Markkinareaktio Xploran Q2-raporttiin keskiviikkona oli -31% ja osaketta saisi nyt halvimpaan hintaan sitten huhtikuun 2025 (päätöskurssi 24,65 NOK).
Seuraako kukaan tätä enää? Kommentteja yhtiötä tuntevilta?
Liikevaihdon lasku on toki vähän huono piirre kasvuyhtiössä. Tiedote (Xplora Q2 26: Surpassing the half million mark on subscriptions in Q2, with H1 EBITDA after capex up 50% to NOK 56m) kuitenkin keskittyy tilausten kasvuun ja koko H1:n lukujen tarkasteluun.
Tilaukset kasvoivat 27% y/y mutta ARR vain 10% eli ARPU pieneni. Syyksi mainitaan Saksa ja muut kansainväliset markkinat. Ja ARR laski Q1:een verrattuna, mikä taitaa olla vähän huono merkki. Redeyen mukaan senioripuolen teesi sai damagea.
Tj:n kommentista:
Xplora remains, first and foremost, a growth company. A key strength of our business strategy is its ability to adapt to changing consumer market conditions. When consumer demand softens, we place greater emphasis on protecting margins and operational efficiency, while continuing to expand our recurring revenue base. During the second quarter, our subscription base reached 502k subscriptions. We added 28k subscriptions in the quarter, increasing the subscription base by 108k, or 27% year-over-year. While the Nordic subscription base continues to grow, most new subscriptions are generated in Germany and other international markets, where ARPU is slightly lower. Service revenue increased by 10% year-over-year and annual recurring revenue (ARR) reached NOK 359m. EBITDA amounted to NOK 49m in the quarter and NOK 76m for the first half of 2026.
Tiedotteesta:
During the quarter the company executed key strategic initiatives to continue the progress towards the target of 1 million subscriptions. By signing an SPA for the acquisition of emporia Group, a market leader in senior mobile phones in the DACH region, Xplora strengthened the foundation for the roll-out of subscription services in the Senior segment, as well as defining natural markets for exploring new MVNOs. In addition, the company also launched the pilot for the retail point-of-sale (POS) system through a Nordic retail partner in late Q2 26. Although at an early stage, a POS system enables distribution of Xplora services through retail partners alongside device sales.
“With a growing portfolio across both the Children & Youth and Senior segments, an expanding Xplora Connect ecosystem, more than half a million subscriptions, and a broader international footprint, we are well positioned to deliver long-term profitable growth. Our focus now is on disciplined execution to realise the full potential of this platform,” says Kirkbak.
Redeyen pikakommentti (ilmainen mutta vaatii kirjautumisen):
Xplora (Initial take Q2): One pilot store complete with Power
Redeye reads Xplora’s Q2 2026 as a volume miss with margins intact. Group revenue of NOK422.0m fell 9 per cent y/y and came in below every published estimate, with the shortfall almost entirely in Senior devices, while gross margin rose to 54 per cent and EBITDA excluding one-offs held at NOK61m against NOK60m. Subscriptions and service revenue landed where the July pre-announcement implied, but ARR fell sequentially to NOK359m and grew 10 per cent y/y against subscriber growth of 27 per cent. The quarter damages the 2027-28 senior services thesis. Senior subscriptions are the product of device volume, attach rate and store count: this print took device volume down and leaves the store count far below what a full August rollout implied, so the two inputs compound rather than offset. Redeye expects the shares to be marked 10-15 per cent lower.
Ennen raporttia kahden analyytikon ka. tavoitehinta oli 65 NOK (kurssi ~36 NOK ennen tulospäivän romahdusta). Mielenkiintoista nähdä nuo päivitysten jälkeen.
Pörssin sulkeuduttua myös tiedotettiin, että toimitusjohtaja ja talousjohtaja olivat ostoksilla.
