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 email to [email protected].

As usual, we pick up all the questions at the end of this call. We had some questions coming into the email already, we'll answer all of those at the end of the call.

Let's kick it off and get started. 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 Göransson, who's our CFO. Welcome back.

Thank you.

My name is Lisa, and I'll be hosting the call for you today. On the agenda, we'll have a business update from Niklas, followed by some financial numbers from Per.

As I mentioned, we always wrap up the call with some Q&A at the end. Send your questions to [email protected] or post them to us here in the chat.

With that, I will leave the word to you, Niklas.

All right. Thank you, Lisa.

Hi everyone. Good to be back.

My second quarterly report here, did my first one second week on the job. What I thought I'd 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 here at BIM, why I'm excited about this, 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.

I think we had a good quarter, ARR growth of 10% compared to last year, which also then meant that we had 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 -18.1 million SEK last year to -8.6 million SEK 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. We ended the quarter with a good cash position of 152.6 million SEK in assets.

On the events, of course, big event, I started here 2nd of February. Again, I'll talk a bit more of my thoughts here and what I've been doing on the first 3 months.

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'll also touch upon. Let's go through a couple of my thoughts here after joining BIM.

As the core of BIM and what we founded the company on was to become this marketplace for BIM models. We've done a fantastic job in building that business, bringing on manufacturers and distributing all of their models to the AEC community, basically helping architects, engineers, consultant, constructures who need that for their buildings.

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 other data that they were handling and that they needed to distribute, 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.

What we discovered is that from the manufacturer's side, they were actually even more interested in having all of this data distributed. This of course led us to the CarbonZero acquisition and researching this more.

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.

We have EPDs that are pretty important, an environmental report that all of the manufacturers have to create. Even if you did spend the money and 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.

As you're a manufacturer, you launch new products, you're going into new markets, this just becomes more and more costly. When we talk to them and we say, hey, what if we could handle all of your data?

They get pretty excited. That's something that they want.

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 very important thing for our future growth. This might look simple, right?

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? 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 of this new data that the manufacturers are requesting?

That led us into these business areas, because the products that we have, the customers that we are targeting, and the different markets that we are in, they are all in different maturities. The type of customers we are going after can vary quite a lot.

If we are distributing a BIM file, 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. 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. 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. We are still building it.

We want to get this into startup 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 that we're adding value to both the data consumers and to the manufacturers. To answer one of the questions that came in about these business areas right away, we're still operating this as one country.

We have shared IT, we have shared marketing, shared HR, shared as much as we can. You shouldn't see this as adding additional overhead.

It's more a way of driving the business and thinking about the strategy. 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.

This reorg came out of that discussions, to understand what do we need to do to move faster? I spent a lot of time talking with the management team, with the board, with leaders in the company.

Almost everyone said that 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. 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.

That was the basics behind this. With that in place, I think I can hear some people asking, We've heard this all before.

You want to do more data. What's taking you so long?

Why aren't we already there? Why aren't we already distributing more data?

I think I want to stress that the team here 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.

At the core of it is that what we're trying to solve here is really a two-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 need data during construction of a new building, or it can be a distributor of different products. The problem here has been, as we've approached manufacturers with this, they tell us, "This sounds great.

We love this. How many consumers do you have on the other end?"

Our answer has been, "We don't have that many yet. We're working on it, but we don't have that many yet.

If you join, they're probably going to come." They tell us then that, "Okay, that sounds good, but come back when you have more consumers."

Then when we go out to the consumers and we say, "Hey, what about if you could get all of this data from all of your manufacturers from one single place?" They say, "Oh, that sounds great.

We'd love that. How many manufacturers do you have?"

We say, "Oh, well, not that many yet, but if you join, we can sign them up." Many of them have said, "Okay, that sounds great, but come back when you have the manufacturers."

That has been something that has slowed us down, this chicken-and-egg problem, and something that we've spent a lot of time trying to solve. To understand how we've been working on solving that, I need to explain the type of data that we're dealing with here.

We're basically dealing with three types of data. The first type is primary data.

That's a 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 product, where we're starting adding generic data.

Generic data is not about one particular product, but about a group of products. To give an example, 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 that door, and if we don't have that specific door in our database, we provide generic data from a database. There is a, for example, in Sweden, there is a database that everyone can use.

Then we use that data, and if we have the primary data, we use that. That actually solved part of that chicken-and-egg problem, and led us to starting to sign up more and more consumers.

