Resetting for resilient and profitable growth.

The second quarter marked my first period as CEO of Albert, during which we both presented and executed a comprehensive transformation programme to simplify the organisation, reduce costs, and strengthen financial flexibility. These decisive measures were essential to place Albert firmly on the path towards our previously communicated financial targets.

Solid subscription growth despite topline pressure
Net revenue in Q2 declined by 16% year-on-year to 41.6m SEK, mainly due to a drop of more than 50% in B2B sales of physical, non-subscription products, particularly in North America. Political and economic uncertainty in the region has extended decision cycles for institutional buyers, delaying orders.

Annual Recurring Revenue (ARR) grew 6% year-on-year to 139.5m SEK, driven by continued expansion in our B2C subscription business. Strong customer acquisition and retention underline the resilience and scalability of our model, even during periods of softer transactional B2B sales.

Restructuring to restore profitability
In response to the current market environment, we reduced our global headcount from 103 to approximately 75 employees. This restructuring, which generated one-off costs of 5.3m SEK in Q2, impacted EBITDA which ended at -10.5m SEK. Adjusted for these one-off items, EBITDA improved sequentially to -5.1m SEK from -6.7m SEK in Q1. The full effect of the cost reductions will be visible from Q3 2025 and onwards.

Tight focus on liquidity, portfolio optimisation and cost discipline
Cash flow from operating activities in Q2 was -17.5m SEK, with a total cash outflow of -21.2m SEK including investing and financing activities. We closed the quarter with 34m SEK in cash and equivalents, compared to 55m SEK at the end of Q1. Following the restructuring, we expect a substantial reduction in our monthly burn rate, which together with our current cash position provides a stable platform to execute our plan of reaching positive EBITDA in 2025 and cash-flow break-even in 2026.

Strategic priorities going forward
Our immediate focus is on initiatives with direct EBITDA impact. We will continue to strengthen B2C performance in the Nordics, where unit economics remain attractive, while selectively rebuilding B2B momentum in target markets. In the UK, we are expanding our offering, including a recent launch in Wales.

As part of the ongoing strategic review, we are assessing our product and brand portfolio to ensure every asset supports our core growth priorities and profitability goals. All future investments will be prioritised based on maximised ROI and strategic fit.

Albert’s strength lies in our mission, our products, and our people. With a leaner organisation, sharper priorities, and disciplined execution, Albert is now positioned to translate its strengths into sustainable, profitable growth.

Gothenburg, August 2025
Fredrik Bengtsson, CEO

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1 April to 30 June

Annual recurring revenue (ARR) from subscriptions was 139,453k (130,995k) SEK, which is an increase of 6% compared to the previous year.
Revenue from non-subscription products over the past four quarters amounted to 28,206k (37,131k) SEK, representing a decrease of 24% compared to the previous year.
Invoiced sales for the quarter were 29,765k (38,438k) SEK, a decrease of 23% compared to the previous year.
Net revenue amounted to 41,605k (49,500k) SEK, a decrease of 16% compared to the same period last year.
EBITDA amounted to -10,453k (-1,153k) SEK.
EBITA amounted to -13,672k (-4,908k) SEK.
The result after financial items amounted to -25,129k (-17,805k) SEK.
The result for the period amounted to -24,184k (-16,541k) SEK.
Earnings per share amounted to -0.96 (-0.66) SEK, before and after dilution.
Cash flow from current operations amounted to -17,511k (-17,826k) SEK.
Cash and cash equivalents at the end of the period amounted to 34,026k (65,284k) SEK.

1 January to 31 June

Annual recurring revenue (ARR) from subscriptions were 139,453k (130,995k) SEK, which is an increase of 6% compared to the previous year.
Revenue from non-subscription products over the past four quarters amounted to 28,206k (37,131k) SEK, representing a decrease of 24% compared to the previous year.
Invoiced sales for H1 were 90,291k (101,571k) SEK, a decrease of 11% compared to the previous year.
Net revenue amounted to 80,200k (91,102k) SEK, a decrease of 7% compared to the same period last year.
EBITDA amounted to –17,119k (-13,919k) SEK.
EBITA amounted to -23,728k (-21,269k) SEK.
The result after financial items amounted to -46,386k (-46,215k) SEK.
The result for the period amounted to -44,495k (-43,687k) SEK.
Earnings per share amounted to -1.77 (-1.74) SEK, before and after dilution.
Cash flow from current operations amounted to -2,664k (-10,419k) SEK.
Cash and cash equivalents at the end of the period amounted to 34,026k (65,284k) SEK.

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Significant events in the second quarter of 2025

In June Albert announced an expanded and accelerated transformation programme. As part of the restructuring, the Group has reduced its workforce from 103 to approximately 75 employees. All associated costs were recognised in Q2. This will have a positive impact on EBITDA and Cash from Q3 2025 and onwards, but will slow down some product development.
During the period Jonas Mårtensson left his position as CEO. Fredrik Bengtsson was appointed Interim CEO for the Group as of April 22.

Significant events after the end of the period

During the reporting period, the Group’s CFO Katarina Strivall left her position. Katarina’s last working day was on June 30. As of July 1, Erik Bergelin has assumed the role of CFO for the Group.

For more information, contact:

Fredrik Bengtsson, CEO
fredrik@hejalbert.se
+46 723280144

Erik Bergelin, CFO
erik@hejalbert.se
+46 768710747

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