Freja eID Group (FREJA) Investor Update summary

Product Development and Partnerships

• Focus on scaling up products, including white-label solutions and digital identity offerings.

• Collaborations with institutions like Linköping University, Borås City, and the Swedish Migration Agency.

• Proof-of-concept initiatives and white-label builds are ongoing to enhance platform stability.

• Software as a service models and digital identity are key areas of interest.

• New Q3 initiatives include an authorization system, whitelabel proof of concept, and expansion with biometric ID cards.

Key Performance Indicators and Growth

• Registered users reached 1,502,000, up 26% year-on-year and 6% from the previous quarter.

• Subscription customers grew to 496, a 20% annual increase and 4% growth from June 30, 2025.

• Net sales for Q3 2025 reached 11.0 MSEK, a 53% increase from Q3 2024.

• Annual recurring revenue (ARR) for the segment reached 38.9 MSEK as of September 30, 2025, up 51% year-on-year and 4% quarter-on-quarter.

• Net revenue retention (NRR) at 131% and gross revenue retention (GRR) at 96%.

Financial and Operational Performance

• Negative net revenue retention rates noted for Freja eID, with attention to frequency and absolute values.

• Branch finance and specific branches are being targeted for focused growth.

• Commitment levels were set higher than previous periods, particularly from November.

• KPIs reported are specific to the Freja eID segment; the fulfilment segment will be reported in November 2025.

• Subscription revenue is rapidly growing, supporting international scalability.