Xplora: Solid subscriber development in seasonally weak quarter - Nordea

Xplora's monthly subscriptions update shows that the Xplora Kids subscriber base for Q1 2026 ended at 474k (Xplora does not give a split for the subscriber base). The company continued its strong conversion of new subscribers with a gross inflow of 43k in Q1 (seasonally weak quarter) and increased its subscriber base by 116k y/y. The -2k q/q development is fully in line with previous years (flat development in Q1 2025 and -2k in Q1 2024), reflecting the seasonally weaker Q1 quarter. The reported Q1 subscriber base of 474k was 0.4% above our estimate of 472k, and we expect neutral revisions ahead of the Q1 report.

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