Hello, everyone, and welcome to the call today. It is the 1st of August today. Thank you to everyone for taking a break from your summer plans to join us today as we are getting ready to present you with our Q2 results. As we are getting ready to begin, I usually say that you can send your questions to the email that you saw on the last slide here, which is ir@bimobject.com. Ir@bimobject.com, and we will pick up those questions in the end. For now, let's get started. 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 Hylén, who is the Interim CEO, and we have Per Göransson, who is CFO of BIMobject AB. 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. As I mentioned, at the end, we do Q&A, and we answer the questions sent to ir@bimobject.com. Without further ado, I will leave the word over to you, Sofia.
Thank you, Lisa. Hello, everyone. My name is Fia, as Lisa mentioned, and as the Interim CEO of BIMobject AB, 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 -4% effect from currency fluctuations. We have also been delivering an ARR growth of 4%. Our EBITDA stands at -SEK 20.6 million , which is a significant decrease compared to last year's -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 application for Revit and a globall library in Neander- X. More details on these two 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 comprised 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 more defined responsibilities and a more proactive approach to customer relations.
We expect this will positively impact customer retention over time. As we move from a single product company to a multi-product company, we also have a huge focus on scalability to cater for our growing number of customers. Finally, at the beginning of the quarter, we issued a letter of intent to acquire GreenMetrica and the Lumea AI Platform. The acquisition will be press-released as soon as it's finalized. 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. Our platform will act as the bridge between projects and manufacturers. 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 lifecycle. 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. 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. 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 lifecycle assessments, LCAs, or environmental product declarations, EPDs. Through tools like Neander- X, 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 application.
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 lifecycle data to support better design decisions through the design application and through Prodikt. Property owners can use the same data for procurement or sustainability reporting during and after construction, also in Prodikt's platform. With that, we wrap up this part about the strategic progress. Before moving into financials and handing over to Per Göransson, we will look at the progress made within Compile, Consume, and Connect. Let's start off with Compile. We will be looking at one of the products within Compile, Neander- X, the environmental product performance software. First, an introduction to Neander -X.
Neander -X 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 is one of the most advanced tools on the market. One major product update done this quarter is the addition of the global EPD 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 is instead of having to reach out every time they encounter an unknown, asking their supplier for an already created EPD. By subscribing to the EPDs, product data is updated whenever the supplier updates their EPD.
By using the global EPD library, you will be provided access to all available EPDs, which greatly reduces the time needed to search for data and also enables 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. 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 gathering for the existing products and to turn the unknowns into known information. Moving over to Consume and the progress made in the design application.
Let's start with which problem we're solving within Consume in the design application. It's actually so that half of a building's environmental impact is determined already in the design phase. 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. That is what our design application is all about. With the design application, you can predict your project's CO2 impact from the early design stage. We make it possible to generate a building LCA directly from Revit. 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.
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. By doing so, meeting the client's climate goals becomes much easier. Manufacturer-specific products are then published and plugged into the architect's workflow. Architects and engineers can by that access digital objects directly, and that's 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 BIMobject library directly in their workflow. They can then sync their projects directly in Revit by the design application and also set a CO2 budget if they wish.
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. Basically, you can now get CO2 calculations in just a few clicks. Otherwise, this is something that would only be possible together with subject matter experts. The design application, as mentioned, will be free to use initially with the aim to direct users into the project business model, where you then can get more advanced lifecycle assessments. Currently, we have launched in the Nordics, and initial engagement with the users has yielded positive feedback. We are actively, of course, monitoring application usage and stickiness in the application to further understand user adoption. We will keep launching to other markets now after the vacation period when people are coming back to work. We will, by doing so, also be leveraging our full user community.
These 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 in Revit. Finally, an example on Connect. Specifically now, how our current solution works to building product distributors. 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 emails 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.
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. Examples of this type of distributors could be players such as Derome and Ahlsell. Our solution to building material distributors leverages 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. 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. Our current focus is on sustainability data, but that is also something that can be expanded. 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. We are also supplying them with data on a high quantity of products with high-quality outcomes. 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. With that said, I would like to hand over to our CFO, Per Göransson, who will take you through the financials.
Thank you, Sofia. 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. From Q1 to Q2, the USD lost value relatively quickly. By Q2, net sales is 4% weaker, both in comparison to the previous year and the previous quarter. The underlying growth in the quarter is moderate due to somewhat higher churn on bimobject.com, while new products are still in early stages. Some new versions have just recently been launched, and other products are still in the 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 cost. Cleared from this, we increased our cost costume with 23% year- over- year, and this is primarily due to increased investments in product development. Looking at the full income statement, it is clear how the increased investments in future growth increase current operating losses. It is overall in line with our strategic plan. It is 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 -SEK 20.6 million and EBIT at -SEK 23.1 million.
Thank you so much, Per. 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. It is 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. I believe that BIMobject is uniquely positioned to win this opportunity. Thank you all so much for listening. We now open up for questions.
Thank you, Sofia. It's been quite quiet in the inbox today. Maybe it's a summer effect. We do have one question that has come into the call. 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. The questions here are more related to what specific information we can share about future revenue streams and forecasts and such. 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.
We have a few mature products and then a few products that are in investment phase, just as phrased. The products are still in early stages and are starting to go out to the market. We're investigating or assessing the stickiness and the adoption and product-market fit. We will keep you updated on this. When it comes to revenue expectations for 2026, we currently don't provide guidance on coming financials.
Thank you. A follow up to that question, then. It's a bit related here, but what are the concrete thoughts and plans we have on capitalizing on the 5 million+ users that we now have on the BIMobject platform?
Another good question. 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 the users are providing us with is a strong value for the BPMs to join the platform. We are, of course, also leveraging them, for example, now in the rollout of the design application where we're engaging with them to foster that one out to the markets.
Thank you. 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 ir@bimobject.com, and we can also get back to you that way. I believe that is—oh, sorry, I see that we also had some questions coming here into the actual Zoom call. We have a short question if we can give any update on the CEO situation.
Another good question. The CEO recruitment is ongoing and is being handled by a recruitment firm and led by the board. We don't have any other updates than that.
Thank you, Sofia. I hope I've caught all the questions now. You guys keep coming up with new ways to reach us, and we, of course, appreciate that. Again, reach us at ir@bimobject.com. We are happy to answer any questions that you have there. 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. Thank you so much for joining us.