That led us to 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? That's where we saw the GreenMétrica acquisition coming in, because a lot of this data is actually already available online.

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 a consumer.

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. Basically, in Data Solutions, the loop here that we're trying to build is where we can gather that data.

It can be secondary gathered data, it can be primary data, we get consumers to use that 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 when we get more primary data, this loop closes even quicker. That's something we've been very hard at work, and as I mentioned 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.

Just want to mention, if you see all of these partnerships that we announce, this is what they are about. They are showing that we can add more data consumers.

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. 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.

Yeah. With that said, I hand over to Per, our CFO.

Thank you, Niklas. We can jump into our revenue development.

We have a quarter with a tough currency effect when we compare year-over-year. USD started to weaken in the spring 2025, which is visible in the first two bars here in the graph.

Year-over-year, we lost about 8% in revenue due to currency. ARR in constant currency is at +10%, but as recognized revenue adjusted for currency effects, growth is at +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.

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. 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 currency revaluation effects.

Just as much, cost decreased due to overall less FTEs and less external consultants. Cost items that did increase somewhat is related to software and AI computing costs.

Looking forward, we expect operating cost base to continue to 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 services 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 -8.6 million and EBIT at -12.4 million.

Great. Thank you, Per.

I think that sums up the quarter well. We are seeing the effects of the changes we made last year.

We've just done the reorg and going through that now, which we also already see positive signs for. I think we're at a good place already, but I think with these recent changes, we'll be moving in faster, I think we're excited about where we are right now.

Excellent. As promised, we will now have a Q&A session where we'll answer the questions that everyone has sent in.

As usual, we will jump between subjects in these, and I think, Niklas, you maybe have already answered one or two of them that was sent in before the call. Let's go through them.

If we start with this question: are you starting to see networks 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 the big part of the reorganization here is to drive that loop and get that loop working faster.

I think it's something we'll have to get back to.

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 outside Sweden, and a lot of the customers that we already have in Sweden do have presence in other countries, mainly the Nordics. For now, Data Solutions and thereby also Connect is focused on the Nordics.

We'll 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 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?

That's a good question. I think I think we certainly can mention customers that use several of our products, but I think it's a bit too early for us for us to do that.

Data Solutions, that is in a startup mode, and we're trying to hit some milestones to show that this loop works and that we can that we can continue to grow it. I think it's too early for us to focus on that cross-selling part.

We want to get make sure that, we we we we get those products in the place where we want to be first. 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.

That said, it's already happened, a few customers are doing it, but that's not the focus for now.

Thank you, Niklas. All right, 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 develop?

Between the quarterly reports, I don't know about that, but part of the reasoning behind this 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 two business areas. I think, yes, 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 on that.

Or

you can tune in on the next quarterly report and hear more KPIs at that point. All right, when will the new platform replace the old one?

Right, okay, you mean in Data Solutions? 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'll start moving over the customers, I guess, is the answer. I think it'll take some time before we close it down completely.

That's not a goal in itself to have it closed down.

Thank you. Now we have some questions related to more numbers.

What is the NRR, and that stands for net retention, for each respective product category?

We don't report NRR metrics for different products for now. I think we'll just pass on that one.

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?

Yeah. I'd split this question between the business areas.

In Design Enablement, and we mentioned this on the last quarterly call too, we do see a 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. On Data Solutions, I think it's too early to start thinking about churn or at least talking about churn in that way, but definitely a metric we'll track going forward, I'd say.

Thank you. Next question is: ARR grew 2.3% sequentially, which is slower than Q4.

Can you explain if there are any timing, periodization 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 properly.

Yes, sir. 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. I think we can keep the mic on you for the next one as well, Per.

Next question is also related to ARR. Question is: at what ARR level will you be cash flow neutral?

Related to that, what is your outlook on cost development moving forward? Stable, decreasing, or slight growth?

A 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.

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. We're getting to the end of the question, but we have two 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 continued focus on North America and EMEA. On Data Solutions, the focus is the Nordics.

Thank you. 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?

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. From what I can see, we captured all of the questions on the call.

Like we usually say on these calls, our email is open, [email protected] is where you can reach us if you have more questions or want to get in touch with the team. 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. 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 you will hear from us again during the summer for our Q2 report. Have a lovely rest of your Thursday.

Thank you.

Thank you.