BIMobject Aktie

Hello, everyone. Welcome to this call. Thank you for joining us today. We are getting ready to present our Q1 report for you. As usual on these calls, you can ask questions to us here in the chat in Zoom webinar or you can send them via e-mail to [email protected]. And as usual, we pick up all the questions at the end of this call. We have some questions coming into the e-mail already. So we'll answer all of those at the end of the call.

But let's kick it off and get started. So like I mentioned, the Q1 presentation. And today, you will hear from Niklas Agevik, who's the CEO of BIMobject. Welcome, Niklas.

Thank you.

We are also joined by Per Goransson, who's our CFO. Welcome back.

Thank you.

And my name is Lisa, and I'll be hosting the call for you today. So on the agenda, we will have a business update from Niklas, followed by some financial numbers from Per. And as I mentioned, we always wrap up the call with some Q&A at the end. So send your questions to [email protected] or post them to us here in the chat.

But with that, I will leave the word to you, Niklas.

All right. Thank you, Lisa.

Hi, everyone. Good to be back. My second quarter report here, did my first one, second week on the job. And what I further do here, I'll do a quick update on the numbers for Q1. And then I'll talk a little bit about my reflections, thoughts from first 3 months with BIM, why I'm excited about it, why I think we're all excited about what we're doing here and some thoughts on strategy and what's going to happen next and what we're working on.

So I think we had a good quarter, ARR growth of 10% compared to last year, which also then meant that was a positive turnover growth. We had some headwinds from the currencies, but overall, I think a good growth. We had a smaller loss. We went from minus SEK 18.1 million last year to minus SEK 8.6 million in this quarter. We did have some one-off effects on restructuring last year, but Per will talk more about that when we get to the financials. And we ended the quarter with a good cash position of SEK 152.6 million in assets.

On the events, of course, a big event. I started here 2nd of February. And again, I'll talk a bit of my thoughts here and what I've been doing on the first 3 months. And I spent a lot of time thinking about how we are going to work, how we can move faster, how we can get great products out sooner, which led into this reorganization that we also touch upon.

So yes, let's go through a couple of my thoughts here after joining BIM. And as you know, I mean, the core of BIM and what we founded the company on was to become this marketplace for BIM models. And we've done a fantastic job in building that business, bringing on manufacturers and distributing all of their models to the AEC community. I mean, basically helping Architects, Engineers, consultant -- Constructors who need that for their buildings.

But what we discovered, and I think we discovered this a few years ago is that it was just not the BIM models that they wanted us to distribute. There was a lot of other data that they were handling and that they needed to distribute. I mean, everything from technical properties of if it's a door, it can be the height of the door, how thick the door is, what kind of material the door is made of to climate data, what is the climate impact of building that door or whatever it is.

And what we discovered is that from the manufacturer side, they were actually even more interested in having all of this data distributed. And this, of course, led us to the Carbon Zero acquisition and researching this more. And it turns out that this is a pretty huge problem that manufacturers in the building industry suffer from because with every new project, with every new market, there's more databases to be part of, there's more requests for data. And that's a need that just keeps increasing.

There come new regulations, there come new requirements from constructors because they want to work faster and more efficient and with less waste. And then we have EPDs that are reported -- and environmental report that all of the manufacturers have to create. And even if you did spend the money at the time to create an EPD, that's not enough because in a couple of years, that's going to be replaced with a DPP, a digital product passport.

And as you're a manufacturer, I mean, you're launching new products, you're going into new markets, this just becomes more and more costly. So when we talk about -- talk to them and we say, what if we could handle all of your data, I mean, they get pretty excited, like that's something that we want. So again, leading up to the Carbonzero acquisition and what we've been doing here, that is something that we're pretty excited about doing that we think is a very important thing for our future growth.

And this might look simple, right? Like we have the BIM models today. We already distribute that. Why can't we just add more data onto this and just continue to distribute it. Well, and that is the question that I've been talking with the team a lot about. How can we make this more efficient? How can we do this faster? How can we ensure that we handle all this new data that the manufacturers are requesting.

And that led us into these business areas because the products that we have, the customers that we are targeting and the different markets we are in, they are all in different maturities. The type of customers we are going after can vary quite a lot. I mean, if we are distributing a BIM, for example, sometimes that's the marketing department who handles that as a marketing effort to reach out to architects, -- while if we deal with compliance data or climate data, that can be data that's handled by somebody else in a different department.

So the idea behind organizing around these business areas is that we give each part of the business room to grow. We have business area Design Enablement. That's the BIMobject that's the core of BIM and makes up, I think, about 90% of our revenue today. That's a great -- it's a profitable business that's established, and that's how we want to keep running that. We want to run it as a profitable established business, and we want to make sure that it continues to grow.

Meanwhile, Data Solutions, that's our business area where we handle all of this other data. Here, there's a different maturity on the products. I mean, we are still building it. We want to get this into start-up phase where we're moving fast and where we're working towards clear milestones where we show that we can handle more and more data and therefore adding value to both the data consumers and to the manufacturers.

And to answer one of the questions that came in about these business areas right away, I mean, we're still operating this as one country. I mean, we have shared IT, we have shared marketing, shared HR, I mean, shared as much as we can. So you shouldn't see this as adding additional overhead. It's more a way of driving the business and thinking about the strategy. Yes. And in the reorg, and I want to stress that leading up to this reorg and this is where I've spent most of my time since joining here in February is figuring out how we can move faster to handling more data. And this reorg came out of that discussions to understand what do we need to do to move faster.

And I spent a lot of time talking with the management team, with the Board, with leaders in the company and almost everyone said that like we're trying to do too much at the same time. Let's make sure that we do a couple of things and we do them great. And at the same time, we've been using more and more AI, we probably don't have to be as many people we are today to deliver on this tomorrow. So that was the basics behind this.

Yes. So -- but with that in place, I think I can hear some people asking, you've been -- we've heard this story before. You want to do more data. What's taking you so long? Like why aren't we already there? Why aren't we already distributing more data? And I think I want to stress that I mean the team has been doing a fantastic job. I think now we're going to move even faster, but we have been solving a couple of extremely important and fundamental problems during this time to be able to actually deliver on this vision.

And at the core of it is that what we're trying to solve here is really a 2-sided marketplace problem. We have, on one hand, we have the manufacturers that want us to distribute their data. And the other hand, we have the consumers that need that data. It can be an industry database. It can be a constructor that needed data during construction of a new building or it can be a distributor of different products. But the problem here has been, as we've approached manufacturers with this, they tell us this sounds great. We love this, but like how many consumers do you have on the other end? And the answer has been, we don't have that many yet. We're working on it, but we don't have that many yet. But if you join, they're probably going to come.

And they tell us then that, okay, that sounds good, but come back when you have more consumers. And then when we go out to the consumers and we say, "Hey, what about you could get all of this data from all of your manufacturers in one single place." They say, "Oh, that sounds great. We love that, how many manufacturers you have?" And we say, well, not that many yet, but if you join, we can sign them up. And many of them have said, okay, that sounds great, but come back when you have the manufacturer.

