Freja eID Group (FREJA) Q1 2026 earnings summary

Executive summary

• Strong acceleration in core business with robust growth in digital identity services and user base, supported by regulatory trends and new partnerships.

• Focus remains on scaling Freja eID, with Fulfilment segment adapting to declining demand for physical security products.

Financial highlights

• Net revenue for Q1 2026 was 15.5 MSEK, up 23% year-over-year.

• Adjusted EBITDA reached 3.5 MSEK (up 43%), and adjusted EBIT improved to -0.3 MSEK from -1.4 MSEK.

• Net result was -2.4 MSEK, unchanged from Q1 2025.

• Cash flow from operations was 7.0 MSEK, up from 6.6 MSEK.

• Earnings per share were -0.08 SEK, an improvement from -0.11 SEK.

Outlook and guidance

• Continued focus on digital identity growth, with regulatory changes expected to drive further demand.

• Expansion into new markets planned via partnerships, without compromising profitability.

• No dividend proposed as resources are prioritized for expansion.