The first half of the year marked an important transition for NYORDA, as we established our new group identity, strengthened the core business, and continued to develop the specialist companies that now make up NYORDA. Against that backdrop, we delivered a stable financial performance and now enter the second half with a stronger platform for future growth.
NYORDA’s financial performance in H1
NYORDA delivered a stable financial performance in the second quarter and through the first half of the year.
The second-quarter results were in line with expectations and reflected a comparison base that included last year’s larger campaign effect. Group revenue amounted to SEK 528 M in Q2, compared with SEK 532 M last year, and SEK 1,066 M in H1, broadly unchanged year on year. Gross profit rose to SEK 120 M in the quarter and SEK 237 M for the period, while gross margin remained stable at 22.7% and 22.2% respectively. Adjusted EBITDA came in at SEK 21 M in Q2 and SEK 45 M in H1, and the Group ended the period with net cash of SEK 36 M, compared with SEK 9 M a year earlier.
A broader portfolio for the next phase of growth
A major focus throughout the first half of the year was introducing the new group brand and further defining NYORDA’s position across the environments where consumers discover, compare and choose brands. Through Tradedoubler, Metapic, Appiness, Bridge Retail Media and EMNA AI, the Group now combines established partner marketing expertise with growth capabilities spanning influencer marketing, app marketing, retail media and AI-driven discovery.
This broader portfolio gives NYORDA exposure to a larger part of the digital advertising funnel, from brand and product discovery through to consideration and conversion. It also reflects where the market is moving: towards measurable, commercially accountable channels and new discovery journeys shaped by creators, retailers and AI-powered recommendations.
Portfolio update: five businesses, one group direction
To understand how the Group developed in the first half of the year, let us look more closely at each of NYORDA’s businesses.
Metapic: scaling creator commerce
Metapic was one of the stand-out performers in the first half of the year. Revenue increased by 13% in Q2 reflecting continued momentum in creator-led discovery and performance-based influencer marketing. As creator commerce continues to evolve, Metapic is strengthening its position across both brand-building and performance objectives.
During the first half, Metapic also took an important step forward in its product development. The company announced proprietary tracking technology that will make creator-led media value more visible across social platforms, while also beta-testing a new creator app designed to create a more connected experience for creators and brands. Together, these launches support Metapic’s move towards a more full-funnel social commerce offering.
EMNA AI: preparing for AI-driven discovery
EMNA AI is NYORDA’s newest strategic capability, focused on how brands appear as consumers increasingly use AI-generated answers, recommendations and comparisons to discover products. The business is designed to help brands understand, influence and improve their visibility in these environments, where discovery is becoming less linear and more conversational.
What makes EMNA AI especially relevant is its combination of visibility analysis and activation. The platform does not only show brands where they are visible or where they are missing; it also provides actionable recommendations and can support execution through NYORDA’s existing partner network. EMNA AI is currently being developed with beta clients ahead of its planned full market launch in September.
This gives NYORDA an important position in a category that is still emerging, but likely to become increasingly important as AI changes how consumers search, compare and choose brands.
Tradedoubler: strengthening the core
Tradedoubler remained the foundation of the Group in the first half of the year, and the focus was on making the business leaner, more efficient and better positioned for profitable growth. During the quarter, the restructuring of the Partner Marketing business was completed, expected to generate annual savings of around SEK 17 M.
Tradedoubler is now moving into the next phase of its development, with a continued focus on simplifying processes, improving operating leverage and supporting the Group’s long-term ambition of an EBITDA-to-gross-profit ratio above 25%.
Appiness: focusing on performance-driven app growth
Appiness continued to build its position in performance-driven app marketing during the first half of the year, helping brands turn mobile app users into paying customers. The business operates across CPI, CPA, CPR and CPS models and remains focused on scalable user acquisition and growth in the app economy.
The first half also saw continued commercial momentum, with the team strengthening its market activity and account base across more than 25 markets. During Q2, Appiness supported a number of notable campaigns, including Sixt and Microsoft in the US, underlining the business’s reach and mobile-first expertise.
Bridge Retail Media: building in retail media
Bridge Retail Media is one of NYORDA’s newer growth businesses and a clear example of how the Group is expanding into high-potential areas beyond its traditional core. The business is built to connect brands with retailer-owned media inventory, helping retailers unlock high-margin revenue while giving advertisers access to shoppers closer to the point of purchase.
During the first half of the year, the team focused on establishing the business and building early traction. Bridge Retail Media was co-founded with Daniel Weilar and Sebastian Schröder to help create a European retail media network, and the first integration is already live with ScandiKitchen and Cloetta. That makes Bridge Retail Media a promising new part of the portfolio, with clear relevance in a market that continues to professionalise.
Building the foundation for the second half of the year
The first half of 2026 was about putting the structure, portfolio and capabilities in place for NYORDA’s next phase of growth. With a new group identity established, the core business strengthened and the specialist businesses progressing across their respective markets, NYORDA enters the second half with a clearer platform for execution and future value creation.
The quarterly report presentation, hosted by NYORDA CEO Matthias Stadelmeyer, can be watched here. The full financial report is available here.