So that has been something that has slowed us down, the chicken and egg problem and something that we've spent a lot of time trying to solve. And to understand how we've been working on solving that, I need to explain the type of data that we're dealing with here. And we're basically dealing with 3 types of data. The first type is primary data. And that's the manufacturer that has come to us, they have given us their data. This is the best type of data that we can have. It's approved by a manufacturer, and we have primary data from many manufacturers already.

The first thing we did to solve this chicken and egg problem was with the Connect problem -- sorry, with the Connect product, where we're starting adding generic data. And generic data is not the data -- not about one particular product, but a group of products. So to give an example, like if you're a distributor, you want to know the climate impact of a specific door you have. The distributor can then sign up to us. They can request data about the door. And if we don't have that specific door in our database, we provide generic data from a database.

And there is -- for example, in Sweden, there is a database that everyone can use and then we use that data. And if we have the primary data, we use that. And that actually solved part of that chicken and egg problem and led us to starting to sign up more and more consumers. And that led us thinking, okay, what more can we do? How can we make this even more attractive? How can we get even more data consumers in on the other end.

And that's where we saw the GreenMetrica acquisition coming in because a lot of this data is actually already available online. And we have spent a lot of time building an AI agent that can go out and gather data from the web. It can go to manufacturers site, it can read an EPD, and it can input that data and it can send it to consumer. And the feedback that we've received is that this is fantastic. This is very much in line with what the data consumers want. And that's a great way to get them started and get more manufacturers interested.

So basically, in Data Solutions, the loop here that we're trying to build is where we can gather that data -- it can be secondary data, it can be primary data. We get consumers to use the data. We get more demand for primary data because now we have a lot of data consumers, then we get more manufacturers to join. And as we get more manufacturers, we get more primary data. And we get more primary data, this loop closes even quick to you.

So that's something we've been very hard at work. And as I mentioned with on the reorg, I think this is something that we're executing on a lot faster now. And I see very positive signs here on how we're executing and moving forward on closing this loop. And just also mentioned, I mean, we -- if you see all of these partnerships that we announced, this is what they are about. They are showing that we can add more data consumers. I mean we recently announced the Swedish Building Materials merchants, for example, as a consumer of data, and that just makes us more and more attractive to manufacturers.

So yes, I think that's a summary of what I've been up to here in the first 3 months and what we've been up to and how we view the strategy. I think we're very excited of where we are now. Now I think it's just full on execution mode, showing that we can grow both on design enablement and continue to close this loop on the data solutions side.

Yes. And with that said, I hand over to Per, our CFO.

Thank you, Niklas.

We can jump into our revenue development. So we have a quarter with a tough currency effect, when we compare year-over-year. USD started to weaken in spring 2025, which is visible in the first 2 bars here in the graph. Year-over-year, we lost about 8% in revenue due to currency. ARR in constant currency is at plus 10%. But as recognized revenue adjusted for currency effects, growth is at plus 14%.

That is due to good performance on bimobject.com as of 1st of January, which gives full effect in the quarter. Services revenue decreased not only due to FX. It's also due to a particularly strong Q1 2025 and our main focus on the platform revenue business. And here is the graph showing how our total ARR is distributed on the more mature bimobject.com business, Design Enablement and the new products, respectively, which we call Data Solutions. And Data Solutions, that is where we've made the significant investments in the potential we see going forward.

On the cost side, operational costs decreased 16% in total. This is largely due to temporary high costs in Q1 2025. That was related to CEO transition, social security fees related to LTIP and the currency revaluation effects. But just as much cost decrease due to overall less FTEs and less external consultants. Cost items that did increase somewhat, it's related to software and AI computing costs.

And looking forward, we expect operating cost base to continue and decrease and primarily driven by the recently announced reorganization. All in all, we see underlying growth in recurring platform revenue, but it's offset by currency effects and less service revenue. Hence total net sales is relatively flat. The significantly decreased loss is thanks to decreased operational costs. And while we also continue to invest in new product development that is done through a more cost-efficient organization going forward.

EBITDA at minus SEK 8.6 million and EBIT at minus SEK 12.4 million.

Great. Thank you, Per. Yes, I think that sums up the quarter well. I mean we are seeing the effects of the changes we made last year with just under reorg and going through that now, which we're also already seeing positive signs for it. I think we're at a good place already. But I think with these recent changes, we'll be moving even faster. So I think we're excited about where we are right now.

Excellent. And as promised, we will now have a Q&A session, where we'll answer the questions that everyone has sent in. So as usual, we'll jump between subjects in these. And I think, Niklas, you maybe have already answered 1 or 2 of them that were sent in before the call. But let's go through them.

So if we start with this question, are you starting to see network effects of Connect, Driving, Compile? Specifically, are wholesalers putting pressure on manufacturers to upload specific environmental and product data?

I don't think we're there yet. We've seen some early signs of this, but a big part of the reorganization here is to drive that loop and get that loop working faster. So I think it's something we have to get back to.

And on that topic, how many active Connect customers do we have outside of Sweden? And which markets would be next in line for that product?

We have some customers that are in -- outside Sweden. And a lot of the customers that we already have in Sweden do have presence in other countries, mainly in the Nordics. For now, Data Solutions and thereby also Connect is focused on the Nordics. We will see what the next market is outside the Nordics, but we want to start by focusing there.

Great. Then we have another question here. What percentage of our existing manufacturers -- manufacturer customers are currently using more than one product? Can we provide examples of customers who started with one product and that is now active across the ecosystem?

Yes, that's a good question. I think we certainly can mention customers that use several of our products. But I think it's a bit too early for us to do that. Data Solutions, that is in a start-up mode. We're trying to hit some milestones to show that this works and that we can continue to grow it.

So I think it's too early for us to focus on the cross-selling part. We want to get -- make sure that we get those products in the place where we want to be first. But I mean, definitely something we will come back to in the future. But I don't think we're there yet where that's a big focus for us on cross-selling products. But that said it's already happened, a few customers are doing it, but that's not the focus for now.

All right. So can we, as a company, report on more data points or KPIs between the quarterly reports so that shareholders can see, for example, how Connect and other products developed?

Between the quarterly reports, I don't know about that. But part of the reasoning behind the split between Design Enablement and Data Solutions is that we see that the way we track them and that we see early data points that we're moving in the right direction are very different for those 2 business areas. So I think, yes, I mean, internally, we're definitely using different data points to track them. Can we share them between reports? I don't know, I'll have to get back to that.

Or you can turn in on the next quarterly report and hear more details at that point. All right. So when will the new platform replace the old one?

Which platform does this refer to. Okay. So you mean in Data Solutions. I mean I don't think there's a specific -- we've been doing this customer by customer. I don't think we have a specific date where we need to close it down. But slowly we will start moving over to customers, I guess, is the answer. I think it will take some time before we close it down completely. That's not a goal in itself to have it closed down.

And now we have some questions related to more numbers. So what is the NRR and that stands for net retention for each respective product category?

Yes. I mean we don't report on our NRR metrics for different products for now. So yes, I think we just pass on that one.

So another then, what does the churn look like? And are we seeing a decrease in churn giving new products? And if so, to what extent?

Yes. I mean I'll split this question between the business areas. I mean, in Design Enablement, I mean, we mentioned this on the last quarter call, too, we do see positive pattern in retention. This has been trending in the right direction. We believe this is thanks to the focus we've had on customer relations since the reorganization last year.

