in leadership 01 After 23 years, Daniel Wikberg hands over as CEO on 31 July 2026. 02 Johan Kallblad appointed Chief Executive Officer. 03 Johan spent 15 years building Exsitec from around 30 people into a profitable, listed B2B software group of more than 650. 04 Daniel remains on the Board, holding more than 10 percent of the company. 05 A transition in leadership, not in direction or conviction. 17 / 22
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OUTLOOK · 01 Guidance 01 Revenue growth of 10 to 15 percent for full year 2026. 02 EBITDA margin above 35 percent, now realised from Q2 2026. 03 Drivers: continued revenue growth, full run-rate savings from last year's reorganisation, and the removed Aira cost base. 04 Zero debt, net cash positive. 18 / 22
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OUTLOOK · 02 AI inside Upsales 01 AI Agent Workspace launched 12 May 2026 — the largest product release in our history. 02 Winning new customers and deepening adoption across the existing base. 03 More customers want our help putting AI to work in their revenue processes. 04 Services revenue growing as a result, pulling ARR growth along. 19 / 22
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GOVERNANCE Extraordinary General Meeting 01 The Board has convened an EGM for 7 August 2026. 02 Main item: a warrant programme for the incoming CEO, on market terms. 03 Alignment between the new CEO and shareholders is of utmost importance. 04 Also a standard buyback mandate, following a change in Swedish law effective December — the same flexibility most listed companies have. 20 / 22
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OUTLOOK · 03 What comes next 01 Johan Kallblad takes over as CEO on 31 July. 02 EGM on 7 August on the CEO warrant programme and buyback mandate. 03 Continued execution on the pipeline and the Upsales product roadmap. 21 / 22
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Q&A Opening the floor for questions 01 · WEBCAST Written questions Type your question in the Q&A field in the webcast player. We will read and answer live. 02 · FOLLOW-UP After the call Email ir@upsales.com for further questions or to request a one-on-one. 22 / 22