Freja eID Group (FREJA) Investor Update summary

Key financial metrics

• Annual Recurring Revenue (ARR) reached 41.3 MSEK as of December 31, 2025, up 52% year-over-year and 6% quarter-over-quarter.

• Net Revenue Retention (NRR) was 134%, a 26 percentage point improvement from the previous year and up 2 points from Q3 2025.

• Gross Revenue Retention (GRR) stood at 96%, up 2 percentage points year-over-year and stable from Q3 2025.

• Net sales for the quarter were 11.6 MSEK, a 63% increase year-over-year and 20% higher than Q3 2025.

Customer and user growth

• Subscription customers totaled 564 at year-end, up 28% year-over-year and 14% from Q3 2025.

• Registered users reached 1,577,000, a 25% increase from the previous year and 5% higher than Q3 2025.

Strategic and operational highlights

• Strong customer inflow and high upselling contributed to optimal SaaS performance, supported by low churn.

• ARR is set to further increase by 4.5 MSEK in 2026 due to a new contract for the Authorization System, with revenue recognition starting in January.

• Management emphasizes the segment's robust revenue engine and continued growth momentum.