Data Solutions, I think it's too early to start thinking about churn and -- or at least talking about churn in that way, but definitely a metric we track going forward, I'd say.

Next question is ARR grew 2.3% sequentially, which is slower than Q4. Can you explain if there are any timing prioritization effects in Q4 that may not fully reflect underlying commercial momentum, for example, contract renewals, new product revenue recognition, currency revaluation or constant currency baseline? Maybe this is a question better answered for Per. Let me just move the mic so we can hear you.

I would say no specific timing effects and such disturbing elements. No currency effect. ARR is tracked in constant currency. Q4 was relatively strong, also fueled by a few individual contracts. And Q1 is historically a slower season, but nothing disturbing in the development as such.

Thank you. And I think we can keep the mic on you for the next one as well, Per. So next question is also related to ARR. Question is, at what ARR level will you be cash flow neutral? And related to that, what is your outlook on cost development moving forward? Stable, decreasing or slight growth?

Good question. And I will not be ready to say an exact figure here, but we're in the middle of a reorganization, and we are reducing the cost base. There are still some activities related to this outstanding, and we will see where we end in terms of new run rate after that. But clearly, we will need some growth as well to reach profitability. In general, I believe we will be ready to grow with good scalability from the new cost base that I can say.

Thank you, Per. So we're getting to the end of the question, but we have 2 left here. Where are you placing the commercial emphasis for the different segments during 2026 in terms of both product and geography?

For Design Enablement, it's a continuous focus on North America and EMEA. On Data Solutions, the focus is the Nordics.

And then final question that I picked up on this call. I'll do a quick sweep to see if we have any other. But the question is then, what is the revenue model per wholesaler? So is it a fixed license, volume-based or hybrid model?

It's mainly volume-based, but with a small fixed yearly license fee. The volume-based pricing is based on the number of SKUs that they purchase data for.

Thank you. So from what I can see, we capture all of the questions on the call. Like we usually say on these calls, our e-mail is open. So [email protected] is where you can reach us if you have more questions or want to get in touch with the team.

And yes, also follow us on LinkedIn. We have separate LinkedIn profiles for our different products where we post a lot of updates on what's going on with our respective products. So that is also a good channel if you want to stay in touch and stay updated with what we do.

Otherwise, thank you for everyone joining the call. Thank you to the panel, and we will hear -- you will hear from us again during the summer for our Q2 report. Have a lovely rest of your Thursday. Thank you.

Thank you.

Thank you.

Good afternoon, everyone, and welcome to the call. Thank you for joining us today. We are getting ready to present our Q4 year-end report for you. And we will begin shortly. But before I will start by saying that this time, we will actually take questions directly here in the chat in the Zoom webinar. So there's a little chat function here that you can use to post your questions. You can post them to us any time during the call, and we will answer them all in a Q&A session at the end of the call.

And as usual, you can also send them into our [email protected] e-mail. Some of you have sent in questions before, and we will make sure to include those at the end of the call. But for now, let's get started with looking at the list of our panelists. So if we can change slides, please. Yes, one more. There we are.

Today on the call, we are joined for the very first time by Niklas Agevik. And Niklas is the new CEO of BIMobject since last Monday. So welcome to the call, Niklas.

Thank you so much, Lisa.

Nice to have you here. We are also joined by Per Goransson, who is the CFO. Welcome, Per.

Thank you.

And today on the call, we are also joined by Sofia, Sofia Hylen. Sofia has been the Interim CEO up until Niklas joined us. And currently, Sofia now holds the position as Chief Operating Officer for BIMobject. And Sofia is available on the call for us today if we need it for the Q&A session. So welcome to you to Sofia.

Thank you, Lisa.

And lastly, my name is Lisa Norlander, and I'll be hosting the call for you today.

So looking at the agenda, as usual, we have a business update, which will be given to you by Niklas, followed by some financials from Per. And as I mentioned, we always do the Q&A session at the end of the call. So we'll gather all your questions for then. But let's get started. So I will hand over the word to you, Niklas.

All right. Thank you so much, Lisa. Yes, before I jump into the business update, I just want to say hi to everyone. It's a pleasure to be here at BIMobject. Just going to quickly introduce myself. So I'm Niklas Agevik. I've been as CEO and entrepreneur for over 16 years. And before that, I've been working in leadership positions in the telecom industry. I've been working with both venture capital and private equity. I spent a lot of time on business transformation, operational excellence and just building great businesses. Yes, it's my second week here at BIM, excited to be part of turning our vision here into reality. So yes, if there's any questions or anything, just feel free to reach out.

With that said, let's jump into the Q4 results. In this quarter, we had a positive turnover growth. We were impacted by a currency effect of 9%. As you know, we do a lot of sales in the U.S. and the weak U.S. dollar is what affected us the most on the currency effect. ARR growth continued to improve. In Q3, we had 7% ARR growth. In Q4, we had 8% and that's even better if you compare it to earlier quarters during the year. The annualized growth rate, if you look at Q4, ended at 14%.

A couple of things I want to highlight here is that we have been seeing better retention numbers on our customers using BIMobject, and ARR was also driven by new contracts in our Connect offering. I'll dive a bit deeper on the call into why I think what we're doing in the Connect offering is important and why it's not just ARR here and now, but why I think it's important for our future growth. We ended with an EBITDA of minus SEK 9.9 million, which can be compared to minus SEK 3.9 million of Q4 last year. The reason we do have a negative EBITDA now is due to the investments we are making in our Connect offering and other offerings, things that we think are important to set us up for future growth.

We ended Q4 with a cash position of SEK 154 million in liquid assets. So yes, I think that sums up where we are in Q4. I'm sure we'll dive more into that when we get to the questions. But I think I'd dive into now is to talk a bit about the Connect offering and why we think this is an important investment that we're making. If you look on the data that is handled on a typical construction project, the amount of data that is needed is quite staggering. I mean, in a typical project, you have one company that is going to maintain and have the building once it's done. You have somebody that's building that building, Skanska or NCC or whoever it can be.

You have a bunch of different consultancy companies involved, everything from architects to structural engineers or other companies that bring specific companies, competencies. And they, in their turn, have other subcontractors. We're talking about hundreds of different manufacturers of different products that are delivered into the project. I mean this can be anything from a chair to a window to a door or anything like that. So in total, I mean, if you look at a typical construction project, you're looking at somewhere around thousands of projects. I mean, in this example, we had 6,000 different projects, and you have to manage millions of -- up to 1 million data points across all of the people that are involved in building that. And using this data is -- can be quite difficult.

And especially if you're a manufacturer of different projects, I mean, you're not just building one house at a time. I mean, you're probably involved in several construction projects at the same time. And our vision, I mean, why we're doing these investments is that we want to take this very fragmented reality to one ecosystem where there's one source of truth for this data. And what is interesting is that this is actually possible to do. With the rise of AI, we are able to collect the data from all of this fragmented part of the ecosystem and make it accessible into any format. And as you saw with our GreenMetrica acquisition that we completed in August last year, we now secured our AI capabilities.

And we've been working with excellent team there for a long time and making them part of BIMobject is something that we think is incredibly important to achieve this vision. And if you go forward, we really want to come to the place where BIMobject is a true data service platform that connects the entire industry. I mean, from the design phase to construction to finished building that's being maintained and all of that data being maintained on our platform. And I think we are in a quite unique position to make that happen. I mean we do have deep industry knowledge. We've been in this business for a long time. We have the AI expertise to make the tech work. And we are a very well-known brand in the industry that already works with all of the players here.

