Slides
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Live Q3 2026 Earnings Call The presentation will begin shortly. Please ensure your audio is connected. 20 October 2026 · Stockholm upsales.com/investors
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Q3 2026 Results Upsales Technology AB 20 October 2026 Johan Kallblad CEO Kristina Fridheimer CFO
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Q&A Questions? 01 · Webcast Written questions Type your question in the Q&A field in the webcast player. We will read and answer on the call. 02 · Follow-up After the call Email ir@upsales.com for further questions or to request a one-on-one. 03 / 20
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Today Agenda 01 This is Upsales 02 First quarter as CEO 03 Q3 2026 in numbers 04 Building for future growth 05 Next steps 06 Q&A 04 / 20
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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. 05 / 20
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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, as well as international systems like Microsoft Business Central. 04 European data sovereignty, Swedish-hosted, GDPR-native. 06 / 20
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First quarter as CEO
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First quarter · 01 First impressions 01 The first months spent collecting feedback from customers and prospects, and getting to know the product, the team and the culture. 02 Met most of our larger investors and all of our major partners. 03 Overall a team with a lot of autonomy, and an organisation that works well in all operational matters. 04 Very strong product capabilities, with re-engineered core using AI development tools. 08 / 20
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Q3 2026 in numbers
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Financials · 01 Revenue and ARR 42.3 MSEK +10.9% YoY Net Sales · Q3 2026 ARR 154.6 MSEK · Q3 2026 ARR Growth YoY +4.7% Q3 2026 vs Q3 2025 Recurring Revenue 92.4% of net sales · Q3 2026 10 / 20
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Financials · 02 Profitability 19.5 MSEK46.1% margin EBITDA · Q3 2026 EBIT 16.4 MSEK · 38.7% margin Net Income 13.1 MSEK · Q3 2026 EBITDA Q3 2025 13.4 MSEK · 35.1% margin 11 / 20
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Financials · 03 Balance sheet and cash 36.4 MSEK Net Cash · 30 September 2026 Operating Cash Flow 4.9 MSEK · Q3 2026 Free Cash Flow 4.0 MSEK · Q3 2026 12 / 20
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Building for future growth
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Growth · 01 Where growth stands today 01 ARR growth has been slow for several years, at 4.7% year over year in Q3. 02 Q3 is the slowest business quarter of the year, for new customers as well as for consulting and transactions. 03 Contributing factors to slow ARR-growth: no growth business environment in our key segments, some lack of execution and focus in sales, and solid competition. 04 We have relied only on organic growth and direct sales, which is good for margins but limits growth. 14 / 20
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Growth · 02 Three priorities 01 · Core market Respect the core A very competitive offering for medium and large sized businesses in the Nordics. The Q4 release makes sales work more efficient, with four times faster load times, fewer clicks, simpler UI, AI augmented insights, less data entry. Obsession with the sales success of our customers! 02 · Verticals Vertical solutions The re-engineered platform lets customers create their own experience. Pre-configured verticals shorten onboarding and time to value. 03 · Sales investment Invest in organic sales A strong LTV/CAC ratio supports focused hiring in direct sales and marketing, with the ambition to grow ARR in 2027. 15 / 20
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Growth · 03 Five core verticals Pre-configured where our largest customer bases are. Easier to communicate to the market, and shorter time to value for the customer. 01 Tech / SaaS 02 Industrial Manufacturing 03 Financial Services 04 Business Services 05 Wholesale / Logistics 16 / 20
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Growth · 04 AI inside Upsales 01 AI has not slowed our growth, but neither uncertainty or inflated expectations are good for business. 02 Our AI powered functionality is one of the reasons why we win new business. 03 Our internal use of AI is one of the keys to our cost control. 17 / 20
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Growth · 05 Further possible growth vectors 01 Geographic expansion. 02 Partner driven sales. 03 Selective M&A. Getting the basics right first We cannot do everything at once. Building long term quality growth is not a quick fix, but with the quality of our earnings, time is on our side. 18 / 20
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Outlook What comes next 01 Q4 product release, targeted at our core users. Gradual roll-out of vertical solutions. 02 Year-end Report 2026 on 17 February 2027. 19 / 20 03 Long term financial goals defined in year-end report 04 Our mission is the success of our customers' sales & marketing operations!
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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. 20 / 20