And we will begin shortly. But before I 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 anytime 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 ir@bimobject.com email. 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. Yeah, 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 of last Monday. So welcome to the call, Niklas.
Thank you so much, Lisa.
Nice to have you here. We are also joined by Per Göransson, who is the CFO. Welcome, Per.
Thank you.
And today on the call, we are also joined by Sofia Hylén. Sofia has been the Interim CEO up until Niklas joined us, and currently, Sofia now holds the position as Chief Operations Officer for BIMobject. Sofia is available on the call for us today, if we need it for the Q&A session. So welcome to you, too, Sofia.
Thank you, Lisa.
Lastly, my name is Lisa Norlander, and I'll be hosting the call for you today. 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. Yeah, before I jump into the business update, I just wanna say hi to everyone. It's a pleasure to be here at BIMobject. Just gonna quickly introduce myself. So I'm Niklas Agevik. I've been a 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. Yeah, it's my second week at BIM. Excited to be part of turning our vision here into reality. So yeah, 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%. 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 up with an EBITDA of -SEK 9.9 million, which can be compared to -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 yeah, 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 what 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, you know, 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 competences. 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 one million up to one 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 wanna take the 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. 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.
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. 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're a very, 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 our 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 the door, for example. And a typical distributor or wholesaler, can have, I mean, for example, up to 30,000 different products. But if you look in a 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, Solar, Sonepar, and Rexel. And 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 our home market, but we're already doing it outside. So basically, the point we're at now, I mean, we have contracts with the majority of the largest Swedish wholesalers in our industry. So yeah, it was a quick, deep dive into where we are today, and you know, what, what where we're heading strategically. So with that said, I'll, 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 PNL, 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 the constant currencies. We can click the next slide.
We have a new graph showing 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 and 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 receivable.
Overall, we also have a large proportion of our costs in the SEK today through salaries, Swedish salaries. Within the external costs, cost 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. 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 a full year. 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 and primarily the second half of 2025. EBITDA in Q4 at SEK -9.9, and EBIT, including amortization of acquired assets, at SEK -13.8. 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 SEK -12.6 in the quarter.
All right. Are you handing over to me, Per?
Yes. Yes, please.
Yeah. Great. Yeah, 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. Yeah, 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 email, and we will go through them now. 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 a recurring revenue from that segment.
Hmm. Yeah, good question. No, and I think we answered a part of this with Per's slides, where we are breaking out the new products now. And to summarize that, I mean, the new products, they're... 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, on LinkedIn, for example, I mean, I think you can see a lot of 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 probably 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?
Yeah. I know that this is a question we've gotten previously, too. And as you know, we're not charging at 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 primarily focus 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.
The next question relates to the development of our new platform. 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?
Yeah, that's a good question. I mean, I wouldn't say that there will ever be a point where we are completely done and 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, yeah, I in short, I'd say, I mean, most of it are finished. I mean, we're testing it. We hope to open it up with real, live customers soon. But, I mean, I'd say many parts of it are already built, and, you know, we'll continue investing in it. I think it's hard to say that there will come a point where we're 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 you know 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 you know the main thing, at least for me, to communicate more about is that vision and how all of this tie 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 BIMobject, Prodikt, and Neondix. 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 email. We are at your service at ir@bimobject.com. 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.