So -- and the reason this is important and how this works with our Connect offering is that Connect is actually a very important part of going towards the broader vision. And the Connect offering is targeted towards wholesalers. In Sweden, that would be someone like Beijer, Ahlsell or Optimera. And the typical wholesaler, they'll stock tens of thousands of different SKUs. And as I mentioned earlier, I mean, that can be anything from a pipe to a door to a window or really anything you need to construct a building. And when you're a wholesaler, you need a lot of data about the products that you sell. You need environmental data. You need to know how big it is. You need to know the fire rating of a door, for example.

And a typical distributor or wholesaler can have, for example, up to 30,000 different products. But if you look in the catalog, maybe only 10% of them today will have environmental product declarations. And if they connect to us using our Connect solution, they get all of that climate data directly from BIMobject instead of having to reach out to every manufacturer to deliver it. And climate data, I'm using that as an example, and that's where we start. But going forward, I mean, our Connect offering will provide or we want to get to the place where it provides all types of data. And what's making this exciting and why I want to mention this strategically is that not only here are we helping wholesalers, but we are adding more products to our database, getting closer to that vision of being that one central data service platform for the construction industry.

And we are seeing some good momentum here. As we have announced, we have an important strategic partnership that we made in Q4 for the Connect offering. We signed a partnership agreement with the industry association, SEG. SEG covers a number of different wholesalers in the Nordic region, Ahlsell, Kesko, Sonepar and Rexel. So I think this is an important deal. It has given us a very good breadth of products into our database and while at the same time, it's growing our ARR. And on top of that of doing that in Sweden, we've also signed Carl Ras in Denmark, so showing that not only can we do this in the home market, but we're already doing it outside.

So basically, the point where now, I mean, we have contracts with the majority of the largest Swedish wholesalers in our industry. So yes, it was a quick deep dive into where we are today and what -- where we're heading strategically. So with that said, I'll leave over to our CFO, Per.

Thank you, Niklas. I will probably repeat some of the details you already mentioned, but let's go through it. Looking at our net sales development, we continue to see positive traction in Q4. ARR is at 8% as of year-end, but underlying, it comes from annualized growth of 14% in H2 and 2% in H1. As in Q3, we see good momentum in retention metrics for bimobject.com after the reorg in the summer and also strong performance in our new Connect business for the wholesalers. As net sales in our P&L, the weaker USD has a clearly negative impact on our net sales. And if -- adjusted for currency effects, recurring revenue showed 9% growth. Services revenue is stable and flat in constant currencies. We can click to next slide.

We have a new graph showing how our total ARR is distributed on the more mature bimobject.com business and the new products, respectively. bimobject.com still stands for more than 90% and continues to grow at a steady but more limited pace. New products are growing much faster percentage-wise, but still early stages in the product life cycles, and it can be volatile quarter-over-quarter. If we move over to the cost side, Q4 is overall pretty normalized within 2025. It's midway between the seasonally favorable Q3 and Q1, Q2 level, which included more restructuring costs. Currency effects on the cost side are relatively limited. Costs in foreign currency is, of course, benefited by a stronger SEK. But in the isolated quarters, we also face revaluation losses in accounts receivables.

Overall, we also have a large proportion of our costs in the SEK today through salaries -- Swedish salaries. Within the external costs, costs from external consultants decreased year-over-year due to the acquisition of GreenMetrica in August. The cost increases we do see are within AI software, computing costs as well as commercial travel and marketing spend. And we can go back to the full P&L income statement here. Looking at the full income statement, we see -- we continue to recognize stable net sales and despite the weak USD, still some growth in the quarter as well as full year. And compared to 2024, we've made significant investments in new products during 2025.

As Niklas mentioned, we're by no means done, but clearly some higher growth from this in Q4 and primarily the second half of 2025. EBITDA in Q4 at minus SEK 9.9 million and EBIT, including amortization of acquired assets at minus SEK 13.8 million. Within net financial items, we do have some contribution from our cash position, but we also face revaluation losses in the financial net. And net income is at minus SEK 12.6 million in the quarter.

All right. Are you handing over to me, Per?

Yes, please.

Yes. Great. Yes, I think the summary is Q4. I mean, not only did we grow our core business at bimobject.com in ARR terms, we made progress towards the vision. I mean we got new customers in new segments, signed key partnership deals and getting towards that vision of establishing BIMobject as the leading provider of construction data. Yes, I'm excited to be here to work with the team to bring this forward. On upcoming calls. I hope we can dive deeper into that vision and how we are working to get there as quickly as possible.

With that said, I think I'm handing over to you, Lisa, and we'll take some questions.

Thank you, Niklas. So we have some questions coming into our IR e-mail, and we will go through them now. So this first question came in before the call. So it might be that we already answered the first part of it on the call. But the question is if we can clarify how much of the revenue that comes from new services today and how this part has developed during the year? And also, if we can go into how the market has received these new products and services, thinking of new customers acquired, willingness to pay and recurring revenue from that segment.

Yes. Good question. And I think we answered a part of this with the slides where we are breaking out the new products now. And to summarize that, I mean, the new products, the -- if you look at the ARR, that's where you see the most progress. But we do see positive indications when it comes to customer dialogues, both in terms of closed deals, but also ongoing dialogues. Sales of EandoX has taken a bit longer than expected to convert into sales, but conversion improved in December, and we entered the year with a very strong starting point for continuing to sell EandoX. I think our largest constraints to onboard more customers is just getting more customers in other markets. And something that we are looking into is how can we onboard them quicker.

Thank you, Niklas. So the next question relates to BIMobject's communication to the investor market. So the question is here that BIMobject has been a little bit -- showing a bit of restraint in communicating to the investment market, even when it comes to positive progress that we made. And the question is for you, Niklas, then, if this is something you plan to change as the new CEO?

I mean I'd rephrase that question a little bit. I think we are strong in communicating what is going on. I mean if you follow us on social media and LinkedIn, for example, I mean, I think you can see a lot is what's happening with us being at conferences, meeting customers, closing deals and so on.

I think what I hope to change going forward is talk more about the vision where we're heading and hoping that we can help people connect the dots. I mean, how do these deals connect to something even bigger than just one deal increasing the ARR, which is, of course, something good, but we think these are part of a bigger vision that we want to get to. So that I hope to change and definitely something I'll talk more about on a future call.

Great. Thank you. Next question. When will architects and other users start to pay for our services?

Yes. I know that this is a question we've gotten previously too. And as you know, we're not charging that end of the business. I mean, our reasoning here and what we are working on is creating value for manufacturers and a big value for them is getting access to all of those architects that are registered at bimobject.com. So I mean, we're primarily focused on the manufacturer end of the business. That said, I mean, we are working on making the other end of the business more attractive with the design app that we launched. But for now and the immediate future at least, our focus is on the building product manufacturers.

And the next question relates to the development of our new platform. And the question is, is it done? Is there more development going? And can we give an estimate on when the new platform will be completed?

