Xplora Technologies: Ending the year with almost 500k subscribers - Nordea

Xplora's monthly subscriptions update shows that the Xplora Kids subscriber base for Q4 2025 ended at 476k (Xplora does not give a split for the subscriber base). The company continued its strong conversion of new subscribers with a gross inflow of 75k in Q3 and increased its subscriber base by 118k y/y and 33k q/q. The reported Q4 subscriber base of 476k was 2% above our estimate of 466k, and we expect positive revisions ahead of the Q4 report.

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