Customer concentration
A limited number of large customers can materially affect revenue if contracts are delayed or lost.
- Scope
- One customer represented 16% of group revenue in the latest disclosure.
- Materiality
- high
Freja eID Group
Freja eID Group AB develops digital identity products and related services centered on the Freja eID platform. The group also provides Fulfilment services for the secure logistics, programming, and distribution of physical devices used in identity verification, and operates from Sweden and Serbia.
| % | |
|---|---|
| Digital identity platform | 75% Software and infrastructure for secure electronic identification and identity wallets. |
| E-service authentication | 15% Identity services used by organizations to authenticate users into digital services. |
| White-label identity solutions | 5% Partner-facing identity platform delivered under customer or partner branding. |
| Fulfilment services | 5% Secure logistics, programming, and distribution of physical identity devices. |
Customers include public-sector organizations, financial institutions, and private companies that need secure digital...
- Public sectorprimary
Government and public-service organizations buy identity authentication for citizen and staff access.
- Financial institutionsprimary
Banks and financial firms use Freja for secure login, verification, and regulated access.
- Private enterprisessecondary
Companies integrate Freja into customer or employee workflows that require trusted identity checks.
- Partners and platform resellerssecondary
Partners buy white-label identity infrastructure to offer identity services under their own brand.
- End usersprimary
Individuals register and use Freja eID to access digital services and identity-enabled workflows.
The business is anchored in Sweden, where most reported revenue is generated, with additional activity in the rest of...
- •Sweden is the core revenue market and main operating base
- •Nordics ex Sweden contribute a smaller but recurring share
- •Outside the Nordics is currently limited but supports international reach
- •Operations in Sweden and Serbia support product development and delivery
- •International user support expands the platform beyond one country
Freja eID Group is focused on scaling its identity platform through organic user growth, broader adoption in public and...
01
Grow Freja eID adoption in core Swedish marketshort-term
The home market provides the largest installed base and reference customers for the platform.
02
Expand into adjacent Nordic and international marketsmedium-term
Similar regulatory environments can reduce go-to-market friction and improve scalability.
03
Scale through white-label partnershipsmedium-term
Partners can distribute the identity platform without Freja building local brand presence itself.
The business depends on continued adoption of a trusted identity platform, so demand can be affected by regulation,...
Geographic concentration in Sweden
Most revenue is generated in one home market, making the business sensitive to local demand and regulation.
- Scope
- Sweden accounted for the vast majority of reported revenue.
- Materiality
- high
Cybersecurity and trust risk
A digital identity platform must maintain strong security and privacy controls to retain users and customers.
- Scope
- Any breach could impair adoption across both consumer and enterprise use cases.
- Materiality
- high
Regulatory and compliance risk
Identity services depend on approval, trust frameworks, and changing digital-ID rules.
- Scope
- Public-sector and financial use cases are especially regulation-sensitive.
- Materiality
- high
International expansion execution
New markets require local integration, regulatory adaptation, and partner execution.
- Scope
- White-label and cross-border user support depend on successful rollout.
- Materiality
- medium
Revenue recognition timing
Quarterly revenue comparability
Capitalized development costs
EBITDA, EBIT, and intangible assets
Segment allocation and eliminations
Segment margins and group results
User and contract-based revenue concentration
Revenue volatility and concentration disclosures
: 11/08/2026