Yes, that's a good question. I mean I wouldn't say that there will ever be a point where we are completely done and we will stop development on the platform. I mean that's something that's ongoing. And as we onboard more customers, as we launch in more markets, I mean, we'll continue to develop the platform.

So yes, in short, I'd say, I mean, part of it are finished. I mean, we're testing it. We hope to open up with real live customers soon. But I mean, I'd say many parts of it are already built, and we'll continue investing in it. I think it's hard to say that there will come a point where we are done and now we won't invest anything more in it.

Thank you, Niklas. All right. I believe we are on our very last question now, which might be a bit of a repetition from a previous question. But it's, again, a question on if we are going to be more active in marketing and communicating what happens around the company.

I think we touched on this previously. Again, I think our main communication channel for the ongoing business, I mean, you can follow us on social media. If there's anything major, I think we'll stick with the strategy that we have. If there's a very important partnership that we've signed, yes, then definitely, we will do a press release around that. But I think the main thing at least for me to communicate more about is that vision and how all of this ties together and how these deals that we are signing, how do they take us to the bigger vision.

Excellent. And maybe we should mention in this topic as well that we have multiple LinkedIn profiles for the object, Project and the EandoX. So if someone has missed that, you are very welcome to follow us on all of our channels where we communicate our different products.

That was all the questions that had came in through the chat and to the e-mail. We are at your service at [email protected]. If you have more questions after the call, you can reach us there. Otherwise, you will hear from us next when we present our full annual report. So thank you so much for joining the call today. Thank you to our panelists, and we will see you next time.

Hello, everyone, and welcome to the Q3 report. We will soon start with the presentation. And if you have any questions during the presentation, please send them into [email protected], and we will get to them at the end.

So for those of you who meet us here on a regular basis, you will notice that our brilliant host, Lisa Norlander, is down with the flu today, so we will cover for her. As always, you will hear from me, Sofia Hylen, who is the Interim CEO of BIMobject; our CFO, Per Goransson. And today, we also have Pia Engholm with us, who is the Chair of the Board.

The agenda today consists of business updates, both the recent events and the strategy refresh, and then we will also, of course, get to financials. Lastly, we will wrap up with a Q&A.

So let's get to it. In the quarter, we experienced a flattish turnover growth, impacted by a minus 5% effect from currency fluctuations. We see that ARR growth improved from earlier number this year, and we delivered an ARR growth of 7%. And here, we also see that September was standing out as a particularly strong month. And as you know, the vast majority of our revenue comes from bimobject.com. And our other products are gradually increasing their contribution to the overall revenue, but still the vast majority is bimobject.com.

When we're looking in Q3 specifically, we can see that the growth is mainly driven by customer acquisition in our bim.com Connect offering. We will talk about this a bit later, but that means that the new customers we're referring to are new building material distributors. And the other part is the improved retention for bimobject.com.

Our EBITDA stands at minus SEK 6.9 million, and this can be compared with the plus SEK 1 million that we had in Q3 last year. As mentioned in previous quarters, we will also talk about this today, the operating result that we see is mainly due to our strategic product development investments, and we will talk about what they are leading to later on in this presentation. And also worth noting that we mentioned in the report is that Q3 is always favored by vacation effects. And as can be read, our current cash position is SEK 171 million in liquid assets.

Moving over to the business events. A few weeks ago, we announced the appointment of a new CEO. We look forward to welcoming Niklas Agevik to the organization. And until then, as also previously mentioned, me and the rest of the company are working full speed ahead on delivering on our strategy every day. More details will follow on Niklas when I hand over to Pia in just a few minutes.

During the quarter, we have also launched the copilot feature EandoX and completed the acquisition of GreenMetrica and related IP assets. We also sent out just a couple of days ago, a press release regarding the BIM Connect agreement with SEG, the Swedish Electricity Wholesalers, and we will cover this one a bit more in depth later on.

So with that said, I would like to hand over to Pia.

Thank you very much, Sofia. I'm not going to be long. I just wanted to say that we are very happy to welcome Niklas Agevik to BIMobject. We've had a long recruitment process looking for specific skills, and we really feel that we have found what we've been looking for in Niklas. He brings commercial drive, operational focus and entrepreneurial energy. We really think that's the right combination for BIMobject's new strategic focus and our next phase of growth. Niklas will assume the position no later than the 16th of March 2026. And as Sofia mentioned, in the meantime, she and her team continue doing a fantastic job of keeping the engine running and delivering on our strategy. That's it over to you again, Sofia.

Thank you, Pia. Great. So let's look into this strategy that we have and the industry that we're in. So today, we have a situation where product data is fragmented, siloed and inconsistent. And it's extremely difficult to retrieve product information at scale. It is often scattered across manufacturer websites, product sheets and multiple databases. When you then find it, it can also be presented in various different formats. Are you using kilograms are you using grams, which unit of length are you using?

It also -- it's very likely that the product information that you retrieve is not reusable across companies due to that they're each using their own software and their own systems. So even when high-quality data is found, it often loses reliability and the necessary details for the other stakeholders when it's shared in the process. And product data is needed in order for us to be able to build and every building project involves hundreds of manufacturers and millions of data points.

So what we then want to do is to solve the industry's need by simplifying and standardizing this complexity. So in short, product data is everywhere. Still, it's never where and when it's needed. Leveraging our position, our industry knowledge and AI competence, we believe we actually can overcome this challenge. And we believe we not only can overcome it, but also transforming it into a valuable and efficient resource. Because products -- the projects need product information and products need to be specified in projects, and our platform will act as a bridge between projects and manufacturers.

So you recognize this picture if you've been here before. At the heart of our strategy is our core. Our core is our centralized structured and trusted dynamic data model that stores and refine product information. This core ensures that product data is reliable, that it is enriched and usable across the full building cycle. Then we compile product data. Compiling product data means that we are enabling manufacturers to create high-quality, standardized and ready-to-use product data. And this data is structured to meet the needs of the real projects.

Then we consume or we ensure that the stakeholders who need it can consume data. And the consume part for us ensures that this product data that we have compiled is not only accessible but also actionable. So we deliver the right data to the right stakeholder in the right format at the exact moment it's needed to drive, for example, design decisions, compliance or sustainability reporting. By this, we enable property developers, architects and engineers to consume reliable product information so they can make informed decisions.

And last but not least, we connect the industry stakeholders and their data all in one place. And this can be through integrations with databases or through our clients' internal systems. And to make this strategy work in practice, we first help manufacturer to gather all their product data in one place. And what can product data be then? It can be -- it can come in many forms. Like a BIMobject, it can be a life cycle assessment or an environmental product declaration or just an Excel file with different parameters. And we have tools internally such as EandoX, where customers can upload, create and update their data more easily. This means that everything is streamlined and centralized to ensure that the information stays reliable and up to date.

Next, we make it easy for others to use this data. So we have different stakeholders, architects, engineers and property owners who can access the same trusted information at different points in a project in the point where they need it. For example, architects can get early access to life cycle data to support better design decisions through the design app and product and property owners can use the same data for procurement or sustainability reporting during and after construction.

So with that, we wrap up this section. And before moving into financial, we will, as always, look at the progress we have made within our different areas.

So let's start with an area we haven't mentioned that much before, the core. As I mentioned, the heart of our business model is our data model. This is also the key to truly become the global leading provider of building product information and by that, achieving our North Star to deliver the right data in the right format in the right location to the right stakeholder. Obviously, we have data models and databases today in our different products, and we will use the learnings from them in our next-generation database. This development has started and will gradually be released throughout 2026.

When this is in place, this will, for example, solve the customer pain of updating different databases since the data will be in a modular and structured format, which will enable us to share data in the way the database or the data user needs it. Over time, this will also open up for future and new revenue streams from our customers, mainly the building product manufacturers.

Taking a look at EandoX, which is our -- one of our products within Compile. For those of you who are not that familiar with EandoX. It is a software that helps manufacturers to create EPDs in minutes compared to several hours and consulting hours as it's done today. EandoX is built on cutting-edge technology, and I would say that it is one of the most advanced tools on the market. If you go back 1 or 2 quarters, you can also see a demo of how it looks like.

An example that of a new release that we have done this quarter is the Copilot AI feature in EandoX. This feature is applying AI-powered functionality to reduce manual work in the data gathering, which can be really time-consuming and turn this into structured data. So the result is an agentic workflow, which creates life cycle assessments and EPDs independently. And this can, among other things -- among many things, result in significant time improvements.

This feature is currently available to a select number of customers during the test phase, and we continuously invite more users into it also as they're passing our AI training, which we hosted for the first time earlier this week.

And then finally, let's spend some time on Connect and specifically on how our current solution to building product distributors work. And the reason we have chosen to spend some extra time today on this is because this is a solution area where we frequently get follow-up questions and also since we've seen the first proof of concept this quarter by being able to expand not only in Sweden, but also outside Sweden.

So our customer is the building material distributor, let's call him Kim. Kim works at a large distributor who stocks tens of thousands of SKUs for contractors, builders and municipalities across the Nordics. Kim is pragmatic, he's competent, and he is also under constant pressure to deliver reliable, traceable product data to his customers. He's also juggling suppliers, systems and sustainability targets during his daily work.

Kim's company supplies the materials that keeps the building projects moving. That can be everything from concrete, insulation to every screw and every seal. And he, of course, wants this company to work with the best suppliers, both providing the best price to his customers, but also with stronger sustainability numbers. Kim is working with multiple sources of product data, but this is usually not traceable. It also comes with unbroken or broken data links back to his suppliers. And just finding and compiling the data for his thousands of SKUs is too time consuming. And even if he would get to it, less than 10% of the products in his catalog have environmental product declarations, EPDs.

So creating -- and why is it like that then? Yes, because creating and verifying EPDs have historically been taking a long time, expertise and money. And as you then maybe can guess, we also have a solution in this in EandoX. Anyway, what Kim then says is that with BIM.com, I both access product information from the product database, and I can also add climate data to all my SKUs, making it easier to negotiate with suppliers, provide our customers with climate calculations and Scope 3 reports.

So our solution for building material distributors leverage the creation of generic data as well as our library of specific data. So how it works then is that the distributor starts by providing us with their article data. We match that with product data in our database and enrich the product data with specific data where it's available and generic data for the remaining products. And then we feed it back to the distributor.

So this puts us in a unique position in the market, handling millions of articles in the Nordic distributing market and beyond. And we can also, by this supplying them with a high quantity of products and still be able to provide them with high-quality outcomes. And this can be seen in the growth of this product.

And an example you could read about earlier this week, which is our contract with SEG, Sveriges Elgrossister or the Swedish Electricity Wholesalers, which is a trade organization for electricity wholesalers in Sweden. And the agreement basically means that our database and SEG's database will share product information from their owners. And SEG's owners include, for example, Ahlsell, Kesko, Rexel, Solar and Sonepar.

And this integration will simplify the dissemination of current and reliable product information to the market and also our technology to be able to generate climate data for the climate impact of all products, which is really valuable for SEG. And we will see this agreement and this contract materialize commercially into revenue early next year is the estimation.

And speaking of money, I will now hand over to our brilliant CFO, Per Goransson, to share more about the financials.

Okay. Thank you, Sofia. And as you already mentioned, our ARR grew 7% year-over-year -- flip to the next slide here, 7% year-over-year and 3% quarter-over-quarter. And the growth in the quarter is a clear improvement, underlying driven by stronger retention within bimobject.com and upgrades in Connect for distributors. The ARR metric is primarily connected to future revenue and recurring revenue.

Net sales recognized in the quarter decreased year-over-year, and that is due to currency effects, not least the weaker USD. And in total, we have minus 5% from FX. The drop in services revenue is considered normal due to vacation period effects.

If we go over to the cost side, we continue to invest in development. But in Q3, we're also seasonally favored by vacation period, hence, the drop in costs quarter-over-quarter. Overall, the cost base is plus 12% versus prior year and primarily related to higher costs within product development, but also increased commercial investments. For quarter-over-quarter comparison, it's worth to note that Q1 and Q2 also included some restructuring costs. And overall, I would say that our cost base is today in line with strategic plan.

If we move over to the full income statement, we continue to see stable net sales, but with the FX headwinds. In Q3, we got the vacation effect on the cost side, which makes EBITDA relatively stronger in the quarter. EBITDA at minus SEK 6.9 million versus SEK 1 million prior year. Depreciation and amortization costs increased due to the acquisition and increased capitalized work for own accounts. EBIT at minus SEK 10.2 million versus minus SEK 0.8 million prior year. And the financial net is relatively strong in the quarter due to realized gains in interest funds within current investments.

Thank you so much, Per. So to conclude all of this, what we're doing is that we're building a scalable ecosystem where product information is compiled, consumed and connected. And what we have seen during this year is that the integration of AI is really transformative. We can see that in our internal work, but also in the way that we can build products, leveraging AI technology. This is a significant game changer for both our company and the broader industry.

And with our position in the industry, our industry knowledge and our AI competence, we believe that we can overcome the challenge of distributed, unstructured and decentralized product information and transform it from a headache to a valuable and efficient resource. Thank you so much for listening today. And now we open up for questions.

And the Q&A today will then be slightly different since me and Per will ask ourselves questions that you have sent in over e-mail and then directly answer them. But we are sure you will follow.

So the first question we have got is whether we are working on implementing blockchain technology in our future solutions. And this is a really good question and something that has been discussed in our product team, but not something we have concrete plans on implementing as of now.

Second question is what solutions, product features are in the pipeline? And I know that you are all longing for that really good product road map for us to share. We will keep you updated the best we can, but also not share that detailed road map. And what I can say is that we are right now focusing on the next-generation database that I mentioned. And then we're also iterating and making the products we have even better and making sure that we hit -- that we really reach and come deeper in the product market fit.

Third question is, EandoX has just launched Copilot. How competitive is this solution? And this is another really good question. And what I can say is that this is the only solution on the market that is leveraging AI in this way to decrease time and cost to compile product data. The proof, of course, comes when we see large volumes of revenue connected to this product. But what we see now is that there are good signals, and we get really good feedback when talking to partners, users and customers. So this is something that we will keep talking about in the coming quarters.

We have got 2 questions about the design app. So the design app is a product we have, which gives the bimobject.com or Revit users the opportunity to use the bimobject.com library directly in Revit and also create easy life cycle assessments.

And the questions are, how many have downloaded the design app? How many are active users and what creates the most retention and stickiness? And then also, have you seen a growing inflow of customers to Prodikt after the launch of the design app?

And this is something we launched the design app in -- just after the summer and are really closely monitoring the data, trying out different marketing messages and also look at the retention. So we need a few more -- we need some more data to truly be able to answer this question. So we will come back with this later on when we have that.

Another question is whether Prodikt is ready for a broader international expansion. And the answer to this question is that it kind of is technically, but the real power of the platform also comes from the local data. So for it to be as powerful as it is in Sweden, it's also a matter of how we choose to invest our commercial resources.

Then we have a question that states, with the solution aimed at distributors, can you expand globally without making country-specific adaptations? And if so, when will you expand? And the answer to this question is that, yes, we can expand globally. There is, of course, so that some countries are more interested in some type of data, but that doesn't hinder us from going globally. And we have already started looking outside Sweden. And then in this quarter, actually onboarded a distributor outside Sweden.

Then I hand over to you, Per.

Yes. I got one question. What proportion of the quarter's growth comes from new versus existing services? And in nominal value, it's close to 50-50 in this quarter. We added SEK 4.6 million to our ARR, of which SEK 2.2 million comes from bimobject.com and SEK 2.4 million is from newer products.

Super. And then the final question for today. Could you provide some more details on the product data in SEG's database that will be offered in Prodikt and when the integration is estimated to be completed? And the -- as I also mentioned briefly, it is estimated to be completed the latest beginning of next year. So that will be also mentioned in the coming quarterly report.

Great. Thank you so much for engaging and listening. And if you have any further questions after the call, you are always welcome to e-mail us at [email protected]. I wish you a really nice Thursday. Thank you.

Hello, everyone, and welcome to the call today. It is the 1st of August today. So thank you to everyone for taking a break from your summer plans to join us today as we are getting ready to present to you with our Q2 results.

As we are getting ready to begin, I usually say that you can send your questions to the e-mail that you saw on the last slide here, which is [email protected]. So [email protected], and we will pick up those questions in the end.

But for now, let's get started. And we'll start by introducing our panelists that are on the call today. My name is Lisa, and I'm your moderator. We also have Sofia Hylen, who is the Interim CEO; and we have Per Goransson, who is CFO of BIMobject Group. So welcome to both of you.

Thank you, Lisa.

On the agenda today, we have the usual. We will hear from Sofia for a quick business update with the most relevant events from the quarter. That will be followed by a financial update from Per. And as I mentioned, at the end, we do Q&A, and we answer the questions sent to [email protected].

But without further ado, I will leave the word over to you, Sofia.

Thank you, Lisa. So hello, everyone. My name is Sofia, as Lisa mentioned. And as the interim CEO of BIMobject, I'm excited to present the business updates from our second quarterly report for 2025.

Let's get started. This quarter, we have experienced a flat turnover growth, impacted by a minus 4% effect from currency fluctuations. We have also been delivering an ARR growth of 4%. Our EBITDA stands at minus SEK 20.6 million, which is a significant decrease compared to last year's minus SEK 5.1 million. This lower operating result is primarily due to strategic product development investments and also extraordinary costs related to our reorganization within the product department.

We remain in a solid cash position with SEK 191 million in liquid assets, and we are working really hard to use these funds wisely. Currently, we're doing that by investing in the future of growth.

During and after this period, we have launched the Design app for Revit and a global library in EandoX and more details on these 2 will follow later in this presentation.

Internally, our focus has been on enhancing efficiency and accountability. This has involved a reorganization within our product division, as mentioned, and a new segregation of duties within our commercial team.

The product restructuring has resulted in fewer, more focused development teams compromised of more senior profiles. The objective of this change and also the journey on being an AI-first product team is to minimize internal coordination needs, foster greater accountability within each team and, of course, effectively leverage AI in product development.

Our commercial structure has been reformed to create a clear division between customer excellence and account management. We anticipate that this will lead to a more defined responsibilities and a more proactive approach to customer relations. And this we expect will positively impact customer retention over time.

As we move from a single product company to a multiproduct company, we also have a huge focus on scalability to cater for our growing number of customers.

And finally, at the beginning of the quarter, we issued a letter of intent to acquire GreenMetrica and the Lumea AI Plattform. The acquisition will be press released as soon as it's finalized.

Then let's take a look at our strategic progress. We know that one of the biggest challenges today is to get access to product information and when having it, to share it with the right stakeholder and store it in a sustainable manner. Leveraging our position, our industry knowledge and AI competence, we believe we actually can overcome the challenge of distributed, unstructured and decentralized product information and transforming it into a valuable and efficient resource. Projects need product information and products need to be specified in projects. And our platform will act as a bridge between projects and manufacturers.

And at the heart of our strategy is our core. Our core is a centralized, structured and trusted dynamic data model that stores and refines product information. This core ensures that the product data is reliable, enriched and usable across the entire building life cycle.

We compile product data, which means enabling manufacturers to create high-quality, standardized and ready-to-use product data, structured to meet the needs of real projects. Consume ensures that this data is, not only accessible, but actionable. We deliver the right data to the right stakeholder in the right format at the exact moment it's needed to drive, for example, design decisions, compliance or sustainability reporting. By this, we enable stakeholders such as property developers, architects and engineers to overcome or to consume reliable product information so they can make informed decisions.

And lastly, we connect the industry and its stakeholders and their data all in one place. This can be through integrations with databases or in our clients' internal systems. And to make this strategy work in practice, we first help manufacturers to gather all their product data in one place. This data can come in many forms. It can be BIM objects, it can be life cycle assessments, LCAs or environmental product declaration, EPDs. Through tools like EandoX, customers can upload, create and update their data more easily. Everything is streamlined and centralized to ensure that the information stays reliable and up-to-date. BIM objects are also published on bimobject.com, as well as being made available in the design.

Next, we make it easy for others to use this data, so consume. Different stakeholders, such as architects, engineers and property owners, you're starting to get to know this now, can access the same trusted information at different points in a project. For example, architects can get access to life cycle data to support better design decisions through the Design app and through Prodikt. And property owners can use the same data for procurement or sustainability reporting during and after construction, also in Prodikt's platform.

So with that, we wrap up this part about the strategic progress. And before moving into financials and handing over to Per, we will look at the progress made within Compile, Consume and Connect.

So let's start off with Compile, and we will be looking at one of the products within Compile, EandoX, the environmental product performance software. First, an introduction to EandoX. EandoX helps manufacturers to create EPDs in seconds compared to several hours and consulting hours as it's done today. It's built on cutting-edge technology and one of the most advanced tools in the market. One major product update done this quarter is the addition of the global library with over 20,000 EPDs. With the library, users can easily find already published EPDs by different suppliers around the world and use this information to build their own products. This, instead of having to reach out every time they encounter an unknown, asking their supplier for an already created EPD. So by subscribing to the EPDs, product data is updated whenever the supplier updates their EPD. So by using the global library, you will be provided access to all available EPDs, which is greatly reducing time needed to search for data and also enabling you to keep track of all your suppliers in one place.

Let's take an example. If we have an office chair, the manufacturer might know the impact of the most important parts or some parts of the chair, and that can be the steel or the cushion. But they might, for example, not have any insight into the impact of the wheels. Regardless of what they know and what they don't, within the library, the manufacturer can use already published EPDs, both to speed up the data, the data gathering for the existing products, but also to turn the unknowns into known information.

Moving over to Consume and the progress made in the Design app. And let's start with which problem we're solving within the Consume in the Design app. It's actually so that half of our building's environmental impact is determined already in the design phase. And sustainability calculations are traditionally handled outside the scope of the architect, leaving CO2 impacts to be measured way later in the process. By then, the results may demand material changes, which is causing costly delays. Today, very few architects have what they would need to use CO2 data as a guiding factor in design. And that is what our Design app is all about. With the Design app, you can predict your project CO2 impact from early design stage. We make it possible to generate a building LCA directly from Revit. And for those of you who don't know Revit, Revit is a software used for digital design that architects and engineers use to do digital design.

So the architects then have the possibility to generate a building LCA directly from Revit, and they can do that in real-time and understand the impact of choosing one material over another material. And by doing so, meeting the clients' climate goals become much easier.

Manufacturer-specific products are then published and plugged into the architects' workflow and architects and engineers can by that access digital objects directly and that without having to store or download any files on their computer. This actually marks a real shift. Instead of having to go to a website, download it to a folder, we let architects access the BIM objects library directly in their workflow. They can then sink their projects directly in Revit by the Design app and also set a CO2 budget if they wish. And after that, you can view your CO2 dashboard to understand where sustainability can be improved and repeat that until the design is aligned with the project requirements. So basically, you can now get CO2 calculations in just a few clicks. And otherwise, this is something that would only be possible together with subject matter experts.

The Design app, as mentioned, will be free to use initially with the aim to direct users into the Prodikt business model, where you then can get more advanced life cycle assessments. Currently, we have launched in the Nordics and initial engagement with the users have yielded positive feedback. We are actively, of course, monitoring application usage and stickiness in the app to further understand user adoption, and we will keep launching to other markets now after the vacation period when people are coming back to work. And we will, by doing so, also be leveraging our full user community.

This also actually are increasing the value for our BPMs to be available on BIMobject as you are not only getting visible on our website, but also directly into the workflow and Revit.

And then finally, an example on Connect, and specifically now how our current solution works to building product distributors. So stakeholders in the construction industry, especially BPMs, are struggling to efficiently and accurately share product data across projects, across systems and resellers. The current methods that they are using are often fragmented, manual and dependent on high-touch integrations. Think of it as huge Excels and thousands of e-mails with or without attachments. Another pain here is that, most distributors need someone today to sit and update information, both within their own system and also other databases.

So our primary users are currently building material distributors, especially those managing large product catalogs and also have the need to share verified product data with their project stakeholders. And examples of this type of distributors could be players such as the [indiscernible]. So our solution to building material distributors leverage our creation of generic data, as well as our library of specific and verified data. The distributor starts by providing us with their article data. Then we match that with the product data in our database. We then enrich the product data with specific verified data where we have that available and generic data for the remaining products. And our current focus is on sustainability data, but that is also something that can be expanded. And lastly, we feed that data back to the distributor. This puts us in a unique position in the market where we are handling millions of articles in the Nordic distributor market, and we're also supplying them with data on a high quantity of products with high-quality outcomes.

So these are some of the updates that we've made this quarter, and we will continue to share progress over the coming quarterly reports, of course.

So with that said, I would like to hand over to our CFO, Per Goransson, who will take you through the financials.

Thank you, Sofia. And on the revenue side, as Sofia mentioned in the introduction here, our core ARR metric grew 4% year-over-year and 1% quarter-over-quarter. This is related to the recurring revenue in our net sales. Net sales is also exposed towards the euro and not least the USD. And from Q1 to Q2, the USD lost value relatively quickly and while Q2 net sales is 4% weaker, both in comparison to previous year and previous quarter.

The underlying growth in the quarter is moderate due to somewhat higher churn on bimobject.com, while new products is still in early stages. Some new versions has just recently been launched and other products are still in development phase.

Services net sales decreased 12%, and this business should be seen as supporting our platform business. In the longer term, it comes with little impact on our operating results.

In Q2, we have been operating in full force and in line with our conscious budget. In addition, we accounted for SEK 2.9 million as reorganization costs. Cleared from this, we increased our [ cost custom ] with 23% year-over-year, and this is primarily due to increased investments in product development.

Looking at the full income statement, it's clear how the increased investments in future growth increases current operating losses. It is overall in line with our strategic plan. And it's also worth noting that H1 is from a seasonal perspective, weaker than H2, primarily due to the vacation effect we always see in Q3. EBITDA for Q2 at minus SEK 20.6 million and EBIT at minus SEK 23.1 million.

Great. Thank you so much, Per. So to conclude, we are building a scalable ecosystem where product information is compiled, consumed and connected. We believe in building something larger than ourselves and being the leading provider of reliable product information in the construction industry.

The integration of AI is transformative, both for enhancing internal efficiency, which I'm sure all of you know, and also for developing superior product functionalities and it's acting as a significant game changer for both our company and the broader industry.

Leveraging our position, industry knowledge and AI competence, we believe we can overcome the challenge of distributed, unstructured and decentralized product information and transform it into a valuable and efficient resource. And I believe that BIMobject is uniquely positioned to win this opportunity.

Thank you all so much for listening, and now we open up for questions.

Thank you, Sofia. And it's been quite quiet in the inbox today. Maybe it's a summer effect. We do have one question that have come into the call. And this question is asking that it's quite clear that BIMobject is in an investment phase and that we're continuing to build on the platforms that we're offering. And the questions here are more related to what specific information we can share about future revenue streams and forecasts and such. So specifically, this question is asking for when investors will be able to see growth and if we can share something about revenue expectations for 2026.

I mean, we have a few mature products and then a few products that are in investment phases as phrased. And the products are still in early stages and is starting to go out to the market, and we're investigating or assessing the stickiness and the adoption and product market fit. So we will keep you updated on this.

And when it comes to revenue expectations for 2026, we currently don't provide guidance on coming financials.

And a follow-up to that question then. Okay, it's a bit related here, but what is the concrete thoughts and plans we have on capitalizing on the 5 million-plus users that we now have on the BIMobject platform?

Another good question. And looking at the user community that we have, which is, I would say, purely organic, we are engaging with them in different ways. One of the core values that we -- one of the core values that the users are providing us with is a strong value for the BPMs to join the platform. But we're, of course, also leveraging them, for example, now in the rollout of the Design app, where we are engaging with them to faster get that one out to the market.

Thank you. And yes, like I said, that is all the questions that we had coming into the call. If you feel like you have unanswered questions, please send them into [email protected], and we can also get back to you via that way.

But I believe that is -- sorry, I see that we also had some questions coming here into the actual Zoom call. So we have a short question if you can give any update on the CEO situation.

Another good question. So the CEO recruitment is ongoing and is being handled by a recruitment firm and led by the Board. And we don't have any other updates than that.

Thank you, Sofia. So I hope I caught all the questions now. You guys keep coming up with new ways to reach us, and then we, of course, appreciate that. Again, reach us at [email protected]. We're happy to answer any questions that you have there.

But I think for now, we will wrap up the call. I wish you guys a continued pleasant summer, and we will see you for the Q3 presentation later this fall. So thank you so much for joining us today.